本文所稱之「先購後併」乃係指併購公司或公開收購公司於併購或公開收購消息公開前，於市場上先行購買目標公司之股份提前佈局的行為，亦有以「立足點持股」或「預先持股」稱之。於先購後併之情況下，是否併購方有構成內線交易之疑慮，因我國無論證券交易法或企業併購法對此議題皆無明確規定，故素來即存在爭議，實務上亦不乏收購人因建立投資部位而招致內線交易訴訟之案例存在。 本文試以我國內線交易法規範之根源—美國法作為比較法，分析先購後併的情況下，是否併購人或公開收購人本身為內線交易之主體，以及併購人或公開收購人是否得與他人一同建立投資部位，再加入104年7⽉月8⽇公布之企業併購法第27條第10項⾄至第15項關於併購前建立投資部位之最新修訂說明，以及實務案例研析，並於文後嘗試提出本文見解。

本論文為管理層收購法律規範理論與實務之研究，比較台灣與日本兩國法律規範及實務運作方式，借鏡上市公司股權結構及管理層收購發動背景與我國相似之日本，檢討我國管理層收購之相關法規範，並試提出修正建議。 在管理層收購下，管理層一方面為收購方，一方面亦為目標公司之決策機構，其間之利益衝突不言而喻，且管理層收購亦伴隨著逐出少數股東之下市交易，如何能確保交易公平並保障少數股東之利益，為各國法規範管理層收購之一大重點。 本文以2011年國際私募基金Kohlberg Kravis Roberts & Co. L.P.來台收購我國半導體大廠國巨股份有限公司一案帶入我國管理層收購之法規範及實務運作，並點出該案及其後一連串之修法下我國法仍存在之問題，再探討日本法下管理層收購之相關規範及實務運作模式，並以日本兩實務案例：日立集團旗下之日立機材株式會社創始股東聯合國際私募基金凱雷集團發動管理層收購事件、日本判決著名案件Rex Holdings管理層收購事件兩案，深入探討日本法之管理層收購實務運作及相關判決，最後則以兩國實務案例比較，進一步檢討我國法之問題。

Lars Ahlins’ Fromma mord (Pious murder) is an incredibly complex novel. Is it even possible to say what the deepest sense is about? Erik A Nielsen and Gunnar D. Hansson has presented reasonable interpretations in their analysis of Fromma mord. However, they have not necessarily right to all points, hence it is possible to draw other conclusions. When I chose to explore the characters' strategies to liberate their ties, a relationship between the novels’ micro- and macro level was revealed, that had not been presented previously. The two issues underlying the basis for this essay are: 1) What are the different solutions Lilly, Agnes, Evangeline, Aron and Brinkman seek to be liberated from their ties? 2) Who is liberated and why? The method used for this analysis is a hermeneutic close reading of the novel Fromma mord. The results found were that the characters who were able to assert their needs and get others to cooperate with their strategies - had the best chance of becoming free. However, the most important condition for becoming liberated was that they could offload the money that tied them to Brinkman. Arons’ death was the last step that made a new future possible for Agnes, Roland, Lilly and Sven. The struggle of the characters at the novels’ micro level, was linked to the struggle between God and the devil at the novels’ macro level, through the allegorical dimension of the characters Aron and Brinkman. The essence of the whole novel is that all men are prisoners and that there is a battle going on, where even God is involved risking His own life. / Lars Ahlins Fromma mord är en oerhört komplex och idérik roman. Går det ens att säga vad den djupast sett handlar om? Erik A Nielsen och Gunnar D Hansson har presenterat möjliga tolkningar i sina analyser av Fromma mord. Men de har inte nödvändigtvis rätt på alla punkter, det går också att dra andra slutsatser. När jag valde att undersöka karaktärernas strategier för att bli fria från sina bindningar så kunde jag se ett samband mellan romanens mikro – och makroplan som inte tidigare presenterats. De två frågeställningar som ligger till grund för denna C-uppsats är: 1) Vilka olika lösningar söker Lilly, Agnes, Evangeline, Aron och Brinkman för att befrias ur sin bundenhet? 2)Vilka blir befriade och varför? Den metod jag använde för min analys är en hermeneutisk närläsning av romanen Fromma mord. De resultat jag fann var att de karaktärer som kunde hävda sina behov och få andra att samarbeta med deras strategier - hade störst chans att bli fria. Men den viktigaste förutsättningen för befrielse, var att huvudkaraktären Aron tog på sig de andras bindningar och att hans död möjliggjorde de andras fortsatta liv. Den kamp karaktärerna utkämpar på romanens mikronivå, blir genom den allegoriska dimensionen av karaktärerna Aron och Brinkman, sammanlänkad med den kamp mellan Gud och Djävulen som pågår på romanens makronivå. Jag ser som romanens essens att alla människor är fångar och att det pågår en kamp där till och med Gud är indragen på liv och död.

This diploma thesis is about the tourist area Central Bohemia - South , which belongs to the tourist region Central Bohemia. The main target of this thesis is to evaluate the management organization in this destination, to carry out the study of the primary and secondary tourism offer and also to evaluate the presentation and promotion of this area and introduce proper suggestions and recommendations for improvement of management and promotion. Part of the thesis is also author's own research of preferences of potential visitors, image and the research of attitude of locals to visitors. Also the PEST analysis of this destination was carried out and then was created the list of strenghts and weaknesses of the tourist area and the list of opportunities and threats for the next development of tourism.

The doctoral thesis is devoted to analyzing the perception of attractiveness of Poland as a tourism space from the perspective of Czech citizens in a broader context of mutual Czech -Polish relations in tourism. The thesis is primarily based on theoretical concepts of geography of tourism and at the same time it also follows other geographical and scientific disciplines. The methodological framework of the thesis benefits from the openness and multi-disciplinary nature of tourism. Part of the thesis was created using traditional methods and techniques applied in geography, among others: questionnaire research among students, structured interviews with employees of travel agencies, semi-structured interviews with representatives of the Polish governmental institutions, and analyses of the Internet and printed sources. Additionally, there were utilized methods and techniques used more frequently in other disciplines, including: Delphi method, SWOT analysis, mystery shopping, analysis of travelogues, Internet sources of information about Poland, and content of textbooks. The empirical part of the thesis serves to realize four main aims. The most important aim of thesis can be considered the identification and evaluation of opinions of selected groups of Czechs on the attractiveness of Poland as a...

O presente trabalho propôs-se a investigar a conveniência e a possibilidade de introdução, no ordenamento brasileiro, de iniciativas à semelhança dos pre-action protocols (Protocolos) e da Part 36 Offer (Oferta) do direito inglês, em vigor desde o advento das Civil Procedure Rules, em 1999. Aqueles, uma espécie de procedimento que se desenrola antes do processo judicial, incentivando o diálogo e a troca de informações e produção de prova entre as partes, cujo descumprimento importaria a incidência de multa; esta, uma oferta de acordo cuja rejeição ou aceitação traria consigo conseqüências patrimoniais às partes envolvidas na controvérsia, também representada pela aplicação de uma (outra) multa. Embora não indissociáveis, acredita-se que, juntos, potencializam-se mutuamente. Observaram-se os efeitos práticos da experiência inglesa, contemplando seus pontos fortes e fracos, chegando-se a um balanço positivo. Justificados os méritos dos institutos, entendeu-se possível a implantação de sistemática semelhante no Brasil, feitos certos ajustes. Observou-se, ainda, que um dos grandes méritos dos protocolos é a promoção do acordo informado, não do acordo motivado principalmente pela ineficiência e pela demora na prestação jurisdicional. Assim, propôs-se a elaboração de protocolos, preferindo-se os específicos ao genérico, incutindo na população e nos operadores do direito a cultura do diálogo e da cooperação na troca de informações. Observaram-se, ainda, os efeitos que a conduta das partes no desenrolar do protocolo geraria dentro do processo. Propôs-se, ainda, a introdução do que se chamaria de OPAc Oferta Potencializada de Acordo, à semelhança da Oferta inglesa, mas com conseqüências patrimoniais (multa) calculadas sobre a diferença apurada entre a OPAc e a condenação final, no processo, como forma de criar incentivos suficientes, mas não opressivos. / This paper seeks to investigate the desirability and the possibility of introducing, in the Brazilian law, initiatives such as the pre-action protocols (\"Protocols\") and Part 36 Offer (\"Offer\") of the English law, in force since the advent of the Civil Procedure Rules in 1999. The former, a kind of procedure that takes place before the judicial proceedings, encouraging the dialogue, the exchange of information and the disclosure of evidence between the parties, and which failure results in the application of a fine; the latter, a settlement offer which rejection or acceptance would entail financial consequences to the parties to the dispute, also represented by the application of a (another) fine. Although not inseparable, it is believed that, taken together, Protocols and Offer enhance each others effects. The analysis of the practical results of the British experience, considering its strengths and weaknesses, led to a positive balance. Once the merits of those mechanisms have been justified, the implementation in Brazil of a similar systematic provided certain adjustments are undertaken was considered possible. It was also observed that one of the great values of the Protocols is promoting well-informed agreements, instead of settlements mainly motivated by the inefficiency and delay of adjudication. Thus, the drafting of protocols was proposed, preferably the specific over the generic ones, introducing to the people as well as to the legal community a culture of dialogue and cooperation in the exchange of information and evidence. The effects that the conduct of the parties while following the Protocol would generate in the judicial proceedings were also analyzed. Moreover, we proposed the introduction of the so-called OPAc - Oferta Potencializada de Acordo (Enhanced Settlement Offer) - similar, in its concept, to the British Offer, albeit bearing financial consequences (fines) calculated over the difference between the OPAc and the amount as per the decision handed down by the judge, in order to create sufficient - but not oppressive - incentives.

Les bibliothèques universitaires des pays d’Afrique francophone sont confrontées à un défi en matière d’offre documentaire dans un contexte marqué par un manque de moyens financiers, une augmentation des coûts de la documentation, et certaines formes organisationnelles peu efficientes. Cette thèse vise dans un premier temps, à partir d’enquêtes et de recueils de données diversifiées, à dresser l’état de l’offre documentaire papier et numérique à l’Université Cheikh Anta Diop de Dakar, en Sciences humaines et sociales (SHS), tout en soulignant des points de comparaison avec d’autres universités francophones subsahariennes. Les résultats visent à quantifier et à qualifier cette offre, à pointer les nouvelles dynamiques dans le cadre de la documentation numérique avec différents types d’acteurs. Par ailleurs, les bibliothécaires cherchent à s’appuyer pleinement sur l’Open Access tant au niveau de l’accès à des ressources qu’au niveau de la valorisation des fonds locaux. L’information numérique est de plus en plus perçue comme le meilleur moyen de satisfaire les besoins en information de la communauté universitaire de l’Université Cheikh Anta Diop (UCAD) de Dakar. Néanmoins, elle est souvent confrontée à des problèmes d’accès à l’information mais également d’usage des ressources documentaires. Cette recherche s’intéresse, dans une seconde partie, à l’appréciation de l’usage des ressources numériques, une appréciation qui se fera comparativement entre plusieurs disciplines de l’UCAD et entre enseignants et étudiants de ladite université. Des recommandations sont formulées dans la troisième partie pour tenter d’y améliorer les services documentaires. / University libraries in French-speaking African countries face a documentary supply challenge in a context of a lack of financial resources, an increase in the cost of documentation, and some inefficient organizational forms. This thesis aims at first, from surveys and collections of diverse data, to establish the state of the paper and digital documentary offer at the University Cheikh Anta Diop of Dakar, in SHS, highlighting points comparison with other Sub-Saharan Francophone Universities. The results are intended to quantify and qualify this offer, to point out new dynamics in the context of digital documentation with different types of actors. In addition, librarians seek to rely fully on Open Access, both in terms of access to resources and the value of local funds. Digital information is increasingly seen as the best way to meet the information needs of the university community at Dakar's Cheikh Anta Diop University (UCAD). Nevertheless, it is often confronted with problems of access to information but also of use of documentary resources. This research focuses, in a second part, to appreciate the uses of digital resources, in a comparative way between several disciplines at UCAD and between teachers and students. Recommendations are made to try to improve the documentary services in this University.

The aim of the study was to examine the news coverage surrounding Stockholm City Theatre’s former CEO Benny Fredriksson during the metoo-movement, from the time of the accusations against him until a time after his death. The questions examined were: How is Benny Fredriksson represented at the time of the publishing of the accusations and at the time of his death? How are the anonymous witnesses and the journalism represented? How does the representation of victims and perpetrators change after the death of Benny Fredriksson? What are the differences and similarities in the reporting of Aftonbladet and Dagens Nyheter? To analyze this, we made a discourse analysis of 12 articles from Aftonbladet and 13 articles from Dagens Nyheter. The results showed that the roles of all the characters change during the coverage. At the time of the publishing of the accusations, Benny Fredriksson is represented as an evil dictator that harasses his employees at Stockholm City Theatre. After his death, Benny Fredriksson is represented as a victim of circumstances, helpless and full of anxiety. At first, the witnesses are represented as scared, helpless victims. At the end of the coverage the representation has changed, and the victims are instead represented as perpetrators that are accused of lying. The journalism goes from being represented as investigative journalism to being represented as a media hunt that killed Benny Fredriksson. Overall, Aftonbladet is more defending of the witnesses and the journalism while Dagens Nyheter is more defending of Benny Fredriksson. The study shows that a death can affect the news coverage and consequently how the characters are represented.

As medidas defensivas contra tomadas de controle constituem o núcleo de estudo desta dissertação. São instrumentos jurídicos adotados principalmente por companhias abertas com dispersão acionária, visando à proteção contra uma eventual tentativa de tomada de controle. O assunto é de especial interesse no atual momento do mercado de capitais brasileiro, que vem apresentando significativo desenvolvimento nos últimos anos e propiciando meios para a proliferação no Brasil de companhias abertas com dispersão acionária. O estudo do tema é feito concomitantemente à crescente utilização no Brasil de proteções contra tomadas de controle, inclusive por companhias não dotadas de dispersão acionária. Algumas medidas defensivas são inspiradas na experiência prática de outros países e vêm sendo transplantadas para o Brasil sem a adequada harmonização às características do nosso regime jurídico. Este trabalho analisa os efeitos da utilização de medidas defensivas e, na medida do possível, a admissibilidade da adoção de determinadas defesas no Brasil. São também abordados os balizamentos para a postura da administração de companhias diante de tentativas de tomada de controle. São estudados os padrões de tratamento do tema nos principais modelos existentes na experiência internacional, a fim de fornecer subsídios para a criação de uma identidade brasileira no tratamento das defesas contra tentativas de tomada de controle. / The defensive anti-takeover measures constitute the core area of study in this dissertation. These are legal devices adopted mainly by publicly-held companies with widespread ownership dispersion, aiming at protection against an eventual takeover attempt. The subject is of special interest at the current moment of the Brazilian capital markets, which have shown significant development in the recent years, providing means for the proliferation in Brazil of publicly-held companies with widespread ownership dispersion. The study of the issue is done concomitantly with the increase of utilization in Brazil of anti-takeover protections, including by companies without widespread ownership dispersion. Some defensive measures are inspired by the practical experience of other countries, being transplanted to Brazil without the proper harmonization with the characteristics of our own legal system. This work analyzes the effects of the utilization of defensive measures and, to the extent possible, the admissibility of adoption of certain defenses in Brazil. The boundaries for the behavior of the management of companies under takeover attempts are also approached. The patterns for the treatment of this issue in the main existing models in foreign experience are studied, so as to provide subsidies to the creation of a Brazilian identity in the treatment of the defenses against takeover attempts.

Made available in DSpace on 2016-04-26T20:21:02Z (GMT). No. of bitstreams: 1 Marcelo Abreu dos Santos Tourinho.pdf: 1153194 bytes, checksum: f5a573ee7c27d41958b5c0071bcddbb1 (MD5) Previous issue date: 2012-06-14 / This work aims to analyze and explore the controversial aspects related to mandatory bid rule under Brazilian Corporate Law (Law 6,404/76), which extends to voting minority shareholders the right to sell their shares in case of a control transfer. For this purpose we analyze (i) the nature of control , as a power to direct the corporation s business; (ii) the legal definition of controlling shareholder under Brazilian law; (iii) the history of the Brazilian institutional framework; (iv) the different justifications for the rule under Brazilian and foreign doctrines; (v) the elements for the characterization of the transfer of control, taking into consideration the key precedents of Comissão de Valores Mobliários - CVM; and (vi) the mandatory bid rule procedures / O presente trabalho tem por objetivo analisar e explorar os aspectos controversos envolvendo a regra da oferta pública de aquisição de ações prevista no art. 254-A da Lei 6.404/76, que estende aos minoritários titulares de ações votantes o direito de alienar suas ações em casos de alienação de controle. Para tal analisamos (i) a natureza do controle , entendido como poder de direcionar a atividade empresarial; (ii) a definição legal de acionista controlador de acordo com a legislação brasileira; (iii) o histórico do instituto; (iv) as diferentes justificativas para o instituto, segundo as doutrinas brasileira e estrangeiras; (v) os elementos para a caracterização da alienação de controle, abordando os principais precedentes da Comissão de Valores Mobiliários CVM; e (vi) o procedimento para a realização de uma oferta pública