Rapid growth of cities has become a trend in most countries, this is caused by urbanisation wherein people move from the rural areas to the urban areas in search of employment. It goes without saying that such population needs housing. However, it is unusual to find land for housing in an already crowded place. Therefore, to curb this shortage in housing, countries like South Africa have resorted to adoption of fragmented property holding in and around the cities. Thus, in an attempt to curtail housing shortages in the urban area as well as land shortage, communal property schemes were adopted together with their governing legislation namely, Sectional Titles Act 95 of 1986, Share Blocks Act 59 of 1980 and Property Time-sharing Control Act 75 of 1983 to name a few. Likewise, Maseru, the capital city of Lesotho is also experiencing rapid growth in population. Hence, with the introduction of Lesotho’s Sectional Titles Bill 2013 came a ray of hope that the land and housing shortage in Maseru would be addressed. With this in mind, this suggested that the Government of Lesotho together with all concerned stakeholders thought it necessary to address this problem through the 2013 Bill which, for the most part follows the South African Sectional Titles Act of 1986. It is for this reason that this study was embarked on to show other forms of property holding akin to sectional titles as well as their regulation, which can all be used to eliminate housing shortages in Lesotho. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2015

Rapid growth of cities has become a trend in most countries, this is caused by urbanisation wherein people move from the rural areas to the urban areas in search of employment. It goes without saying that such population needs housing. However, it is unusual to find land for housing in an already crowded place. Therefore, to curb this shortage in housing, countries like South Africa have resorted to adoption of fragmented property holding in and around the cities. Thus, in an attempt to curtail housing shortages in the urban area as well as land shortage, communal property schemes were adopted together with their governing legislation namely, Sectional Titles Act 95 of 1986, Share Blocks Act 59 of 1980 and Property Time-sharing Control Act 75 of 1983 to name a few. Likewise, Maseru, the capital city of Lesotho is also experiencing rapid growth in population. Hence, with the introduction of Lesotho’s Sectional Titles Bill 2013 came a ray of hope that the land and housing shortage in Maseru would be addressed. With this in mind, this suggested that the Government of Lesotho together with all concerned stakeholders thought it necessary to address this problem through the 2013 Bill which, for the most part follows the South African Sectional Titles Act of 1986. It is for this reason that this study was embarked on to show other forms of property holding akin to sectional titles as well as their regulation, which can all be used to eliminate housing shortages in Lesotho. / LLM (Estate Law), North-West University, Potchefstroom Campus, 2015

Summaries in Afrikaans and English / Text in Afrikaans / In South Africa the transfer and settlement processes associated with share transactions are essentially paper-based. The physical handling of the share certificate plays an important role in this regard. Foreign trends to reduce the movement of paper involve in broad terms the alternatives of dematerialisation and immobilisation of the share certificate. These developments cannot slavishly be followed without examining the legal nature of the South African share and share certificate. The process of immobilisation in a collective securities depository system involves no change in the nature of the shares. However, the use of a nominee where shares are held in safe custody forms a barrier between the shareholder and the issuer company which could dilute the shareholders' rights. This is even more applicable where shares are immobilised in a central depository. Further, although central depositories are based upon book-entries, they are still limited by the retention of the physical certificates. The development of electronic systems which dematerialise the share certificate must take into account the reasonable expectations of the public and should not be forced upon investors. The shareholder of a 'uncertificated' share must be placed, as far as possible, in the same position as if he had received a certificate. This requires legislation to amend present enactments and to define the rights of the shareholder. It is submitted that dematerialisation should gradually be phased in, starting with a voluntary dematerialisation in the case of holdings in the central securities depository. / In Suid-Afrika is die oordrag- en verrekeningsprosesse wat gepaardgaan met aandeletransaksies hoofsaaklik papiergebaseer. Die fisiese bantering van die aandelesertifikaat speel in die opsig 'n belangrike rol. Buitelandse pogings om die beweging van papier te verminder, neig in die algemene rigting van die dematerialisasie en immobilisasie van die aandelesertifikaat. Hierdie ontwikkelings kan nie slaafs nagevolg word sonder om die regsaard van die Suid-Afrikaanse aandeel en aandelesertifikaat te ondersoek nie. Die proses van immobilisasie in 'n kollektiewe bewaarnemerstelsel vir effekte wysig nie die aard van aandele nie. Nietemin plaas die gebruik van genomineerdes waar aandele in veilige bewaring gehou word 'n wig tussen die aandeelhouer en die uitreikermaatskappy wat die aandeelhouersregte kan verwater. Dit is selfs meer toepaslik waar aandele in 'n sentrale depot ge'lmmobiliseer word. Verder is dit so dat alhoewel sentrale depots op boekinskrywings gebaseer word, hul steeds beperk word deur die behoud van die fisiese sertifikate. Die ontwikkeling van elektroniese stelsels wat die aandelesertifikaat dematerialiseer moet rekening hou met die redelike verwagtinge van die publiek en behoort nie op beleggers afgedwing te word nie. Die aandeelhouer van 'n 'ongesertifiseerde' aandeel moet, so ver moontlik, in dieselfde posisie geplaas word asof hy 'n sertifikaat ontvang bet. Wetgewing is noodsaaklik om bestaande bepalings te wysig en die regte van die aandeelhouer te omskryf. Daar word aan die hand gedoen dat dematerialisasie stelselmatig infaseer word - aanvanklik met 'n vrywillige dematerialisasie in die geval waar aandeelhouding in sentrale bewaameming is. / Private Law / LL.D.

Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-06-02T18:28:22Z No. of bitstreams: 1 66070100195.pdf: 1353793 bytes, checksum: a50ab2b0ae0c20bf56ebe00e51c01065 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-02T20:11:06Z (GMT) No. of bitstreams: 1 66070100195.pdf: 1353793 bytes, checksum: a50ab2b0ae0c20bf56ebe00e51c01065 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-02T20:32:19Z (GMT) No. of bitstreams: 1 66070100195.pdf: 1353793 bytes, checksum: a50ab2b0ae0c20bf56ebe00e51c01065 (MD5) / Made available in DSpace on 2011-06-03T17:29:43Z (GMT). No. of bitstreams: 1 66070100195.pdf: 1353793 bytes, checksum: a50ab2b0ae0c20bf56ebe00e51c01065 (MD5) Previous issue date: 2010-04-20 / The purpose of this study is to analyze the nominal price evolution of listed companies and confirm whether the nominal price puzzle can be seen in the Brazilian capital markets. The nominal prices of sampled shares have not followed the positive evolution of the São Paulo Stock Exchange Index (IBOVESPA) during the analyzed period, given that share prices were controlled by a series of stock splits and share dividends. From the evidences of the nominal price puzzle in Brazil, this study sought to understand managers’ motivations to make such decisions to control nominal prices. The methodology applied in this study consists of creating portfolio of shares based on nominal prices and analyzing the financial returns of those portfolios. This methodology was based on Hwang e Lu (2008), which present that nominal share prices in the United States are relevant and returns are inversely related to nominal share prices. This fact can contribute in the explanation of manager’s motivations to actively control nominal share prices. This relationship between nominal share price and financial returns could not be seen in Brazil. / Este trabalho tem como objetivo analisar a evolução dos preços nominais de ações de empresas brasileiras listadas e verificar se o nominal price puzzle ocorre no mercado acionário brasileiro. Constatou-se que os preços nominais da amostra de ações não vêm acompanhando a evolução positiva do Índice da Bolsa de Valores de São Paulo (IBOVESPA) durante o período analisado, uma vez que os preços das ações sofreram influência de certos mecanismos de controle, como por exemplo, desdobramento e bonificações de ações. A partir dos indícios do nominal price puzzle, buscou-se entender as motivações que levam as empresas brasileiras a controlarem os preços nominais de suas ações. A metodologia aplicada nesse estudo consiste na formação de carteiras de ações a partir do critério de preços nominais e análise dos retornos dessas carteiras. Essa metodologia foi baseada no trabalho de Hwang e Lu (2008), que mostram que o preço das ações no mercado acionário americano em termos nominais é relevante, e os retornos obtidos com ações são inversamente relacionados com os preços nominais das mesmas. Esse fato pode contribuir na explicação da motivação para os administradores optarem por controlar os preços das ações. No Brasil, essa relação inversa entre preço nominal e retorno não pode ser verificada.

Summaries in Afrikaans and English / Text in Afrikaans / In South Africa the transfer and settlement processes associated with share transactions are essentially paper-based. The physical handling of the share certificate plays an important role in this regard. Foreign trends to reduce the movement of paper involve in broad terms the alternatives of dematerialisation and immobilisation of the share certificate. These developments cannot slavishly be followed without examining the legal nature of the South African share and share certificate. The process of immobilisation in a collective securities depository system involves no change in the nature of the shares. However, the use of a nominee where shares are held in safe custody forms a barrier between the shareholder and the issuer company which could dilute the shareholders' rights. This is even more applicable where shares are immobilised in a central depository. Further, although central depositories are based upon book-entries, they are still limited by the retention of the physical certificates. The development of electronic systems which dematerialise the share certificate must take into account the reasonable expectations of the public and should not be forced upon investors. The shareholder of a 'uncertificated' share must be placed, as far as possible, in the same position as if he had received a certificate. This requires legislation to amend present enactments and to define the rights of the shareholder. It is submitted that dematerialisation should gradually be phased in, starting with a voluntary dematerialisation in the case of holdings in the central securities depository. / In Suid-Afrika is die oordrag- en verrekeningsprosesse wat gepaardgaan met aandeletransaksies hoofsaaklik papiergebaseer. Die fisiese bantering van die aandelesertifikaat speel in die opsig 'n belangrike rol. Buitelandse pogings om die beweging van papier te verminder, neig in die algemene rigting van die dematerialisasie en immobilisasie van die aandelesertifikaat. Hierdie ontwikkelings kan nie slaafs nagevolg word sonder om die regsaard van die Suid-Afrikaanse aandeel en aandelesertifikaat te ondersoek nie. Die proses van immobilisasie in 'n kollektiewe bewaarnemerstelsel vir effekte wysig nie die aard van aandele nie. Nietemin plaas die gebruik van genomineerdes waar aandele in veilige bewaring gehou word 'n wig tussen die aandeelhouer en die uitreikermaatskappy wat die aandeelhouersregte kan verwater. Dit is selfs meer toepaslik waar aandele in 'n sentrale depot ge'lmmobiliseer word. Verder is dit so dat alhoewel sentrale depots op boekinskrywings gebaseer word, hul steeds beperk word deur die behoud van die fisiese sertifikate. Die ontwikkeling van elektroniese stelsels wat die aandelesertifikaat dematerialiseer moet rekening hou met die redelike verwagtinge van die publiek en behoort nie op beleggers afgedwing te word nie. Die aandeelhouer van 'n 'ongesertifiseerde' aandeel moet, so ver moontlik, in dieselfde posisie geplaas word asof hy 'n sertifikaat ontvang bet. Wetgewing is noodsaaklik om bestaande bepalings te wysig en die regte van die aandeelhouer te omskryf. Daar word aan die hand gedoen dat dematerialisasie stelselmatig infaseer word - aanvanklik met 'n vrywillige dematerialisasie in die geval waar aandeelhouding in sentrale bewaameming is. / Private Law / LL.D.

Nowadays, becoming data-driven is the vision of almost all organizations. However, achieving this vision is not as easy as it may look like and there are many factors that affect, enable, support and sustain the data-driven ecosystem in an organization. Among these factors, this study focuses on data democracy which can be defined as the intra-organizational open data that aims to empower the employees getting faster and easier access to data in order to benefit from the business insight they need without the interfere of external help.  In the existing literature, while the importance of becoming data-driven has been widely discussed, when it comes to data democracy within organizations, there is a noticeable gap. As a result, this master’s thesis aims to justify the importance and role of the data democracy in becoming a data-driven organization, focusing on the case of a Swedish bank. Additionally, it intends to provide extra investigation on the role of data analytics tools in achieving data democracy.  The results of the study show that there is a strong connection between the benefits of the empowering different actors of the organization with the needed data knowledge, and the speeding up of the data-driven transformation journey. Based on the study, shared data and the availability of data to a larger number of stakeholders inside an organization result into a better understanding of different aspects of the problems, simplify the data-driven decision making and make the organization more data-driven. In the process of becoming data-driven, the organizations should provide the analytics tools not only to the data specialists but even to the non-data technical people. And by offering the needed support, training and collaboration possibilities between the two groups of employees (data specialists and non-data specialists), it should be attempted to enable the second group to extract the insight from the data, independently from the help of the data scientists.  An organization can succeed in the path of becoming data-driven when they invest on the reusable capabilities of its employees, by discovering the data science skills across various departments and turning their domain experts into citizen data scientists of the organization.

Bakgrund: Utbredningen av dolda indexfonder har visat sig starkt relaterat till ett lands regelverk och avsaknad av konkurrens på fondmarknaden i form av uttalade indexfonder (Cremers et al. 2013). Då Sverige är ett av de länder som placerar sig i topp vad gäller utbredning av dolda indexfonder (Cremerset al. 2013), är detta remarkabelt med tanke på att Sverige har ett effektivt och välfungerande juridisktsystem (Heritage Foundation 2016). Detta har föranlett oss att undersöka förekomsten av doldaindexfonder i Sverige, samt identifiera och analysera möjliga orsaker till val av aktivitetsgrad utifrånsåväl yttre som inre faktorer. Syfte: Uppsatsen syfte är att med anledning av att det framkommit att dolda indexfonder är vanligt förekommande på den svenska fondmarknaden, undersöka aktivitetsgraden i svenska aktiefonder, samt identifiera och analysera möjliga orsaker till val av aktivitetsgrad. Genomförande: Studien genomförs med ett kvantitativt angreppssätt för att möjliggöra ett statistiskt säkerställt resultat kring aktiviteten på den svenska fondmarknaden. Aktivitetsgraden på den svenskafondmarknaden mäts, genom active share, för att sedan ligga till grund för tester angående hur olika karaktärsdrag påverkar en fonds aktivitet. Avslutningsvis undersöks hur studiens resultat kan kopplas till de spelregler som gäller på den svenska fondmarknaden. Slutsats: Studiens resultat visar på att drygt hälften, 52 %, av de påstått aktivt förvaltade fonderna under mätperioden 2005-2015, i själva verket är att betrakta som dolda indexfonder. Resultatet visar dock också på att det under mätperioden skett en kraftig förbättring av fonders aktivitetsgrad, samt att fler fonder förvaltas aktivt på den svenska marknaden. Fondens inriktning, såväl som om fonden är förvaltad av en storbank, har en signifikant negativ påverkan på fondens aktivitet. Det kan till stor del förklaras av att rådande regelverk och den svenska aktiemarknadens storlek, indirekt uppmuntrar fonder till en lägre aktivitetsgrad. / Background: The existence of closet index funds has been shown highly correlated to regulations andcompetition of explicit index funds on a market (Cremers et al. 2013). Despite its strong regulations andpresence of explicit index funds, studies have shown that Sweden has a high amount of closet indexfunds. This fact has led to our interest in examining the presence of closet index funds on the Swedish market, and to try to identify and analyze potential characteristics of a fund that affect its choice ofactivity rate. Aim: The aim of the study is, by reason of the proven high presence of closet index funds on the Swedish market, to examine the activity rate within the funds, and to identify and analyze potential characteristics that affects it. Completion: The study is conducted through quantitative research. The activity rate of the fund marketis measured through active share and then analyzed for how different characteristics influence the funds activity rate. Eventually the results of the study are being analyzed for if and how they are concatenated to the rules of the Swedish fund market. Conclusion: The result of the study shows that 52 % of the predicated actively managed funds were actually proven to be closet index funds. However, the result also shows that the degree of active share has generally risen, and that more funds are being actively managed in Sweden. The alignment of the fund, as well as if the fund is managed by a major bank, are proven to have a significant negative impactof the activity of the fund. This negative relationship is largely linked to the regulations as well as the size of the Swedish stock market, which creates incentives for low activity of the funds.

O Presente trabalho tem por objetivo apresentar uma proposta de metodologia para a fixação do encargo de responsabilidade da concessionária de distribuição de energia; e o cálculo da participação financeira do consumidor referente ao custo dos investimentos para atendimentos de pedidos que não se enquadrem nos critérios de universalização do uso de energia elétrica. A proposta foi baseada na utilização dos preceitos e diretrizes tarifárias vigentes no País, elaboradas pelo órgão regulador - Aneel e que passou a referenciar as relações econômico-financeiras entre concessionária e clientes. A Tarifa de Uso do Sistema de Distribuição foi conceito balizar desta proposta metodológica. Para consistir este trabalho foram elaboradas comparações dos encargos das concessionárias e da participação financeira dos consumidores para 260 obras, entre o disposto nesta proposta e a metodologia definida pela Portaria 05/90 do Dnaee, que foi revogada pelo regulamento que instituiu a universalização em 2002. Dessa forma foi possível determinar, a partir de dados concretos, a viabilidade e o impacto da proposta apresentada. / The present work has the objective of presenting a methodology for the setting of the incumbency of responsibility of the concessionaire of energy distribution and a calculation of the financial participation of the consumer referring to the cost of the investments for attendance of orders that are not fit in the criteria of universalization of the use of electric energy. The proposal was based on the use of the new criteria of Tariff elaborated by the regulating agent - ANEEL and which has started to be a reference for the economic financial relations between concessionaire and customers.The Tariff over the Use of the Distribution System was the maker of this methodological proposal.In order to make the proposal consistent, comparisons were made between the methodology used by the sector before the advent of the Law 10,438 of 26/04/2002 which instituted the Universalization and finished Regulation 05/90 which was the maker of the calculations of incumbency and financial participation in the Brazilian electric sector, with 260 job sites.This way, it was possible to determine with proper data the viability of the proposal presented.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-04-24T12:21:43Z No. of bitstreams: 1 Luciane Franke_.pdf: 1024369 bytes, checksum: 206995405df8b48a3e5f712fca263cb7 (MD5) / Made available in DSpace on 2018-04-24T12:21:43Z (GMT). No. of bitstreams: 1 Luciane Franke_.pdf: 1024369 bytes, checksum: 206995405df8b48a3e5f712fca263cb7 (MD5) Previous issue date: 2018-02-26 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / A China tem firmado sua posição de protagonista no cenário mundial, enquanto que os países da América Latina parecem ainda não ter consolidado seu papel como exportadores de produtos industrializados. O crescimento chinês apresenta-se como um desafio para os países latino-americanos, especialmente, por dominar as exportações de produtos industrializados. Dessa forma, o objetivo deste trabalho é determinar o impacto do desempenho da China no comércio mundial sobre as exportações de produtos com conteúdo tecnológico de México, Brasil, Chile e Argentina. Para tanto, são definidos dois modelos: de competitividade, para identificar as implicações dos ganhos de market share da China, e deslocamento, para analisar o impacto do aumento das exportações chinesas. Utilizam-se exercícios econométricos de dados em painel, considerando-se as exportações de conteúdo tecnológico dos países selecionados, conforme a taxonomia de Pavitt (1984), para 52 parceiros comerciais. As estimativas identificaram que o efeito China está deslocando as exportações de México e Brasil. Quanto aos ganhos competitivos da China, as estatísticas estimadas revelaram baixos coeficientes de elasticidade para todos os países selecionados. Os resultados sugerem que a participação de mercado chinesa avança em níveis mais elevados que as exportações de México, Brasil, Chile e Argentina. / China has established its leading role on the world economy, while Latin American countries do not seem to have strengthened their role as exporters of industrialized products. Chinese economic growth is a challenge for the Latin American countries, especially because of the importance of the exports of industrialized products. Therefore, the aim of this work is to determine the impact of China's performance in world trade on the exports of products with technological content from Mexico, Brazil, Chile and Argentina. For this purpose, two models are defined: competitiveness, to identify the implications of China's market share gains, and displacement, to analyze the impact of the increase in Chinese exports. We applied the econometric exercise of panel data, considering the exports of technological content of the above-mentioned countries, according to the taxonomy of Pavitt (1984), for 52 commercial partners. Our results indicate that China’s exports displace exports from Mexico and Brazil. As for China's competitive gains, the estimated statistics revealed low coefficients of elasticity for all selected countries. The results suggest that Chinese market share is advancing at higher levels than exports from Mexico, Brazil, Chile and Argentina.

Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2015-07-06T12:45:06Z No. of bitstreams: 1 Manuela Gomes de Lima.pdf: 883281 bytes, checksum: 4b78d080e8a45e184d5ff754cbf2c0a8 (MD5) / Made available in DSpace on 2015-07-06T12:45:06Z (GMT). No. of bitstreams: 1 Manuela Gomes de Lima.pdf: 883281 bytes, checksum: 4b78d080e8a45e184d5ff754cbf2c0a8 (MD5) Previous issue date: 2013 / Nenhuma / O objetivo principal deste trabalho foi avaliar, com base na literatura recente sobre competitividade internacional, o desempenho exportador de China, Estados Unidos, Alemanha, Rússia, Coreia do Sul, Japão e Brasil entre 2000 e 2011. Por meio da aplicação do modelo de Constant-Market-Share foi possível quantificar a participação da composição da pauta, da distribuição dos mercados de destino e da competitividade na variação das exportações desses países. Verificou-se que o crescimento da demanda internacional favoreceu as economias exportadoras de bens intensivos em recursos naturais e que os países que priorizaram mercados mais dinâmicos (principalmente a Ásia) tiveram resultado positivo no fator mercado. Os resultados para o efeito competitividade foram menos precisos, pois seus fatores determinantes têm impacto variável conforme o padrão de especialização de cada economia. / The main objective of this study was to evaluate the export performance of China, United States, Germany, Russia, South Korea, Japan, and Brazil between 2000 and 2011, based on the recent literature on international competitiveness. By applying the Constant-Market-Share model, it was possible to quantify the contribution of the product composition, market distribution and competitiveness on countries’ exports growth. It was found that growing international demand favored the commodity exporters and also countries that have prioritized the most dynamic markets (especially Asia). The results for the competitiveness effect were less accurate because its determinant factors’ impact varies according to the specialization pattern of each economy.