Através de estudo de evento este trabalho analisa o impacto provocado pelo anúncio de recompra de ações sobre os seus próprios preços, utilizando como referência, as empresas que anunciaram aquisição de ações de sua emissão, através de publicação de fato relevante na Comissão de Valores Mobiliário (CVM), nos exercícios de 2003 a 2009. O estudo pressupõe eficiência de mercado na sua forma semi-forte e identifica retorno anormal, estatisticamente significativo na data um do evento, ou seja, um dia após o anúncio. Os retornos acumulados de três dias são regredidos contra dados da recompra e os resultados reforçam a hipótese de sinalização, já sugerida pela análise do gráfico do retorno anormal acumulado, com os retornos indicando alta decorrente de pressão de preços. Os modelos de regressão utilizados, incluindo variáveis contábeis associadas a outras hipóteses explicativas, não encontram resultados significativos que dêem suporte a outras possíveis motivações propostas na literatura acadêmica. / Through event study this study examines the impact caused by the announcement of share repurchases on its own prices, using as reference, the companies announced the acquisition of shares issued through the publication of material fact in the Securities Exchanges Commission (CVM) in the years 2003 to 2009. The study assumes market efficiency in its semi-strong and identifies abnormal return is statistically significant at the time of an event, one day after the announcement. The cumulative returns for three days are regressed against the repurchase data and findings support the signaling hypothesis, already suggested by the analysis of the graph of cumulative abnormal return, with returns showing high due to price pressure. The regression models used, including accounting variables associated with other hypothes s, there are significant results that support other possible motives proposed in academic literature.

Les acheteurs des droits sociaux sont plus vulnérables que les acheteurs des autres objets, dans la mesure où ils sont plus susceptibles à payer un prix plus élevé que la valeur réelle et que les vendeurs possèdent une aptitude à abuser les actifs immatériels de la société cible après l’achat, principalement par une concurrence avec ladite société cible. La vulnérabilité des acheteurs des droits sociaux doit et peut être résolue par le biais de recourir à des mécanismes conventionnels librement développés par les acheteurs des droits sociaux, avec l’aide de la part de leurs avocats. Cependant, en droit français, la liberté contractuelle nécessaire pour la mise en œuvre des mécanismes conventionnels est limitée par l’intervention légale omniprésente, qui se manifestent principalement de deux façons : d’une part, un acheteur des droits sociaux insatisfaisant est capable d’accéder à la protection de plein droit, et ce même sans aucune clause conventionnelle destinée à ce sujet ; d’autre part, ils sont prohibés ou restreints à stipuler certains types de clauses conventionnelles pour cet objectif. Ainsi, le cœur des discussions entre les auteurs français concernant l’achat des droits sociaux est comment contourner les restrictions légales de la liberté contractuelle et comment tirer pleinement partie de la protection légale de plein droit des acheteurs des droits sociaux. Une comparaison entre le droit français et le droit chinois sur l’achat des droits sociaux montrerait que la préoccupation du droit français sur l’intervention légale ne serait peut-être pas nécessaire sur ce sujet, dans le fait que l’intervention légale est intrinsèquement incompatible avec les caractéristiques des droits sociaux est de lega ferenda doit être supprimée. Au lieu de cela, sur le sujet d’achat des droits sociaux, ce qu’il fallait discuter sont les multiples techniques conventionnelles développées dans l’objectif de résoudre la vulnérabilité inhérente des acheteurs des droits sociaux. De ce fait, une comparaison entre les techniques conventionnelles des deux pays serait donc effectuée. / Buyers of shares are more vulnerable than buyers of other objects to the extent that they are more prone to pay a price much higher than the “real” value; and that the sellers have an aptitude to usurp the intangible assets of the target company after the purchase, mainly through a competition with the said target company. The vulnerability of the buyers of shares should and is able to be solved by resorting to conventional mechanisms freely developed by the buyers and shares, with the help of their attorneys. However, under French law, the contractual liberty necessary for an effective implementation of the conventional mechanisms, is restricted by omnipresent legal interventions, mainly manifested in two ways: for one thing, an unsatisfactory buyer of shares is able to get protected de plein droit, even without any conventional clauses to this end. For another, they are prohibited or restricted to stipulate certain kinds of conventional clauses for the very purpose. Accordingly, the focus of French discussions when it comes to purchase of shares is on how to bypass the legal restrictions on the contractual liberty and how to make a full use of the legal protections of the buyers of shares de plein droit. A comparison of the French law with Chinese law concerning purchase of shares will show that the French concerns of the legal interventions when it comes to purchase of shares, might to some extent be unnecessary, in that the legal interventions are inherently incompatible with the originalities of shares and de lega ferenda should be abandoned. Instead, under the topic of purchase of shares, what should be discussed is the multiple conventional techniques developed aiming at solving the inherent vulnerability of the buyers of shares; and a comparison of the conventional techniques in the two countries will be accordingly conducted.

Através de estudo de evento este trabalho analisa o impacto provocado pelo anúncio de recompra de ações sobre os seus próprios preços, utilizando como referência, as empresas que anunciaram aquisição de ações de sua emissão, através de publicação de fato relevante na Comissão de Valores Mobiliário (CVM), nos exercícios de 2003 a 2009. O estudo pressupõe eficiência de mercado na sua forma semi-forte e identifica retorno anormal, estatisticamente significativo na data um do evento, ou seja, um dia após o anúncio. Os retornos acumulados de três dias são regredidos contra dados da recompra e os resultados reforçam a hipótese de sinalização, já sugerida pela análise do gráfico do retorno anormal acumulado, com os retornos indicando alta decorrente de pressão de preços. Os modelos de regressão utilizados, incluindo variáveis contábeis associadas a outras hipóteses explicativas, não encontram resultados significativos que dêem suporte a outras possíveis motivações propostas na literatura acadêmica. / Through event study this study examines the impact caused by the announcement of share repurchases on its own prices, using as reference, the companies announced the acquisition of shares issued through the publication of material fact in the Securities Exchanges Commission (CVM) in the years 2003 to 2009. The study assumes market efficiency in its semi-strong and identifies abnormal return is statistically significant at the time of an event, one day after the announcement. The cumulative returns for three days are regressed against the repurchase data and findings support the signaling hypothesis, already suggested by the analysis of the graph of cumulative abnormal return, with returns showing high due to price pressure. The regression models used, including accounting variables associated with other hypothes s, there are significant results that support other possible motives proposed in academic literature.

The aim of this work is to compare the rentability and risk of the shares and to find out which strategy would be the best to use to evaluate the money invested into selected companies from chosen branches of Paris stock exchange. The introduction of this work briefly describes the history, recent state and description of financial markets. In Czech conditions, this market is not suitable for similar comparison and analysis, therefore the analytic part of this work concentrates only on French stock exchange. Several statistic indicators are used for possible analysis of lucrativeness and risk rate (standard deviation, coefficient alpha, coefficient beta, variation coefficient), range of historical dates from the internet and other information. Historical dates, statistical markers, analysis and tests were used to establish and compare strategies used in investment in Paris stock exchange. Also used in the work are the findings of Czech and foreign authors who deal with the question. The aim of the practical part of this work is to put to use the theoretical knowledge and to find out which branches are best to invest into and vice-versa and which strategy to choose in order to make the most money or to loose as little money as possible.

The target of this thesis was to compare revenues and risks from the investing into shares of 40 chosen companies from 6 branches of Paris Stock Exchange. This stock was chosen because of there are not so developed conditions to confirm or contradict such type of methods in Czech Republic. I have applied the most often used methods like fundamental and technical analysis. I have also tried the practicability of the theory of effectiveness and tried to affirm the truth or false of this method.

theme of dissertation {\clq}qInvestment by internet{\crq}q is focused on the new method of investment. The topic is an innovation in the internet banking sphere. Four bank institutions offer the investment by internet nowadays. The goal of the dissertation is to analyse the new investment. Theoretical part describes electronic banking development, legal amendment, security and possibilities of investment. Further on it defines advantages and disadvantages of practical use of investment by internet. The second part of dissertation is focused on the practice. It includes the real study, comparison of investment bank institutions' possibilities and real investment example. Here I tried the on-line investment myself.

The following article deals with the corporate merger agreements where the controlling shareholders of a company legally force the minority group to sell their shares in exchange for compensation. Thus, it seeks to describe, analyze and understand the characteristics, conditions, requirements and motives of FOMs, in order to assess the possibility of introducing such a fusion in Peru, considering our legal context. / El siguiente artículo versa sobre los acuerdos societarios de fusión en virtud del cual los accionistas controladores de una sociedad fuerzan legalmente al grupo minoritario a venderles sus acciones a cambio de una compensación. De tal manera, se busca describir, analizar y comprender las características, condiciones, requisitos y motivos de las FOM, con el propósito de evaluar la posibilidad de introducir este tipo de fusión en el Perú, teniendo en cuenta nuestro contexto legal.

Legal and Economic Aspects of Initial Public Offering (Neumahr, D.) Abstract This diploma thesis deals with initial public offering (IPO) of shares from both legal and economic perspective. The thesis is divided into three basic parts. The goal of the first part is to explain the process of IPO, its development and each institution related to the topic. Followed by part which is dedicated to legal framework in the European Union and each phase of the process is described from the viewpoint of Czech law. Second part aims to clarify basic economic advantages as well as disadvantages of initial public offering concerning the company and propose possible alternatives. Final part seeks to provide a case study of the process on the Czech and the American capital market. The purpose of my thesis was to explain what an initial public offering is, what are its upsides and downsides and describe in detail the whole process which companies have to undergo before they can publicly offer their shares and before they are admitted to the capital market. Throughout the thesis I examine the development of European law regarding IPO and I marginally try to compare it to American law. In the final case studies, concrete steps during the entire process are demonstrated on the examples of practice.

The topic of the submitted thesis is the Economic and legal aspects of IPO (Initial Public Offering) and its purpose is to describe the process of an Initial Public Offering and subsequently apply the findings in the case study of one particular IPO - Pivovary Lobkowicz Group. The thesis is composed of six chapters, each of them dealing with different aspects of Initial Public Offering. Chapter One is introductory and defines basic terminology used in the thesis. The chapter is subdivided into five parts. Part One describes the capital market. Part Two deals with IPO history, its subpart One with global history and subpart Two with Czech history of IPO. Part three focuses on securities, its subpart One on securitues in general and subpart Two on shares specifically. Part four explains the share issue. Part five looks at the term Initial Public Offering itself. Chapter Two illustrates the reasons for an IPO. The chapter consists of six parts. Part One focuses on acquiring capital. Part Two investigates the prestige and credibility. Part Three addresses the issue of marketing use and advertising. Part four examines benefits for existing shareholders. Part five describes obtaining information about company value. Part six deals with increasing employees involvement. Chapter Three is subdivided into...

As a result of globalisation there are endless business opportunities out there in the business world. South African tax residents may purchase shares in a foreign company as an investment which can lead to that company being effectively controlled in South Africa for South African tax purposes. When a controlled foreign company ceases to be a controlled by South African tax residents it is deemed to have disposed of its assets the day immediately before this event and certain exit tax charges should considered. Sound tax policies are crucial to ensure stability in any tax system. Tax legislation may be amended from time to time in order to ensure this stability in the South African tax system. No research has been done on the practical implication of current amendments to legislation affecting a controlled foreign company when it ceases to be controlled in South Africa as a direct result of the issuing of new equity shares by the controlled foreign company to foreign investors. The aim of this study was to discuss the current amendments to tax legislation affecting controlled foreign companies as well as the practical issues experienced by controlled foreign companies and South African tax residents. Furthermore, the study aims to demonstrate whether South Africa’s tax legislation is in line with the international norm by comparing the literature reviewed, the results of case study and information gathered through interviews to the United Kingdom’s tax legislation. / Dissertation (MCom)--University of Pretoria, 2014. / hb2014 / Taxation / unrestricted