Zugl.: Hannover, Univ., Diss.,2009

[pt] Este trabalho analisará uma das maiores emissões de bonds de todos os tempos, a emissão de USD 11 bilhões de bonds da Petrobras que aconteceu em maio de 2013. Além de ser a maior transação da história para países emergentes até hoje, a emissão também foi feita em hora oportuna quando a Petrobras aproveitou uma excelente janela e mercado para fazer a emissão. A repercussão da transação também foi excelente tendo sido veiculada em vários meios de comunicação. O trabalho relatará do anúncio, precificação e lançamento da emissão que foi muito bem recebida pelo mercado financeiro. / [en] This paper will examine one of the largest bond issue ever, the USD 11 billion Petrobras bonds issue by Petrobras, the brazilian oil company, held in May 2013. Besides being the largest transaction in history for emerging countries until today, the issue has also been taken in proper time when Petrobras took an excellent market window to make the issue. The effect of the transaction was also great having been conveyed in various media vehicles. The work will speak with the market s announce, pricing and launch the issue which was very well received by the financial market.

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Um dos grandes desafios brasileiros é a melhora do sistema educacional. Embora um avanço considerável tenha ocorrido no que diz respeito ao acesso a escola nas últimas duas décadas, a qualidade do ensino ainda se encontra num nível muito aquém do desejado. Uma das alternativas de política para se alterar esse quadro consiste na responsabilização dos educadores pelo desempenho dos alunos, seja por meio apenas de divulgação pública dos resultados dos estudantes ou adicionando prêmios ou sanções como incentivo ao esforço. A maioria dos trabalhos que avalia programas de responsabilização em diversos países indica efeito positivo sobre o desempenho escolar, mas esse resultado não é um consenso, já que alguns trabalhos não encontraram impacto desse tipo de política. Para o caso brasileiro, ainda existem poucos estudos empíricos que procuram avaliar as políticas de responsabilização. Diante disso, o objetivo deste trabalho é fazer uma avaliação do efeito do programa de bonificação de professores do estado de São Paulo sobre o desempenho escolar dos alunos. Os métodos de Propensity Score Matching e Diferenças em Diferenças foram utilizados para medir o impacto do programa sobre as notas médias das escolas. Foram encontrados efeitos positivos e significativos para Matemática (6 pontos na escala SAEB) e Português (3 pontos na mesma escala) para a quarta série do ensino fundamental. Não foram encontrados efeitos para a oitava série. Os resultados se mostraram robustos a especificação de diferentes grupos de controle. / One of the biggest brazilian´s challenges is the improvement of educational system. Although considerable progress has occurred with regard to access to school in the last two decades, the quality of education is still very low level compared to other countries. One of the alternatives of policy to change this situation is the responsibility of educators for the student performances whether through public disclosure of the results or giving bonuses or penalties as an incentive to effort. Many studies of accountability programs in several countries indicated a positive effect on student grades, but it is not a general agreement, since some studies found no impact of such policy. In the brazilian case, there are few empirical studies measuring accountabilities programs. Thus, the objective of this study is to evaluate the effect of the bonus program for teachers in the state of Sao Paulo over proficiency of students. Methods of Propensity Score Matching and Difference in Differences were used to measure the program\'s impact on the average scores of schools. We found positive and significant effects on tests of Math (6 points in Saeb scale) and Lecture (3 points in the same scale) for the fourth grade. We didn´t find any effects for eighth grade of elementary school. These results are robust to different control groups.

The thesis consists of three essays. In the first essay, the strategic effects of bonus/penalty compensation contracts are analysed. This essay consists of the first three chapters of the thesis. In Chapter 1, viewing each firm as a "principal-agent" pair, we examine firms' rivalry in bonus/penalty contracts in oligopolistic markets when the agents are risk-neutral. Under standard assumptions concerning production, demand, and cost functions, we show that bonus/penalty contracts may be used for strategic purposes. We find that whether agents' actions would (in equilibrium) be encouraged through bonuses or discouraged through penalties would critically depend on the existing strategic relationships between agents' actions or firms' products. We further show that firms' capita] stocks can affect their strategic positions in the bonus/penalty rivalry. The social welfare implication of the bonus/penalty rivalry is also examined. In Chapter 2, using a general framework of rivalrous agency with risk-averse agents, we identify two distinctive effects of bonus/penalty contracting, namely, the strategic effect and the incentive effect. We find that the two effects may or may not work in the same direction for a principal-agent pair, depending on the nature of strategic relationships between agents' actions. In Chapter 3, we compare the strategic effects of bonus/penalty contracts with that of linear contracts. We find that, if only one principal is active in designing agency compensation contracts, then he/she would be indifferent between a bonus/penalty contract and a linear contract. If both principals are active in designing agency contracts, however, the choice between bonus/penalty and linear contracts would in general matter to the principals. In particular, we show in an example that both principals would non-cooperatively choose a bonus contract over a linear contract. The second essay of the thesis, as in Chapter 4, presents an analysis of common sales agents based on their precommitment role when consumers are imperfectly informed about the products on the market. We show that an exclusive channel stucture can create a cost due to exclusive channels' inability to commit themselves to sales impartiality. We further show that independent non-cooperative firms may use common agents as a precommitment device to convince potential consumers that the risk of being misrepresented has been reduced or eliminated. We demonstrate that a market involving common sales agents can arise as an equilibrium outcome. Our analysis shows that common sales agents can be welfare improving for both firms and consumers. The third essay, as in Chapter 5, investigates the dynamic pattern of firm competitive conduct, using time-series and firm-specific data for a set of duopoly airline routes. We estimate the mean conduct parameters for each firm and each period, and infer whether the data are consistent with the Cournot, Bertrand, Friedman, or Green-Porter models. We find that airlines' competitive behavior may switch between the competitive and collusive regimes. Moreover, we find that airline profits in a collusive period appear less than the (single-period) monopoly profits, and the degree of overall market competitiveness is between the Cournot and monopoly solutions but closer to the Cournot solution. Our data suggest that major carriers might use quantity volumes, rather than prices, as their strategy variables. We also conduct some Bayesian analysis of seeing how our results would influence priors associated with different models. We illustrate a model choice criterion based on Bayesian analysis and use the criterion to choose the "best" model among competing models. / Business, Sauder School of / Graduate

This thesis is focused on the legislation on the renewable energy sources, especially on the mechanisms of promotion granted to the producers of the electricity and heat from the renewable sources of energy. The thesis describes the contemporary regulation in the Czech republic and compares it to the relevant German regulation.

Cette recherche vise à étudier trois problèmes sociétaux au Portugal. Les bonus attribués aux dirigeants, les restructurations des entreprises et le sans-abrisme. La première étude examine l’acceptabilité perçue par le public des bonus attribués aux dirigeants. Deux cent huit participants, ayant différents niveaux de formation en économie, ont répondu à un certain nombre de scénarios. Les scénarios ont été composés de quatre facteurs. Cinq positions personnelles qualitativement différentes ont été trouvées. La deuxième étude a examiné l’acceptabilité perçue par le public des plans de restructuration des entreprises. Deux cent sept participants, ayant différents niveaux de formation en économie, ont répondu à un certain nombre de scénarios. Les scénarios ont été composés de trois facteurs. Six positions personnelles qualitativement différentes ont été trouvées. La troisième étude vise à étudier les motifs psychologiques pour lesquels les sans-abris ne se réinsèrent pas facilement au travail. L’échantillon était composé de 202 hommes adultes Portugais en situation de sans-abri. Les participants ont répondu à un questionnaire sur les motifs possibles à leur non réinsertion dans le marché de travail. Une analyse factorielle exploratoire a mis en évidence quatre facteurs. Le rejet de la société, de l’exploitation et de l’autorité sont les motifs évoqués avec le plus de force. / This research aims to study three societal problems in Portugal. The executive bonus, restructuration and homelessness. The first study aimed to explore and map the views of Portuguese laypersons regarding the legitimacy of bonuses for senior executives. Two hundred eight participants, with various levels of training in economics, were presented with a number of concrete scenarios. The scenarios were created by varying four factors. Five qualitatively different personal positions were found. The second study aimed to explore and map the views of Portuguese laypersons regarding the acceptability of downsizing and restructuration measures during a recession. Two hundred seven participants, with various levels of training in economics, were presented with a number of concrete scenarios. The scenarios were created by varying three factors. Six qualitatively different personal positions were found. The third study aims to explore the psychological motifs for which the homeless people do not easily reintegrate the work. The sample was composed of 202 Portuguese’s men homeless. They were presented with one questionnaire that contained items about possible motifs about their non-integration into the labour market. The exploratory factor analysis revealed four factors. According to the results of the study only two types of motifs were important: the motifs of refusal the society and the motifs of refusal the submission to labor’s authorities.

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Belöningar till ledningen är det som ofta debatteras i media, samtidigt anses personalen vara företagets viktigaste resurs. Detta examensarbete avser att undersöka vilka belöningar ”vanliga” anställda får ta del av. En fallstudie på OKQ8 har genomförts för att åskådliggöra avsikterna, uppbyggnaden, förhoppningarna, resultatet och framtiden för ett antal belöningssystem som tillämpas i praktiken. Datainsamling har skett genom personliga intervjuer samt observationer. Författarens viktigaste slutsatser är att rättviseaspekten har stor betydelse samtidigt som det är av yttersta vikt att ett belöningssystem kommuniceras, framförallt vid implementeringen. Det är betydelsefullt att belysa dessa faktorer och inför framtiden ta hänsyn till dem för att på så vis kunna utforma bättre belöningssystem. / Rewards to the people in the management are often debated in media, at the same time the personnel is considered to be the company’s most important asset. This paper intends to examine which rewards “ordinary” staff members have a share in. A case study at the company OKQ8 has been undertaken to illustrate the intentions, design, expectations, results and the future for a number of incentive systems applied practically. Data have been collected through personal interviews and observations. The author’s most important conclusions are that communication and justice play a crucial role when an incentive system is implemented. It is crucial to illuminate these factors and take it into consideration for better designed incentive systems in the future.