Submitted by Felipe Diogo Camêlo (fdiogo.camelo@gmail.com) on 2018-07-05T15:41:51Z No. of bitstreams: 1 Tese_FelipeDiogoCamelo.pdf: 649864 bytes, checksum: 09e2d4e77981e76ab7aa60bb997240aa (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2018-07-06T13:46:37Z (GMT) No. of bitstreams: 1 Tese_FelipeDiogoCamelo.pdf: 649864 bytes, checksum: 09e2d4e77981e76ab7aa60bb997240aa (MD5) / Made available in DSpace on 2018-07-16T20:13:16Z (GMT). No. of bitstreams: 1 Tese_FelipeDiogoCamelo.pdf: 649864 bytes, checksum: 09e2d4e77981e76ab7aa60bb997240aa (MD5) Previous issue date: 2018-04-27 / Using firm-level data from an administrative Brazilian dataset, I document a few stylized facts regarding capital stock accumulation patterns and investment decisions. Finding evidence largely in favor of micro-level lumpiness of investment as it was found for American firms, I document that there are a few particularities in the behavior of Brazilian firms. First, I document that the distribution of the growth rate of capital is more dispersed, with “fatter” tails. Second, I also show that, as economic activity, the volume of investment and capital stock are more concentrated on a small number of firms, micro-level lumpiness might have a bigger role in understanding aggregate movements. Third, I show that the observable characteristics of Brazilian firms explain a lot more of sudden movements in capital growth when compared to the U.S., after controlling for industry specific characteristics and other variables. Fourth and last, I compute statistical measures related to the investment rate distribution, which show that investment at the firm-level seems to be even “lumpier” in Brazil, with firms investing less on average, while experiencing more episodes of investment spikes and periods of inaction.

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Résumé: L'industrie pharmaceutique traverse actuellement une période où ses habitudes de commercialisation sont remises en cause. Les raisons : l'échéance massive et irréversible des brevets protégeant des molécules importantes dont sont issues les thérapies médicamenteuses contemporaines, la hausse soutenue de la demande en médicaments ainsi que l'entrée, dans l'arène, d'un nombre croissant d'entreprises spécialisées dans la commercialisation de médicaments génériques. L'objet de la présente thèse est de contribuer au développement d'un nouveau mode de commercialisation dans l'industrie pharmaceutique. À l'instar de ce qui précède, en effet, les entreprises pharmaceutiques de produits génériques sont en panne de marque. À notre avis, une nouvelle façon d'aborder la commercialisation des médicaments nous est offerte par la logique dominante du service et, grâce à elle, par la création de valeur simultanée pour l'entreprise et son client ou la cocréation de valeur. Adhérer à ce nouveau mode de commercialisation requiert, toutefois, selon nos résultats de recherche, d'adopter une nouvelle philosophie de gestion : l'autopoiétisme. Cependant, bien que l'humain soit au coeur de la relation commerciale où s'effectue le transfert bilatéral de connaissances, le capital structurel de l'entreprise doit favoriser la disponibilité de l'information. De plus, cette approche nécessite que tout le processus de commercialisation de l'entreprise transite vers une nouvelle façon d'interagir avec son client. Nous avons commencé cette thèse par l'exposé de la problématique du secteur pharmaceutique. À notre avis, cet exposé met en évidence l'importance et la complexité de la problématique actuelle qui justifie pleinement une thèse comme la nôtre. Grâce à notre thèse, nous désirons évaluer la pertinence de la nouvelle logique du service. Au cours de notre recherche, cette logique est mise en branle par le sous- processus Service à la clientèle d'une entreprise pharmaceutique de produits génériques lors de l'échange commercial avec les clients et durant lequel le service en lui-même devient hyperonymique au produit (Lusch et Vargo, 2006), c'est-à-dire, selon nous, englobé dans celui-ci. Notre recherche met en lumière le mode de fonctionnement de cette logique dans un milieu réel d'affaires. Nous démontrons qu'elle permet d'engendrer une influence favorable du capital intellectuel de l'entreprise de médicaments génériques sur la qualité perçue par les clients. Incidemment, nous pouvons déclarer que le capital intellectuel de l'entreprise de médicaments génériques peut avoir un impact sur son capital de marque, suite au recours à la logique dominante du service. Cependant, notre étude constituée de cinq cycles de collecte de données échelonnés sur près d'un an, fait émerger les conditions préalables à l'impact du capital intellectuel sur le capital de marque. En effet, nous avons aussi compris que la logique dominante du service, pour générer un avantage concurrentiel durable, doit être accompagnée de l'adoption d'une philosophie autopoiétique de gestion au niveau du processus de gestion clients puisque toute philosophie de gestion, comme le suggère la théorie, doit être cohérente au sein d'un processus (Kaplan et Norton, 2006). Notamment, les sous-processus Service à la clientèle et Service des ventes qui sont intégrés dans le processus de gestion clients, doivent transiter simultanément vers la logique dominante du service et vers la philosophie autopoiétique de gestion qui lui est afférente. De plus, l'implantation d'une nouvelle philosophie de gestion quelle qu'elle soit, requiert du temps car elle implique une modification de la culture organisationnelle (Collerette et al., 1997). Conséquemment, tous les individus touchés par cette transition culturelle doivent être accompagnés. De notre recherche, il ressort que l'adhésion à la logique dominante du service nécessite de consentir des énergies particulières aux niveaux financier et humain. Dans le cas du présent problème de l'industrie pharmaceutique, notre étude révèle que les investissements à consentir visent le capital structurel (Kaplan et Norton, 2006) et le capital social de l'entreprise de médicaments génériques (Sveiby, 2001). Ces investissements ont pour objet d'accroître la performance de la plateforme technologique de l'entreprise et de ses réseaux d'échanges interindividuels ainsi que de mettre au point des outils d'accompagnement dont une structure de formation continue pour les employés travaillant au sein du processus de gestion clients. La logique dominante du service étant un cadre de référence plutôt qu'une théorie, selon ses auteurs Vargo et Lusch (2004), elle dicte l'adoption d’une approche qualitative de recherche. Également, puisque l'introduction d'une nouvelle philosophie de gestion oblige l'implication des acteurs touchés, c'est-à-dire les employés de l'entreprise et ses clients, nous recourons à la méthode de recherche-action. Quant au potentiel de transférabilité des résultats découlant de notre recherche-action qualitative, il repose sur plusieurs facteurs : a) la profondeur théorique de notre modèle a priori, b) le recours à trois chercheurs partageant et mettant à contribution leurs différentes perceptions, c) la pertinence pratique de notre étude, d) le recours à une proposition principale et à une proposition rivale ainsi que e) le recours à des informants-clés, f) la conception d'un modèle théorique a posteriori, g) la conduite de cinq cycles de collecte de données, h) la réalisation d'un processus itératif de collecte s'étalant sur une période de 11 mois, i) l'utilisation d'outils variés de collecte et j) la mise à contribution d'un échantillon théorique représentant l'ensemble des parties prenantes. En conséquence, les précautions que nous avons prises assurent la validité de nos résultats. Les mécanismes mis en place assurent aussi la transférabilité des connaissances acquises et ce, directement, à d'autres entreprises de médicaments ainsi que, indirectement, à des entreprises dont les produits, en eux-mêmes, n'offrent pas le potentiel de différentiation nécessaire à leur pérennité. Selon nous, cette thèse contribue de diverses façons à l'avancement de la connaissance. Notamment, en jumelant les littératures spécialisées en gestion et marketing, pour mettre en place un système organisationnel de valeur globale ; ensuite, en recourant à une approche qualitative pour favoriser l'émergence d'une nouvelle théorie permettant à une entreprise de se démarquer même quand ses produits ne lui permettent pas de le faire.||Abstract: The pharmaceutical industry is presently witnessing a massive expiration of patents on important therapeutic molecules and the market entry of an increasing number of generic drug manufacturers.The development of a new marketing strategy has become a priority as a result, given that generic drug manufacturers have no brand capital.The new marketing approach of service-dominant logic may be appropriate in this context and leads to value co-creation for the firm and its customer. Our study reveals, however, that adherence to this type of marketing strategy requires the adoption of a new autopoietic management philosophy, where the human being is at the heart of the business relationship in which the bilateral transfer of knowledge occurs. Our study assesses the appropriateness of the new service-dominant logic established by the customer service sub-process in a generic pharmaceutical company. Our research explains the manner in which this logic operates in an actual business setting and demonstrates that intellectual capital generates a positive impact on the quality perceived by customers. We affirm that the intellectual capital of the generic pharmaceutical firm can influence its brand capital following the implementation of a service-dominant logic. Our study further reveals the conditions that must be present for intellectual capital to have an impact on brand capital. In order for the service-dominant logic to generate a sustainable competitive advantage, it must coincide with the adoption of an autopoietic management philosophy at the level of the customer management process, given that all management philosophies within a process must be consistent (Kaplan and Norton, 2006). In particular, the customer service and sales department sub-processes that are integrated within the customer management process must move toward the service-dominant logic and associated autopoietic management philosophy simultaneously. In addition, the implementation of a new management philosophy requires time because it involves a change in the organizational culture (Collerette et al., 1997). All individuals affected by this cultural transition must be accompanied along the way.

Recent Scottish Government policy has increasingly emphasised lifelong learning as the means of developing the nation’s skills and employability. Colleges are frequently presented as the key driver of widening access to lifelong learning in Scotland and are expected to provide effective responses to both social and economic problems. This research focuses on the balance struck in government policy in relation to Scotland’s colleges with regard to social and economic objectives and how this policy is mediated in three diverse colleges. Utilising case studies of three colleges in Scotland, this study found that the economic focus of the Scottish Government, coupled with the market values of the college sector following the Further and Higher Education (Scotland) Act 1992, has resulted in some colleges emphasising economic priorities at the cost of social objectives. College education is presented as the bridge to the labour market and this has resulted in students equating college learning with acquiring the necessary qualifications to obtain employment. In the larger colleges (both the result of recent mergers) social network development is treated as a by-product rather than a central objective and the connections made by students tend to be confined to narrow subject areas. Learning at these colleges is compartmentalised, so that students develop ‘bonding’ rather than ‘bridging’ social capital, which may narrow rather than widen their horizons (Putnam, 2000). Pursuit of funding initiatives and performance indicators at the larger colleges led to tensions amongst staff members over the loss of community focus and, in the case of one college, a significant increase in learners under 16. The smaller college exhibited a clear community focus, allowing for greater levels of social interaction. It is suggested that colleges need to develop further their role as generators of social, as well as human, capital.

A presente dissertação faz uma abordagem do tema da redução do capital de companhias abertas e fechadas no Brasil, apresentando-o em duas partes. Na primeira parte, composta pelos Capítulos 1 e 2, são tratados aspectos gerais e, na segunda parte, composta pelos Capítulos 3 e 4, são tratados aspectos específicos das reduções do capital social. No Capítulo 1, é apresentado um breve histórico do capital social, em que se procura estalecer a sua origem e relação com a função de produtividade das primeiras companhias, afastando-se do pensamento tradicional de que o capital social tenha tido a sua origem relacionada com a função de proteção de credores. Além disso, é apresentada uma noção geral de capital social, suas classificações, princípios mais relevantes e funções, sempre com o foco de preparar a discussão para a sua redução. No Capítulo 2, é apresentada uma noção geral da redução do capital e a visão do autor dos dois principais princípios que a informam: o da igualdade e o da proteção aos credores. A análise prossegue, para apresentar uma classificação das reduções do capital de acordo com as suas causas ou de acordo com os efeitos que produzem no patrimônio das companhias. Por fim, sustenta-se a taxatividade das causas de redução do capital social. No Capítulo 3, são apresentadas as causas de redução do capital por perda e por excesso, bem como o procedimento para a sua implementação. A boa compreensão deste capítulo depende, em grande parte, das discussões sobre o capital social, suas classificações, princípios mais relevantes e funções, bem como sobre os princípios aplicáveis e as classificações das reduções do capital. No Capítulo 4, são brevemente apresentadas as outras causas que podem determinar a redução do capital social de companhias abertas e fechadas no Brasil, bem como as principais discussões ao redor de cada uma delas. / This paper highlights the reduction of capital stock on Brazilian privately and publicly-held companies, being presented in two parts. Part One is integraded by Chapters One and Two, which present an overview of the matter, and Part Two, which present specific issues related to each cause of reduction of capital stock. On Chapter One, it is presented a short history of capital stock with the purpose of relating it with its productivity function on the first companies, instead of relating it with the function of guarantee for creditors, as a traditional doctrine usually explains its origin. Besides, it is presented a general concept of capital stock, its categories, principles and functions, with the goal of preaparing further discussions on its reduction. On Chapter Two, it is presented a general concept of reduction of capital stock and the authors stand point of the two main principles applicable to it: equal treatment and creditors protection. The analysis moves ahead to categorize the cases of reduction of capital stock in accordance with their causes or the effects on companies assets. On Chapter Three, the author presents the two main causes of capital reduction in Brazil: loss and excess (of assets). Besides it is presented the procedure to accomplish a reduction of capital stock on each case. To fully understand this chapter it is mandatory to be aware of the general concept of capital stock, its categories, principles and functions, as well as the general concept of reduction of capital stock and its principles. On Chapter Four, it is brieftly presented the other causes of reduction of capital stock on Brazilian law, as well as the main discussions that surround them.

O objetivo desta dissertação de mestrado é estudar a adequação de capital em bancos, com ênfase na implementação das regras do Acordo da Basiléia no sistema financeiro do Brasil. Mesmo tratando-se de pesquisa de natureza acadêmica, na qual nos preocupamos em ressaltar os pontos de vista de diversos autores sobre os principais conceitos relacionados com o assunto, tais como, Capital, Risco, Insolvência e Desregulamentação, não nos furtamos em fornecer uma visão prática das medidas necessárias à implementação do Acordo da Basiléia nos bancos brasileiros, a partir da entrada em vigor da Resolução nº 2099, do Conselho Monetário Nacional. Realizamos, também, um estudo crítico dos principais pontos constantes do Acordo da Basiléia, tecendo comentários a respeito dos aspectos que julgamos mais relevantes e relacionando-os com a realidade do mercado financeiro brasileiro. Apresentamos evolução trimestral do índice de capitalização obtido de uma amostra de 10 bancos, no período de dezembro/94 a dezembro/96. Para cada um dos bancos foi feito um gráfico, que permite uma visualização adequada do grau de capitalização no período analisado. Nosso estudo constata que as medidas de prudência aplicadas pelos organismos supervisores, notadamente no que se refere ao Acordo da Basiléia, se não forem aplicadas pelos bancos observando a essência dos seus ativos de risco, pouco contribuem para se mensurar o capital mínimo necessário para absorver eventuais perdas, nem possibilitam uma divulgação dos efeitos danosos dos créditos de alto risco nos demonstrativos financeiros, necessários para a tomada de decisões dos acionistas e demais usuários. / This dissertation studies the capital adequacy of banking, giving emphasis to the implementation of rules from the Basle Accord in the Brazilian Financial System. Even though this is an academic research, in which we tried to underline many of authors\' points of view about the most important concepts related to the subjetct, such as Capital, Risk, Insolvency and Deregulation, we did not avoid a practical view of the necessary acts to implement the Basle Accord in Brazilian banks, since Resolution nº 2099, from the National Monetary Council, was put in practice. We also made a critical study about the main issues of the Basle Accord, making comments about the aspects we judged more relevant and relating them to the Brazilian financial market reality. We present a three-month evolution of the capitalization ratio, taken from a sample of 10 banks, for the period from December/94 to December/96. To each bank a chart was prepared showing the degree of capitalization in the period analyzed. Our study shows the prudent acts used by the supervision entities, specially refering to the Basle Accord. If these acts were not used by the banks observing the substance of their assets under of risk, they would not be very useful to measure their minimum capital needed to absorb eventual losses, and they would not be helpful to disclose the adverse effects from high risk credits in the financial statements such disclosure is necessary to help stockholders and other users to make their decisions.

O conhecimento é responsável, em grande parte, pelo desenvolvimento das pessoas que, reunidas em forma de sociedade, procuram o seu constante aprimoramento e evolução. Considera-se que a sociedade vive atualmente na denominada Era do Conhecimento e que uma das maiores aplicações do conhecimento é a sua utilização na forma de Capital Intelectual, um conjunto de Ativos Intangíveis à disposição das empresas e entidades. Os bancos constituem uma parte fundamental da economia e são considerados entre os principais agentes prestadores de serviços da sociedade moderna e, dessa forma, infere-se que fazem uso intensivo do Capital Intelectual. O presente estudo de natureza exploratória objetivou verificar, por meio de uma pesquisa qualitativa, como os bancos evidenciam o Capital Intelectual em suas demonstrações contábeis, relatórios de administração e demais relatórios financeiros. Para isso, escolheram-se os bancos que cotizam na Bolsa de Valores de São Paulo e também os que cotizam na Bolsa Espanhola, a Bolsa de Madri. Conclui-se, por meio dos resultados obtidos, que os bancos atuantes no Brasil e na Espanha divulgam o Capital Intelectual principalmente nos relatórios de administração. Outra conclusão encontrada determinada pelo estudo é que a divisão Capital Estrutural foi a classificação que mais obteve ocorrências e, além disso, não há uma legislação ou orientação dos órgãos normatizadores de como devem ser evidenciados os itens pertencentes ao Capital Intelectual nas demonstrações. Todavia, não se pode afirmar, mediante a análise qualitativa, que os bancos na Espanha divulguem mais informações que os bancos no Brasil como poderia ser a expectativa de alguns. Por último, constata-se que houve um significativo aumento de informações divulgadas ao longo do tempo. / Knowledge is mostly responsible for development people, gathered together in Society, seek their constant improvement and welfare. It became usual to label the present times as the \"Era of Knowledge\" and one of the largest applications of knowledge is the Intellectual Capital, a set of intangible assets available to business entities. Banking organizations constitute a key part of the economic environment and are considered one of the main service suppliers of modern society, with intensive use of Intellectual Capital. This research aims to verify through a qualitative search how banks disclose Intellectual Capital in their financial statements, managerial and other reports. The entities object of this research were selected banking companies listed at São Paulo Stock Exchange and at the Madrid Stock Exchange. The results of this research permit to conclud that for the banks selected in this sample the disclosure of issues relating to intellectual capital were mainly found in Board of Directors\' reports rather in any part of the financial statements or notes. The research also indicated that through this sort of qualitative analysis does not permit to conclude that Intellectual Capital disclosures in Spain woud contain more information than in Brazil, as it was thought at the beginning of this work. Furthermore, the Structural Capital\'s division was the classification mostly found. Lastly, although it has been noticed a significant increase of information disseminated over the years, there still is no guidance or requirements clear enough, developed by pertinent agencies or standard-setters, about the way Intellectual Capital items should be disclosed in the reports.

Este trabalho busca analisar como se deu o processo de subordinação do trabalho ao capital desde o século XVI até os dias de hoje. O ponto de partida da análise é a cooperação simples e a manufatura. Nessa situação, o trabalhador é apenas formalmente subsumido ao capital. Isso se dá pelo prolongamento da jornada de trabalho e pela necessidade de manter certa produtividade de acordo com a lei da concorrência e com o processo global de produção. O segundo momento é o da grande indústria, que começou após a primeira revolução industrial. É nesse período em que ocorre a subordinação real do trabalho ao capital. Ou melhor, o trabalhador perde a subjetividade que possuía com o manuseamento de seus instrumentos de trabalho após a introdução da maquinaria no processo produtivo, é a primeira negação do processo de trabalho. Com a maquinaria, os instrumentos manuais dos trabalhadores são absorvidos pela máquina. Com isso, o trabalho é objetivado no capital decretando o modo de produção capitalista propriamente dito. A última fase desse processo de subordinação se dá nos dias de hoje, mas tem seu início com a crise no capitalismo no final dos anos sessenta. Trata-se da subordinação intelectual do trabalho ao capital em que o homem é colocado ao lado da máquina. Com as máquinas de controle programável e a produção contínua ocorre a segunda negação do processo de trabalho. Criam-se as condições para que o homem seja sujeito do processo de produção. / This work searchs to analyze as if it gave the process of subordination of the work to the capital since century XVI until the present. The starting point of the analysis is the simple cooperation and the manufacture. In this situation, the worker only is formal subordinate to the capital. This if gives for the prolongation of the hours of working and for the necessity to keep certain productivity in accordance with the law of the competition and with the global process of production. As the moment is of the great industry, that started the first industrial revolution after. It is in this period where the real subordination of the work to the capital occurs. Or better, the worker loses the subjectivity that he possessed with handling of its instruments of work after the introduction of the machinery in the productive process, is the first negation of the work process. With the machinery, the manual instruments of the workers are absorbed by the machine. With this, the work is objectified in the capital having decreed the way of capitalist production properly said. The last phase of this process of subordination if gives nowadays, but it has its beginning with the crisis in the capitalism in the end of the Sixties. One is about the intellectual subordination of the work to the capital where the man is placed to the side of the machine. With the machines of programmable control and the continuous production the second negation of the work process occurs. The conditions are created so that the man is subject of the production process.

Étant donné que les espoirs de croissance des pays développés reposent largement sur leur capacité à développer l’innovation, la question du financement de l’innovation est cruciale. Les biotechnologies sont au centre de nombreux débats et sont décrites comme étant une source de croissance et d’emplois pour nos économies modernes. Pour pouvoir se financer, les entreprises spécialisées dans les biotechnologies rencontrent beaucoup de difficultés à accéder à des financements. Il semblerait que les capital-risqueurs sont l’un des rares investisseurs à vouloir supporter les risques liés à l’activité des entreprises de biotechnologies, parmi lesquels il convient de distinguer entre capital-risque indépendant (IVC) et capital-risque d’entreprise (CVC). Cette thèse a pour principal objet l’analyse des apports de ces différents capital-risqueurs dans le contexte des biotechnologies et plus singulièrement l’apport d’un co-investissement faisant intervenir ces deux types d’investisseurs. Dans un premier temps, nous nous intéressons à l’étude des disparités entre IVC et CVC en nous basant sur les résultats d’une enquête menée auprès des capital-risqueurs et des entreprises financées. Étant donné la capacité des IVC et CVC à créer de la valeur, nous développons, dans un second temps, un modèle théorique qui décrit les conditions sous-lesquelles un co-investissement mixte est beaucoup plus plausible que toute autre stratégie d’investissement, tel qu’un investissement autonome. Enfin, nous tentons de voir si notre hypothèse centrale qui est la plus grande capacité des syndicats mixtes à apporter de la valeur aux entreprises serait « valorisée » par les marchés au moment de l’introduction en bourse et dans les deux ans qui suivent cette dernière. / Given that the growth prospects of developed countries rely heavily on their ability to develop innovation, the issue of financing innovation is crucial. Biotechnologies are the center of many debates and are described as a source of growth and jobs for our modern economies. Companies specializing in biotechnology encounter many difficulties in accessing funding. It seems that venture capitalists are one of the few investors that are willing to bear the risks related to the business of biotechnology companies, among which it is necessary to distinguish between independent venture capitalists (IVC) and corporate venture capitalists (CVC). The main objective of this thesis is to analyze the contributions of these venture capitalists in the context of biotechnology and particularly the contribution of a co-investment involving both types of investors. As a first step, we are interested in the study of differences between IVC and CVC. This study is based on the results of a survey of venture capitalists and corporate funding. Given the ability of IVC and CVC to create value, we develop in a second step, a theoretical model that describes the conditions under which a co-investment involving both types of venture capitalists is much more plausible than any other investment strategy, i.e. a stand-alone investment. Finally, we try to check if our main hypothesis, i.e. greater value-adding capacity of mixed syndications, is valued by public markets at the time of IPO and during the two years following that event.

Au cœur du débat qui rassemble les différents opérateurs sur la question de solvabilité des conglomérats financiers, l’évaluation du capital nécessite, en parallèle de la réglementation, le développement des modèles internes capables de prendre en considération l’effet de diversification et de nouveaux risques engendrés par l’intégration des sociétés dans le conglomérat. Les banques et les sociétés d’assurance développent de plus en plus de modèles de capital économique utilisés à la fois pour la détermination des exigences en capital réglementaire et la gestion interne des risques et du capital. Avec la domination des conglomérats du système financier mondial, l’objectif peut être l’extension de ce type de modèles au niveau global des conglomérats. Les principaux défis pour la construction de ce type de modèles résident dans l’identification et la modélisation de tous les risques qui peuvent affecter la solvabilité des conglomérats et la corrélation entre ces risques. En plus des difficultés liées à l’évaluation des corrélations et des risques, les méthodes de mesure et de gestion au sein des conglomérats peuvent différer d’un secteur à un autre et d’une entité à une autre. L’objectif de cette thèse est d’identifier et d’analyser l’impact des différentes sources de diversification et facteurs de risques, dont ceux engendrés par l’exercice conjoint de l’activité bancaire et d’assurance, sur le niveau des risques et du capital des conglomérats. / As part of the debate involving many operators on the question of the solvency of financial conglomerates, the assessment of capital needs -beside regulation- the development of internal models able to take into account the effect of diversification and new risks caused by the integration of companies in the conglomerate. Banks and insurance companies develop more and more models of economic capital which are used both for the determination of the demand of statutory capital as well as for managing internal risk and capital. With the influence of the conglomerates of the world financial system, the aim must be to extend the use of these models across conglomerates on a global level. The main challenges facing the construction of these models concern the identification and the modelling of all risks which could affect the solvency of the conglomerates and the correlation between these risks. In addition to the difficulties linked to the assessment of correlations and risks, the methods of measurement and management within the conglomerate could vary from one sector to another and from one entity to another. The purpose of this thesis is to identify and analyse the impact of different sources of diversification and factors of risk – i.e. which are caused by the joint exercise of bank and insurance activity- on the level of risks and the capital of conglomerates.