O Sistema Financeiro de um país tem como uma de suas funções principais a de permitir a eficiência alocativa de recursos da sociedade, ou seja, viabilizar a transferência de recursos entre agentes superavitários e agentes deficitários, de maneira que os benefícios sejam adequadamente distribuídos, incentivando tanto a poupança quanto o investimento produtivo. O Mercado de Capitais, por sua vez, como um dos segmentos do sistema financeiro, atua na intermediação financeira de médio e longo prazo, disponibilizando recursos para investimentos com prazos de maturação mais longos, assumindo um relevante papel no desenvolvimento econômico. No Brasil, o mercado de capitais se especializou, historicamente, no repasse de recursos de dívida (debt). No entanto, nos últimos 4 anos, especificamente a partir de 2004, um segmento do mercado de capitais aflorou novamente: o de recursos de capital (equity). De fato, o volume de aberturas de capital via emissão pública de ações (initial public offer IPO) cresceu mais de 600% entre 2004 e 2007, saltando de um volume de R$ 9,2 bilhões naquele ano para cerca de R$ 67,3 bilhões em 2007. Para que se torne uma alternativa de financiamento permanente às empresas brasileiras, objetivo historicamente sempre perseguido pelas autoridades econômicas, é fundamental que os benefícios decorrentes do funcionamento desse mercado estejam sendo adequadamente distribuídos entre tomadores e doadores de recursos. Nessa lógica, o presente estudo possui dois objetivos específicos: (i) traçar um quadro geral do processo de abertura de capital via oferta pública de ações ocorrido no período 2004/2007 e (ii) verificar se os benefícios de tal processo estão sendo adequadamente distribuídos entre vendedores e compradores desses papéis. Para tanto, numa abordagem exploratório-descritiva, o trabalho foi estruturado em duas linhas: (i) análise comparada do atual ciclo de emissão de ações com os ciclos anteriores de abertura de capital, e (ii) análise dos retornos gerados por essas ações após sua emissão, a curto e longo prazo, analisando seus efeitos e conseqüências para vendedores e compradores, bem como para a sociedade em geral. Pela análise comparada com os ciclos anteriores, verificou-se a repetição do mesmo conjunto de características, com destaque para os indícios de especulação financeira. Na análise dos retornos dessas ações, verificou-se a ocorrência do underpricing no primeiro dia, enquanto que, no médio e longo prazo, observou-se a ocorrência de overpricing. Já quando comparadas com o retorno do Ibovespa, essas ações apresentaram retornos inferiores, enquanto o esperado seria um retorno superior, em função do risco mais elevado das novas ações. Em termos de retornos nominais, essas novas ações apresentaram retornos positivos enquanto o mercado estava em um ciclo de alta (20.05.08, pico de Ibovespa), e forte retorno negativo quando o mercado mudou para um período de queda (data-base 31.10.08). Por fim, foram apurados, mediante consulta aos prospectos de emissão, os valores patrimoniais das novas ações antes da emissão, identificando-se um conjunto de preços bem inferiores aos respectivos preços de lançamento. Tal realidade indica que as empresas e sócios que fizeram a venda desses papéis via oferta pública inicial obtiveram preços bastante elevados, que dificilmente obteriam em negociações privadas de ativos. Nessa lógica, a questão do underpricing perde consistência, cuja perda seria compensada pelo ganho com a abertura de capital. Esse conjunto de análises aponta que o atual ciclo vem trazendo ótimos retornos para os vendedores (empresas e sócios), mas retornos negativos aos compradores (investidores), com o que não estaria sendo benéfico para a sociedade como um todo. / The Financial System of a country has as one of its main features that of allowing the efficient allocation of resources of the society, that is, promote the transfer of resources between superavitary and deficitary agents, so that the benefits can be suitably distributed, fostering both savings and the productive investment. The Capital Market, on its side, as one of the segments of the financial system, acts in the financial intermediation of medium and long term, making resources available for investments with longer maturity terms, taking over a relevant role in the economic development. In Brazil, the capital markets historically specialized in the transfer of debt resources (debt). However, during the last 4 years, specifically as of 2004, a segment of the capital market has once again come up: that of capital resources (equity). Actually, the volume of the capital openings through public issue of shares (initial public offer - IPO) grew more than 600% between 2004 and 2007, jumping from a volume of R$ 9.2 billion during such year to around R$ 67.3 billion in 2007. In order to remain a permanent finance alternative for the Brazilian companies, the object which has been historically pursued by the economic authorities, it is essential that the benefits originated from the operation of such market are suitably distributed among receivers and donors of resources. Within this logic, the present study has two specific purposes: (i) trace a general picture of the capital opening process by public offer of shares occurred during the period 2004/2007 and (ii) check whether the benefits of such process are being suitably distributed among sellers and buyers of such papers. For such purpose, in a descriptiveexploratory view, the work was structured in two lines: (i) comparative analysis of the current cycle of issue of shares with the previous cycles of capital opening, and (ii) analysis of returns generated by such shares after their issue, at short and long term, analyzing their effects and consequences for sellers and buyers, as well as for the general society. From the compared analysis with the previous cycles, we found the repetition of the same set of characteristics, with emphasis for the indications of financial speculation. From the analysis of the returns of such shares, we found the occurrence of underpricing on the first day, whilst at the medium and long range, overpricing was determined. When compared with the Ibovespa return, such shares showed inferior returns, whilst the expected would be a higher return, as a consequence of the higher risk of the new shares. In terms of nominal returns, such new shares showed positive returns whilst the market was in a height cycle (05.20.08, Ibovespa peak), and strong negative return when the market changed to a drop period (base date 10.31.08). Finally, there were determined, by means of consultation of the issue prospectus, the book values of the new shares prior to issue, identifying a set of prices quite lower than the corresponding launching prices. Such reality indicates that the companies and partners performing the sale of such papers through initial public offer obtained quite high prices, which would seldom be obtained in private negotiations of assets. Under such logic, the issue of underpricing looses consistency, which loss would be offset by the gains due to the open capital. This set of analysis points out that the current cycle has been producing excellent returns to the sellers (companies and partners) but negative returns to the buyers (investors), reason why it would not be beneficial to the society as a whole.

Este trabalho propõe um modelo para estimativa do custo de capital próprio ex-ante baseado no índice lucro/preço, E/P, na taxa de crescimento esperada para o lucro na perpetuidade, g, e no coeficiente ?, o qual mede a taxa de conversão de crescimento em rentabilidade e, portanto, em valor. Tal modelo é testado com base em uma amostra brasileira, utilizando metodologia econométrica de regressões multivariadas em primeira diferença de séries temporais. São utilizadas como variáveis explicativas medidas alternativas para a taxa livre de risco e para a taxa esperada de crescimento do lucro na perpetuidade. Diversas das medidas utilizadas foram relevantes para explicar os índices E/P no Brasil, corroborando as hipóteses formuladas. Os resultados mostram, também, que as medidas mais individualmente adequadas para a taxa livre de risco a serem utilizadas para precificação de ações no Brasil são aquelas baseadas em yields de títulos soberanos emitidos pelo governo dos EUA adicionados do prêmio pelo risco Brasil, medido com base no índice EMBI+ Brazil. Identifica-se que as taxas de juros locais, apesar de apresentarem poder explicativo individualmente inferior, são fatores com poder explicativo conjunto significativo, resultando em um modelo com uma taxa livre de risco média ponderada. Quanto à taxa esperada para o crescimento na perpetuidade, a variável mais significativa foi a projeção de consenso de mercado de curto prazo para o crescimento do PIB. Por fim, estima-se o prêmio pelo risco de mercado ex-ante no Brasil, com base no modelo proposto, utilizando coeficientes e variáveis identificadas nos testes econométricos. Tal estimativa mostrou-se substancialmente mais precisa quando comparada àquelas baseadas em retornos ex-post, inclusive em mercados internacionais, bem como quando comparada a outras metodologias ex-ante no Brasil. / This work proposes a model for the estimation of the implied cost of equity. Such model is based on earnings/price ratios, E/P, on the expected perpetual earnings growth rate, g, and on the ? coefficient, which measures the rate of conversion of growth to return, and, therefore, to value. The proposed model is tested on a Brazilian sample, using multivariate first-difference time series regressions. The explanatory variables include several alternative measures for the risk-free rate and the expected perpetual earnings growth rate. The results show that most of the selected measures were relevant in explaining E/P ratios in Brazil, confirming the proposed hypothesis. The results also show that US sovereign bonds, combined with a measure for the Brazilian risk premium, the EMBI+ Brazil index, are the most relevant measures for the risk-free rate to be used in equity valuation in Brazil. Additionally, we conclude that local interest rates, albeit having individually lower explanatory power, remain relevant in conjunction with international bond yields, resulting in a weighted average risk-free rate. The most significant measure for the expected perpetuity growth rate was the short term consensus forecast for the GDP. Finally, we estimate the ex-ante market risk premium in Brazil, using the proposed model with coefficients and variables selected based on the econometric results. Such estimate is substantially more accurate when compared to ex-post estimates, including those for international markets, as well as other ex-ante estimates for the Brazilian market.

Este trabalho se baseia na análise de 125 Laudos de Avaliação emitidos no contexto de Ofertas Públicas de Aquisição (OPAs) no Brasil realizadas no período entre 2006 e 2017. As OPAs movimentaram dezenas de bilhões de Reais, envolvendo companhias avaliadas, no total, em mais de R$ 300 bilhões. Os objetivos principais são três: (i) mapear as metodologias de avaliação utilizadas, (ii) identificar erros cometidos, comparando as metodologias utilizadas com o referencial teórico e (iii) medir vieses de posição na preparação das avaliações. Os resultados indicam (i) diversidade de metodologias aplicadas, o que pode gerar inconsistência e viés nos resultados, (ii) existência de erros, inclusive relacionados a conceitos básicos de avaliação de empresas e (iii) viés de posição por parte dos avaliadores, especialmente empresas independentes de consultoria, que tendem a emitir resultados consistentes com os interesses dos contratantes, potencialmente causando expropriação dos minoritários. Tais resultados mostram a necessidade de aumentar tanto a qualidade técnica dos avaliadores como o nível de controle sobre possíveis conflitos de agência. Possíveis mitigadores incluem a aplicação de legislação e regulação mais rigorosas, com maior controle do processo de avaliação pelos minoritários, e exigências relacionadas à qualificação técnica dos avaliadores, às metodologias aplicadas e à responsabilização do avaliador. / This work is based on the analysis of 125 valuation reports (Laudos de Avaliação) issued in the context of tender offers (OPAs) in Brazil during the 2006-2017 period. Such offers had a total value of tens billions of Reais, with firms valued at over R$ 300 billion. The main objectives are (i) describe the valuation methodologies, (ii) identify errors, comparing the adopted methodologies with the theoretical framework and (iii) measure valuation biases. The results indicate (i) diversity of methodologies used by practitioners, possibly causing inconsistencies and biases in the results, (ii) existence of errors, some of them related to basic valuation concepts and (iii) valuation biases, especially in reports prepared by independent consulting firms, which tend to issue results consistent with the controlling shareholders\' interests, potentially causing expropriation of the minority shareholders. Such results indicate the need to improve the practitioners\' technical quality as well as the controls against agency conflicts. Possible mitigators include stricter legislation and regulation, with greater control by minority shareholders of the valuation process, and minimum requirements regarding the practioners\' technical qualification, acceptable methodologies and accountability of the report\'s issuer.

Aquesta tesi doctoral és el primer estudio exploratori sobre el procés d'inversió dels inversors de capital risc filantròpic en empreses socials. El model, des del punt de vista del finançador, uneix els principis del model tradicional de capital risc amb objectius socials. A través de la provisió de capital i de serveis no-financers a empreses socials, el capital risc filantròpic dóna suport a les necessitats de sostenibilitat de les empreses en què inverteix amb l'objectiu d'afavorir els seus creixement i en últim maximitzar els seus impacte social. La hipòtesis bàsica del capital risc filantròpic és que els fons filantròpics han de ser dirigits a problemes socials importants per la qual cosa els finançadors han de esforçar-se de maximitzar l'impacta del seu finançament donant compte dels resultats a les parts interessades. Els inversors de capital risc filantròpic creuen que la sostenibilitat econòmic- financera de les empreses socials participades pugui ser l'enllaç entre creixement i maximització de l'impacta social: només si aquestes empreses són capaços de ser independents des del punt de vista econòmic, poden enfocar en el seu missió social i per tant maximitzar el seu impacte. De tota manera, la value proposition del model de capital risc filantròpic és fortament diferent de la del capital risc tradicional ja que el primer té l'objectiu de maximitzar l'impacta social, i el segon el rendiment financer de la inversió aquesta. És així clau entendre com les tècniques i l'estructura del procés d'inversió del capital risc es pugui adaptada en el cas del capital risc filantròpic. Basant-se en la teoria de les asimetries informatives i utilitzant una metodologia de recerca articulada en dos passos, aquesta recerca contribueix a la literatura existent de capital risc i emprenedoria social mostrant com problemes de selecciona adversa són gestionats en la fase de deal flow i selecció. A més, s'analitza també la manera com problemes de moral hazard impacten en la fase d'estructuració de la inversió i en la seva fase de post-investment. Els resultats indiquen que les inversions de capital risc filantròpic estan efectivament caracteritzades per un alt nivell de selecciona adversa que es gestiona amb una recerca proactiva de noves inversions i tenint en compte sobretot el factor humà. Al contrari, el moral hazard d'unes qüestió marginal en les fases de deal structuring i post-investment, amb els inversors que es aporten més com stewards de les empreses finançades que com a principals. / Esta tesis doctoral es el primer estudio exploratorio sobre el proceso de inversión del capital riesgo filantrópico en empresas sociales. El modelo, desde el punto de vista del financiador, une los principios del modelo tradicional de capital riesgo con objetivos sociales. A través de la provisión de capital y de servicios no-financieros a empresas sociales, el capital riego filantrópico apoya las necesidades de sostenibilidad de las empresas en que invierte, con el objetivo de favorecer su crecimiento y como último objetivo maximizar su impacto social. La hipótesis básica del capital riesgo filantrópico es, que los fondos filantrópicos deben ser dirigidos a problemas sociales importantes por lo cual los financiadores tienen que esforzarse en maximizar el impacto de su financiación dando cuenta de los resultados a las partes interesadas. Los inversores de capital riesgo filantrópico creen que la sostenibilidad económico-financiera de las empresas sociales participadas puede ser el enlace entre crecimiento y maximización del impacto social: solo si estas empresas son capaces de ser independientes desde el punto de vista económico, pueden enfocarse en su misión social y por lo tanto maximizar su impacto. De todas formas, la value proposition del modelo de capital riesgo filantrópico es considerablemente distinta de la del capital riesgo tradicional ya que el primero tiene el objetivo de maximizar el impacto social, y el segundo el rendimiento financiero de la inversión misma. Es así clave entender como las técnicas y la estructura del proceso de inversión del capital riesgo se pueda adaptar en el caso del capital riesgo filantrópico. Basándose en la teoría de las asimetrías informativas y usando una metodología de análisis articulada en dos pasos, esta investigación contribuye a la literatura existente de capital riesgo y de iniciativas emprendedoras sociales demostrando, como problemas de selección adversa son gestionados en la fase de deal flow y selección de las inversiones. Además, se analiza también la manera en que problemas de comportamientos oportunistas impactan en la fase de estructuración de la inversión y en su fase de post-investment. Los resultados indican que las inversiones de capital riesgo filantrópico están efectivamente caracterizadas por un alto nivel de selección adversa que se gestiona con una búsqueda proactiva de nuevas inversiones y teniendo en cuenta sobre todo el factor humano. Al contrario, el problema de comportamientos oportunistas resulta ser una cuestión marginal en las fases de estructuración de la inversión y de post-investment, con los inversores que actúan mas como stewards de las empresas financiadas que como principales. / This dissertation is a first exploratory study on philanthropic venture capital, a new and particular financing form available for social entrepreneurs that unites the profit-seeking investment principles characterizing the traditional venture capital investment model with social aims. The provision of capital and non-financial services to social enterprises are considered of key importance towards the maximizations of social impact as both elements are needs to enable social enterprises in becoming self-financially sustainable and thus able to successfully play in the marketplace. The main assumption underlying the philanthropic venture capital's value proposition is that size matters: funding growing social organizations is a sign of social success and relevance. The basic commitments are grounded in the belief that philanthropic funds need to be applied to important social problems and that funders must strive to maximize the social impact of their investment and only through growth the aim can be achieved. Philanthropic venture capitalists believe sustainability can be the link between growth and social impact maximization: if social enterprises are able to become self-financially sufficient, they can focus on their social mission. However, since the value proposition of the venture capital and philanthropic venture capital investment models are different, the key issue is understanding how the practices used in the former are modified by the latter. Grounded in an asymmetric information and stewardship theory framework and using a two step research design, I build on and contribute to previous work on venture capital and social entrepreneurship showing how adverse selection is mitigated in the deal flow and selection stages of the investment model. In addition to this, I also analyze how moral hazard issues shape the deal structuring and post-investment phases. Results indicate that philanthropic venture capital investments are indeed characterized by adverse selection which is managed through a proactive search of new deals which are then selected based on the human capital of the social entrepreneur. On the contrary, moral hazard tends to be a marginal issue in the deal structuring and post-investment phased of the investment, with investors acting as stewards of the organizations they back rather than principals.

ABSTRACT As enterprises have increased the demand for logistics services, the role of logistics service providers (LSPs) as home bases for merchandise transportation and distribution has consequently become increasingly important. Therefore, how to strengthen the logistics capability and promote the logistics performance has become an important topic. In addition, traditionally the perspective of treating tangible assets as the location of firm¡¦s value has been gradually diminished. The intangible intellectual capital is increasingly playing a pivotal position for the firm¡¦s performance. Researchers studied the field of intellectual capital argued that intellectual capital was the main source of organizational competitive advantages. Besides, they thought that the better the intellectual capital a company has, the better the business can have the ability to generate performance. However, researchers seldom distinguished static intellectual capital from dynamic capability for utilizing intellectual capital. Whereas, this study proposed that these two constructs were different concepts, and would like to explore the impact of utilizing intellectual capital on logistics performance. Consequently, this study integrated the concept of RBT and dynamic capability to offer a conceptual model, a survey of LSPs was undertaken in order to examine the relationships among intellectual capital, logistics capabilities and firm performance, using the structural equation modeling technique (SEM) analysis method. Previous researches had concerned the tangible resources, capabilities and firm performance, however, less from the perspective of intangible resources to study this subject. Hence, after reviewing the relevant literature, we conclude human capital, structural capital, and relational capital as dimensions of intellectual capital. Furthermore, from the empirical results of related scholars¡¦ researches, this study argues that it has a directly significant effect of logistics capabilities on logistics performance, and logistics capabilities are the critical factors for utilizing intellectual capital. Moreover, this research proposes that logistics capabilities are complex constructs. Therefore, we should clarify these constructs and provide an appropriate measurement tool with reliability and validity if we would like to measure them. Consequently, logistics capabilities were identified: service capability, innovation capability, and flexibility capability. Finally, after clarifying the definition and extracting the components of each variable from the literature review, this research deduced several hypotheses and formed the research framework. In this study, we take logistics service providers in Taiwan as the study sample. A total of 1,033 questionnaires were hand delivered and the remaining 109, valid and complete, were used for quantitative analysis. The useable response rate was 10.6%. A structural equation modeling (SEM) approach was employed to test the research hypotheses. Results indicated that structural capital, relational capital, and logistics capabilities had a significant positive effect on logistics performance. Results also indicated that human capital, structural capital, and relational capital had a positive effect on LSPs¡¦ logistics capabilities. While human capital was not found to have a direct positive effect on LSPs¡¦ logistics performance, it was found to have an indirect effect on logistics performance mediated by logistics capability. According to the results, LSPs should enhance the intangible resource - intellectual capital, further heighten their understanding of logistics capabilities and identify how such capabilities may affect logistics performance, therefore develop effective logistics strategies.

No description available.

This thesis seeks to explore and understand the appointment process of first-time FTSE 100 NEDs. It has been widely acknowledged for over three decades that the appointment process of NEDs is an opaque process involving a homogeneous group of people in an ‘old boys’ network. Corporate governance reforms recommend a formal and transparent appointment process which taps into a wider pool of talent. Companies comply with these recommendations yet there has been scant change in the composition of corporate boards. The pilot study consisted of nine interviews with the main stakeholders in the appointment process of a NED, namely Chairman, Executive Search Firms and NEDs. Analysis of the interview transcripts revealed that reputational capital was the basis on which a first-time NED appointment was made after the Chairman had carried out an extensive vetting process to establish the fit of the individual. The main study, based on 15 first-time FTSE 100 NED interviews, sought to understand reputational capital, its constituent parts and how individuals developed it. Further, it sought to explore how an individual’s fit for a NED was established. The analysis revealed that the reputational capital of an appointed NED was a blend of sufficient levels of human, social and cultural capital which had been communicated to the Chairman and other members of the corporate elite. A first-time NED, in gaining a foothold on a corporate board was also entitled to membership of the corporate elite. As reputational capital drives success of directors in the corporate elite, new individuals needed to fit with the norms and values appropriate for membership and carry no reputational risk for existing members particularly the Chairman. This research offers three main contributions to the literature. Firstly, at a theoretical level it extends the concept of board capital to include cultural capital in addition to human and social capital. Secondly, it proposes a conceptual framework which demonstrates how an individual builds reputational capital over the course of a career to secure fit for a first- time NED, as a position in the corporate elite. The framework clarifies our understanding of reputational capital as a combination of human, social and cultural capital in a unique blend of board capital. This board capital is communicated through reputation building activities to members of the corporate elite. Thirdly, at an empirical level it provides an understanding of the FTSE 100 NED appointment process.

Thesis (Ph. D.)--University of Wisconsin--Madison, 1943. / Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliography.

Thesis (M.A.) - Carleton University, 2007. / Includes bibliographical references (p. 279-291). Also available in electronic format on the Internet.

Thesis (Ph. D.)---Rensselaer Polytechnic Institute, 2003. / Includes bibliographical references (p. 265-279).