Made available in DSpace on 2016-04-26T20:24:22Z (GMT). No. of bitstreams: 1 Taisa Silva Reque.pdf: 1230823 bytes, checksum: bb5376deb136e1a8a9a2cb7f1542047c (MD5) Previous issue date: 2016-03-14 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The granting of ICMS tax incentives by States in order to attract investments is a recurrent and old practice: it was already practiced during the term of the former Tax on Sales and Consignment (IVC), collaborating to what we call "tax competition". Our goal with this study is to demonstrate the abuse of this practice, focusing on "reduction of the tax basis", demonstrating that, conceptually, it cannot be equated with exemption (partial), but still its use is done improperly encouraging yet plus the dispute between federal entities. With an overly complex and burdensome tax law, which ultimately stimulates this type of practice, the problem of the tax competition becomes increasingly more difficult to solve, affecting taxpayers who are subject to the power of States, who handle the legal concepts violating the law, the principles and the jurisprudence / A concessão de incentivos fiscais pelos Estados no âmbito do ICMS com o objetivo de atrair investimentos é prática recorrente e antiga: durante a vigência do extinto Imposto sobre Vendas e Consignações (IVC) já se praticava o que denominamos de "guerra fiscal". Nosso intuito com este trabalho é ressaltar o abuso dessa prática com foco no conceito "redução da base de cálculo", demonstrando que conceitualmente ela não pode ser equiparada a isenção (parcial), mas que ainda assim o seu uso é feito de forma abusiva com intuito de fomentar ainda mais o conflito entre os Estados. Com uma legislação tributária excessivamente complexa e onerosa, que acaba por estimular esse tipo de prática, o problema da guerra fiscal se torna cada vez difícil de resolver, prejudicando contribuintes que ficam submetidos ao poder dos Estados, que por sua vez manipulam os conceitos jurídicos procurando contornar legislações, princípios e jurisprudências

本研究主要探討強制採用國際會計準則(International Financial Reporting Standards, IFRS)對銀行聯貸組成結構(ownership structure)與債務契約條款(debt covenants)的影響。研究發現結果如下：第一、當借款公司強制採用國際會計準則報導後，主辦銀行的持有比例將增加。第二、當借款公司強制採用國際會計準則報導後，外資銀行參與聯貸案的家數將下降。第三、當借款公司強制採用國際會計準則報導後，債務契約條款中將降低採用以會計數字為基礎的債務契約條款(無論以損益數字為基礎、或以資產負債表數字為基礎)。本研究之發現符合Schipper [2003]之論點：當債務人採用以原則式準則之會計報表作為借貸契約之基礎，將降低債權人與債務人以此報表訂契約的誘因。主要是因為原則式準則提供有限的會計處理程序與解釋指引，將導致會計數字在專業判斷下，報表數字可能增加主觀或偏誤，進而降低債務契約訂定的功能。最後，本研究發現前述採用國際會計準則的負面影響，在普通法國家(法律執行強度高的國家)比成文法的國家(法律執行強度弱的國家)有減緩的趨勢。 / In this dissertation, I examine how the mandatory adoption of International Financial Reporting Standards (IFRS) affects ownership structure and debt covenants in the syndicated loan market. I hypothesize and document that the proportion of the loan retained by syndicate lead arrangers increases after a borrower adopts mandatory IFRS reporting. Further, I document that foreign lenders are relatively less likely to be involved in syndicated loan deals after the adopting of mandatory IFRS reporting. Finally, I find that syndicate lenders are less likely to use financial covenants in debt agreements after the mandatory IFRS adopting, regardless of income statement-based or balance sheet-based covenants. Overall, these results are in line with the argument by Schipper [2003]. Specifically, the adoption of a principles-based accounting system (e.g., IFRS), characterized by limited interpretation and implementation guidance, increases the difference in professional judgment among debt contracting parties, which in turn reduces lenders’ and borrowers’ demand for accounting information in signing debt contracts. Finally, the negative effect of the mandatory IFRS adoption on the syndicated loan market is weaker in common-law countries (in countries with stricter enforcement regime) than in code-law countries (in countries with weaker enforcement regime).

Historically in the United States people have sought perfection in society. In the 1700 and 1800s America's immigrants attempted to create utopian communities. In the 1960s and 1970s people formed cults in which, like this country's first Utopian communities, they have been unable to isolate themselves from reality and create a society without problems.During the 1980s and 1990s emerging militias signaled a dissatisfaction with the political and moral structure of the country. At the same time a second group of people began to escape to gated communities. Gated communities are often promoted as a means of escaping from the problems plaguing many communities today, especially crime.The results of the gated community escape movement are that America has a large portion of its population removing itself from taking any responsibility for America's social ills. This isolation is going to affect not only the "gated escapists", but local governments and society overall. If municipalities address the reasons driving people to live behind walls the walls will no longer be needed. / Department of Urban Planning

La tesi mette a confronto l'universo delle riorganizzazioni nel Chapter 11 con i nuovi modelli di ristrutturazione concessi dalla riforma del diritto fallimentare. In modo particolare la tesi si sofferma sul mercato del controllo nella crisi di impresa. Negli Stati Uniti c'e' da tempo un mercato dei crediti sofferenti, mentre in Italia scontiamo ancora i ritardi del sistema economico. Il primo capitolo racconta i temi collegati al mercato del controllo nel Chapter 11: gli acquisti dei crediti nelle diverse classi creditorie, la nuova finanza concessa al debtor in possession, il controllo da covenant, la remunerazione degli amministratori con il debito, i derivati sul credito e il voto connesso. Il secondo capitolo si sofferma sull'interpretazione degli artt. 124 e 127 della legge fallimentare letti nell'ottica di un potenziale mercato del controllo nella crisi di impresa come nel caso del concordato con assunzione e si interroga infine sull'esenzione o meno da opa obbligatoria di tali operazioni alla luce dell'art. 106 TUF. / The thesis compares the world of Chapter 11 reorganizations with the new types of reorganizations introduced in Italy by the recent reform of bankruptcy law. In particular the thesis deals with the market for corporate control in the insolvency arena in both countries. In the States bankruptcy claims are traded on a regular basis whereas Italy still hasn't fully experienced transfers of control within the frame of a corporate reorganization. The first chapter focuses on all issues connected to US M&A in bankruptcy: acquisition of claims in the different classes, control rights in covenants, debtor-in-possession financing, pay for performance in bankruptcy, credit default swaps and empty voting. The second chapter focuses on the interpretation of articles 124 and 127 of the new Italian bankruptcy law which may lead to the creation of a market for corporate control within the frame of a composition with a third party buyer and discusses the potential applicability of mandatory bids pursuant to art. 106 TUF to such deals.

Submitted by Fábio Roberto Barros Mello (frb_mello@hotmail.com) on 2017-05-31T15:13:44Z No. of bitstreams: 1 Dissertação - Mestrado - Direito - Fabio Mello - NPC - 26.05.2017 - Biblioteca Digital FGV.pdf: 1428354 bytes, checksum: 1cd4b14e8d43ff7d132772e2c7f2f40c (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2017-05-31T15:42:22Z (GMT) No. of bitstreams: 1 Dissertação - Mestrado - Direito - Fabio Mello - NPC - 26.05.2017 - Biblioteca Digital FGV.pdf: 1428354 bytes, checksum: 1cd4b14e8d43ff7d132772e2c7f2f40c (MD5) / Made available in DSpace on 2017-05-31T17:16:41Z (GMT). No. of bitstreams: 1 Dissertação - Mestrado - Direito - Fabio Mello - NPC - 26.05.2017 - Biblioteca Digital FGV.pdf: 1428354 bytes, checksum: 1cd4b14e8d43ff7d132772e2c7f2f40c (MD5) Previous issue date: 2017-05-12 / This paper aims to study the negative pledge clause, to establish identity points and its compatibility with the Brazilian law, and to draw lessons from foreign experience to help its practical application of signed business in Brazil. The study is justified by the idea that legal certainty, which corresponds to the existence of suitable and effective instruments to satisfy the obligations, is an important factor to take into consideration when formalizing legal business. In this context arises the relevance of the warranties, either generic, based on financial liability, or any of the typical figures provided by the law. However, not always the guarantees are fully effective, raising the need to strengthen the protection system. The alternative and solution may be found in the covenants, which correspond to a legal category originated in the common law. It raises from the structure of commitments with the objective of building a greater business security environment. Under the civil law, the equivalent is the legal category called security and safety clauses, which, among others, is specified in negative pledge clause. This figure corresponds to the obligation of not offering guarantees on assets to other creditors. It acts enabling the creditor to accelerate credit satisfaction or prevents others from gaining such an advantage. These and other issues associated with negative pledge clause will be developed throughout the work. / O presente trabalho tem como objeto o estudo da negative pledge clause, a fim de estabelecer pontos de identidade e a compatibilidade dela com o direito brasileiro, assim como extrair lições da experiência estrangeira para ajudar na sua aplicação prática em negócios firmados e executados no Brasil. O estudo se justifica a partir da ideia de que a segurança jurídica, a qual corresponde à existência de instrumentos aptos e eficazes à satisfação das obrigações, é um importe fator a ser considerado na formalização do negócio jurídico. Desse contexto advém a relevância das garantias, sejam elas a genérica, fundada na responsabilidade patrimonial, ou alguma das figuras típicas, conforme rol previsto na legislação material. Ocorre que nem sempre as garantias são plenamente efetivas, suscitando a necessidade de fortalecimento desse sistema de proteção. A alternativa e a solução podem estar nos covenants. Correspondem eles a categoria jurídica oriunda da common law, desenvolvidos a partir da estruturação de obrigações com a finalidade de construir ambiente de maior segurança negocial. No âmbito da civil law, equivalem às cláusulas de garantia e segurança, que se especificam, dentre outras, na negative pledge clause. Esta corresponde, em linhas gerais, à obrigação de não oferecimento de garantias sobre bens a outros credores. Atua, possibilitando que o credor acelere a satisfação de crédito ou impedindo que os demais obtenham semelhante posição de vantagem. Estas e outras questões inerentes à negative pledge clause serão desenvolvidas ao longo do trabalho.

Daar heers tans 'n verwarring in baie mense se gemoedere, teoloe sowel as ander gelowiges, aangaande die heilsweg. Aan die een kant is daar die mense wat glo dat jy jou moet bekeer om in die verlossing te kan deel (die bekeringsteologie) . Aan die ander kant is daar diegene wat glo dat die mens klaar gered is, en enige poging, hetsy deur geloof of bekering, van mensekant is sinergisme (verbondsteologie) . In ons soeke na 'n oplossing het ons na die verbond as moontlike vertrekpunt gaan kyk, en gevind dat die verbond inderdaad 'n oplossing bied. Die verbond het verskeie prinsipiele eienskappe, en die kern daarvan is dat dit 'n Godgegewe instelling is met duidelike inhoude. Onder andere het die verbond 'n monopleuriese instelling, maar ook 'n dupleuriese werking. Hieruit volg dat die verbond op die verantwoordelikheid van die mens appeleer. Die appel van die verbond kom tot uiting in die oproep om die verlossingsdade van Christus aan te gryp. Vervolgens is gekyk na die manier waardeur 'n mens sy verantwoordelikheid nakom. In sowel die Ou as Nuwe Testament is dit duidelik dat die mens wat nie in 'n verbondsverhouding met die Here leef nie, gevaar loop om uit die verbond gesny te word. Die enigste manier om verseker dat 'n mens in die verbondsbelof tes de el, is deur bekering. Die Bybel maak nie 'n duidelike onderskeid tussen eerste en voortgaande bekering binne die verbond nie. God gee die bekering, maar vereis dit ook / There is presently a great deal of confusion in the minds of people, theologians as well as lay members, regarding the way of salvation. On the one hand there are those who believe that one must be converted before one can share in salvation. It may be called a theology of conversion. On the other hand there are those who believe that the people of the covenant are already saved, and all endevours to claim the salvation by faith or repentance, are forms of synergism. In our attempt to find a solution, we have taken the covenant as pain of departure. The covenant has many qualities, but the central aspect is the fact that the covenant is a God-given entity and therefore has certain specific characteristics like a monopleuric origin (in God} but a dupleuric working (divine and human responsibility) . According to the Old Testament as well as the New Testament, it is clear that those covenant people who do not commit themselves to the God of the covenant, and accept its demands, are in danger of being cut off from the covenant. The only way to restore the covenant relationship is by repentance and conversion. Concerning the covenant the Bible does not make any clear difference between a radical initial conversion and an ongoing one. God gives conversion, but also demands it / Philosophy, Practical and Systematic Theology / D. Th. (Sistematiese Teologie)

Over the past years, our country has witnessed a great increase in the hiring of foreigners for work purposes. It is in this context that it becomes relevant what has been established by de Legislative Decree 689, the Act of Recruitment of Foreign Personnel.In the present article, the authors develop the legal framework of foreigner´s hiring in Peru, as well as its requirements, limits, migration procedures and its scope of application. A reference is also made to the International Covenants signed by our country regarding the topic. The authors conclude, however, that national regulation on the hiring of foreign personnel is insufficient and has alimited scope. / Durante los últimos años, nuestro país ha presenciado un incremento en el número deextranjeros contratados con fines laborales. Es en este contexto que resulta importante lo establecido por el Decreto Legislativo 689, Ley de Contratación de Personal Extranjero.En el presente artículo, las autoras desarrollan el marco legal de la contratación de extranjeros en el Perú, sus requisitos, limites, procedimiento migratorio y ámbitos de aplicación. Asimismo, se hace referencia a los convenios internacionales celebrados por nuestro país sobre la materia. Se llega a concluir, sin embargo, que la regulación nacional en materia laboral migratoria es insuficiente y sólo tieneun alcance parcial.

While administering ordinances in preparation for the dedication of the Kirtland temple, on 21 January 1836, Joseph Smith again experienced a vision of the celestial kingdom. In the vision, he saw God the Father, His Son Jesus Christ, and Biblical Patriarchs—but significantly, he also beheld his father and mother who were living at the time, as well as his older brother Alvin who had died twelve years earlier. Joseph then “beheld” children who died in infancy saved in the celestial kingdom. The significance of this vision as a catalyst for Joseph Smith’s theological development has been underestimated. Joseph Smith envisioned his parents in the celestial kingdom at a time when his understanding of the eternality of marriage was expanding. This 1836 vision contributed to the doctrinal development of eternal marriage and the ritual of sealing husbands and wives. The vision was likewise a catalyst for what became the doctrine of the redemption of the dead. Beholding his unbaptized brother Alvin in the celestial kingdom, provoked Joseph theologically toward an expanded heaven and a contracted hell. Vicarious rituals became the practical way to offer redemption to the dead, thus resolving the soteriological problem of evil, and revealing that God’s plan was mercifully calculated to make salvation universally available. Joseph knew in 1836 that infant children who died prematurely received salvation in the kingdom of heaven. This vision further inspired Joseph toward the development of the ritual of child-to-parent sealings, which could ensure eternal bonds between parents and their posterity who lived to maturity—ultimately making it possible to link the whole human family back to Adam and Eve. Though the vision of the celestial kingdom significantly influenced the doctrinal development of Joseph Smith, the vision and associated revelations, remained an obscure journal entry during the lifetime of the prophet. After 140 years, the vision achieved canonization status as Doctrine and Covenants section 137.

Thesis (MTh)--Stellenbosch University, 2001 / ENGLISH ABSTRACT: This research is a study of the promise of land in the Old Testament. Special emphasis is given to what theological-ethical implications the nature, conditions, and purpose of the promise of land entail - what it meant to the Israelites and what it means to us today. The scope of this thesis is the Old Testament in its final form (here the 39 books of the Protestant Bible). However, the study is mainly based on the narratives and prophetic literature, as the promise of land is mostly found in these texts. A careful study of the natures of the four land covenant texts of Genesis 15 and 17 (Abrahamic covenant), Exodus 19-24 (Sinaitic covenant; cf. Dt 5:6-18; 12-16),2 Samuel 7:5-29 (Davidic covenant), and Jeremiah 31:31-34 (new covenant) will show that Yahweh's promise (gift) of land to Abraham and his descendants (the Israelites) in the Old Testament is conditional. Possession and continual possession of the promised land will depend on the Israelites' observance of the stipulations of the land covenants. In order to possess and continually possess the land, the Israelites must worship Yahweh exclusively, live a holy life, pursue righteous and justice, share the land equally among themselves, and care for the land according to the will of the giver. Failure to observe these stipulations will result in losing the land (exile). Israel failed and was exiled. But that was not the end. The promise of land is also the promise of restoration (to the land) if the Israelites return to the Lord. Return, they did, and were restored to the promised land. All these conditions apply (some of them analogously orland metaphorically) to us today as we live on this planet earth, God's creation-gift. The purpose of the promise of land is for blessing - both material blessing of wellbeing and spiritual blessing of knowing and worshipping Yahweh God. This blessing is for both the Israelites and the whole world. By promising a land to the Israelites, God wants to use the promised land and its people as a standard measure for other lands and nations. In this way, the promise of land is not so much a privilege as it is a responsibility. On the one hand, the promise of land gives the Israelites, for that matter, other peoples as well, a spatial-ethnical identity, which entails the need to respect every people's ethnic identity and their "God-given" land. On the other, the promised land is not exclusively for the Israelites, it is a place where other peoples (aliens) may also live (Eze 47:21- 23). This inevitably challenges us to strive towards a peaceful coexistence and sharing of resources including land regardless of color, creed, and language. The promised land, for that matter, the whole earth, is God's collective gift to the whole humanity. Therefore every human has a right to the land. The earth, God's creation-gift, if shared and managed according to the will of the giver, is enough to provide a home to everyone and meet his or her needs. / AFRIKAANSE OPSOMMING: Hierdie navorsing bestudeer die landbelofte in die Ou Testament. Spesiale klem word gele op die teologies-etiese implikasies ten opsigte van die aard, voorwaardes en doel van die belofte - en die betekenenis daarvan vir die Israeliete en vir ons vandag. Die bestek van hierdie tesis is die finale vorm van die Ou Testament (hier die 39 boeke van die Protestantse Bybel), maar die fokus val op die verhalende en profetiese literatuur, waarin die landsbelofte meeste aangetref word. Noukeurige analise van die aard van die vier land-verbond tekste van Genesis 15 en 17 (Abraham-verbond), Eksodus 19-24 (Sinai-verbond; vgl. Deut 5:6-18; 12-16),2 Samuel 7:5-29 (Dawid-verbond), en Jeremia 31 :31-34 (nuwe verbond) toon dat Jahwe se belofte (gawe) van land aan Abraham en sy nakomelinge (die Israeliete) in die Ou Testament voorwaardelik is. Die huidige en toekomstige besit van die beloofde land vereis dat die Israeliete die voorskrifte van die landverbond nakom. Om die land te kan eien en die eienaarskap daarvan voort te sit, moet die Israeliete Jahwe uitsluitlik aanbid, 'n gewyde lewe voer, reg en geregtigheid nastreef, die land eweredig met mekaar dee! en omsien daama ooreenkomstig die wil van die gewer. Om te faal in die nakom van hierdie opdragte sal veroorsaak dat die land weerhou word (eksiel). Israel het misluk, en is in ballingskap gevoer. Dit was egter nie die finale woord nie. Die belofte van land impliseer ook die belofte van herstel (restorasie van die land) indien die Israeliete hulle tot die Here sou terugkeer. Dit het hulle gedoen, en die beloofde land is aan hulle terugbesorg. Hierdie voorskrifte geld ook vandag vir ons (sommige weI analogies en/of metafories) waar ons die planeet aarde, God se skeppingsgawe, bewoon. Die doel van die landsbelofte is seen, beide as materiele welvaart en geestelike seen in die ken en aanbied van Jahwe God. Hierdie seen geld vir die Israeliete soos ook vir die ganse wereld. Deur land te beloof aan die Israeliete, bepaal God dat dit gebruik moet kan word vir alle inwoners as 'n standaardmaatstaf ook vir ander lande en nasies. Op die manier is die beloofde land nie slegs 'n voorreg nie maar ook 'n verantwoordelikheid. Enersyds bied die beloofde land aan die Israeliete, soos ook vir ander mense, 'n ruimtelike etniese identiteit, wat meebring dat alle etniese identiteite en hulle "Godgegewe" grond respek verdien. Andersyds geld die landsbelofte nie uitsluitlik vir die Israeliete nie, dit is 'n ruimte waar ook ander mense (vreemdelinge) mag woon (Eze 47:21-23). Dit stel onvermydelik aan ons 'n uitdaging tot vreedsame naasbestaan en verdeling van hulpbronne insluitend grond, benewens verskille in kleur, godsdiens en taal. Die beloofde land, trouens die hele aarde, is God se kollektiewe gawe aan die hele mensdom. Daarom is elke persoon geregtig op land. Die aarde, God se skeppings gawe, is toereikend om vir elkeen 'n tuiste te verskaf en aan sy of haar behoeftes te voldoen, mits dit gedeel en bestuur word volgens die wil van die gewer.

借款公司與銀行間彼此往來關係以及議價能力是否是決定聯合貸款契約中依績效調整利率條款內容的重要因素? 本研究嘗試利用1993至2010美國聯貸案之資料來檢視此一關係是否確實存在。 實證結果發現，當借款公司與銀行已有往來關係且公司之籌資選擇較少時，會比較傾向簽訂利率向上調整之績效條款。此外，由於單一主辦行於聯貸案中無法向借款公司剝削所有利益，因此對於已和借款公司有往來關係的主辦行來說，其較不傾向簽訂利率向上之調整績效條款。最後，本研究發現，對於主辦行排名較後面的銀行來說，其更傾向簽訂利率向下之調整績效條款來吸引客戶(借款公司)。 / It is shown in this thesis that long-term banking relationships and bargaining power are important determinants of performance-pricing covenants (PPC) inclusions in syndicated loan contracts. Using a large sample of syndicated loans data (1993-2010), I find that syndicated loans tend to include more interest-increasing PPC when a long-term banking relationship exists and when borrowers have fewer financing alternatives. The presence of banking relationship with lead arrangers reduces the odds of using interest-increasing PPC, because lead arrangers might not be able to capture all rents from holding-up borrowers. Finally, I find lenders with lower league table ranking are likely to use more interest-decreasing PPC to attract borrowers, which again is consistent with the hold-up hypothesis.