Este trabalho tem por objeto a análise dos critérios de submissão de atos de concentração envolvendo fundos de investimento para apreciação pelo Conselho Administrativo de Defesa Econômica (CADE), com enfoque nos fundos de private equity. Nos últimos anos os fundos de investimento têm adquirido crescente importância na economia brasileira em setores estratégicos. No entanto, o tratamento pela autoridade antitruste brasileira das operações destes veículos se revela instável resultando em certa insegurança sobre quais devem ser submetidas ao controle de concentrações. Assim, este trabalho propõe uma forma de se acessarem essas operações que ao mesmo tempo atenda aos objetivos visados com o controle das estruturas no Direito Concorrencial brasileiro e não crie obstáculos à atuação destes importantes veículos para a economia moderna. Para tanto, buscou-se respaldo na experiência de países onde a tradição antitruste e o fenômeno analisado são muito mais antigos do que no Brasil. No entanto, uma vez que nem mesmo nestes países a questão está livre de revisões periódicas e alguma controvérsia, este trabalho não tem como pretensão apresentar uma solução definitva para o problema. O primeiro capítulo expõe o objeto de estudo, seu funcionamento e sua importância para a economia. No segundo capítulo são abordados os objetivos do controle de estruturas no Brasil, os critérios de conhecimento de operações pela autoridade concorrencial brasileira e a sua interpretação pelo CADE, notadamente no que toca aos fundos de investimento. No terceiro capítulo são abordadas as ligações estruturais entre concorrentes mais relevantes do ponto de vista concorrencial quando se trata de aquisições perpetradas por fundos de investimento: participações minoritárias e interlocking directorates. / The purpose of this dissertation is to analyze the requirements a transaction involving investment funds, notably private equity funds, shall meet to be subject to merger control by the Brazilian antitrust authority (CADE). In recent years, investment funds have gained increasing importance for the Brazilian economy in strategic sectors. However, the treatment of transactions involving these entities by the Brazilian antitrust authority is unstable resulting in uncertainty about which transactions should be subject to merger control. Therefore, this work proposes a way to access such transactions that both meets the objectives pursued with the merger control under the Brazilian antitrust law and does not create obstacles to the functioning of these important vehicles for the modern economy. To this end, we sought support in the experience of countries where the tradition of antitrust and investment funds is much older than in Brazil. However, since even in these countries the issue is subject to periodic review and some controversy, this work does not claim to present a definitive solution to the problem. Chapter one aims to present the subject matter, its operation and importance to the economy. Chapter two sets out the objectives of merger control in Brazil, the applicable thresholds and their interpretation by CADE, especially with regard to investment funds. Chapter three deals with the the most relevant structural links among competitors under the competitive point of view when it comes to investment funds: minority shareholdings and interlocking directorates.

Este trabalho tem por objeto a análise dos critérios de submissão de atos de concentração envolvendo fundos de investimento para apreciação pelo Conselho Administrativo de Defesa Econômica (CADE), com enfoque nos fundos de private equity. Nos últimos anos os fundos de investimento têm adquirido crescente importância na economia brasileira em setores estratégicos. No entanto, o tratamento pela autoridade antitruste brasileira das operações destes veículos se revela instável resultando em certa insegurança sobre quais devem ser submetidas ao controle de concentrações. Assim, este trabalho propõe uma forma de se acessarem essas operações que ao mesmo tempo atenda aos objetivos visados com o controle das estruturas no Direito Concorrencial brasileiro e não crie obstáculos à atuação destes importantes veículos para a economia moderna. Para tanto, buscou-se respaldo na experiência de países onde a tradição antitruste e o fenômeno analisado são muito mais antigos do que no Brasil. No entanto, uma vez que nem mesmo nestes países a questão está livre de revisões periódicas e alguma controvérsia, este trabalho não tem como pretensão apresentar uma solução definitva para o problema. O primeiro capítulo expõe o objeto de estudo, seu funcionamento e sua importância para a economia. No segundo capítulo são abordados os objetivos do controle de estruturas no Brasil, os critérios de conhecimento de operações pela autoridade concorrencial brasileira e a sua interpretação pelo CADE, notadamente no que toca aos fundos de investimento. No terceiro capítulo são abordadas as ligações estruturais entre concorrentes mais relevantes do ponto de vista concorrencial quando se trata de aquisições perpetradas por fundos de investimento: participações minoritárias e interlocking directorates. / The purpose of this dissertation is to analyze the requirements a transaction involving investment funds, notably private equity funds, shall meet to be subject to merger control by the Brazilian antitrust authority (CADE). In recent years, investment funds have gained increasing importance for the Brazilian economy in strategic sectors. However, the treatment of transactions involving these entities by the Brazilian antitrust authority is unstable resulting in uncertainty about which transactions should be subject to merger control. Therefore, this work proposes a way to access such transactions that both meets the objectives pursued with the merger control under the Brazilian antitrust law and does not create obstacles to the functioning of these important vehicles for the modern economy. To this end, we sought support in the experience of countries where the tradition of antitrust and investment funds is much older than in Brazil. However, since even in these countries the issue is subject to periodic review and some controversy, this work does not claim to present a definitive solution to the problem. Chapter one aims to present the subject matter, its operation and importance to the economy. Chapter two sets out the objectives of merger control in Brazil, the applicable thresholds and their interpretation by CADE, especially with regard to investment funds. Chapter three deals with the the most relevant structural links among competitors under the competitive point of view when it comes to investment funds: minority shareholdings and interlocking directorates.

Les transactions foncières avec des entreprises étrangères, plus communément qualifiées d’« accaparement des terres », sont considérées comme un enjeu de développement central dans de nombreux pays du continent africain. Ce problème rythme, depuis la fin des années 2000, les débats médiatiques et politiques et donne lieu à une production scientifique prolifique. Cette thèse se veut une contribution aux résultats pluridisciplinaires existants en construisant les transactions foncières, c’est-à-dire les processus d’échange de ressources, de sens et de pouvoir, comme un objet de recherche heuristique en science politique qui permet d’engager une discussion théorique stimulante sur les liens entre l’Etat, le pouvoir et le territoire. Alors que la littérature tend à négliger les expressions plurielles de l’Etat dans la marchandisation des terres, cette recherche démontre, à travers le cas tanzanien, que l’analyse des transactions foncières et de la formation de l’Etat sont indissociables. L’étude des politiques de promotion de l’investissement en Tanzanie, discutée à travers les résultats de trois cas de transaction foncière, prouve que les enjeux de la mise en marché des terres ne peuvent être lus qu’au regard de la construction historique de l’Etat. D’une part, les politiques de transactions foncières ne cessent d’être régulées, négociées et (re)orientées par les acteurs étatiques. D’autre part, ces politiques publiques participent à la (trans)formation continue de l’Etat tanzanien. L’enjeu de cette thèse est ainsi de renouveler les recherches sur le foncier, sur la construction de l’Etat et sur l’analyse de l’action publique. / Recent land deals with foreign companies, often referred to as “land grabs”, are considered to be a central development issue in many African countries. Since the late 2000s, the mediagenic question of “land grabbing” has stimulated political debates and has led to a prolific and pluridisciplinary literature. This thesis aims to contribute to the existing research by approaching land deals as a heuristic research object in political science. More precisely, we argue that land investment projects challenge the relationship between state, power and territory. Much of the literature on “land grabbing” tends to overlook the multiple expressions of the state in the different processes of land commodification. However, by using Tanzania as a case study, we demonstrate that land deals and state-building processes are mutually dependent. Our empirical analysis of the Tanzanian land investment policies and of three specific transactions with foreign companies, proves that the commodification of land rights is strictly linked to historical state formation. On the one hand, policies of land deals are constantly regulated, negotiated and (re)oriented by state actors. On the other hand, public policies shape the continuous formation of the Tanzanian state. Thus, the aim of this thesis is to renew the research on land, state-building and public policy analysis.

From the 1990s the Agroindustrial Milk System in Brazil has changed because of institutional, organizational, technological, economic, and strategic questions. The relations among the system segments, especially the milk producer and the processing industry have been of different ways and there must be a greater coordination among these agents. It has occurred a n incresed demanding of producing in a higher scale, of adopting highly developed new technologies in order to achieve a better quality level and a larger regularity in ofering products. It requires a bigger investment from the rural producer in producing milk, otherwise it will be impossible todo this activity. Thus, this paper aimed to describe the Agroindustrial Milk System of Rio Grande do Sul state and to determine the predominant governance strucuture in deals between milk producers and the processing industry, under the producer s view. The theoretical fundaments used based in the analysis were de concept of Agroindustrial System and the theory of Economy of Transaction Costs. The characterization of milk SAG in Rio Grande Sul state was carried out thorugh secondary sources. IN the governance investigation, it was made a field survey with 23 rural milk producers in the municipality o Cruz Alta, in Rio Grande do Sul state. It was noticed the imprtance and the representativeness of milk SAG or the development of agrobusiness in our state. Rio Grande do Sul state is the second biggest milk producer in Brazil and the Northwest mesoregion of Rio Grande do Sul is the one which presented, from 1999 to 2009, the fastest growth in milk production, with its growth average being higher the the national one. In the Northwest mesoregion there also the highest concentration of milk producers. Over 90 of the milk taken in RS state is by means of cooperatives. In the field survey, it was found that there is a bilateral dependence between the producer and the agroindustry. Among the three governance structures defined by Williamson (1985), the most suitable for this study is the hybrid way, that is located among the governance extreme points via market and hierarchy. Although, it can be stated that it is closer to the market than to the formal contract. In the analyzed transaction features, frequency, uncertainty grade and the active specificity, it was observed that the frequency in the transactions from the studied agents is recorrent and the uncertainty is inexpressive. The specific active might be considered of low specificity. Therefore, the transaction costs are reduced for the milk and it justifies a hybrid governance structure, without any formal contract although there is a certaing degree of dependence among them. This dependence is not high enough to incentivate the contracts. / A partir da década de 1990 o Sistema Agroindustrial do Leite no Brasil vem mudando por questões institucionais, organizacionais, tecnológicas, econômicas e estratégicas. As relações entre os segmentos do sistema, especialmente entre o produtor rural de leite e a indústria processadora, tem se apresentado de diferentes formas, implicando assim a necessidade de maior coordenação entre os agentes. Ocorreu um aumento da exigência ao segmento da produção rural devido à necessidade de produzir em maior escala, adoção de tecnologias de nível mais elevado, maior padrão de qualidade e maior regularidade de oferta, exigindo do produtor investimentos na produção de leite, sob pena de inviabilizar a atividade. Nesse sentido, esse estudo objetivou descrever o Sistema Agroindustrial do Leite do Rio Grande do Sul e determinar a estrutura de governança predominante nas transações entre os produtores rurais de leite e a agroindústria processadora, pela ótica do produtor. Os fundamentos teóricos usados como base na análise foram o conceito de Sistema Agroindustrial e a teoria da Economia dos Custos de Transação. A caracterização do SAG do leite do RS foi realizada através de fontes secundárias. Na investigação da governança, fez-se uma pesquisa de campo com 23 produtores rurais de leite do município de Cruz Alta RS. Constatou-se a importância e a representatividade do SAG do leite do RS para o desenvolvimento do agronegócio no Brasil. O Rio Grande do Sul é o 2º maior produtor de leite do país e a mesorregião Noroeste Rio-Grandense apresenta o maior rítmo de crescimento da produção, se posicionando acima do nacional, entre os anos de 1999 e 2009, dentre as principais mesorregiões produtoras de leite no Brasil. Na mesorregião Noroeste, também se encontra a maior concentração de produtores. Mais de 90% do leite captado no Estado é através de cooperativas. Na pesquisa de campo, constatou-se que existe uma dependência bilateral entre o produtor e a agroindústria. Dentre as três estruturas de governança definidas por Williamson (1985), a mais adequada a esse estudo é a forma híbrida, que está situada entre os extremos da governança via mercado e da hierárquica. No entanto, pode-se afirmar que ela está mais próxima do mercado do que do contrato formal. Nas características das transações analisadas, frequência, grau de incerteza e especificidade dos ativos, observou-se que a frequência nas transações entre os agentes em estudo é recorrente e a incerteza é inexpressiva. Os ativos específicos podem ser considerados de baixa especificidade. Nesse sentido, os custos de transação para o leite são reduzidos, o que justifica uma estrutura de governança híbrida, sem contrato formal entre as partes, apesar da existência de certo grau de dependência entre elas. Essa dependência não é suficientemente elevada ao ponto de incentivar a elaboração de contratos.

Submitted by Ricardo Cedraz Duque Moliterno (ricardo.moliterno@uefs.br) on 2015-11-17T00:44:34Z No. of bitstreams: 1 Disserta??o_Daniel Deivson Alves Portella.pdf: 880204 bytes, checksum: d2be49d558bf8b996a9ab715191cf142 (MD5) / Made available in DSpace on 2015-11-17T00:44:34Z (GMT). No. of bitstreams: 1 Disserta??o_Daniel Deivson Alves Portella.pdf: 880204 bytes, checksum: d2be49d558bf8b996a9ab715191cf142 (MD5) Previous issue date: 2013-03-08 / Coordena??o de Aperfei?oamento de Pessoal de N?vel Superior - CAPES / Funda??o de Amparo ? Pesquisa do Estado da Bahia - FAPEB / Introduction: Drug trafficking can be considered as one of the factors for the increase in homicides in large cities and metropolitan areas. The high frequency of crimes contributed to the population to make anonymous complaints about criminal acts through the Hotline program implemented in Bahia since 2005. Objectives: Analyze the Disk Denounce as a source of information for crime analysis in the Metropolitan Region of Salvador (MRS) from 2006 to 2011 and to assess the association between murder, drug trafficking and social indicators in Salvador in 2010. Methods: This was an ecological and descriptive study of multiple groups of explanatory type, taking the unit of analysis from the municipales of the MRS. It was used records of criminal complaints Disk Denounce, murders, people involved in drug trafficking registered by the Civil Police of Bahia and social indicators of the Brazilian Institute of Geography and Statistics (BIGS). Data were analyzed by calculating the absolute and relative frequency for complaints by class and type of subject. The Poisson regression model was used to investigate the association between the rate of murders (dependent variable), number of people involved in drug trafficking, the proportion of residents race / black (main independent variable) and social indicators (co variables). In the analysis we used the R statistical package software in the public domain. Results: Were registered in the period from 2006 to 2011, 65,575 complaints in RMS, distributed by the 13 municipalities of the RMS, drug trafficking was the most reported, representing a majority of all complaints in the class of narcotics complaints. In Salvador was registered 1,494 homicides in 2010, the murder rate of 70.4 per 100 thousand inhabitants. The multivariate analysis showed that there is a 10% increase in the proportion of people of race / black color in a neighborhood the average rate of murder increased 32.4%. This is an average increase of 17.4%, in neighborhoods that differ in 10 people involved in drug trafficking, both results showed a positive association with statistical significance. Final Considerations: The popular participation in reporting crimes and other offenses constitutes of an important aspect because primarily directs the actions of the police and cooperates with the State in fighting violence and secondly prevents the trivialization of violence. / Introdu??o: O tr?fico de drogas pode ser considerado como um dos fatores determinantes para o aumento de homic?dios nas metr?poles e nas regi?es metropolitanas. A grande frequ?ncia de crimes contribuiu para que a popula??o passasse a fazer den?ncias an?nimas sobre os fatos criminosos atrav?s do programa Disque Den?ncia,implantado na Bahia desde 2005. Objetivos: Analisar o Disque Den?ncia como fonte de informa??es para an?lises criminais na Regi?o Metropolitana de Salvador (RMS) de 2006-2011 e verificar associa??o entre homic?dio doloso, tr?fico de drogas e indicadores sociais em Salvador em 2010. M?todos: Trata-se de estudo descritivo e ecol?gico de m?ltiplos grupos do tipo explorat?rio tomando-se como unidade de an?lise os munic?pios da RMS. Foram utilizados registros de den?ncias criminais do Disque Den?ncia, homic?dios dolosos, pessoas envolvidas com o tr?fico de drogas registrados pela Pol?cia Civil da Bahia e indicadores sociais do Instituto Brasileiro de Geografia e Estat?stica (IBGE). Os dados foram analisados atrav?s do c?lculo de frequ?ncia absoluta e relativa para as den?ncias por classe e tipo de assunto. O modelo de regress?o de Poisson foi utilizado para verifica??o da associa??o entre a taxa de homic?dio doloso (vari?vel dependente), n?mero de pessoas envolvidas com o tr?fico de drogas, propor??o de residentes da ra?a/cor negra (vari?veis independentes principais) e indicadores sociais (covari?veis). Na an?lise foi utilizado o software R pacote estat?stco de dom?nio p?blico. Resultados: Foram registradas, no per?odo de 2006 a 2011, 65.575 den?ncias na RMS, distribu?das pelos 13 munic?pios da RMS, o tipo de assunto tr?fico de drogas foi o mais denunciado, representando a maioria de todos os assuntos denunciados na classe de den?ncias subst?ncias entorpecentes. Em Salvador foi registrado 1.494 homic?dios dolosos em 2010, tendo taxa de 70,4 homic?dio doloso por 100mil habitantes. A an?lise multivariada mostrou que a medida que h? aumento de 10% na propor??o de habitantes da ra?a/cor negra em um bairro a taxa m?dia de homic?dio doloso aumenta 32,4%. Esse aumento m?dio ? de 17,4%, nos bairros que diferem em 10 pessoas envolvidas com o tr?fico de drogas, ambos os resultados apresentaram associa??o positiva com signific?ncia estat?stica. Considera??es finais: A participa??o popular na den?ncia de crimes e outros delitos se constitui em aspecto importante porque de um lado direciona as a??es das autoridades policiais e colabora com o Estado no enfrentamento da viol?ncia e por outro lado evita a banaliza??o de atos violentos.

Three ongoing trends are the background for this study: the aging population, the large retirements and the challenges of skill supply, which are particularly pronounced in the public sector. Partly because of the large retirements, the public sector is currently experiencing recruitment difficulties combined with increasing demand for healthcare services. The increasing demand for healthcare services, high number of retirements and challenges of skill supply causes professional groups such as assistant nurses to be particularly exposed to increased strain. Significant factors proposed to solve current and future recruitment needs is an extended working life with economic incentives for additional years of labour market participation. However, previous studies have also shown that workers become increasingly heterogeneous as they age, suggesting that an individual approach to older workers are necessary. Therefore, this study seeks to create a deeper understanding of the work-related needs of older assistant nurses, and how individual agreements can improve work-related fit. Semi-structured interviews were conducted with older assistant nurses working in elderly care. Results indicated that the needs of the occupation govern the working conditions, and risk creating an imbalance between resources and work requirements. Different perceived working conditions combined with individual health-related aspects were identified as causing heterogeneous work-related needs, affecting the basis for a prolonged working life. Through individual agreements between manager and employee, it has instead been identified to enhance work motivation, therefore promoting both willingness and ability to postpone retirement. The results have particularly shown that agreements in tasks and schedules can improve the work-related fit and contribute to an extended working life. However, the complexity of individual agreements has also shown to be a risk of injustice among employees. Therefore, it places high demands on the development of age management strategies and policies, but also on managers in terms of the implementation and design of individual agreements.

Made available in DSpace on 2016-04-26T20:48:45Z (GMT). No. of bitstreams: 1 Dissertacao CRISTIANE AYRES DA SILVA.pdf: 326357 bytes, checksum: 81fe369df68926cd9ed4d38ef1097f01 (MD5) Previous issue date: 2006-06-12 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This paper aims to study some Brazilian issues that involve the formation of the Free Trade Area of the Americas (FTAA), mainly focusing on the analysis of the Brazilian industry of steel, aluminum and copper with respect to protectionist matters. Firstly, the study shows the Theory of International Trade developed from the ideas of David Ricardo, demonstrating the current tendency of commercial and financial globalization, followed by the presentation of some existing economic blocks. Subsequently, the Brazilian external politics strategies in order to overcome the impact of the proposals that involve the FTAA s creation, including within the WTO s scope, will be studied. Brazilian industry s competitiveness of the above-mentioned sectors will be analyzed as well, emphasizing the North-American tariff and non-tariff issues involved in the Brazil-USA trade / Este trabalho procura estudar algumas questões brasileiras que envolvem a formação da Área de Livre Comércio das Américas (ALCA), com especial ênfase na análise da indústria brasileira do aço, alumínio e cobre frente às questões protecionistas. Inicialmente o trabalho expõe a Teoria de Comércio Internacional desenvolvida a partir das idéias de David Ricardo, demonstrando a tendência da mundialização comercial e financeira em curso, seguindo com a apresentação de alguns blocos econômicos existentes. Posteriormente, procurar-se-á estudar as estratégias da política externa brasileira de superação dos impactos das propostas que envolvem a criação da ALCA, inclusive no âmbito da OMC. Analisar-se-á a competitividade da indústria brasileira dos setores referidos, evidenciando as questões tarifárias e não-tarifárias norte-americanas envolvidas no comércio Brasil-Estados Unidos

Submitted by Augusto Sales (asales@me.com) on 2014-12-17T17:13:02Z No. of bitstreams: 1 THESIS - Why merger talks collapse ASales - FINAL SUBMITTED w FICHA etc 20141217.pdf: 646710 bytes, checksum: 69261948b9d356282a8c8d684889e7e1 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2014-12-19T15:37:30Z (GMT) No. of bitstreams: 1 THESIS - Why merger talks collapse ASales - FINAL SUBMITTED w FICHA etc 20141217.pdf: 646710 bytes, checksum: 69261948b9d356282a8c8d684889e7e1 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-02-05T12:34:43Z (GMT) No. of bitstreams: 1 THESIS - Why merger talks collapse ASales - FINAL SUBMITTED w FICHA etc 20141217.pdf: 646710 bytes, checksum: 69261948b9d356282a8c8d684889e7e1 (MD5) / Made available in DSpace on 2015-02-05T12:37:06Z (GMT). No. of bitstreams: 1 THESIS - Why merger talks collapse ASales - FINAL SUBMITTED w FICHA etc 20141217.pdf: 646710 bytes, checksum: 69261948b9d356282a8c8d684889e7e1 (MD5) Previous issue date: 2014-10-10 / Why merger talks collapse: an exploratory study about contributing factors behind ‘wedding cold feet' and deal making failure in Mergers and Acquisitions from the perspective of active deal making professionals in Brazil. One basic question encouraged this study: after all the effort, expectations and money usually invested in dealmaking, why are so many transactions simply abandoned, even when the benefits are clear for the business, shareholders, customers and employees?

Submitted by Mariana Guerra Sabadin (mariana.sabadin@gmail.com) on 2015-11-30T15:55:15Z No. of bitstreams: 1 Versão Final Apresentada à Direito GV | 30.11.2015.pdf: 1365128 bytes, checksum: be63412ebe9b39f69c030581c4e2858d (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-11-30T16:55:19Z (GMT) No. of bitstreams: 1 Versão Final Apresentada à Direito GV | 30.11.2015.pdf: 1365128 bytes, checksum: be63412ebe9b39f69c030581c4e2858d (MD5) / Made available in DSpace on 2015-12-01T11:19:53Z (GMT). No. of bitstreams: 1 Versão Final Apresentada à Direito GV | 30.11.2015.pdf: 1365128 bytes, checksum: be63412ebe9b39f69c030581c4e2858d (MD5) Previous issue date: 2015 / This master’s dissertation aims at investigating whether the parties to business deals executed in accordance with Brazilian law can evoke the party autonomy to – through the inclusion in the contract of mechanisms imported from the common law – such as representations and warranties, rules regarding indemnification and limitation of liability (generally accompanied by exclusive remedy clauses), entire agreement clauses and disclaimer os reliance clauses –, limit their extracontractual liability for fraud (dolo) set forth in the Brazilian Civil Code and, therefore, create a true license to lie. In view of the lack of judicial precedents on this issue in Brazil, this dissertation analyzes the case 'Abry Partners V, L.P. v. F&W Acquisition LLC, C.A. No. 1756-N' examined by the Court of Chancery of the State of Delaware in 2006 in order to (i) comprehend – according to the decision of such Court of Chancery and to the foreign literature that has studied the case – the intended and actual effects of such clauses and mechanisms within the common law system; and, afterwards, (ii) attempt to understand – according to the principles applicable to the formation, conclusion and interpretation of commercial agreements in Brazil (such as the objective good faith) – how the Brazilian Judiciary should conduct the accommodation and/or adaption of such clauses and mechanisms to Brazilian law. / A presente dissertação de mestrado tem por objetivo investigar se as partes de negócios jurídicos empresariais celebrados à luz do ordenamento jurídico brasileiro podem evocar a autonomia privada para, por meio da inserção no contrato de mecanismos importados da common law – como as declarações e garantias, as regras de indenização e limitação de responsabilidades (frequentemente acompanhadas de disposição de remédio exclusivo), as cláusulas de entendimento integral e os dispositivos de disclaimer of reliance –, estabelecer limites à responsabilidade extracontratual por dolo prevista no Código Civil e, assim, criar contratualmente verdadeira licença para mentir. Para tanto, dada a ausência de jurisprudência brasileira a esse respeito, parte-se da análise do caso Abry Partners V, L.P. v. F&W Acquisition LLC, C.A. No. 1756-N, examinado pela Court of Chancery do estado norte-americano de Delaware em 2006. Busca-se, então, compreender – com base na decisão proferida em tal caso e na doutrina estrangeira que sobre ela se debruçou – os efeitos pretendidos e obtidos, no âmbito da common law, pela inserção das cláusulas e mecanismos mencionados acima e, posteriormente, segue-se – de acordo com os princípios que regem a formação, a conclusão e a intepretação dos contratos comerciais no Brasil (tal como a boa-fé objetiva) – rumo ao exame de como o Poder Judiciário brasileiro tenderá a conduzir a acomodação e/ou adaptação de tais mecanismos e cláusulas ao direito pátrio.

В течение последнего десятилетия значительная доля сделок по слияниям и поглощениям была обусловлена быстрым развитием передовых технологий. Передовые технологии – и в их числе цифровые технологии – стали движущей силой возможностей неорганического роста для компаний. Однако до сих пор остаётся неизученным то, как сделки слияний и поглощений в целом (не только в высокотехнологичных отраслях, или сделки с целями, имеющими цифровые технологии) влияют на цифровизацию компаний и на уровень её цифровой трансформации. Целью данной работы является оценка влияния активности компании на рынке сделок слияний и поглощений на глубину её цифровизации. Объектом исследования послужила выборка из 1242 российских промышленных компаний. Выбор компаний был обусловлен тем, что каждая из них обладает некими цифровыми компетенциями (технологиями), которые являются основой данного исследования. Предметом исследования является механизм взаимосвязи между активностью компании на рынке сделок слияний и поглощений (в виде факта участи в сделке M&A) и глубиной цифровой трансформации этой компании. Новизна исследования заключается в том, что было проведено первое подобное исследование по крупным российским компаниям, оперирующим в 20 отраслях промышленности, с использование эконометрическое модели, которая одновременно рассматривает множество факторов, влияющих на глубину цифровой трансформации. Практическая значимость исследования состоит в том, что его результаты и представленные рекомендации могут быть полезны для собственников компаний, планирующих сделку слияний и поглощений в эпоху цифровизации, а также для органов государственной власти, активно поддерживающих и развивающих цифровизацию в нашей стране. / Over the past decade, a significant share of M&A has been driven by rapid advances in advanced technology. Advanced technologies - and digital technologies among them - have become the driving force behind inorganic growth opportunities for companies. However, how M&A deals in general (not only in high-tech industries, or deals with targets with digital technology) affect the digitalization of companies and its level of digital transformation remains unexplored until now. The purpose of this paper is to assess the impact of a company's activity in the M&A market on the depth of its digitalization. A sample of 1,242 Russian industrial companies was used as an object of research. The choice of companies was due to the fact that each of them has some digital competencies (technologies), which are the basis of this study. The subject of the study is the mechanism of relationship between the activity of the company in the M&A market (in the form of the fact of participation in the M&A transaction) and the depth of digital transformation of this company. The novelty of the study lies in the fact that the first such study was conducted on large Russian companies operating in 20 industries, using an econometric model that simultaneously considers many factors affecting the depth of digital transformation. The practical significance of the study lies in the fact that its results and the recommendations presented may be useful to company owners planning M&A deals in the era of digitalization, as well as to government authorities that are actively supporting and developing digitalization in our country.