Thesis (Ph. D.)--Discipline of Government and International Relations, Faculty of Economics and Business, University of Sydney, 2007. / Title from title screen (viewed 16th July, 2007). Submitted in fulfilment of the requirements for the degree of Doctor of Philosophy to the Discipline of Government and International Relations, Faculty of Economics and Business, University of Sydney. Degree awarded 2007; thesis submitted 2006. Includes bibliographical references. Also issued in print.

Univ., Diss.--Frankfurt (Main), 2002.

Thesis (J.S.D.)--University of Illinois, 1956. / Includes bibliographical references (p. [325]-329) and index.

Thesis (J.S.D.)--University of Illinois, 1956. / Includes bibliographical references (p. [325]-329) and index.

O crescimento, a integração e as regulamentações dos mercados mundiais, bem como as mudanças nas políticas e economias internacionais têm aumentado as oportunidades de investimento nos mercados globais. Com o aquecimento econômico brasileiro, diversas empresas construtoras e incorporadoras iniciaram a atividade de abertura de capital, impulsionando a consolidação e o crescimento do mercado imobiliário brasileiro. O fluxo de capital externo no mercado brasileiro de Edifícios de Escritório para Locação (EEL) pode ser intensificado se forem oferecidas alternativas de investimento em portfolios dispersos, compreendendo um conjunto dinâmico de ativos imobiliários, sendo possível comprar e vender, para renovar ou para potencializar o desempenho do investimento. A regulamentação brasileira aderente a tal estruturação de investimento é a dos Fundos de Investimento em Participações (FIP) através da formação de um portfolio de participações em SPE (Sociedade de Propósito Exclusivo) ancoradas em Edifícios de Escritório, que possibilita a participação no processo decisório da sociedade investida com efetiva influência na definição das políticas estratégicas e na gestão. Esta dissertação tem como objetivo tomar conclusões sobre a qualidade e os riscos da diversificação do investimento estrangeiro no mercado de EEL na cidade de São Paulo através da estrutura dos FIP, utilizando como referência de atratividade os parâmetros de comportamento dos office REITs (Real Estate Investment Trust) no mercado dos Estados Unidos. A atratividade do investimento estrangeiro no portfolio de EEL foi sustentada através da comparação dos indicadores da qualidade do investimento extraídos da simulação com um protótipo de FIP com base em quatro parâmetros: diversificação do portfolio, rentabilidade descontado o Risco-País, rentabilidade dos office REITs e binômio [risco x retorno] através do índice Sharpe. / The growth, integration and regulation of world markets, and changes in international policies and economies, have resulted in increased investment opportunities in global markets. With the upturn of the Brazilian economy, several construction and development companies have gone public, further boosting the consolidation and growth of the Brazilian real estate market. The inflow of foreign capital into the Brazilian office market can be further intensified if choices are offered for investing in separate portfolios comprising dynamic sets of property assets, allowing investors to buy or sell whenever they wish to renew their investment or maximize its performance. The Brazilian regulation adherent to such investment structure is the Fundos de Investimento em Participações (FIP) which is based on a portfolio of shares of SPC (Special Purpose Company) whose assets are office buildings, and allows investors to take part in the companies decision-making process, actually influencing strategic policy formulation and management practices. The purpose of this dissertation is to draw conclusions about the advantages and risks of the diversification of foreign investments in the office market of São Paulo city through FIP using as reference for attractiveness the parameters of the US markets office Real Estate Investment Trusts (REITs). The attractiveness of office buildings portfolio to foreign investors was evidenced by comparing investment quality indicators obtained from a simulation with an FIP, based on four parameters: portfolio diversification, return discounted country risk, office REIT return and the risk-return analyzed through the Sharpe ratio.

Using the assumptions of various schools of thought on development as the theoretical framework, an attempt is made to examine the effects of foreign investment on the socioeconomic growth of 50 developing countries by means of multiple regression models that utilize some external and internal variables assumed to affect the growth rate of GNP. Results from these models indicate that new inflows of foreign investments and amounts of domestic investments are positively related to growth while accumulated stocks of foreign investments have no effect on growth. This suggests that development funds, designed specifically for increased domestic investments, would be the most effective way to increase GNP.

The project examines the relationship between trade interdependency and correlation of market returns between the United States and the four emerging economies of Singapore, Malaysia, Thailand and the Philippines. The author analyzed statistical data for trade interdependency and market return to determine if there is a pattern that would provide the basis for increasing the return of a security portfolio without increasing the risk to the investor. The project analysis relied on mathematical formulas to measure the trade relationships between the selected countries and to calculate the measure of return and measure of risk of investing in each emergent market.

The topic of this thesis is the protection of foreign investments. This topic can be considered to be very current due to the present trends in the world economy, when globalization is constantly intensifying the international economic relations and foreign investments have therefore become more important in recent years. The aim of the thesis is to introduce to the reader the basics of the legal regulation of foreign investment protection. The first chapter introduces the very concept and definition of the term "investment". Therefore, the first chapter presents various definitions of the term investment that can be encountered. The following chapter briefly outlines the historical evolution of this protection, starting from the period of colonialism up to the present times. The next chapter then includes the sources of foreign protection that are the result of historical development. Particular attention is paid to bilateral and multilateral investment protection agreements, as the investment protection system consists primarily of such agreements. In this context it should be noted that the protection of foreign investments is greatly fragmented due to the large number of such agreements and, at the same time, the absence of a universal multilateral treaty. In the fourth chapter, special...

Esta tese realiza um estudo a respeito da confiança do investidor estrangeiro no Brasil, identificando teórica e empiricamente os aspectos jurídicos elementares à sua formação. A pesquisa tem como intuito analisar o papel do Direito tanto na geração quanto na proteção à confiança nutrida pelos investidores no País. Faz-se assim um percurso teórico que discute os pressupostos relacionados à racionalidade do homem econômico, sendo apresentadas algumas linhas críticas do paradigma de escolha racional. Dentre tais linhas, a Economia Comportamental é escolhida como opção metodológica do trabalho por fornecer uma visão alternativa para o estudo de tomada de decisão. Assim, com base no programa pesquisa Heuristics and Biases (H&B), fundado por Daniel Kahneman e Amos Tversky, avalia-se o processo de formação da confiança no Brasil. A revisão de literatura interdisciplinar busca fornecer alicerce teórico para o estudo empreendido, ao explorar a dificuldade e a abstração do conceito. A tese, no campo jurídico, (i) contrapõe as noções de confiança e boa-fé, (ii) discute como se dá a tutela da confiança pelo Direito brasileiro e (iii) destaca aspectos da regulação dos investimentos estrangeiros capazes de tutelar ou promover a confiança. A pesquisa empírica realizada ao final do trabalho aplica o H&B à análise do Direito, destacando as variáveis jurídicas consideradas essenciais à confiança do investidor no Brasil e analisando dissonâncias cognitivas a este respeito entre residentes e não residentes. / This thesis investigates foreign investors trust in Brazil, aiming at identifying theoretically and empirically its elementary aspects. It also intends to analyze the role played by Law at the creation and preservation of investors trust. From a theoretical standpoint, it discusses the rationality assumptions attributed to the economic man and reports alternative approaches for decision making other than rational choice. The work applies Behavioral Economics methodology, more specifically the Heuristics and Biases program, founded by Daniel Kahneman and Amos Tversky. The thesis also reviews interdisciplinary literature on trust, exploring the elusiveness of its concept. In addition, from a legal research perspective, it (i) compares the notions of trust and good-faith; (ii) discusses the legal grounds for trust protection under local law and (iii) points out regulatory mechanisms deemed capable of protecting or promoting trust. The empirical research presented at the end of the thesis illustrates how H&B may be applied to the analysis of Law, by assessing its role at promoting investors trust as well as assessing cognitive dissonances found among resident and non residents.

The theme of my thesis is "Analysis of business environment in Ukraine." The thesis contains basic information about Ukraine, its membership in international organizations, economic and internal political situation in the country, privatization of state property, foreign trade and foreign investments in the territory. The main goal of this work was to describe the investment and business environment of Ukraine, ie. mode of foreign investment, banking and taxation, business risks and the degree of corruption in Ukraine, as well as bilateral cooperation between Czech republic and Ukraine, possible investment opportunities in prosperous Ukrainian regions and sectors such as machine-building, transport infrastructure, civil engineering, furniture industry and ecology.