Made available in DSpace on 2016-04-25T18:39:55Z (GMT). No. of bitstreams: 1 Dissertacao Eliane Nagliati Mattos.pdf: 1380594 bytes, checksum: 5f1f8087f881b2f3161ac986f75280f2 (MD5) Previous issue date: 2005-10-25 / Abstract This dissertation has for objective the study of the yield of investment fund of fixed income compared with diverse alternatives of investments in Brazil. Although diverse alternatives of investments to exist, the sources of simple information that they demonstrate of historical and comparative form the yield of the main alternatives of available investments for natural person are scarce. With the objective of assisting the investor to effect a simple analysis on the alternatives of investments and to demonstrate that the investment funds of fixed income are a good alternative, this research had been developed in two stages. In the first stage had been developed bibliographical research with the intention of developing and grouping the concepts on yield, interests and some alternatives of investments. In the second stage, secondary information had been obtained on the sixty higher investment fund of income fixed and the average index of yield of these funds in Brazil had been compared with the revenue of average CDB, IBOVESPA, average of dólar PTAX and SELIC tax during the period of year 1999 and year 2004. / Esta dissertação tem por objetivo o estudo da rentabilidade dos fundos de investimentos de renda fixa frente às diversas alternativas de investimentos no Brasil. Apesar de existirem diversas alternativas de investimentos, são escassas as fontes de informações simples, que demonstrem de forma histórica e comparativa a rentabilidade das principais alternativas de investimentos disponíveis para pessoa física. Com o propósito de auxiliar o investidor a efetuar uma análise simples sobre as alternativas de investimentos e demonstrar que os Fundos de Investimentos de Renda Fixa são uma boa alternativa, desenvolveu-se uma pesquisa em duas etapas. Na primeira etapa foi efetuada uma pesquisa bibliográfica com o intuito de levantar e agrupar os conceitos sobre rentabilidade, juros e algumas alternativas de investimentos. Na segunda etapa, foram colhidos dados secundários sobre os sessenta maiores fundos de renda fixa e comparado o índice médio de rentabilidade desses fundos no Brasil com os rendimentos da poupança, do CDB médio, do IBOVESPA, do dólar médio PTAX e com a taxa SELIC (taxa básica de juros), durante o período compreendido entre 1999 (mil novecentos e noventa e nove) e 2004 (dois mil e quatro).

O presente estudo examina, sob o enfoque do Direito Brasileiro, a captação de recursos por empresas viáveis em crise, durante o processo de recuperação judicial, por meio do mercado de capitais, especificamente com a cessão de direitos creditórios a Fundos de Investimento em Direitos Creditórios. Em alguns casos, os FIDCs podem consistir em uma alternativa constante de captação de recursos, a custos consideravelmente menores que os praticados por instituições financeiras. Todavia, muitos cuidados e precauções devem ser tomados nas cessões de créditos a FIDCs, a fim de garantir segurança e transparência aos investidores e aos credores das empresas em recuperação. / This research examines, from the Brazilian Law focus, the fund-raising for viable Companies in crisis, during the judiciary reorganization procedure, through the capital markets, specifically with the assignment of receivables to Receivables Funds. In some cases, these investment funds may consist of an usual-recurrent alternative, with considerably lower costs than those charged by financial institutions. However, many precautions should be taken in the FIDCs credit assignments in order to ensure safety and transparency to investors and companies creditors.

[pt] As avaliações de performance de fundos de investimento que são atualmente feitas utilizam separadamente uma série de dados como o índice de Sharpe, as gregas (alfa, beta, gama, teta, ômega ....), taxa de administração e volatilidade, não havendo nenhum índice que contemple esses indicadores ao mesmo tempo. Os investidores, na hora de escolher entre os inúmeros fundos existentes, analisam isoladamente cada um desses índices mundialmente conhecidos, mas não conseguem avaliá-los simultaneamente e tomar uma decisão conjunta. O presente trabalho tem a finalidade de apresentar e desenvolver o método conhecido como Análise Envoltória de Dados (DEA) para avaliar o desempenho de fundos de investimento no Brasil e validá-lo através da utilização de uma medida de avaliação performance intitulada medida Ômega. / [en] A common method to evaluate the performance of investment funds is to use separate sets of indicators such as Sharpe, the Greeks (alpha, beta, gamma, theta, omega etc.), administration fee and volatility. There is no single indicator that covers all together and at the same time the whole set of indicators. When choosing among a large variety of existing funds, investors analyze each and every known indicator separately; they are not able to evaluate them simultaneously with the goal of a joint decision. The aim of this study is to present and develop the method known as Data Envelopment Analysis (DEA) to evaluate the performance of investment funds in Brazil and validate it through the use of a performance evaluation known as Omega measure.

Investment in the telecommunications public service is one of the priorities of the Peruvian Administration, especially in those areas of the country in which the placement of capitalis not attractive for entrepreneurs. Now, does the Administration pretend to tax it with the Income Tax? In this article, the authors analyze the Income Tax Law and the assumptions that it establishes, for the purposes of determining if such investment is taxed with this tribute or not. / La inversión en el servicio público de telecomunicacioneses una de las prioridades del Estado peruano, especialmente en el sectorrural y en zonas de preferente interés social. Ahora bien, ¿pretende el Estado gravarla con el Impuesto a la Renta? En el presente artículo, los autores analizan los supuestos que establece la Ley del Impuestoa la Renta, a efectos de determinar si el financiamiento no reembolsable otorgado por el Estado resulta gravado con este impuesto o no.

O presente estudo examina, sob o enfoque do Direito Brasileiro, a captação de recursos por empresas viáveis em crise, durante o processo de recuperação judicial, por meio do mercado de capitais, especificamente com a cessão de direitos creditórios a Fundos de Investimento em Direitos Creditórios. Em alguns casos, os FIDCs podem consistir em uma alternativa constante de captação de recursos, a custos consideravelmente menores que os praticados por instituições financeiras. Todavia, muitos cuidados e precauções devem ser tomados nas cessões de créditos a FIDCs, a fim de garantir segurança e transparência aos investidores e aos credores das empresas em recuperação. / This research examines, from the Brazilian Law focus, the fund-raising for viable Companies in crisis, during the judiciary reorganization procedure, through the capital markets, specifically with the assignment of receivables to Receivables Funds. In some cases, these investment funds may consist of an usual-recurrent alternative, with considerably lower costs than those charged by financial institutions. However, many precautions should be taken in the FIDCs credit assignments in order to ensure safety and transparency to investors and companies creditors.

Submitted by Neusa Fagundes (neusa.fagundes@unioeste.br) on 2018-02-27T12:42:36Z No. of bitstreams: 2 Leila_Weiss2017.pdf: 950778 bytes, checksum: 2c055e75324fbc6b593a480ded26a958 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-02-27T12:42:36Z (GMT). No. of bitstreams: 2 Leila_Weiss2017.pdf: 950778 bytes, checksum: 2c055e75324fbc6b593a480ded26a958 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-07-10 / Among the investment options available on the market, there is highlight to the real estate investment funds, which allow small investors to invest in projects previously restricted to large investors and large developers, thus representing an interesting alternative of long-term financing, making it accessible to all investors. However, performance assessment of these funds, which would take into consideration their management, as well as a comparison with for rental real state investment, is an area of study still underexplored, which requires more investigation. Therefore, the overall objective of this study is to identify how management influences the performance of IFIs, compared to direct leaseholds in the period from 2010 to 2016. The theoretical framework contemplates the aspects inherent in the Modern Theory of Portfolio and Agency Theory. The study also includes real estate investments with emphasis on Real Estate Investment Funds, types, advantages, and risks of investment. The methodology used is the hypothetical-deductive, and it is classified, regarding the research problem as, quantitative; as for the objectives, it is exploratory and descriptive and as for the procedures, it is bibliographical and documentary. The results indicate that the performance of the funds is directly linked to the management of these funds, due to the policies adopted by each of the managers. It is also noteworthy that, in comparison to direct investment in real estate, real estate investment funds present higher returns for investors. / Dentre as diversas opções de investimentos existentes no mercado, destacam-se os fundos de investimento imobiliários, que possibilitam ao pequeno investidor o acesso a projetos de investimentos, antes restritos aos grandes investidores e grandes incorporadoras, representando, assim, uma alternativa interessante de financiamento no longo prazo, tornando-se assim acessível a todos os investidores. No entanto, a avaliação de desempenhos destes fundos, que leve em consideração a gestão destes, bem como a comparação com investimentos em imóveis para locação, é uma área pouco explorada no Brasil, exigindo maiores estudos. Assim, este estudo tem por objetivo identificar como a gestão influencia o desempenho dos FIIs se comparados aos imóveis de locação direta no período de 2010 a 2016. O marco teórico contempla os aspectos inerentes à Moderna Teoria do Portfólio e a Teoria da Agência. O estudo contempla ainda os investimentos imobiliários, com destaque para os Fundos de Investimento Imobiliário, tipos, vantagens e riscos de investimento. A metodologia utilizada é a hipotética-dedutiva, e quanto ao problema de pesquisa, quantitativa; quanto aos objetivos, exploratória e descritiva; e quanto aos procedimentos, bibliográfica e documental. Os resultados apontam que o desempenho dos fundos está diretamente ligado à gestão destes, devido às políticas adotadas por cada um dos gestores. Destaca-se, ainda, que, em comparação com o investimento direto em imóveis, os fundos de investimento imobiliário apresentam maiores retornos para os investidores.

Venture capital é espécie de empreendimento que vincula dois agentes econômicos, empreendedor e investidor, visando ao desenvolvimento de uma ideia inovadora para posterior comercialização no mercado. O empreendedor é detentor de conhecimento sobre a ideia e o investidor possui os recursos para desenvolver o projeto. O negócio se diferencia dos demais pelo alto grau de incerteza e risco do empreendimento e requer o uso de tipos contratuais adequados para sua limitação. O projeto se inicia com a etapa de contratação, na qual as partes negociam a divisão de riscos e retorno do negócio, seguindo-se a etapa de monitoramento do desenvolvimento das atividades. Ao final ocorre o desinvestimento, com a saída do investidor e venda do negócio. Do ponto de vista da Economia, utilizamos a Teoria dos Jogos e apresentamos os problemas informacionais, riscos e incertezas do negócio, e os incentivos para organizar a cooperação entre as partes. Do ponto de vista de Finanças, debatemos a decisão de financiamento do negócio e as alternativas para diversificação dos riscos do investimento, isto é, a possibilidade de limitação dos riscos pela adoção de estratégias de contenção, que aumentam o interesse em contratar o negócio. Do ponto de vista do Direito, avaliamos qual a estrutura contratual ideal para organizar esse tipo de empreendimento. Analisamos as principais formas usadas para organização do negócio, em especial as sociedades limitadas e as sociedades anônimas fechadas. Avaliamos o suporte normativo aplicável, com destaque para a possibilidade de limitação dos riscos do projeto pela aplicação das normas de Direito Societário a esses empreendimentos. Os principais riscos aplicáveis são os riscos de contratação do negócio, os riscos de alocação do poder de decisão entre os sócios e os riscos de interrupção prematura do projeto. Devido à natureza e características do negócio de venture capital, concluímos que esse tipo de projeto é mais bem organizado como um contrato plurilateral e que não há tipo contratual ideal para alinhar os interesses. Dos tipos existentes, a sociedade anônima fechada é o mais adequado, mas incapaz de limitar todos os riscos do negócio. A conclusão é confirmada, parcialmente, pelas evidências empíricas apresentadas. / Venture capital is a business that links two economic agents, entrepreneur and investor, aiming to develop an innovative idea for future sale on the market. The entrepreneur holds knowledge about the idea and the investor has the resources to develop the project. It is distinguished from others by the high degree of uncertainty and risk of the project and requires the use of appropriate contract types for its restriction. The project begins with the contracting stage, in which the parties negotiate the division of risks and return business, followed by the monitoring of the development of the business activities. At the end occurs the divestment, in which the finished business is sold by the investor. From the point of view of Economics, we use Game Theory to present the informational problems, business risks and uncertainties, and the incentives to organize the cooperation between the parties. From the standpoint of Finance, we discuss the decision to finance the business, and alternatives for risk diversification, that is, the possibility of limiting the risks by adopting containment strategies that may increase the interest in contracting. From the point of view of Law, we evaluate the ideal contractual structure for organizing this kind of project. We analyze the main existing contract types, in particular, the limited liability companies and the closed corporations. We present our concerns about the normative support applicable to that type of business, emphasizing the Corporate Law problems. We evaluate the normative support applicable, emphasizing the possibility of limiting the project risks by applying the Corporate Law rules to such ventures. The main risks are the risks applicable to the contracting phase, the risk of incorrect allocation of decision rights between the partners and the risk of premature termination of the project. Due to the nature and characteristics of the venture capital business, we conclude that this type of design is best organized as a plurilateral agreement and that there is no contract type that can be considered ideal to align the interests. Considering all the existing types, the private corporation contract is the most appropriate form, but also unable to limit all the business risks. The conclusion is partially supported by the empirical evidence presented.

The aim of this diploma thesis is to present a systematical view on basic aspects of forms of organisation of investment funds in the light of the Act No. 240/2013 Sb, on Investment Companies and Investment Funds with main focus on those of them which are regulated within the legal system of the Czech Republic in the most comprehensive and specific manner and to simultaneously analyze advantages (eventually disadvantages) regarding application thereof. The first chapter deals with elementary issues of mutual funds, describes its assets and detriments and also offers brief historical overview of its development in Czech legal system from its beginnings until current regulation which mainly lies in harmonization with the legislature of European Union. The aim of the second chapter is to define the term of the investment fund according to current legal regulation in comparison to its definition pursuant to the previous one. Furthermore, it outlines basic classification of investment funds in accordance with their division based on the place of business, legal personality and number of investors. The third chapter focuses on basic characteristics of collective investment funds, distinguishes standard collective investment funds and special collective investment funds and above all it enumerates...

This master thesis is written as a guideline for successful business expansion to Chinese market. It describes the regional characteristics, which are important in order to understand the Chinese culture, since without proper understanding of the culture, all of its aspects and concepts such as Guanxi, no foreign firm will be able to succeed in China. Apart of the cultural analysis it also deals with the theory of expansion, how to correctly approach it, what are the possible entry modes and financial sources. I used three case studies, which provide real life experience with this issue from different points of view. The practical part of the thesis is primarily focused on financial industry in China, specifically on investment funds and what should be the necessary steps for any investment fund, which would like to expand to Chinese market.

The thesis presents an analysis of the area collective investment in Czech republic. The focus is aimed primarily at historic development one of the most important way of saving money in The Czech capital market. The thesis analysis by details the process of formation collective investment by methods named "kupónová privatizace" and principles and guidelines of formation new capital market subjects. The function and purpose change of the subject of collective investment during short period existence was the cause of absences in the Czech legislation. Based on comparing of selected collective investment subject is described the present of collective investment in Czech republic according to law and outlined probable further development and improvement of investment commended assets.