Submitted by admin tede (tede@pucgoias.edu.br) on 2018-10-04T18:57:11Z No. of bitstreams: 1 ELAINE NEVES DA SILVA.pdf: 11951721 bytes, checksum: 1cfa7fdc74f6c5685facd01608645381 (MD5) / Made available in DSpace on 2018-10-04T18:57:11Z (GMT). No. of bitstreams: 1 ELAINE NEVES DA SILVA.pdf: 11951721 bytes, checksum: 1cfa7fdc74f6c5685facd01608645381 (MD5) Previous issue date: 2018-08-17 / Brazil has a legal device that distinguishes building rights from the right to property. Due to this device, the government is attributed the property over building rights, which can be sold to whoever wishes to buy it. It is called “outorga onerosa do direito de construer” (Portuguese for “issuance of building rights over payment”, OODC for short) and it has been largely used by the real estate sector on Negrão de Lima, a neighborhood in Goiânia, state of Goiás. This legal device allows construction of buildings taller than the average limit up to the maximum coefficient established by the city’s land-use planning and it has immensely transformed the local landscape. It has also transformed the neighborhood dramatically, making it more demographically dense in a short period of time, which has been an object of concern for many scholars of the area of urbanism. This social phenomenon and the scarcity of specific literature on the issue has led us to realize the urgency and the relevance of the theme, leading to a study that aims to show the implications of the aforementioned legal device in the production of urban space and the transformation of the local landscape. The qualitative research and the analytical study are based on the empiric knowledge of the place, documentation studies, and observations of how the soil has been occupied from 2006 to 2017. The latter was possible due to the analysis of aerial images of the region within this period, which makes it possible to compare the neighborhood’s situation before and after OODC. / A presente dissertação busca entender processos de adensamento urbano e o instrumento de outorga onerosa do direito de construir (OODC) que vem sendo amplamente utilizado no Setor Negrão de Lima, em Goiânia, assim transformando a paisagem do lugar em curto espaço de tempo, o que tem sido objeto de preocupação por parte de estudiosos do urbanismo. Na medida em que esse fenômeno e a escassez de literatura específica nos levaram a perceber a iminência e a importância de abordar esse tema, buscamos examinar as implicações do referido instrumento na produção do espaço urbano e na transformação da paisagem local. A pesquisa qualitativa e o estudo analítico baseiam-se no conhecimento empírico do lugar, na documentação pertinente e em observações da ocupação do solo, observações essas possibilitadas pela análise de fotos e imagens aéreas da região no período de 2006 a 2017, o que permite comparar a utilização da outorga onerosa, na situação atual e anterior do Setor Negrão de Lima.

The dissertation consists of two essays. In the first essay we study the efficiency of banks during the period of (2000-2017) that witnessed a fierce financial crisis in the light of the regulatory acts enacted in response to the crisis (Basel III 2010). We investigate the combined impact of compliance with Tier 1 and Tier 2 capital, common equity Tier 1, and leverage requirements on bank operating efficiency. We measure operational efficiency of 68 insured, U.S. federally and state-chartered, commercial banks, with consolidated assets of $15 billion or more, over a sampling period of 18 years. We seek to identify whether different dimensions of bank regulation are efficient in stabilizing US financial system by improving efficiency of large commercial banks; whether they impede bank efficiency by limiting its risk-taking endeavors and tightening its capital usage; or whether no impact on efficiency exists altogether. We build an empirical model measuring the impact of capital and leverage regulation and credit risk on banks’ operational efficiency. Empirical findings show a positive and statistically significant impact of capital adequacy on operating efficiency of large U.S. commercial banks, with common equity Tier 1 having more power in determining efficiency. Leverage requirements and net charge-offs are also found to be significant determinants that promote bank operating efficiency. In the second essay we investigate determinants for government’s choice of sovereign Sukuk over conventional bonds. Using a sample of 143 sovereign Sukuk and 602 sovereign conventional bonds issued in 16 OIC countries during (2000-2015), we analyze factors affecting the government's choice of employing sovereign Sukuk structure as substitute to sovereign bonds instruments. Results suggest that countries having developed financial markets, higher credit quality, and strong economic and financial prospects are more likely to issue sovereign Sukuk rather than sovereign bonds, mainly as a strategy to diversify and develop their current debt markets by introducing newly-developed debt tools. However, countries with weaker economic and financial indicators are more likely to opt for the classic sovereign bonds. We conclude that government’s choice of sovereign debt is mainly determined by a country’s financial characteristics, macroeconomic indicators and certain specific events.

A top-down analysis approach used for over 17 thousand of euro-denominated corporate bond issuances executed in the European primary bond market between 1999 and 2013. The main findings reveal not only the most active corporate issuers in Europe, but they also show the decomposition of issuance by coupon type, rated versus unrated issuance, debut and perpetual issuances, high grade as well as high yield new bond issues split by sector, rating and maturity. I used the opensource statistical package Gretl and applied the ordinary least square technique in order to quantify the association between euro-denominated corporate issuance and credit spreads.

This study examines how the stock market reacts when a publicly-listed company announces a corporate green bond issuance in the European market. We examine 155 corporate green bond issuance announcements from 2017 to 2021 made by companies listed on the European stock exchange. Our findings can not confirm a stock market reaction to the announcement of a corporate green bond. The result shows no significant positive stock market reaction when a company announces a corporate green bond issuance for the first time. This finding suggests that the signaling argument is not necessarily applicable, as it suggests that companies signal their environmental commitment to the investors by announcing a corporate green bond issuance. Our findings do neither show a stronger stock market reaction due to a company having a low environmental performance at the time of announcement. This means that companies that actively try to transition into climate-friendly financing are not rewarded by the stock market.

This document presents the findings and methodology of a bachelor’s thesis project that aimed to understand the challenges and strategies associated with certificate manage- ment practices and revocation processes among domains and certificate authorities (CAs). Initially, the goal was to gain insights into the intricacies of certificate management through a comprehensive survey. To achieve this, a survey comprising relevant questions was designed and distributed to both CAs and domains. The survey focused on four main areas: issuance, certificate management and revocation, and other. The top 30 CAs were identified using Tranco’s list, and 20 domains associated with each CA were selected to receive the survey, which was then sent out by email. After reviewing the responses, it became evident that the project encountered chal- lenges in attracting sufficient participation from both CAs and domains. Despite our efforts to engage participants, the low response rate was anticipated and provides insight into the level of engagement and transparency within the industry. Consequently, the report also investigates the reasons behind the low response rate and the various types of non-answers received from domains. The report explores various factors contributing to the low response frequency and ex- amines the implications of this limitation on the study’s original objectives. The responses received from CAs still provide valuable insights into certificate management practices and highlight the need for improved communication strategies for future surveys. In conclusion, while the primary aim of the project was to understand certificate man- agement challenges and strategies, the report evolved to include a discussion on the im- plications of the low response rate and the potential for redesigning surveys to enhance participation. Additionally, the findings suggest avenues for future research, such as ex- ploring certificate transparency, certificate authority accountability, and the influence of emerging technologies on certificate management.

Submitted by Cássia Santos (cassia.bcufg@gmail.com) on 2017-07-17T12:15:00Z No. of bitstreams: 2 Dissertação - Chris Manuel Fritsche - 2017.pdf: 3056666 bytes, checksum: d6efbaf4a79cea3f7d6b1c15feb77c12 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2017-07-18T10:39:45Z (GMT) No. of bitstreams: 2 Dissertação - Chris Manuel Fritsche - 2017.pdf: 3056666 bytes, checksum: d6efbaf4a79cea3f7d6b1c15feb77c12 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-07-18T10:39:45Z (GMT). No. of bitstreams: 2 Dissertação - Chris Manuel Fritsche - 2017.pdf: 3056666 bytes, checksum: d6efbaf4a79cea3f7d6b1c15feb77c12 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-06-23 / This study identifies the occurrence of product / service and processes innovation, in the context of public educational institutions, by means of tests of hypotheses applied on a set of responses of 474 respondents, through the adoption of a free software, called Plataforma Certificado Livre. This is managerial software, which brings strong changes in the process of issuing certificates to institutions, to their customers. The changes in process and product/service offered by one technological tool are analyzed under the principles of innovation, such as quality improvements, increase of production capacity, cost reductions, among others, presenting a parallel between theory and practice. Ten hypotheses were elaborated, of which eight could be confirmed, allowing to conclude that, taking into account, mainly, the public sector, the adoption of the studied software impacts on innovation. The study also shows that, with the advancement of computer networks and technology as a whole, important technological innovations become possible to be implemented by the simple adoption of software by its managers, even when these tools were not developed by those who implement it. / Este estudo identifica, por meio de testes de hipóteses aplicados sobre um conjunto de respostas de 474 entrevistados, a ocorrência de inovação de produto/serviço e processos, no âmbito de instituições públicas de ensino, por meio da adoção de um software, denominado Plataforma Certificado Livre. Trata-se de um software gerencial, que traz fortes mudanças no processo de emissão de certificados por parte das instituições, aos seus clientes. As alterações no processo e produto/serviço oferecidos por uma ferramenta tecnológica são analisadas sob os princípios da inovação, como melhorias de qualidade, aumento da capacidade de produção, reduções de custo, entre outras, apresentado um paralelo entre a teoria e a prática. Dez hipóteses foram elaboradas, das quais oito puderam ser confirmadas, permitindo concluir que, tendo-se em vista, principalmente, o setor público, a adoção do software estudado impacta em inovação. O estudo demonstra ainda que, com o avanço das redes de computadores e, da tecnologia como um todo, importantes inovações tecnológicas passam a ser possíveis de serem implementadas pela simples adoção de softwares, por parte de seus gestores, mesmo quando estas ferramentas não foram desenvolvidas por aqueles que a implementam.

Certificate Authorities (CAs) carry a huge responsibility in today's internet security landscape as they issue certificates that establish secure end-to-end connections. This thesis conducts a policy review and survey of CAs' Certificate Policies and Certificate Practice Statements to find similarities and differences that could lead to possible vulnerabilities. Based on this, the thesis then presents a taxonomy-based analysis as well as comparisons of the top CAs to the Baseline Requirements. The main areas of the policies that were focused on are the issuance, revocation and expiration practices of the top 30 CAs as determined by the use of Tranco's list. We also determine the top CA groups, meaning the CAs whose policies are being used by the most other CAs as well as including a top 100 CAs list. The study suggests that the most popular CAs hold such a position because of two main reasons: they are easy to acquire and/or because they are connected to several other CAs.  The results suggest that some of the biggest vulnerabilities in the policies are what the CAs do not mention in any section as it puts the CA at risk for vulnerabilities. The results also suggest that the most dangerous attacks are social engineering attacks, as some of the stipulations for issuance and revocations make it possible to pretend to be the entity of subscribes to the certificate rather than a malicious one.

Private International Law and the Issues of Securities Law Tomáš Borčin Acts No. 139/2011 Coll. and No. 172/2012 Coll. have introduced a set of brand new choice-of-law rules in respect to securities into the Czech legal system. The same set of rules has rather simultaneously been adopted by the new Act No. 91/2012 Coll., on Private International Law, coming into force on 1st of January 2014. However, despite the fact that these amendments had brought the much needed conflict of laws rules for cross border transactions involving securities, the actual subject of how the securities are treated in private international law remains mostly unexplored by Czech jurisprudence as of this date. Therefore, the core ambition of this thesis is to provide a complex legal analysis of the aforementioned rules by the means of examination of their theoretical basis as well as of practical implications of their application. The thesis consists of seven chapters of various extent and scope. The ratio behind the first chapter is to address the question of what securities are, and how are they treated pursuant to Czech legislation. The emphasis is given on the definition of securities and their respective classification, however, the chapter does not omit the upcoming changes in respect to the recodification of private...

Cette thèse est composée de 3 essais. Le 1er essai traite de la problématique du risque de pertes extrêmes dans le secteur bancaire dans un contexte du problème d'agence entre les actionnaires et les top managers des banques. Pour pouvoir inciter les banques à ne pas prendre le risque de pertes extrêmes, il est proposé d'appliquer la régulation des fonds propres sous forme d'une politique de recapitalisations obligatoires, dont les paramètres sont choisis pour inciter les actionnaires à rémunérer leurs managers de la manière à les détourner des stratégies au risque de pertes extrêmes.Le 2ème essai développe le design de la supervision bancaire qui vise à éliminer le problème d'aléa moral au sein d'une banque, tout en assurant un coût minimum de supervisions. Les banques, dont la situation financière commence à se dégrader, doivent être soumises à des audits aléatoires. Les banques, dont la valeur de l'actif s'est dégradée considérablement, doivent être mises sous tutelle pour un redressement financier. Les auditeurs externes peuvent être impliqués dans le processus de supervision, mais ne doivent pas complètement remplacer les régulateurs. Le 3ème essai étudie comment la capacité d'emprunt de l'entreprise non-financière affecte sa politique d'investissement en présence des coûts d'émission de la dette. Il est montré que les entreprises, dont la capacité d'emprunt est moyenne, ont intérêt à réaliser un investissement plus important par rapport aux entreprises dont la capacité d'emprunt est relativement faible/forte. Cela est entièrement dû à l'effet des coûts fixes d'émission de la dette, qui émerge dans le contexte dynamique d'investissement. / This dissertation consists of 3 self-contained theoretical essays.Essay 1 brings into focus the problem of "manufacturing" tail risk in the banking sector. This work shows that, in order to prevent banks from engaging in tail risk, bank capital regulation should account for the internal agency problem between bank shareholders and bank top managers. It is proposed to design bank capital requirements in the form of incentive-based recapitalization mechanism which would induce bank shareholders to shape executive compensation in such a way as to prevent top managers from engaging in tail-risk.Essay 2 deals with the problem of moral hazard in bank asset management. It proposes the concept of incentive-based bank supervision aimed at preventing moral hazard at a minimum cost to the regulator. It is shown that the intensity of supervision efforts should be gradually adjusted to the bank's financial health: banks in the mild form of distress should be subject to random audits, whereas deeply distressed banks should be placed under temporary regulatory control. To prevent double moral hazard, external auditors involved in supervision should be offered the optimal incentive contract.Essay 3 examines the impact of credit rationing (debt capacity) on corporate investment in the setting with costly debt financing. It is shown that, when credit constraints are binding, the firms with intermediate levels of debt capacity will establish larger investment projects than the firms with relatively low or high debt capacity. This non-monotonicity of investment on debt capacity arises due to the effect of the lump-sum debt issuance costs in the dynamic context of investment.

本文旨在探討台灣發行交易所交易債券之可行性。台灣近年交易所交易基金發展蓬勃，無論掛牌檔數、資產規模、交易金額皆向上成長，惟根據中華民國證券商業同業公會的統計，台灣證券商受託買賣外國集中市場有價證券之規模亦逐年增加，顯示目前台灣金融交易市場所提供之金融商品並不足以滿足市場需求，仍有發展空間。2016年1月，台灣金融監督管理委員會開放國內證券商接受投資人委託買賣外國交易所交易債券，本文透過闡述交易所交易債券之產品特性及分析各國交易所交易債券之發行及上市規範和稅制，進一步為台灣發行交易所交易債券之相關政策給出具體建議。 / This study aims to make practical suggestions on exchange-traded note issuance in Taiwan. Data from Taiwan Securities Association shows that the trading value of securities firms accepting orders to trade foreign securities keeps growing these years, suggesting that the financial product line in Taiwan is not diversified enough to satisfy the market needs. Taiwan Financial Supervisory Commission has announced that securities firms are opened to accept orders to trade foreign exchange-traded notes since January 2016. Before opening domestic exchange-traded note market, related regulations have to be built. Exchange-traded note, the product itself, as well as the issuance and listing rules and taxation in different countries are therefore analyzed in this paper to make further suggestions on exchange-traded note issuance in Taiwan.