Using a sample of 57 master limited partnerships (MLPs) formed from corporate assets between 1982 and 2011, I examine the share price effects on parent corporations from forming MLPs. Specifically, I compare announcement period returns during the first and second waves of MLP formations—1982-1987 and 1988-2011, respectively—to assess the effect of structural changes in the MLP agency and operating environments on the market response to MLP formation. I document significantly higher 3-day and 5-day announcement period returns for second wave MLP formations, suggesting that changes to the MLP agency and operating environments have enhanced the value impact of MLP formation. I also find evidence that parent corporations benefit from the increased opportunity to exploit conflicts of interest with the MLP, which arise from these changes. Finally, I examine the prediction of prior literature that MLP formation improves the parent company’s information environment, finding support for this assertion in the form of reduced idiosyncratic return volatility.

Made available in DSpace on 2016-04-26T20:23:00Z (GMT). No. of bitstreams: 1 Pablo Francisco dos Santos.pdf: 1188322 bytes, checksum: cba2a4ea932eb70d75b114c7c5d88f72 (MD5) Previous issue date: 2014-08-13 / This work aims to study the concept of disregard doctrine, and to demonstrate it as an exceptional and thorough way to overcome patrimonial autonomy given to legal entities.The paper will begin with the study of legal entities, further focusing on the analysis of corporate and, specifically, limited partnerships.In addition, said concept will also be studied using a historical perspective, looking at its application primarily in the areas of law under varied classifications.The document will conclude by dedicating itself to the concept as applied to the fiscal process, regulated by Law nº 6.830/80, specifically concentrated on its theoretical and practical applications with regard to Article 135, III of the National Tax Code / Este trabalho tem por objeto o estudo da desconsideração da personalidade jurídica, como forma de superação excepcional e episódica da autonomia patrimonial conferida aos entes coletivos.Para tanto, parte-se da análise do instituto da pessoa jurídica, restringindo-se posteriormente o objeto do estudo às sociedades empresárias e, mais especificamente, às sociedades limitadas.Fixadas essas premissas, debruça-se sobre a desconsideração da personalidade jurídica sob o ponto de vista histórico, procurando-se voltar os olhos para sua aplicação nas mais diversas áreas do direito, sob as mais diversas classificações.Desse ponto até o fim do trabalho, procura-se estudar a desconsideração da personalidade jurídica no processo de execução fiscal, disciplinado pela Lei nº 6.830/80, em especial pela análise teórica e aplicação jurisprudencial do disposto no art. 135, III, do Código Tributário Nacional