The aim of this thesis is to explore the role of the diagrams as generative design tools in architectural design process. Identifying the utilization of the diagrams as infrastructural and organizational elements in the design process, it aims to be concentrate on their potency for generating novel design concepts. The search has been for the possibilities of design processes developed and manipulated not through analytical use of diagrams that represents the already established relationships but through their generative use that is responsible for the proliferation of ideas for novel design concepts. The alteration in the definition of diagrams, their active role in the generation of design ideas, and their progression during the design process, as well as the ways in which they contribute to the delay of formal concerns through the practice are scrutinized. In order to explore the generative and mediating roles of diagrams in architectural design practice, this thesis examines the utilization of diagrams by exemplifying the strategies of UN Studio. Through exploration of their pioneering projects, the M&ouml / bius House, the Arnhem Central Station and the Mercedes Benz Museum, it aims to unfold their design methods regarding diagrams. Diagrams are examined in terms of the way they are utilized and operated from conceptualization to building. While standing at a critical distance, it argues for an architectural design process where design ideas are formed and evolved by utilization of diagrams as generative tools from the initial phases of the design to the actualization of the building.

本研究以2002年至2012年台灣主併公司為上市公司的併購案件為樣本，探討合理性意見書評價內容和主併公司短期股價影響及併購後綜效之關聯性。研究結果發現，於意見書揭露日時，若獨立專家評估價格高於雙方約定交易價格愈多時，即評價溢酬愈大，或是評價報告由高聲譽獨立專家所出具，主併公司會有正向的累積異常報酬率；且在此情況下，主併公司併購後綜效亦會愈大。故本研究認為，合理性意見書中的評價資訊，於揭露時具有訊號發射效果，可以幫助外部股東及投資人判斷交易是否對其有利，降低內外資訊不對稱，同時亦具有認證併購後公司會產生合併綜效之功能。因此，併購時獨立專家所出具之合理性意見書確實具有資訊意涵。 / This study analyses the relation between target firm valuations disclosed in the fairness opinions and acquiring firm performances by using the samples of Taiwanese listed company in M&A transaction between 2002 and 2012. We find that the stock price reactions to the public disclosure of fairness opinions are positively related to the difference between target firms valuations contained in the fairness opinion and the merger offer price and the reputation of independent experts. Under these conditions, the synergy in the M&A may be higher than others. Therefore, we suggest that the information contained in the fairness opinions can not only reduce information asymmetry between management and stockholders, but also certify that the M&A transaction will produce synergy. We conclude that fairness opinion does contain useful information to market participants.

Magistro darbe kaip verslo įsigijimo (pardavimo) būdas nagrinėjama uždarosios akcinės bendrovės kontrolinio akcijų paketo pirkimo – pardavimo sandoris. Darbe tyrinėjami tiek ikisutartiniai šalių santykiai, tiek pačios akcijų pirkimo – pardavimo sutarties nuostatos. Akcijų pirkimo – pardavimo sutartis analizuojama kaip praktikos standartizuota šios sutarties forma. Nagrinėjant šį sandorį analizuojama specifinių tiek sandorio, tiek pačios akcijų pirkimo – pardavimo sutarties institutų kilmė, teisinė reikšmė bei vieta Lietuvos teisinėje sistemoje. Darbe pateikiamas ketinimų protokolo įvertinimas bei kvalifikavimas, aprašomas bendrovės patikrinimas ir jo reikšmė, analizuojama, kas laikytina akcijų pirkimo – pardavimo sutarties dalyku, aprašomi bei įvertinami kainos nurodymo sutartyje ir jos sumokėjimo būdai, aptariama pareiškimų ir garantijų instituto kilmė, jo reikšmė akcijų pirkimo – pardavimo sutartyje bei vieta Lietuvos teisės sistemoje, taip pat analizuojamas sandorio užbaigimas, bei nurodoma, koks Lietuvos teisės institutas akcijų pirkimo – pardavimo sutartyse yra vadinamas šiuo terminu, be to įvertinama atidedamųjų sąlygų teisinė reikšmė. / In the master paper the transaction on sale – purchase of the controlling block of shares of the close company as a way of the acquisition (sale) of the business is analysed. The pre-contractual relations of the parties as well as the provisions of the agreement on the sale – purchase of the shares itself are examined in the paper. The agreement on sale – purchase of the shares is analysed as a form of the agreement standardised by the practise. While analysing the aforementioned transaction, the origin, legal meaning and place in the legal system of Lithuania of the specific institutes of the transaction as well as of the agreement are examined. In the paper the valuation and legal qualification of the letter of intent, the description and meaning of the due diligence are also presented, the subject matter of the agreement on sale – purchase of the shares is analysed, the description and valuation of the ways of stipulation of the payment and settlement are presented, the origin of the representations and warranties, it’s meaning in the agreement on sale – purchase of the shares as well as the place in the legal system of Lithuania is presented, the closing of the transaction is analysed and the qualification which Lithuanian legal institute stands for the term of closing of the transaction in the agreements on sale – purchase of the shares, and evaluation of the legal meaning of the conditions precedent is presented.

A Boolean function can be represented in several different forms. These different representation have advantages and disadvantages of their own. The Algebraic Normal Form, truth table, and Walsh spectrum representations are widely studied in literature. In 1999, Claude Carlet and Phillippe Guillot introduced the Numerical Normal Form. NumericalNormal Form(NNF) of a Boolean function is similar to Algebraic Normal Form, with integer coefficients instead of coefficients from the two element field. Using NNF representation, just like the Walsh spectrum, characterization of several cryptographically important functions, such as resilient and bent functions, is possible. In 2002, Carlet had shown several divisibility results concerning resilient and correlation-immune functions using NNF. With these divisibility results, Carlet is able to give bounds concerning nonlinearity of resilient and correlation immune functions. In this thesis, following Carlet and Guillot, we introduce the Numerical Normal Form and derive the pairwise relations between the mentioned representations. Characterization of Boolean, resilient and bent functions using NNF is also given. We then review the divisibility results of Carlet, which will be linked to some results on the nonlinearity of resilient and correlation immune functions. We show the M&ouml / bius inversion properties of NNF of a Boolean function, using Gian-Carlo Rota&rsquo / s work as a guide. Finally, using a lot of the mentioned results, we prove a necessary condition on theWalsh spectrum of Boolean functions with given degree.

就一個併購案而言，資訊科技的整合是最重要且複雜的任務之一。過去許多併購的研究著重於技術和組織的議題而忽略了如何去衡量資訊系統整合成功與否，然而現今的研究依舊鮮少著墨於併購後資訊系統整合的績效評估。不同的利害關係人對於併購後資訊系統的成功有所不同，衡量的標準從流程的強化到顧客的滿意度也有所差異。因此，本論文將利害關係人區分為執行長、資訊長、業務經理和顧客四種角色來探討。本研究的目標是欲從策略面和經營面檢驗資訊系統整合的成敗並以一個較廣的衡量方式追蹤資訊系統整合的成效。本研究使用兩階段的實證研究，第一階段以目前相關的文獻和研究發展出初步的衡量指標和研究發現;第二階段藉著訪談多名業界人士進行多個案分析，檢驗第一階段所提出的指標，接著發展出一完整且具備多利害關係人衡量指標的表格，此表格可清楚表現此四利害關係人衡量指標的優先順序。本研究發現，對執行長來說，達到企業綜效和提升市佔率是他的前二衡量指標;對資訊長來說，維持營運的持續性和統整所有資訊科技是他的前二衡量指標;對業務經理來說，維持營運的持續性和整合後資訊系統的彈性是他的前二衡量指標;對於顧客而言，則是營運的持續性和顧客自身資料的正確性。本研究亦發現於設計和規劃資訊系統的整合時，必須特別考量資訊系統的彈性和使用者介面，以提高整體資訊系統整合所帶來的效益。同時，對於企業來說，此時亦是個好契機做企業流程的再造和強化企業自身的競爭力，可以更積極的方式來實現資訊系統整合帶來的價值。希望本研究所提出的衡量指標能提供企業有效且一致的基準去評估併購後資訊系統整合成功與否。 / IT integration is one of the most critical and complex tasks in a merger-and-acquisition (M&A) project. Many studies on M&A have focused on the technological and organizational issues of information technologies (IT) integration but have left out the important base of what to measure for in the success of the integration. Existing research remains sparse in explaining the performance assessment of a post-merger IT integration. The success of post-merger IT integration can be viewed differently by different stakeholders—the CEOs, the CIOs, the business managers, and the customers of the merged companies—and thus standards used vary from process enhancement to customer satisfaction. The objective of this research is to examine the success of post-merger IT integration from both strategic and operational viewpoints and track the integration performance using a wide range of business measures. This study uses a two-phase empirical study. The first phase involves building preliminary indicators and findings by the related literatures and research. In the second phase, we use a multi-case method by interviewing the practitioners to develop a detailed table of stakeholders’ measurements. Finally, the table reveals that the top two measurements for CEOs are achieving synergies and increasing market share; for the CIOs, the top measurements are operational continuity and technology consolidation, for business managers the measurements are operational continuity and the flexibility of an integrated system, while for the customer the measurements are operational continuity and the accuracy of customer information. Moreover, this study also finds the importance of taking flexibility and user interface into consideration while planning and designing IT integration. For an enterprise, IT integration is also a good opportunity to reengineer business processes to enhance competitiveness. It is hoped that the resultant measurements can provide a consistent and useful benchmark for evaluating IT integration success after a business investment in an M&A project.

企業併購法經由政府全力推動下，民國91年初立法通過，同時修訂公平交易法及證券交易法，掀起我國企業併購熱潮。然而，快速立法之後果即缺乏相關法令間互相配合，企業併購法與公司法、金融控股公司法、金融機構合併法相關法規有重疊之處，財政部亦陸續發布相關解釋函令，於實務上因併購產生之相關稅務爭訟，以企業併購交易以所得稅之課徵引發較多爭議。 　　 　　企業併購係企業追求利潤的手段之一，最終的目的係為追求經濟的提升，故我國歷經多次修法，以求減低企業併購所可能發生之障礙。但在企業併購實務中，法律風險並非併購雙方唯一之考量，財務風險、管理風險及稅務風險亦為併購時均應納入之考量。本研究為求企業併購之順利，以稅務爭議所帶來之風險為中心，探討目前稽徵實務上常出現的爭議，以法律割裂適用、虧損扣抵之繼受、租稅優惠之繼受、商譽認定及攤銷，以及視為股利此五個爭點為研究中心，蒐集相關文獻、期刊雜誌及法律規範開始研究，並從司法案例做個案討論，就企業併購實務提出研究結果及建議，使在企業併購過程中能妥善對風險有所控制，提高企業併購的成功率，減少企業併購失敗所來的社會成本耗損，以提高社會資源之利用。 / With the effort to legislation by government, mergers and acquisitions Act was enacted in early 2002. In the meanwhile, the Fair Trade Act and the Securities Exchange Act were amended. However, the consequences of rapid legislation lead to Merger and Acquisition Act overlap in Company Act, Financial Holding Company Law, and relevant laws and regulations. Ministry of Finance has also been released many tax regulations of income tax levied on corporate mergers and acquisitions, which lead to much controversy. In the practice of mergers and acquisitions, legal risk is not only the consideration, but also financial risk, management risk and tax risk should be considered. For completing mergers and acquisitions smoothly, this essay is from the viewpoint of tax dispute, studying the division of laws, succession to loss carry forwards, succession to tax incentives, the recognition and amortization of goodwill, and constructive dividend income. According to these five disputes, the relevant literature, journals and laws are included in this essay. Consequence and recommendations from the judicial cases are provided to mergers and acquisitions practice so that the risks can be properly controlled to some extent, improving the success rate of mergers and acquisitions, reducing the social costs of mergers and acquisitions, and improving the use of social resources.

This thesis aims at understanding the M&A process from the beginning of strategy development, target screening, transaction execution, to integration and reorganization. On the buy side perspective knowing that during each process what are the key points and issues that a buyer/acquirer will encounter and fully prepare for it. In order to make a successful deal, a company must have a clear plan to fit its corporate strategy under the help with advisors toward the direction by using M&A as a choice to make expansion. It gives a successful first-timer deal making case study given that the buyer and seller’s company background, the motive behind this merge and the process. In addition to the overview of the case study it also identifies key issues during the transaction execution process. Finally it comes up with a synergy analysis to prove that why this deal is making a success. M&A is a complex topic involving with many business aspects and therefore in order to avoid failing, specific deal breakers should be careful during the process. There is a saying from Sun Tzu “know yourself, know your enemy, and you shall win a hundred battles without loss” and this is the right attitude toward an M&A deal in considering every issues that might have happened.

Background: Previous studies on the subject, contrary to corresponding studies on mergers and acquisitions, have shown significant positive market reactions from all over the world on the announcements of divestitures. However, similar studies have not been done on the Swedish market. There are split opinions on the origin of the abnormal returns from the announcements of divestitures, but the economic cycle, choice of payment method and industry affiliation are recurring explaining variables in event studies. Aim: The aim of the study is to investigate the effect on shareholder wealth from the announcements of a divestiture on the Swedish market during the period from 1997-2017, as well as investigating how the abnormal returns are affected by the economic cycle, choice of payment method and industry affiliation. Completion: The study is conducted using the event study methodology and a deductive approach. Historical time series from divesting companies share prices are used to estimate expected returns which are then compared to actual returns to decide whether the announcement of a divestiture has an impact on shareholder wealth. Results: The study finds significant results that divesting companies’ shareholder wealth are positively affected by the announcement of a divestiture for both event windows (-3, +3) and (-1, +1). For each separate day within the event window the authors find statistically significant returns for day T-2 and T0. The authors find no statistically significant differences between the returns regarding the economic cycle. Regarding the choice of method of payment, it is concluded that payment through stock generates excess returns when compared to other financing alternatives. No differences could be found between different industry affiliations. / Bakgrund: Tidigare studier inom ämnet har, till skillnad från motsvarande forskning om företagsförvärv, påvisat signifikanta positiva reaktioner från marknader över hela världen vid tillkännagivandet av en avyttring. Däremot saknas studier om avyttringars effekt på den svenska marknaden. Det råder delade meningar om varför abnormal avkastning uppstår vid tillkännagivandet, där konjunkturläge, finansieringsalternativ och branschtillhörighet är vanligt förekommande förklarande variabler i eventstudier. Syfte: Studiens syfte är att undersöka hur tillkännagivandet av en avyttring påverkar säljande bolags aktiekurs på den svenska marknaden under tidsperioden 1997–2017, samt att undersöka hur rådande konjunkturläge, valt finansieringsalternativ och branschtillhörighet påverkar avkastningen Genomförande: Studien genomförs genom eventstudiemetodologin med en deduktiv ansats. Empirin utgår från historisk tidsseriedata från avyttrande bolags aktiekurser för att bestämma förväntad avkastning som sedan jämförs med faktiskt avkastning för att urskilja om tillkännagivandet påverkar kursutvecklingen. Resultat: Studien visar statistiskt signifikanta resultat för att avyttrande bolags aktiekurs påverkas positivt av tillkännagivandet av en avyttring både för eventfönstret (-3, +3) och (-1, +1). För de enskilda dagarna i eventfönstret finner författarna statistiskt signifikanta avkastningar för dag T-2 och T0. Författarna finner inga statistiskt säkerställda skillnader i avkastning beroende på rådande konjunkturläge. Gällande val av finansieringsalternativ visas att betalning genom aktier genererar signifikant högre avkastning än övriga alternativ. Inga samband kunde säkerställas beroende på företagens branschtillhörighet.

Este trabalho objetivou fazer uma análise da gestão de pessoas na subsidiária brasileira de uma empresa multinacional do segmento de produção e distribuição de equipamentos de refrigeração diante de situação de transformação dos negócios oriunda da fusão com outro grupo econômico, considerando seu impacto no ambiente interno e no ambiente de negócio em um momento de instabilidade na economia mundial e de importantes alterações no segmento onde a Empresa opera. Para tanto, foi conduzido um estudo de caso, com a realização de 10 entrevistas e consulta a dados e documentos internos, sendo as informações levantadas analisadas com base no referencial teórico e mediante análise de conteúdo. Dentre os principais resultados, destacam-se: a necessidade de revisão dos processos e práticas de gestão de pessoas neste novo cenário, o foco na gestão da transformação com suporte da área de RH, o valor da comunicação interna para assegurar o alinhamento de todas as partes interessadas e a demanda por reforço no desenvolvimento da liderança, preparando-a para gerir a Empresa em tempos de transição e mudanças. / This study aimed to analyze the human resource management in a Brazilian subsidiary of a multinational enterprise in the production and distribution of refrigeration equipment segment, facing business transformation due to the merger with another economic group, considering the impact on the internal environment and the business environment in a time of instability in the world economy and important changes in the field the company operates. To that end, a case study was conducted, composed of 10 interviews and consultation to internal documents and data, analyzing the collected information in the light of theoretical framework and content analysis. Among the key findings, we highlight: the need to review processes and practices of people management under the new scenario; the focus on managing the transformation of human resources support; the value of internal communication, ensuring alignment and leadership development of all stakeholders, preparing them to manage the company in times of transition and change.

Submitted by Hippolyte Bourban (hippolytebourban@gmail.com) on 2017-10-04T17:49:27Z No. of bitstreams: 1 Thesis FGV final .pdf: 3318982 bytes, checksum: 02bbef3aa51d8ff9d9cdf09d7018b416 (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Hyppolyte, It’s necessary to do some corrections on your thesis, please see below: Page 1: Withdraw the name of FUNDAÇÃO GETULIO VARGAS below city and date on the final of page; Page 2: Put the full name of the school at the begin of the page: FUNDAÇÃO GETULIO VARGAS ESCOLA DE ECONOMIA DE SÃO PAULO; Page 5: The “resumo” must to be in Portuguese and abstract in English, After changes, please, submit it again. on 2017-10-04T18:27:07Z (GMT) / Submitted by Hippolyte Bourban (hippolytebourban@gmail.com) on 2017-10-04T21:02:59Z No. of bitstreams: 1 Thesis FGV final .pdf: 3320076 bytes, checksum: e5a07b7846eab1d781c1802e2bd73671 (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Hippolyte, You forgot to withdraw the word “Title” before the title in all the pages, do this correction and post again. on 2017-10-05T11:32:26Z (GMT) / Submitted by Hippolyte Bourban (hippolytebourban@gmail.com) on 2017-10-09T17:39:22Z No. of bitstreams: 1 Thesis FGV final .pdf: 3326479 bytes, checksum: 077527c7575a12a2e5a0f70eb246368e (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Hippolyte, Your thesis is almost ready, just at page 1 you need to give space to separate date from name of FGV, please, correct and post again. on 2017-10-09T18:16:36Z (GMT) / Submitted by Hippolyte Bourban (hippolytebourban@gmail.com) on 2017-10-09T18:23:51Z No. of bitstreams: 1 Thesis FGV final .pdf: 3327151 bytes, checksum: c56b546e2de59f1ff2ecfa8787f29c5b (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Hippolyte, I am sorry, but the date of your presentation was On September 22nd, please, correct and post again. on 2017-10-09T18:44:15Z (GMT) / Submitted by Hippolyte Bourban (hippolytebourban@gmail.com) on 2017-10-09T18:49:11Z No. of bitstreams: 1 Thesis FGV final .pdf: 3327002 bytes, checksum: a5934754c38c508cfae6fd083aeffa54 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-10-09T18:55:44Z (GMT) No. of bitstreams: 1 Thesis FGV final .pdf: 3327002 bytes, checksum: a5934754c38c508cfae6fd083aeffa54 (MD5) / Made available in DSpace on 2017-10-10T12:59:42Z (GMT). No. of bitstreams: 1 Thesis FGV final .pdf: 3327002 bytes, checksum: a5934754c38c508cfae6fd083aeffa54 (MD5) Previous issue date: 2017-09-22 / This case study describes the attempt from AB InBev to acquire SABMiller all along the way, from the initial approaches in 2015 until July 2016. It adresses the issues caused by attempting to combine the two largest brewers in the world and the unexpected vote on Brexit which forced AB InBev to revise its initial offer. / Este estudo de caso descreve a tentativa da AB InBev para adquirir SABMiller ao longo do caminho, desde as abordagens iniciais em 2015 até julho de 2016. Fala dos problemas causados pela tentativa de combinar os dois cerverjeiro maiores do mundo e a inesperada votação Brexit que forçou a AB InBev rever sua oferta inicial.