This thesis investigates the impact of fragmentation in the ownership of complementary patents or patent thickets on firms' market value. This question is motivated by the increase in the patent ownership fragmentation following the pro-patent shifts in the US since 1982. The first chapter uses panel data on patenting US manufacturing firms from 1979 to 1996, and estimates the impact of patent thickets on firms' market value. I find that patent thickets lower firms' market value, and firms with a large patent portfolio size experience a smaller negative effect from their thickets. Moreover, no systematic difference exists in the impact of patent thickets on firms' market value over time. The second chapter extends this analysis to account for the indirect impacts of patent thickets on firms' market value. These indirect effects arise through the effects of patent thickets on firms' R\&D and patenting activities. Using panel data on US manufacturing firms from 1979 to 1996, I estimate the impact of patent thickets on market value, R\&D, and patenting as well as the impacts of R\&D and patenting on market value. Employing these estimates, I determine the direct, indirect, and total impacts of patent thickets on market value. I find that patent thickets decrease firms' market value, while I hold the firms’ R\&D and patenting activities constant. I find no evidence of a change in R\&D due to patent thickets. However, there is evidence of defensive patenting (an increase in patenting attributed to thickets), which helps to reduce the direct negative impact of patent thickets on market value. The data sets used in Chapters 1 and 2 have a number of missing observations on regressors. The commonly used methods to manage missing observations are the listwise deletion (complete case) and the indicator methods. Studies on the statistical properties of these methods suggest a smaller bias using the listwise deletion method. Employing Monte Carlo simulations, Chapter 3 examines the properties of these methods, and finds that in some cases the listwise deletion estimates have larger biases than indicator estimates. This finding suggests that interpreting estimates arrived at with either approach requires caution.

Submitted by Rafael Dallacqua (dallacquas@hotmail.com) on 2016-12-26T11:16:55Z No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-12-27T14:05:24Z (GMT) No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) / Made available in DSpace on 2016-12-28T11:01:19Z (GMT). No. of bitstreams: 1 Dissertação_Rafael Dallacqua_Final.pdf: 531478 bytes, checksum: 3c94fb1b18f7cc58da4f26618bbabb8d (MD5) Previous issue date: 2016-12-14 / The Brazilian corporate governance model is characterized by a high concentration of ownership structure and control in the majority of the publicly traded companies, which makes the conflict between minorities and controlling shareholders the main agency problem in Brazilian companies. Several national and international papers have studied the theme and the impact of concentration of ownership on financial performance, market value and risk of the companies, using different econometric approaches having reached divergent results, despite the lack of consensus regarding the influence of concentration of ownership on the value and performance of companies. This paper aims to analyze the relation between concentration of ownership and financial performance and the market value of Brazilian companies, using a sample with balanced panel data composed by 83 non-financial publicly traded Brazilian companies in the period from 2009 to 2014. The results show that there is a statistically significant relationship between concentration of ownership and the market value of firms, given by Tobin's q and the firm value of the company. However, no statistically significant relationship was found between concentration of ownership and financial performance. / O modelo de governança corporativa brasileiro é caracterizado por uma elevada concentração de propriedade e controle na maioria das empresas de capital aberto, o que torna o conflito entre acionistas minoritários e controladores o principal problema de agência nas empresas brasileiras. Diversos trabalhos nacionais e internacionais estudaram o tema e o impacto que a concentração de propriedade tem sobre o desempenho financeiro, valor de mercado e risco das empresas, com diferentes abordagens econométricas e chegaram a resultados divergentes, de forma que não há ainda um consenso sobre a influência da concentração de propriedade sobre o valor e desempenho das empresas. O objetivo deste trabalho é analisar a relação entre concentração de propriedade e o desempenho financeiro e valor de mercado das empresas brasileiras, utilizando uma amostra com dados em painel balanceado composta por 83 empresas brasileiras não financeiras de capital aberto no período de 2009 a 2014. Os resultados mostram que existe uma relação estatisticamente significante entre concentração de propriedade e o valor de mercado das empresas, dado pelo q de Tobin e o valor da empresa. Porém, não foi encontrada relação estatisticamente significante entre concentração de propriedade e desempenho financeiro.

1 Abstract Title: Dynamic competitive balance in European football leagues Objectives The quality of objective of this master thesis is the analysis of dynamic competitive balance of ten European football leagues. Namely the English league, the German league, the Dutch league, the Greek league, the Romanian league, the Czech league, the Danish league, the Polish league, the Cyprian league, the and the Bulgarian league and their comparison. Methods: Dynamic competitive balance showed by the Lorenz curve of the number of league champions during the period under review. Results: The results show comparison of dynamic competitive balance in top European leagues. Further refute or confirm the established assumption of same trend in the designated groups divided by market value and competitive format. Key words: Football, competition, dynamic balance, Lorenz curve, league market value, competitive format

Summaries in Afrikaans and English / Text in Afrikaans / In the recent decision in Kellerman v South African Transport Services 1993 4 SA 872 (C) a claim for the loss of the use of a thing not utilised in the production of income was apparently allowed for the first time in South African law. A number of strict requirements were however set for such a claim. For a considerable time a claim has been recognised in English and German law even where a substitute was not hired and where the article was used for pleasure purposes. It is submitted that this should also be the position in South African law because the loss of the use of a thing per se has an independent value. It is further submitted that the interest on capital value method (as per English law) can be used as starting-point in the determination of quantum. A degree of flexibility is necessary to ensure fairness and equity. / In die onlangse beslissing in Kellerman v South African Transport Services 1993 4 SA 872 (K) is daar klaarblyklik die eerste maal in die Suid-Afrikaanse reg 'n eis om skadevergoeding weens gebruiksverlies van 'n saak wat nie in die produksie van inkomste gebruik is nie erken. Die hof stel egter 'n aantal streng vereistes vir so 'n eis. 'n Eis word al 'n geruime tyd in die Engelse en Duitse reg erken selfs waar 'n substituut nie gehuur is nie en waar sake bloot vir plesierdoeleindes gebruik is. Daar word submitteer dat dit ook die posisie in die Suid-Afrikaanse reg behoort te wees aangesien gebruiksverlies opsigself 'n selfstandige waarde het. Dit word verder aangevoer dat die rente-op-kapitaalwaarde-metode (soos in die Engelse reg) gebruik kan word as 'n uitgangspunt by kwantumbepaling. Ter wille van redelikheid en billikheid behoort die maatstaf 'n mate van buigsaamheid te he. / Private Law / LL. M.

This diploma thesis starts with the definition of terms and formulations which are necessary for the understanding the discussed issues. The diploma thesis deals with real estate income method valuation, in particular the detected value and the market value according to the relevant public notice of valuation. In the practical part of the thesis my main aim has beeen to choose the real estate that can be valued by the real estate income method, to establish the detected value according to the public notice 445/2017 Sb. and to establish the market value, which will be set with several other real estate.

The purpose of this study has been to examine the possible relationship between patterns on the stock market and the capital structure of IT-companies. Furthermore, the study attempts to contribute a deeper understanding of the ways Chief Financial Officers (CFO) and Chief Executive Officers (CEO) handle aspects pertaining to levels of debt, solidity, the market when making investment decisions and factors that influence a company´s value. This has been done using the Market Timing Hypothesis as the main theoretical frame of reference. The study has primarily been conducted using quantitative data analysis in the form of multiple regression. Qualitative interviews have been subsequently conducted with the purpose of enhancing the statistical findings. The results from the study indicate that financial decisions largely vary depending on the situation, albeit market value being an influencing factor. Moreover, the profitability of the company and the amount of fixed assets play a role in financial decisions. The respondents further noted that the amount of equity and debt of the company does affect its value. / Studiens syfte var att undersöka sambandet mellan aktiemarknadens fluktuationer och företag i IT-branschens val av kapitalstruktur. Även att söka en djupare förståelse genom att ta del av Chief Financial Officers (CFO) och Chief Executive Officers (CEO) perspektiv på skuldsättningsgrad, soliditet, aktiemarknadens rörelser vid kapitalplacering samt vad som påverkar ett företags värde. Detta har skett med Market timing hypotesen som teoretisk utgångspunkt. Den huvudsakliga undersökningsmetoden har bestått av en kvantitativ dataanalys i form av multipel regressionsanalys. Kvalitativa intervjuer har därefter utförts i syfte att komplettera datan och för att förtydliga hur dessa aspekter hanteras i den praktiska verkligheten. Resultaten från studien indikerar att finansieringsbeslut är högst situationsbetingade men att marknadsvärdet har en viss påverkan. Utöver detta visade sig lönsamhet och andel anläggningstillgångar i förhållande till totala tillgångar väga tungt. De respondenter som intervjuades menade även att mängden eget kapital och skuld ett företaget besitter påverkar dess värde.

The aim of this thesis is to evaluate the company by means of the Relative Valuation Approach, including the confrontation of the result of this evaluation with the values obtained by application the Revenues Method of Valuation. To be able to use the defined methods to estimate the market price of particular entity was chosen the Company, that is operating in a sector with strong links to agriculture, which is obviously one of fundamental determinants for the establishment of the Company Value. One of the first requirements is to characterize the methods of valuation and apply them consequently to the chosen Company. But there exist the other milestones with have to be met. In the first instance, it must be process the analysis of the sector in which the enterprise operates, as well as the analysis of its performance on this market and analysis of its financial situation. While the methods of valuation are based on restrictive conditions and simplifications which have to be considerate and subsequently eliminate, this methods of valuation are applicable to determine the market value of the Company as whole entity. This Value of the Firm achieves comparable results defined in the application of different methods {--} The Relative Valuation, The Discounted Cash Flow Valuation and The Method of Revenues Capitalisation.

Are mutual funds in securities and income taxes a suitable alternative for investment? Has the attempt to simplify the system of income taxes had an adverse impact on taxpayers?Throughout the following article, the author will answer the questions noted above.Therefore, he stresses the importance of protecting the taxpayers, so that they will not be affected by the tax regime. He also notes the necessity of this to happen in order forthe mutual funds to stay as a ideal vehicle for investment. / ¿Los fondos mutuos de inversión en valores e Impuesto a la Renta son, acaso, una alternativa idónea para la inversión? ¿El intento desimplificar el régimen del Impuesto a la Renta ha tenido consecuencias perjudiciales para los contribuyentes? A lo largo del siguiente artículo, el autor remarca la importancia de proteger a los contribuyentes, de modo que éstos no se vean perjudicados por el régimen aplicable. De ello depende que los fondos mutuos sigan siendo un vehículo idóneo para la inversión.

Submitted by Luciana Ferreira (lucgeral@gmail.com) on 2018-06-12T11:09:27Z No. of bitstreams: 2 Dissertação - Cassia Neves da Silva - 2018.pdf: 2161688 bytes, checksum: e70d5a8c4b3eab21a97ddd645182a7e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2018-06-12T12:18:23Z (GMT) No. of bitstreams: 2 Dissertação - Cassia Neves da Silva - 2018.pdf: 2161688 bytes, checksum: e70d5a8c4b3eab21a97ddd645182a7e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-06-12T12:18:23Z (GMT). No. of bitstreams: 2 Dissertação - Cassia Neves da Silva - 2018.pdf: 2161688 bytes, checksum: e70d5a8c4b3eab21a97ddd645182a7e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2018-04-09 / Fundação de Amparo à Pesquisa do Estado de Goiás - FAPEG / The literature goes back to the fact that emerging markets have characteristics that are not relevant to the developed markets, among them the concentration of stocks and the cost of debt. Among emerging markets, the BRICS - Brazil, Russia, India, China and South Africa are economic powers. Therefore, this research aims to analyze whether the concentration of ownership and the cost of debt interfere in the value of the company in the BRICS in the period from 2007 to 2016, after the subprime crisis. For this purpose, publicly traded companies from these countries, financial and non-financial, were selected in the period to compose the sample, analyzed by quantile regression. In the results, China presented the lowest debt costs of the economic group. And the stock concentration does not affect the cost of debt in Brazil, but in China and Russia the lower the share concentration, the higher the cost of debt. In India only companies with Tobin's 50% lower Qs are shown to be negatively influenced. Finally, the cost of debt was relevant in companies with lower market values, proving to be irrelevant in companies with higher value. / A literatura descreve que os mercados emergentes apresentam características destoantes dos mercados desenvolvidos, dentre elas a concentração acionária e o custo de dívida. Em meio aos mercados emergentes, os BRICS – Brasil, Rússia, Índia, China e África do Sul – são potências econômicas. Portanto, esta pesquisa teve como objetivo analisar se a concentração de propriedade e o custo da dívida interferiram no valor da empresa nos BRICS no período de 2007 a 2016, após a crise do Subprime. Para tal, foram selecionadas as empresas de capital aberto desses países, financeiras e não financeiras, no referido período, para comporem a amostra, analisadas via regressão quantílica. Nos resultados, a China apresentou os menores custos de dívida do grupo econômico. Ademais, a concentração acionária não afetou o custo da dívida no Brasil, mas, na China e na Rússia,quanto menor a concentração acionária, maior o custo da dívida. Na Índia, apenas as empresas com os 50% menores Q de Tobin demonstraram serem influenciadas negativamente. Por fim, o custo da dívida foi relevante nas empresas com menores valores de mercado, provando serem irrelevantes nas empresas com maior valor.

[pt] A razão deste estudo é identificar se o mercado brasileiro reage a notíciais e informações que demonstram responsabilidade ambiental e social (ou a falta delas) referentes a empresas listadas na Bovespa. Para selecionar os tópicos de responsabilidade social e ambiental foram utilizados os sete critérios do estudo da SustainAbility e UNEP (2001). Para cada critério foram escolhidos eventos que geram notícias e informações (positivas e negativas) entre 2001-2005 publicadas no Jornal Valor Econômico. A metodologia de pesquisa de estudo de evento utilizando o modelo CAPM foi aplicada para medir mudanças anormais nos valores de ações. O evento que tem correlação mais positiva no valor das empresas é a formalização da intenção de migração para os níveis de governança da Bovespa e o evento tem uma correlação mais negativa é a greve ou a ameaça de greve. Não foram encontrados suficientes casos para gerar uma analise estatística significativa no caso dos eventos de corrupção e trabalho escravo. / [en] The objective of this study is to identify if the Brazilian market reacts to news and information that demonstrate corporate social and environmental responsibility (or a lack thereof) of the companies listed in Bovespa. To select the social and environmental responsibility topics the seven criteria from the SustainAbility and UNEP (2001) study was used. Events that generate news and information (positive and negative) were chosen for each criterion between 2001- 2005 published in the Jornal Valor Econômico. The event study methodology was applied using the CAPM model to measure the abnormality in the stock value. The event with the longest positive correlation in the company´s market value is the formalization for the intention to adhere to the governance levels of Bovespa. The event with the longest negative correlation is the strikes or strike threatens. Not enough cases were found to generate a significant statistical analysis corruption and slave labor.