O atual arcabouço normativo de proteção do investidor no mercado de capitais brasileiro teve suas linhas mestras cravadas pela reforma bancária introduzida pelas Leis 4.595, de 31 de dezembro de 1964, e 4.728, de 14 de julho de 1965, pela criação de um regulador especializado em mercado de capitais pela Lei 6.385, de 07 de dezembro de 1976, e pela reforma da legislação das sociedades anônimas introduzida pela Lei 6.404, de 15 de dezembro de 1976. Desde 1976, o arcabouço normativo de proteção do investidor no mercado de capitais brasileiro vem sendo desenvolvido a partir dessas linhas mestras iniciais, incorporando as lições aprendidas com as turbulências e euforias vividas pela economia nacional. Esse arcabouço normativo que aí está desde 1976 foi inspirado por contribuições do direito federal norte-americano, as quais foram conscientemente captadas no Brasil pelo legislador e pela comunidade jurídica nacional. Difundiram-se internacionalmente dos EUA para o Brasil os preceitos da proteção do investidor no mercado de capitais calcados na existência de um órgão regulador do mercado de capitais, na divulgação de informações relevantes para decisões de investimento (disclosure), na regulação funcional dos agentes do mercado de capitais e na vedação de fraudes com valores mobiliários. / The current normative framework for the protection of investors in the Brazilian capital market had its main lines placed by the banking reform introduced by the Laws 4.595, as of December 31, 1964, and 4.728, as of July 14, 1965, by the institution of one regulatory body specialized in the capital market by the Law 6.385, as of December 07, 1976, and by the reform in the legislation on companies introduced by the Law 6.404, as of December 15, 1976. Since 1976, the normative framework for the protection of investors in the Brazilian capital market has been developed based on such original main lines and incorporating the lessons learned with the turbulences and euphoria lived by the national economy. This current normative framework in place since 1976 has been inspired by the contributions of the federal US law and such contributions have been consciously captured in Brazil by the legislator and the national legal community. The following precepts of the protection of investors in the capital market have diffused from the US to Brazil, namely, the existence of one regulatory body in charge of capital markets, the disclosure of information relevant to investment decisions, the functional regulation of the agents of the capital markets and the prohibition of frauds with securities.

O processo internacional de discussão sobre orientações e programas voltados à conservação das florestas iniciado na década de 1990 foi influenciado pelos resultados das conferências internacionais sobre meio ambiente e pelos efeitos da globalização neoliberal. Esta dissertação examina a repercussão dessas inter-relações nas políticas de conservação florestal que vêm sendo implementadas e defendidas por diferentes atores, as quais valorizam a participação da sociedade civil e do mercado na gestão ambiental e promovem os interesses econômicos do setor florestal. Faz também uma avaliação crítica dos limites das teorias tradicionalmente utilizadas para a compreensão dos processos internacionais de elaboração de políticas para o meio ambiente e florestas (que utilizam principalmente os conceitos de regime internacional e governança global em suas análises), apontando para a necessidade de se colocar em destaque o caráter conflitivo e desigual do sistema no interior do qual essas políticas são pensadas. / The international discussion on programs and guidelines for forest conservation which began in the early nineties was influenced by the results of the international environmental conferences and by the effects of neoliberal globalization. This dissertation examines the repercussion of these interrelationships over the forest conservation policies that have been implemented and supported by different actors, which value the civil society and market participation in environmental management and promotes the forest sector economic interests. It also critically evaluates the limits of the theories traditionally employed to the comprehension of the international environmental policy-making process (which primarily use the concepts of international regime and global governance in their analyses), indicating the need of emphasizing the contentious and unequal character of the system within which these policies are thought.

Tratamos neste trabalho de um tema quase esquecido no direito brasileiro: a inconsistente interação entre antitruste e política de emprego na ação administrativa do CADE. Nesse contexto, o problema que se enfrenta é a falta de transparência do Conselho quanto às razões jurídicas para o abandono de antigas preocupações com nível de emprego no controle de concentrações. A questão que propomos responder é a seguinte: como o CADE deveria justificar seu definitivo distanciamento da regulação do mercado de trabalho? Em resposta, defendemos a tese normativa de que a utilização da análise econômica para justificar o rompimento da interação entre antitruste e política de emprego produziria uma forma de argumentação inaceitável do ponto de vista lógico. Diante da questão posta acima, este trabalho busca oferecer um juízo de valor acerca da plausibilidade de argumentos baseados em teoria econômica eventualmente adotados pelo CADE como justificativa para o abandono de suas preocupações com nível de emprego. Para tanto, tomamos o direito concorrencial como uma forma de discurso produzido por raciocínios práticos, dentro do qual a análise econômica do direito torna-se uma técnica de argumentação consequencialista. / This masters thesis deals with an almost forgotten topic in Brazilian competition law: the inconsistency in CADE decision-making as to the interactions between antitrust and employment policy. In this context, we face the problem of lack of transparency regarding the legal reasons for the Council to abandon its concerns with employment level in merger control. The research question to be answered is the following one: how should CADE justify its decision to definitively withdraw from the regulation of labor markets? In response, our claim is that the use of economic analysis to justify the broken interaction between antitrust and employment policy could lead to a form of argumentation logically unacceptable. In view of the question above, this thesis offers a plausibility evaluation of arguments derived from economic theory that CADE may further in support of its decision to give up concerns with employment level. To do so, we take competition law as a discourse produced by practical reasoning, in which the economic analysis of law becomes a technique for consequentialist argumentation.

Le premier chapitre montre l'interdépendance sur le marché locatif entre le formalisme procédural (FP) et les réseaux sociaux locaux. Tandis que le FP augmente le coût de résolution des conflits juridiques entre propriétaires et locataires, les réseaux sociaux présentent l'avantage de pouvoir régler un conflit sans la justice. Le FP permet de rendre plus intéressant aux yeux du propriétaire les individus appartenant à un réseau social. Le deuxième chapitre explique l'importance du soleil sur la demande de régulation du marché locatif. Les pays d'Europe du sud très ensoleillés sont attractifs de par leur douceur de vie. Cette immigration potentielle augmente la tension sur le marché locatif. Pour la réduire, les individus d'Europe du sud développent une complémentarité entre capital social local et régulation. Cette stratégie explique un équilibre méditerranéen où le capital social local et le FP sont élevés. A contrario, l'absence d'attractivité des pays faiblement ensoleillés explique un équilibre anglo-saxon et scandinave aux caractéristiques opposées. Le troisième chapitre explique le soutien pour la régulation du marché du travail par la présence de régulations sur le marché locatif. Lorsque ce dernier est très régulé, les propriétaires sélectionnent les locataires selon leur capacité à payer le loyer. Protéger les contrats à durée indéterminée oblige les entreprises à sélectionner les travailleurs et permet alors aux propriétaires de mieux estimer le risque individuel de licenciement. Nous construisons un modèle où les individus sans emploi demandent plus de régulations et de protections en dépit de l’augmentation du chômage et de la part des contrats temporaires. / The first contribution studies the complementarities between the strength of social networks and the stringency of procedural formalism. While procedural formalism increases the cost of legal dispute resolution between landlords and tenants, social networks allow conflicts to be solved without recourse to justice. Procedural formalism is thus a way to provide a market advantage to local individuals embedded in dense local social networks at the expense of nonlocal agents without access to such networks.The second contribution deals with the importance of the sun on the demand for regulation in the rental market. Southern European countries with good climate amenities are attractive by their mildness of life. This potential immigration increases the pressure on the rental market. To reduce it, individuals in Southern Europe develop complementarities between social capital and local regulations. This strategy explains a Mediterranean equilibrium characterized by high levels of local social capital and procedural formalism. Conversely, the lack of attractiveness of countries with low climate amenities leads to an Anglo-Saxon and Scandinavian equilibrium with opposite features.The third contribution explains the support for labor market regulation by the presence of regulations on the rental market. When the rental market is very regulated, landlords screen applicants with regard to their ability to pay the rent. Protecting regular jobs offers a second-best technology to sort workers, thereby increasing the rental market size. We provide a model where non-employed workers demand protected jobs despite unemployment and the share of short-term jobs increase.

Diploma thesis is dealing with causes of current financial crisis, especially with financial regulation failure and its analysis. Regulation failure was incontrovertibly the important cause of current crisis. As a result of regulation failure we can identify these as follows: asset securitization,rating agencies failure, information asymmetry,negative externalities etc. This thesis is also concerned with analysis of bankruptcy of american investment bank Lehman Brothers. The last part of work examine the financial regulatory reform.

The field of financial derivatives is rather complicated and usually not familiar to general public. Financial derivatives are used for three different reasons: arbitrage, speculation and hedging. This paper focuses mainly on the last one - hedging. The goal of the thesis is to clarify the heart of the matter, to explain the reasons why derivatives exist and to systemize their individual types and classification. It compares basic types of derivatives and summarizes their advantages and disadvantages and possible practical usage of them. Apart from companies as final users, the paper remembers also external subjects, such as clearing. It explains the terms of risk and uncertainty and goes into their identification, the risk management and its hedging. It also analyzes the current situation on OTC (over the counter) market and brings output from interviews with experts and consultants about their experience from working with their clients dealing with derivatives. The thesis also covers information about recently passed law called European Market Infrastructure Regulation, which is closely connected with working with financial derivatives. Furthermore, it includes a case study of L'Oréal Company, describing procedures and principles, based on which the Company deals with derivatives, and analyzing problems which L'Oréal has to face.

Master thesis analyses factors which has influence on a way of process management within utility companies. Thesis expands results of previous researches from the of utility market and information systems field. The main objective is to prepare an overview and comparison of specialized ERP systems to support specific business processes of utility companies and analysis of selected ERP solutions against factors that influence the development of these systems. The partial aim is to analyze innovation factors, information acquisition and processing to theoretical basis. The benefits for the reader is the overview and comparison of ERP systems, overview of risk factors influencing the successful implementation and effective operation of the ERP system, analysis and design solution to strategic challenges in utility industry and analysis of partial ERP system againt these challenges.

The intention of this thesis is to assess whether it is economically advantageous formation of water prizes with using elements of price discrimination. The first part of thesis defines the theoretical basis on which it is based on practical part. The analytic part is dealing with cost of production and distribution of water, prizes of water and adequate profit in company. There is also described the current situation in the market including legislation related to the issue. The last part is own proposals for pricing.

No description available.

Die vorliegende Dissertation besteht aus drei empirischen Papieren, die verschiedene Anreize von Manager bezüglich einer Beeinflussung der Rechnungslegung untersuchen. Das erste Papier untersucht die Wechselwirkung von Produktmarktregulierung und Rechnungslegung. Die Ergebnisse zeigen, dass Manager frühzeitig neue Rechnungslegungsregeln anwenden, um regulierte Preise in der Versorgungswirtschaft zu beeinflussen. Der zweite Teil der Dissertation befasst sich mit der Frage, inwieweit sich persönliche Eigenschaften von Managern (Selbstüberschätzung) in der Rechnungslegung widerspiegeln. Ihre Fähigkeiten überschätzende Manager haben zu hohe Erwartungen bezüglich der zukünftigen Zahlungsüberschüsse ihres Unternehmens. Das Papier zeigt, dass diese Manager bei Amtsantritt mit einer geringeren Wahrscheinlichkeit das Periodenergebnis negativ beeinflussen (Earnings bath). Das letzte Papier der Dissertation untersucht die Berichterstattung von Unternehmen, die an europäischen, börsenregulierten Aktienmärkten notiert sind. Insbesondere liegt der Fokus auf der freiwilligen Anwendung der International Financial Reporting Standards (IFRS) und der freiwilligen Veröffentlichung von Quartalsinformationen. Die Ergebnisse zeigen, dass der Verkauf von Aktien an institutionelle Investoren zum Zeitpunkt des Börsengangs positiv mit der freiwilligen Anwendung der IFRS korreliert, jedoch nicht mit der freiwilligen Veröffentlichung von Quartalsinformationen. / This cumulative doctoral thesis consists of three papers. Each part investigates empirically different aspects of the incentive structure of managers to influence the accounting outcome. The first paper examines the interplay of product market regulation and financial reporting. It shows that managers early adopt a new accounting regime if accounting numbers are used by regulators to set prices in utility industries. The second paper argues that reporting decisions of managers are influenced by personal characteristics (overconfidence). Overconfident managers overestimate their abilities and consequently have upwardly biased expectations concerning future firm cash flows. More specifically, the paper shows that overconfident CEOs are less likely to engage in an earnings bath at CEO turnover. The last paper investigates reporting choices of firms in European exchange-regulated markets. In particular, it sheds light on the voluntary adoption of International Financial Reporting Standards (IFRS) and on the decision to voluntarily provide quarterly financial information. The findings indicate that the likelihood of voluntary IFRS adoption increases with the proportion of stocks sold to institutional investors upon IPO while the likelihood to provide quarterly information does not.