Made available in DSpace on 2016-03-15T19:33:53Z (GMT). No. of bitstreams: 1 Alexandre Manoel Goncalves.pdf: 1317030 bytes, checksum: 5b611f48911913eb10863f83d5bfb44b (MD5) Previous issue date: 2012-08-09 / Capital Market is comprised of the most important companies in activity in a given country. It is a means to obtain resources to finance productive activity in the long term, being consistent with the size of the business and its economic capacity. Also, Capital Market is widely used for savings both through funds or direct investments. The Federal Constitution ensures economic order based upon free enterprise. However, regardless of the business sector, that cannot be considered as unlimited freedom in terms of economic activity, exempt of monitoring or accountability. Therefore, over the past two decades the Movable Assets Commission has become a steady and accurate institution establishing administrative rules, conducting assessments in case of suspicion of irregularities, in addition to establishing penalties. On the other hand, Bovespa Market Supervision is taking over self-regulation among traders and brokers. Nonetheless, in some cases administrative supervision alone is insufficient to prevent irregular practices or punish those responsible. For specific cases, measures such as suspension of the exercise of professional activity and fines have proven ineffective to discourage the unlawful conduct of certain persons. Under such circumstances, criminal law becomes the State s last resort to regulate the matter. Law 6.485/76, with wording amended by Law 10.303/01, typifies the crimes of market manipulation, misuse of insider information and irregular exercise of office, profession, activity or function in the capital market. It is society s role to reflect and define what conducts shall be regarded as crimes. / O Mercado de Capitais representa a reunião das mais relevantes empresas em atividades de determinado país. Trata-se de um meio para a obtenção de recursos de modo a financiar a atividade produtiva, em longo prazo, de forma compatível com o porte do negócio e sua capacidade econômica. Noutro aspecto, serve como destino para a poupança popular, quer por meio de fundos, ou investimentos diretos. A Constituição Federal assegura a ordem econômica fundada na livre iniciativa. Não significa, entretanto, liberdade absoluta da atividade econômica e isso vale para qualquer setor empresarial sem que exista alguma espécie de acompanhamento ou responsabilidade. No caso do mercado de capitais, a Comissão de Valores Mobiliários se firmou, ao longo das duas últimas décadas, como instituição serena e precisa, para estabelecer normas administrativas, realizar apurações quanto à suspeita de irregularidades e até estabelecer sanções. A Bovespa Supervisão de Mercados, por sua vez, começa a ocupar o espaço de autorregulação entre os operadores e corretoras. Há casos, contudo, em que a tutela administrativa é insuficiente para, isoladamente, evitar práticas irregulares ou punir os responsáveis. Suspensão do exercício da atividade profissional e multa, em determinados casos, mostram-se fracos a desestimular a conduta ilícita de determinadas pessoas. Normas penais, por vezes, representam o último recurso do Estado para disciplinar o assunto. A Lei 6.485/76, com a redação alterada pela Lei 10.303/01, tipifica os crimes de manipulação de mercado, uso indevido de informação privilegiada e o exercício irregular de cargo, profissão, atividade ou função no mercado de capitais. A sociedade deve refletir e definir quais as condutas que deseja ver previstas como crime.

This thesis deals with the financial market intermediation and distribution on the financial market. By using situational analysis reveals connections and principles of the functioning of financial intermediation and focuses on the role of financial market regulation and commission fees. Thesis is analyzing the effects of changes in commission system and impact to different distribution models.

Immense amounts of waste are generated daily by our society, and the management of these streams is a critical societal function. Part of this work is reusing and recycling materials with attractive properties, which is also an imperative step towards circular material flows. Although, the reuse of waste-based resources entails a conflict between efficient use of resources and minimal environmental toxicity, which hampers the reuse. The labeling of a resource as waste also makes using or trading the resource problematic, both regarding regulations, but also concerns from the society regarding toxicity or quality. A way of increasing the reuse of waste streams is initiating and organizing a functioning trade with the material. This study aims at clarifying how new markets for waste base products can emerge and evolve. This aim is formulated as identifying the functions that needs to be fulfilled for a new market for waste-based products to function, and what can be done to fulfill these functions. The study is designed as a case study including four cases where waste in some way is put back to use through trade. This reuse is studied as a market, with buyers, seller and brokers encased in institutions. To expose the role of policy instruments in organizing waste-based markets, there is one specific policy instrument per case for which the effect is analyzed deeper. The main empirics has been collected through interviews with actors on the four case markets, aiming to identify typical events in the evolution of the markets, and what is perceived as important as of today. The case markets are residual sludge from biogas production and from waste water treatment being used as fertilizer, and the residual gravel from waste incineration in Sweden and Denmark being used as a construction material. On these markets, the degree of actual trade varies, as well as the maturity of the markets. By studying and comparing four markets for waste-based resources, and considering the perspectives from actors at different ends of the respective resources value chain, twelve market functions have been identified within three market components. The component institutions and networks contain functions not directly related to the supply- or demand-side of the markets but rather the legitimacy and authorization process, ability of the actors to identify with their roles in the value chain, and how certifications and actor-initiatives can form common grounds for actors in the value chain. In the component supply the waste producer’s responsibility and means of influence over the quality and quantity of the resource is identified as functions. Brokers might play a critical role and policy instruments is needed to increase the producers means of influencing the waste streams, and to regulate the use of the resource. In the component of demand marketing, systems for quality assertion, and niche management are identified as methods to fulfill critical functions. Waste based resources by nature appears as a secondary material flow in a process, and therefore it is not naturally integrated in the business model of any actor. The waste-label forces the resource to comply to rules and regulations perceived problematic, while buyer demands are perceived as unfairly promoting virgin resources and getting societal acceptance of the resource is an uphill battle. By studying the behaviors and needs of market actors, and the role of policy instruments during the course of market evolution, opportunities has been identified as to how policy instruments can fulfill the varying key market functions. For each of the identified functions, it is suggested how policy instruments can contribute, or help the market actors, to fulfill the function. / Idag genereras stora mängder avfall från många delar av det mänskliga samhället och att hantera dessa flöden är en viktig samhällsfunktion. En del i det arbetet är att återanvända och återvinna material med tillräckligt attraktiva egenskaper, vilket är ett viktigt steg i utvecklingen mot mer cirkulära materialflöden. Återanvändning av avfallsbaserade resurser innebär dock en konflikt mellan effektiv resursanvändning och minimering av föroreningar i omgivande miljöer, vilket bromsar återanvändningen. Att ett material benämns som avfall medför också att det blir problematiskt att använda och handla med, jämfört med produktklassade material och varor, både på grund av lagstiftning och ökad oro från omgivningen gällande föroreningsinnehåll och bristande kvalitet. En metod för att uppnå ökad återanvändning av avfallsflöden är att initiera och organisera en fungerande handel med materialen. Denna studie syftar till att utreda just hur nya marknader för avfall kan uppstå och utvecklas, vilket formuleras som att identifiera funktioner som behöver vara uppfyllda för att en ny marknad för avfallsbaserade resurser ska fungera och vad som kan göras för att uppfylla dessa funktioner. Studien är utformad som en fallstudie och omfattar fyra fall där avfall på ett eller annat sätt kommer åter i bruk via handel. Denna återanvändning studeras som en marknad, med köpare, säljare och mellanhänder som omges av institutioner uppsatta av både myndigheter och från annat håll. För att synliggöra styrmedels roll i att organisera en avfallsbaserad marknad har det på varje marknad lyfts fram ett specifikt styrmedel vars roll har studerats mer ingående. Den huvudsakliga empiriinsamlingen har utförts genom intervjuer med respondenter från viktiga aktörer på de fyra marknaderna, vilka har syftat till att både identifiera typiska händelser som har lett till förändringar på marknaderna tidigt i marknadens utveckling och vad som upplevs viktigt på marknaderna idag. De studerade marknaderna är rötrester från biogasproduktion respektive avloppsrening som används som gödselmedel inom jordbruket, samt slaggrus från avfallsförbränning som används som konstruktionsmaterial i samhället i Sverige respektive Danmark. På dessa marknader sker handel i olika stor utsträckning och marknaderna befinner sig i olika skeden av utveckling. Genom att studera och jämföra fyra marknader för avfallsbaserade resurser, och ta hänsyn till behov och perspektiv från aktörer på olika platser i resursernas värdekedja har tolv funktioner identifierats inom tre marknadskomponenter. Komponenten institutioner och nätverk berör funktioner som inte är direkt kopplade till köpare eller säljare. Här presenteras att handel måste vara tillåtet och tillståndsprocessen snabb och förutsägbar, vilket innebär att politiska målsättningar behöver gå i linje med marknadens utveckling. Ytterligare funktioner är vikten av att samtliga inblandade i handeln är medvetna om sin roll i värdekedjan och hur certifieringar och branschinitiativ på ett bra sätt kan skapa naturliga mötesplatser för aktörer i hela värdekedjan. Inom marknadskomponenten tillgång har avfallsproducentens ansvar och rådighet över avsättning och kvalitet och kvantitet hos avfallsflödet identifierats som viktiga funktioner. Mellanhänder kan komma att spela en viktig roll och styrmedel kan behövas både för att öka producenters rådighet över avfallsflödet och för att med avseende på föroreningshalter reglera användningen av det. Inom marknadskomponenten efterfrågan är marknadsföring, system för kvalitetssäkring och spårbarhet samt skapande av nischer identifieras som metoder för att uppfylla betydande funktioner. Avfallsbaserade resurser uppstår till sin natur som ett biflöde till en annan process och är därför inte en tydlig del av någon aktörs affärsmodell. Avfallsklassningen gör också att resursen måste passera regelverk som upplevs problematiska, samtidigt som användares krav upplevs premiera jungfruliga produkter och det finns en förtroendemässig uppförsbacke hos potentiella användare. Genom att studera olika aktörers beteende och behov på marknaderna, samt vilken roll styrmedel upplevs ha spelat under marknadernas utveckling så har möjligheter identifierats gällande hur styrmedel kan uppfylla de olika funktionerna. För samtliga identifierade funktioner presenteras förslag på hur styrmedel kan bidra till, eller möjliggöra för marknadsaktörer, att uppfylla den aktuella funktionen.

Diese Dissertation umfasst vier Essays, die einen Beitrag zur empirischen Literatur über die Determinanten der Veränderungen in der Beschäftigungs- und Lohnstruktur in Deutschland leisten. Im ersten Aufsatz wird der Zusammenhang zwischen technologischem Wandel und Wachstum von Beschäftigung am unteren Ende der Lohnverteilung untersucht. Eine ökonometrische Analyse zeigt, dass technologischer Wandel die Arbeitsnachfrage von routine-intensiven Berufen hin zu Berufen verschiebt, die niedrig entlohnte manuelle Tätigkeiten erfordern und sich nicht zur Substitution durch Informationstechnologien eignen. Damit trägt er zur Polarisierung der Beschäftigungsstrukturen bei. Der zweite Aufsatz untersucht die Rolle von technologischem Wandel in der Entstehung räumlicher Lohnungleichheiten. Es wird gezeigt, dass technologischer Wandel zu einem Zuwachs in der Entlohnung von nicht-routine kognitiven Tätigkeiten und zu einem Rückgang der Entlohnung für routine und nicht-routine manuelle Tätigkeiten führte und damit zur Vergrößerung der inter- und intra-regionalen Lohnungleichheit beitrug. Der dritte Aufsatz untersucht die Beschäftigungswirkung von Produktmarktderegulierung am Beispiel der Liberalisierung der Ladenschlussgesetze, wobei regionale Variation in der Gesetzgebung zur Identifikation des kausalen Effekts dient. Es wird gezeigt, dass die Beschäftigung im Einzelhandel durch die Deregulierung um etwa 19.000 vollzeitäquivalente Stellen zurückging. Dem zugrunde liegt ein signifikanter Rückgang an kleinen Unternehmen, die personalintensiver arbeiten als große Unternehmen. Im vierten Aufsatz werden die Auswirkungen von öffentlicher Beschäftigung auf die Beschäftigung im Privatsektor untersucht. Ergebnis ist, dass die Schaffung öffentlicher Beschäftigung erhebliche Verdrängungseffekte auf die Gesamtbeschäftigung im Privatsektor hat, wobei hauptsächlich der handelbare Sektor von Beschäftigungsverlusten betroffen ist. / This thesis consists of four essays that contribute to the empirical literature on the determinants of recent changes in the employment and wage structure in Germany. The first essay analyzes recent employment growth at the lower tail of the wage distribution and its relation to technological progress. An econometric analysis suggests that tech-nological progress has shifted the demand from routine intensive occupations towards low-paying service occupations that require non-routine manual tasks, which are difficult to be replaced by information technologies, thereby contributing to the polarization of the employment structure. The second essay explores the role of technological change in the evolution of spatial wage inequality. The results indicate technological change is one driver of wage inequality by increasing the compensation for non-routine cognitive tasks, and by decreasing the compensation for routine and non-routine manual tasks. The third essay exploits regional variation in the liberalization of shop-closing legislation in Germany to identify the causal impact of product market deregulation on employment outcomes in the retail sector. The results from the empirical analysis suggest that the deregulation had moderately negative effects on retail employment, leading to a loss of approximately 19,000 full-time equivalent jobs. The reason is that deregulation induced a change in the market structure by significantly decreasing the number of small retail stores which are relatively more personnel-intensive than larger formats. The fourth essay provides an empirical analysis of the impact of changes in public sector employment on employment in the private sector at the level of local labor markets. It shows that expansions in public employment can be associated with a sizeable crowding out effect on private sector employment. Moreover, the results indicate that employment losses are concentrated in the tradable sector.

La tesi doctoral Publicidad comercial y libertad de expresión analitza les conseqüències jurídiques de la protecció de la publicitat i d'altres formes de comunicació comercial mitjançant la llibertat d'informació i d'expressió prevista en els articles 20.1 a) i d) de la Constitució. S'examina, en primer lloc, la jurisprudència dictada pel tribunal Suprem Federal dels Estats Units, el Tribunal Europeu de Drets Humans, el Tribunal Europeu de Justícia i el Tribunal Constitucional Alemany. En segon lloc, la tesi analitza els fonaments econòmics, socials i legals que advoquen per la protecció constitucional de la publicitat comercial. Les conclusions bàsiques del treball apunten a què les comunicacions comercials compleixen les funcions que tradicionalment s'associen a la llibertat d'expressió entre d'altres, promoció de l'autogovern democràtic i foment de l'autonomia individual i que els límits a la seva realització han d'enjudiciar-se d'acord amb el principi de proporcionalitat. / La tesis doctoral Publicidad comercial y libertad de expresión analiza las consecuencias jurídicas de la protección de la publicidad y otras formas de comunicación comercial mediante la libertad de información y expresión prevista en los artículos 20.1 a) y d) de la Constitución. Se examina, en primer lugar, la jurisprudencia dictada por el Tribunal Supremo Federal de los Estados Unidos, el Tribunal Europeo de Derechos Humanos, el Tribunal Europeo de Justicia y el Tribunal Constitucional Alemán. En segundo lugar, la tesis analiza los fundamentos económicos, sociales y legales que abogan por la protección constitucional de la publicidad comercial. Las conclusiones básicas del trabajo apuntan a que las comunicaciones comerciales cumplen las funciones que tradicionalmente se asocian a la libertad de expresión entre otros, promoción del autogobierno democrático y fomento de la autonomía individual y que los límites a su realización deben enjuiciarse de acuerdo con el principio de proporcionalidad. / The PhD dissertation Publicidad comercial y libertad de expresión explores the legal consequences of protecting advertising and other forms of commercial speech through freedom of information and expression set forth in articles 20.1 a) and b) of the Spanish Constitution. It discusses, on the one hand, the case-law by the U.S. Supreme Court, the European Court of Human Rights, the European Court of Justice and the German Constitutional Court. On the other hand, the dissertation analyses the economic, social and legal underpinnings which support the constitutional status of commercial speech. The basic conclusions of the research assert that commercial communications perform functions traditionally associated to freedom of expression among others, fostering democracy and promoting individual autonomy and that limitations to commercial speech ought to be scrutinized with resort to the principle of proportionality.

This thesis concerns the development of the self-regulation of advertising in Sweden from 1950 until 1971. Self-regulation was initiated in the 1930s due to a business desire to regulate fair competition in marketing, and while it initially was a minor operation, the 1950s and 1960s were characterized by extensive development. When self-regulation was overtaken by state policies in 1971, it included several interlocking systems, of which parts survived the introduction of the state regime. The thesis’ aim has been to analyze how the rapid regime transitions in the self-regulation regime can be understood. The existing literature identifies four major transitions that occurred during the studied time period. To understand them, the thesis has studied the policy processes leading up to these transitions. Focus has been on the business interest organizations that controlled the regime and their regulatory strategies. Theoretically, the analysis has departed from the hypothesis that tensions between these organizations, due to their members’ different market interests and varying levels of exposure to regulation and public badwill, to a significant degree informed their strategic choices as well as policy outcomes. The results show that the policy processes preceding the regime transitions were characterized by internal tensions, whereby organizations representing advertisers, and to a lesser degree media carriers, due to their members’ higher level of exposure to regulation and public badwill, successfully supported stronger market policing, while ad agencies, being less exposed, as well as a peak industry organization for the proliferation of marketing largely opposed such measures, preferring a more lenient regulation. However, due to increased exposure to regulation and bad will, the ad agencies finally abandoned their opposition and took the lead in regulatory innovation through the introduction of an extensive clearance program that survived the launch of the state regime, becoming a key component in the co-regulatory structure that followed.