Nesta pesquisa buscamos compreender a produção social da escala metropolitana em um contexto atual de mundialização financeira. Neste sentido, reunimos dados referentes à abertura de capital nas incorporadoras do setor da construção civil brasileiras, abordando a penetração do capital financeiro em suas estruturas e a ampliação da escala de produção e de atuação geográfica destas empresas a partir de 2005. Estes dados foram iluminados com um estudo simultâneo sobre o endividamento imobiliário urbano, por meio da abordagem dos leilões de imóveis, trazendo os conteúdos do desemprego para a compreensão crítica do crédito imobiliário urbano. O mapeamento dos dados se concentrou na Região Metropolitana de São Paulo. Identificamos o desdobramento da noção de moderna propriedade da terra em posse e propriedade, liberando a propriedade abstrata para circular como mercadoria e concentrando na posse as lutas cotidianas pela habitação. Constatamos a introdução do endividamento imobiliário como forma significativa de acesso à habitação nas periferias metropolitanas. Este endividamento foi compreendido como elemento de ritmanálise, capaz de transmitir os ritmos de valorização do capital mundial financeiro, definidos pela presença do capital fictício, aos ritmos de trabalho, de exploração e de espoliação urbanos, redefinindo o modo de vida metropolitano, notadamente por meio do acesso à habitação e à cidade. / In this research, we have sought to understand the social production of the metropolitan scale in the contemporary context of financial globalization. Having this in mind, we have gathered data concerning Initial Public Offerings (IPOs) by Brazilian construction firms, bringing into focus the penetration of finance capital into the firms structures, as well as the firms larger scale of operation and geographical reach from 2005 onwards. These data are clarified by a parallel investigation on urban mortgage indebtedness through an analysis of real estate auctions in connection to unemployment levels in metropolitan areas. Data mapping has been limited to the Metropolitan Area of São Paulo. We have recognized the development of modern landed property into (the opposing forms of) ownership and tenure as a process that makes it possible for abstract property to circulate as a commodity while everyday housing struggles focus on tenure rights. We have also noted that mortgage indebtedness has become a fundamental form of access to housing on the metropolitan peripheries. This mortgage indebtedness has been interpreted as an element of rhythmanalysis, in which the rhythms of the valorization of global finance capital characterized by the presence of fictitious capital are transmitted to the rhythms of labor, of urban exploitation and urban dispossession, reshaping the metropolitan way of life, especially with regard to the access to housing and to the city in a general sense.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-06-10T15:40:41Z No. of bitstreams: 1 thaissalzerprocopio.pdf: 819205 bytes, checksum: 0d6d27ede0f335051be5a6bd2d2bd679 (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-07-13T14:03:22Z (GMT) No. of bitstreams: 1 thaissalzerprocopio.pdf: 819205 bytes, checksum: 0d6d27ede0f335051be5a6bd2d2bd679 (MD5) / Made available in DSpace on 2016-07-13T14:03:22Z (GMT). No. of bitstreams: 1 thaissalzerprocopio.pdf: 819205 bytes, checksum: 0d6d27ede0f335051be5a6bd2d2bd679 (MD5) Previous issue date: 2013-05-20 / A desigualdade salarial é um tema que assume papel relevante na busca pelo desenvolvimento dos países, sendo amplo o número de estudos acerca dos fatores geradores de tal desigualdade. Como determinantes mais comuns, aparecem as características dos indivíduos, das firmas e das regiões. A maior parte dos estudos encontrados na literatura acerca dos impactos de características dos empregadores nos diferenciais salariais entre trabalhadores, entretanto, focam em fatores físicos das firmas, como tamanho e setor. Há, em adição, outros fatores relacionados à estrutura financeira das empresas que também podem gerar efeitos salariais visto que a segurança financeira das firmas está diretamente relacionada ao bem estar de seus empregados. Visando compreender os efeitos da reestruturação financeira proporcionada pela abertura de capital das firmas nos salários dos trabalhadores, este estudo investigou (i) a existência de diferencial salarial decorrente da mobilidade de trabalhadores entre empresas de capital aberto e fechado e (ii) o impacto da mudança de status da firma de capital fechado para aberto (via IPO - Initial Public Offering) no diferencial de salários dos trabalhadores. Para tanto, utilizou-se um painel balanceado que interliga duas fontes de dados: Rais-Migra do MTE – Ministério de Trabalho e Emprego – e Economática, abrangendo os anos de 2002 a 2008.A estratégia metodológica utilizada no estudo envolveu a estimação dos diferenciais salariais com o controle da heterogeneidade nãoobservada via efeitos fixos dos trabalhadores. Foram realizados, ainda, testes de robustez para verificar a consistência dos resultados. Constatou-se que existe diferencial salarial entre trabalhadores favorável aos indivíduos que mudam de empresas de capital fechado para empresas de capital aberto. Este diferencial foi de cerca de 12% pelo método de MQO, mas, ao controlar os efeitos não observáveis dos indivíduos, o diferencial caiu para menos da metade(4%). Esta redução no diferencial de rendimentos atribuído à mudança entre firmas de capital fechado e aberto, decorrente do controle dos efeitos fixos, pode refletir uma maior habilidade não observada dos trabalhadores que mudam para empresas de capital aberto e que, pelo método de MQO, não era controlada. Além disso, verificou-se um efeito positivo de 2% gerado pela realização da abertura de capital nos salários dos trabalhadores, no ano da abertura. Isto mostra que, mesmo com a reestruturação financeira gerada pelo IPO (que, potencialmente, reduziria riscos pelo acesso a mais fontes de financiamento), o evento tem impacto positivo no salário de seus trabalhadores. Esse ganho salarial pode ser explicado pela reestruturação organizacional e de portfólio que a empresa precisará enfrenta ao abrir o capital. Esses resultados contribuem para o avanço no estudo da identificação dos determinantes dos diferenciais salariais, que é uma importante questão ainda em aberto na literatura econômica. / Wage inequality is a topic that assumes an important role in the quest for developing countries, with a large number of studies on the factors that generate social inequality. Characteristics of individuals, firms and regions are quoted as major determinants of such inequality. However, most studies found in the literature on the impacts of employers characteristics on wage differentials focus on physical factors of firms, such as size and sector. In addition, other factors that are related to the financial structure of firms may also generate wage effects since the financial security of firms is directly related to the welfare of its employees. To understand the effects of the financial restructuring provided by IPO firms on wage differentials, this study investigated the impact of IPO (Initial Public Offering) on workers wages. We also investigated the existence of differential income from labor mobility between public companies and non-public ones. For that, we used a balanced panel that connects two data sources: Rais Migra-MTE - Ministry of Labor and Employment - and Economática, covering the years 2002 to 2008.The strategy used in the study involved the estimation of wage differentials with the control of unobserved heterogeneity via fixed effects of workers. We used the methods of OLS, Random Effects, Fixed Effects and First Differences. Further tests were performed in order to verify the robustness and consistency of results. It was found that there is wage differential between workers in favor of individuals who change from non-public companies to publicly traded ones. This differential was about 13% by the method of OLS, but felt to less than half (6%) after controlling to unobservable effects of individuals. This reduction may reflect a greater ability of workers to move to public companies and that, by the method of OLS, was not controlled. In addition, there was a positive effect of 2% generated by the completion of the IPO in the wages of workers in the year of opening. This shows that even with the possible financial restructuring promoted by IPO (which, potentially, reduces risk by promoting access to other sources of capital), the event has a positive impact on the wages of their workers, which may be explained by organizational restructuring and portfolio that the company needs to undergo to go public. These results contribute to the advancement in the study of identifying the determinants of wage differentials, which is an important question still open in the economic literature.

This report handles the creation of an access control map and the dening of asecurity policy for a healthcare communication system. An access control mapis a graphical way to describe the access controls of the subjects and objects ina system. We use a three step method to produce a graphical overview of theparts in the system, the interactions between them and the permissions of thesubjects. Regarding the security policy we create a read up and read down policylike the so called Ring policy, but adapt a write sideways approach. We alsoapply a mandatory access control which has a centralized authority that denesthe permissions of the subjects. Attribute restrictions is also included to thesecurity levels, to set an under limit for reading permissions.

Thesis describes initial public offering on the stock markets. There are mentioned basic phases of this process. In this thesis is named pros & cons of this source of financing. Recommends also other ways how to gain capital for own company business acitivities. Thesis is interested about main conditions for successfull "going public". Initial Public Offering of bonds is described too. Practical part of this thesis is concern IPO in the Czech Republic -- historical data, IPO in the past on Prague Stock Exchange, commentary of well-known stock-market analysts, graphs of stock prices in comparison with the main stock index PX.

The objective of this doctoral dissertation is to extend the existing knowledge in the area of Corporate Governance in the region of Central Europe. Specifically, a study focuses on companies entering the public market and examines whether board structure and diversity have an impact on the success of the Initial Public Offering. The dissertation is divided into several parts. Firstly, theory of Corporate Governance and Signaling theory, explaining the potential influence of the board characteristics on the public offering outcome, are introduced. The following is an extensive literature review related to each of the selected variables. In the analytical part of the thesis, methods of statistical analysis are employed to verify the hypotheses and the results are discussed considering the findings of prior studies.

The czech capital market is currently rarely used by the domestic enterprises for obtaining financial resources, although in the world this way of obtaining finance is common. There were regulatory changes in the czech capital market, but despite this partial liberalization, it has not increased interest of czech companies on issuing of shares or bonds. The focus of this dissertation is therefore a comparison of the conditions for corporate financing in countries with developed capital market and identifing any differences. The work also examines the evolution of corporate finance on the capital markets in different continents, influence the IPO on the financial health of the company and analyzes the impact of the amendment of the Act on Bonds.

Purpose: This study is made to analyze and examine effects of an IPO before and after a stock is introduced on the market, and if the age of the company makes a difference on the day it becomes listed. And if it could be associated with an improved financial performance through several assumptions. Theory: This study is based on three different theories, the Pecking Order Theory, Agency Cost Theory and Window-Dressing Theory, but could also be supported by previously recognized research. Method: The theories subjected of the study is based on quantitative elements of deductive and theory-testing approaches in different angles of the company's financial status.  Empiries: 54 companies were involved in a study of Initial Public Offering in the years of 2014 and 2015, the selection of the 54 companies were divided in two groups depending on which stock market they were listed on. We then made further research based on three questions. Is getting listed on the stock market an advantage for financial growth? If the age of the company gives it an advantage in financial growth when it gets listed on the stock market? Does it affect the financial growth depending on where the company got listed? Conclusion:Generally we can see a connection between choice of trading venue and the company's age of an IPO does affect the impact of financial growth and performance. / Syfte: Studien avser att analysera effekter av en börsnotering innan och efter, samt om ett bolags ålder vid noteringsdagen kan associeras med en förbättrad finansiell prestation genom olika antaganden. Teori: Denna studie utgår från tre teorier, Pecking Order Theory, Agency Cost Theory och Window-Dressing Theory, men även en referensram av tidigare forskning.  Metod: Studien utgår från en kvantitativ ansats med inslag av deduktiv- och teoriprövande ansatser.  Empiri: Ett urval bestående av 54 bolag studerades utifrån deras börsnotering som skedde år 2014 och 2015. Urvalet av 54 bolag delades upp i två grupper beroende på vilken marknadsplats som de var listade på. Därefter gjordes en vidare undersökning baserat på tre forskningsfrågor. Leder en börsnotering till tillväxt i bolaget? Påverkar valet av handelsplats ett bolags tillväxt vid börsnotering? Är bolagets ålder vid noteringsdagen associerat med förbättrad finansiell prestation? Slutsats: IPO har generellt sett en påverkan på bolags finansiella prestation. Beroende på val av handelsplats gav den finansiella prestationen olika utslag. Samband mellan ett bolags ålder vid en IPO verkade även ha en inverkan på den ekonomiska tillväxten.

The main aim of this dissertation is to identify the factors influencing the decision-making of enterprises on entering the capital market in selected CEE countries and formulate recommendations for further development of this form of financing. The key methodological tool is the collection of primary data by means of a questionnaire in which respondents (usually in the CFOs position) expressed their views on the issues related to internal and external factors affecting IPO activity. The results of the questionnaire survey show that the strongest motives for IPO implementation are the ability to raise capital to finance investment opportunities, improve publicity and image of the company, reduce debt, and be recognized by a relevant financial community as an important company. Among the barriers that most affect IPO implementation are the obligation to disclose company information that is key to a competitive advantage, asymmetry of information between external investors and the company, the interest in retaining decision-making control over the company, and the existence of alternative administratively less complex capital resources at the time of implementation of IPO. As per CFOs macroeconomic factors that have the greatest impact on IPO are favorable conditions in the stock market, favorable conditions in the sector in which the company operates, favorable GDP growth, and the use of banking loan at a relatively low interest rate. The results of the dissertation are the basis for the formulation of recommendations for potential IPO candidates.

This study is within the field of financial innovation and entrepreneurship. The thesis’s primary purpose is to investigate how and why entrepreneurs in Sweden are positioning themselves in regarding Initial Coin Offerings as a new financial vehicle based on the Swedish regulations and the underlying factors to the entrepreneur’s point of view. The literature contributes a limited knowledge of the Swedish industry concerning ICOs, and therefore this research aims to enhance awareness. Through qualitative research based on eleven interviews, we conclude there is a general lack of knowledge and risk-aversion from the absence of regulations in Sweden. Furthermore, all interviewed entrepreneurs were open-minded about an ICO with certain limitations. Considering that, on average, an enticing secondary market has existed for the tokens issued by ICOs, and a remarkable amount of money has been left on the table by project promoters, investors seeking for potential profit have hoarded the cryptocurrency space, creating a situation similar to the dot-com bubble. Thus, we also discuss the benefits, drawbacks, and the possible fate regarding ICOs, a new financing method that should not be overlooked.

Environmental, Social and Governance (ESG) integration in financial activities is a crucial topic that is gaining importance in financial markets. During the years, many studies have been conducted about Initial Public Offering (IPO) and underpricing since they are fundamental aspects of firms’ lifecycle. Nevertheless, none of these studies have appropriately related firms’ ESG characteristics to IPO underpricing. In order to fill this knowledge gap, this thesis’s purpose is to investigate whether the ESG factors of a firm have effects on its IPO underpricing in the U.S stock market. The U.S has been chosen as it is the biggest stock market in the world and because of the quality and reliability of the data available for this country.  A quantitative study is applied to investigate the relationship between ESG characteristics of the firms and the level of underpricing. First, to obtain the measurement of the ESG level of the pre-IPO firms, we have conducted two textual analysis of IPO prospectus, namely, term frequency and sentiment analysis. These indicators aim to show the disclosure level of ESG factors and whenever ESG is perceived negatively or positively by the market. Successively, the multiple regression is performed for each ESG indicator to find which measures have the analytical abilities to explain IPO underpricing. Based on the multiple regression results, we can conclude that the frequency of environmental & governance terms occurred in IPO prospectus, the negative tone, and the overall sentiment of the environmental context are significantly explaining IPO underpricing. These results have given meaningful answers for our research. The market does not perceive the social factors of a firm in the IPO context. On the other hand, environmental and governance aspects still attract the market’s attention in different ways. The market is concerned about the disclosure level of the governance activities and whether these activities are sufficiently mentioned in the prospectus. Meanwhile, the market takes into serious consideration the environmental activities of a firm by assessing the qualities of these activities. Moreover, the market is more sensitive to the negative information about environmental content than positive information in the IPO context. The textual analysis methods applied in this thesis have some limitations. However, this study has the reliability to confirm that some companies’ ESG factors affect IPO underpricing. As a consequence, it is possible to state that the market cares about  ESG issues.