Made available in DSpace on 2016-03-15T19:26:32Z (GMT). No. of bitstreams: 1 Lucas de Lima Neto.pdf: 1377873 bytes, checksum: 5662b7f0de6febdc2cd5287a685d2b41 (MD5) Previous issue date: 2007-08-30 / Since its beginning at 70´s in the USA, asset securitization has shown a strong increase in the issued amounts in Europe and in the USA. In spite of more modest figures, Brazilian asset securitization issues through FIDC have shown also a great increase. This work aims to investigate this impressive performance. An asset securitization program effectively mitigates firm´s risk because what occurs in this case is a risk transfer from the firm to SPV/FIDC in the moment that the firm sells its cash flow to SPV/FIDC. This transfer could be total or partial. It was possible to demonstrate how the receivables acquisition rate (rs) depends on arrangement costs (υ), time interval of receiving the cash flow (T), issuing debt market rate (rm) and the cash flow performance (δ). / As operações de securitização de ativos têm mostrado, desde que surgiram na década de 70 nos EUA, um forte crescimento no volume de suas emissões, tanto na Europa quanto nos EUA. No Brasil, apesar de ainda modestos os volumes de FIDCs encontram-se em franca expansão. Investigar as razões desse impressionante desempenho é o objetivo deste trabalho. Um programa de securitização de ativos efetivamente mitiga o risco da firma, pois ocorre uma transferência de risco da firma para o fundo quando ela vende o seu fluxo de caixa. A transferência de risco pode ser total ou parcial. Foi possível demonstrar a dependência da taxa de cessão dos recebíveis (rs) com relação aos custos de estruturação (υ), ao intervalo de tempo de recebimento do fluxo de caixa (T), à magnitude da taxa de mercado de emissão de dívida (rm) e à performance dos recebíveis da firma(δ).

Made available in DSpace on 2016-03-15T19:32:57Z (GMT). No. of bitstreams: 1 Daniel Gloria.pdf: 1779297 bytes, checksum: 9bd41fd468fe82dde5e3635f4ae28219 (MD5) Previous issue date: 2015-08-19 / The aim of this study is to identify the factors in determining credit for companies in judicial or extrajudicial rehabilitation or which are undergoing a period of financial crisis. This research is particularly relevant in the current scenario where the number of companies opting for the rehabilitation process is constantly increasing. Several causes can be attributed to companies showing poor performances and facing subsequent financial crises either as a result of internal factors or external ones. The lack of competent managerial decision-making, adoption of consistent strategies, poor management of the company's cash, among many other factors, cause loss of income and lowering of credit rating, thus leading to credit restrictions by commercial banks. Faced with this financial crisis, some companies end up taking advantage of the benefits provided by Statue 11.101/05 and opting for bankruptcy protection. Given the scarcity of credit, companies turn to factoring and FIDC, through which assignment of receivables helps to meet the need for raising funds and maintaining company operations. In this context, the present research proposes a study of the determining factors in granting credit to businesses in rehabilitation (turnaround), given the assumption of disparity between financial statements and the need for credit to keep the company going during the period of recovery from the crisis. The theoretical framework bases the survey on the causes of the financial crisis, followed by factoring, FIDC, securitization, Statute 11.101/05, the American Bankruptcy Code, credit and the role of trust. Qualitative, exploratory research was conducted at companies in the city and state of São Paulo. The results indicate two main trends in the credit-granting process; (i) the adoption of an agent who builds confidence and lowers the perceived risk for the funding entity; and (ii) the search for a partner to finance the company during the formal or informal rehabilitation process. / O objetivo deste estudo é identificar os determinantes de crédito para empresas em recuperação judicial, extrajudicial ou em crise financeira. Esta pesquisa está amplamente inserida no cenário atual em que os índices de empresas que optam pelo processo de recuperação se apresentam em constante elevação. Diversas causas podem levar as empresas ao desempenho desfavorável e, consequente, crise financeira, seja por fatores internos ou externos. A ausência de tomada de decisão gerencial, da adoção de estratégias consistentes, a má gestão do caixa da empresa, dentre tantas outras, ocasionam a perda de resultado e a deterioração do rating de crédito e, consequentemente, à restrição ao crédito por bancos comerciais. Diante da crise financeira, algumas empresas acabam recorrendo ao benefício da lei 11.101/05, optando pelo processo de recuperação judicial. Face à escassez do crédito, as empresas recorrem à factoring e Fundos de Investimentos em Direitos Creditórios (FIDC) para que, por meio da cessão de direitos creditórios possam suprir a necessidade de captação de recursos e manter o funcionamento da operação. Nesse contexto, a presente pesquisa propõe um estudo sobre os fatores determinantes na concessão do crédito para as empresas em recuperação (turnaround), dado o pressuposto da assimetria nas demonstrações financeiras e a necessidade de crédito para fomentar a empresa durante o período de recuperação da crise. O referencial teórico traz o levantamento a partir das causas da crise financeira, seguido do factoring, Fundos de Investimentos em Direitos Creditórios (FIDC), securitizadora, da lei 11.101/05, da lei americana Bankruptcy Code, do crédito, da confiança, do estudo de um caso real, chegando às conclusões. Realizou-se pesquisa qualitativa, do tipo exploratória, com 9 empresas da cidade de São Paulo e interior em que a soma do patrimônio líquido representa 33% do mercado. A aplicação do caso real de uma empresa em recuperação judicial com a adoção de um FIDC para fomentar o caixa a partir da contratação da empresa de consultoria permite compreender todo o processo. Os resultados obtidos através da análise de conteúdo indicam 2 vertentes no processo de concessão de crédito, sendo (i) a adoção de um agente que eleve a confiança e diminua a percepção do risco para o fomentador e (ii) a busca por parceiro para financiar a empresa durante o processo de recuperação judicial ou recuperação informal (acordo fora do tribunal). Constatou-se os seguintes determinantes de crédito: a competência da empresa em produzir resultados, o caráter da empresa, a qualidade das informações financeiras e a adoção de consultor, ainda que exerça o papel de agente, e mitigador de risco percebido.

In their first meeting of the new millennium the UN Security Council put HIV/AIDS on the agenda as a security issue. This was the first time a non-traditional security issue was discussed in such a forum. Based upon the normative discussions raging within the field of securitization theory, this study seeks to analyse the empirical outcomes that the securitization effort, of putting HIV/AIDS on the Security Council agenda, might have had. While many studies argue the normative points of securitization when it comes to non-traditional security issues, this study turns to an empirical case. Based upon the resolution 1308, following the Security Council’s meeting, UNAIDS was chosen in order to uncover the possible outcomes of the securitization efforts. By using bureaucratic theory to develop a framework for the textual analysis of UNAIDS meeting documents from 1998-2005, this study uncovers undeniable changes to the nature and structure of the organization. The positive results yielded in the analysis of UNAIDS highlight that the use of securitization as a practical policy tool in to advance an issue at hand could well be a way forward with similar areas lacking sufficient attention and/or funding.

The purpose of this study is to describe how the EU relates to its territorial enclaves, Ceuta and Melilla located within Morocco. As this study is based on the theoretical foundations of the Copenhagen School it has focused on how the EU relates to its enclaves in terms of security. More specifically its aim was to uncover if a securitization of the enclaves had been initiated by the EU, the nature of the process and whether the securitization has been successful. The area of threat was recognized as immigration or specifically illegal immigration through the enclaves. The study was conducted using a qualitative text analysis, the Anglo-Saxon direction of discourse analysis found in the writings of Chantal Mouffe and Ernesto Laclau. The material consisted of EU official documents relating to the enclaves. The discourse analysis was conducted by the deconstruction of the discourse using concepts like nodal points, floating signifiers and the search for temporary closure of discourse. The analysis uncovered the securitizing move, the referent object and an audience acceptance of the threat. This has led to the legitimization of unconventional measures and the realization of the securitization of the enclaves.

“Unemployment is a restriction of people’s social networks and the feeling of participation in the society” -Marita Eastmond & Lisa Åkesson Abstract The main aim of this study is to discuss integration in the labour market by analyzing and discussing a governmental Proposition and a Pilot Project as well as the results of the field work herein carried out. In order to understand how integration in the labour market occurs and to provide some suggestions to improve the governmental documents, the concepts of securitization of migration and transnationalization of migration were used as analytical frameworks. The Pilot Project chosen is Pilotverksamhet med etableringssamtal och etableringsplan – Uppdaterad projektplan med mål och riktlinjer för den utvidgade försöksverksamheten based on the Proposition 2009/10:60 ”Nyanlända invandrares arbetsmarknadsetablering – egenansvar med professionellt stöd”. The research questions are 1) which questions are left aside from the Proposition and which are possible suggestions to the questions found? 2) How are the interviewees and the Pilot Project/Proposition affected by securitization of migration and transnationalization of migration? Furthermore, suggestions to improve the proposition were discussed. Interviews with primary and secondary stakeholders were also carried out. This analysis was carried out together with the results of the field work in Kronoberg (focused on residents of Araby, Arbetsförmedlingen and Växjö Kommun) in the view of the concepts of securitization and transnational migration issues. The method of this research is qualitative with an abductive approach. The result of this study indicates a number of issues to be improved in the Proposition document before the law be promulgated by the government, as well as some issues that hinder the integration process of the primary stakeholders. Reflection for future studies concerning the influence of securitization and transnationalization phenomena, as well as suggestions to improve people’s integration processes are presented in the conclusion of this study.  Keywords: Arbetsförmedlingen, Araby, county, immigration, integration, international migration, municipality, Kommun, policy, Proposition, securitization, Sweden, Swedish, Växjö

Abstract The thesis investigates how the European Union promotes stability and security in the Mediterranean region. The aim is to analyse the European Union’s security ambitions with Euro-Mediterranean Partnership, the Barcelona Process. An analytical framework with five sectors (military, political, economic, environmental and societal), based on the Copenhagen School’s theories about security sectors and securitization, is used for the analysis. Within the framework threats, objectives and methods are categorized into each security sector. Then it is possible to distinguish if any sector is more prioritised by the EU. Qualitative text analysis is used to examine relevant EU-documents. The result of the analysis shows that the European Union prioritizes the economical and societal sector in promoting peace and security within the Euro-Mediterranean Partnership. Through economical integration and cultural dialogue, the EU tries to enhance security and stability. The EU emphasises the importance of global governance and international law for a stable peace. The study concludes that the widened concept of security, within the Copenhagen School, can help to explain the European Union’s work inside the Euro-Mediterranean Partnership.

The thesis subject is based on a report published by Amnesty International with the title ”Dangerously Disproportionate: The ever expanding security state in Europe”. The report accuses EU states of an ongoing securitization due to terrorism and the migration crises that has led to the discrimination of especially Muslims and foreign nationals. With the report as starting point this paper aims to investigate how inclusion and exclusion is made in the security discourse of the Swedish government and parliament between 2015 and 2017. The time frame is chosen based on Amnesty’s assessment of a shift in paradigm with starting point after the terror attacks in Paris 2015. As theory and method this paper makes use of Laclau & Mouffe´s discourse theory to perform a discourse analyses. Previous research of scientists and theorists is used to operationalize both inclusion and exclusion. The results of the study show that inclusion and exclusion in the discourse is made by talking about the migration crises, unaccompanied refugee children, antisemitism, terrorists, and those who need protection; us. One of the most prominent conclusions related to the analysis is that the figure of the migrant is excluded by means of framing it as a security problem leading to the possible system collapse of prominent welfare and social functions in society. / Uppsatsens ämnesval bygger på Amnesty Internationals rapport med titeln ” Dangerously Disproportionate: The ever expanding security state in Europe” som anklagar de europeiska länderna för en säkerhetiseringsprocess på grund av terrorism och migrationskrisen, vilket huvudsakligen drabbar migranter och människor av muslimsk tro. Med rapporten som utgångspunkt valdes en undersökning av inkludering och exkludering i den svenska regeringens och riksdagens säkerhetsdiskurs med målet att söka efter hur inkludering och exkludering ”görs” i relation till migrations- och terrorkrisen mellan åren 2015 och 2017. Tidsramen valdes på grund av att Amnesty Internationals rapport pekade ut ett paradigmskifte efter terrordådet i Paris 2015. Som teori och analysmetod används Laclau & Mouffes diskursteori som bygger på premissen att verkligheten är socialt konstruerad. Som operationaliseringar av begreppen inkludering och exkludering användes tidigare forskning. Resultatet av undersökningen visade att inkludering och exkludering görs i diskursen när det talas om migrationskrisen, ensamkommande, antisemitism, terrorister och den gruppen som ska skyddas. En av de mest tydliga slutsatser som dras från analysen är att migranten framställs som ett säkerhetsproblem som är ansvarigt för den hotande systemkollapsen av välfärden och viktiga samhällsfunktioner i Sverige, samt att det är en tydlig förändring i förhållande till en tidigare mer generös och inkluderande hållning mot migranten.

Tidigare har kärnkraftspolitiken i Sverige legitimerats genom att kärnkraften framställts som det enda energislaget som både är koldioxidneutralt och effektivt nog att förse den svenska industrin med el till konkurrenskraftiga priser. Eftersom kärnkraften under de senaste åren utsatts för allt hårdare konkurrens från effektiv och koldioxidsnål förnybar energi finns det goda skäl att förvänta sig att den senaste förändringen av svensk kärnkraftspolitik - beslutet att avskaffa effektskatten - legitimerats genom nya sätt att skapa mening kring kärnkraften och kärnkraftspolitiken. I den här studien undersöks därför hur beslutet att avskaffa effektskatten legitimerades inom den energipolitiska policyeliten och hur det skiljer sig från tidigare sätt att legitimera kärnkraftspolitiska beslut. 12 semi-strukturerade intervjuer och ett textmaterial bestående av 13 remissvar, en statlig utredning och en politisk överenskommelse har analyserats med hjälp av Carol Bacchis ”Whats the problem represented to be?”-metod samt ett poststrukturalistiskt metodologiskt och teoretiskt ramverk. Studien visar i likhet med forskning från andra länder där kärnkraft utsatts för hård konkurrens från förnybar energi att ett nytt sätt att framställa kärnkraften, där den framställs som nödvändig för elsystemets tekniska funktionssätt på grund av dess förmåga att leverera effekt, blivit det mest centrala sättet att legitimera kärnkraftspolitiken inom policyeliten i anslutning till avskaffandet av effektskatten. Studien visar även att ett nytt sätt att legitimera kärnkraftspolitik med hänvisning till att undvika snedvridande ingrepp i elmarknaden återkommer inom policyeliten, men att det finns olika bilder av vad som utgör ett snedvridande ingrepp. Framställningen av kärnkraften som koldioxidneutral framstår som mindre central än tidigare.

Les financements structurés semblent se construire comme des instruments de neutralisation de la procédure collective. Ces montages, utilisés tant en matière de financement d'acquisition (LBO) qu'en matière de financement de projet, ont vocation à influencer tant lu saisie collective que les répartitions qui en découle (première partie). Face au caractère d'ordre public de la procédure collective, le nombre de stratégies permettant d'assurer l 'efficacité des financements structurés en cas de restructuration est limitée. Les montages pourront s'appuyer sur deux méthodes s'appuyer sur des textes dérogatoires (ex : titrisation) ou s'appuyer sur les limites des procédures collectives pour éviter les effets de la faillite (ex : les double Lux co). L'utilisation des limites du droit des procédures collectives ou de régimes spécifiques sera-t-elle suffisante pour échapper aux contraintes des procédures collectives? Cette question se posera tant durant la phase de saisie collective que durant celle des répartitions. Il conviendra donc d'étudier la résistance de financements structurés face à l'épreuve de la procédure collective (seconde partie). / Structured finance seems to be design as a tools to neutralize insolvency procedures. Those financing agreement, used in LBO and in project finance, are intended to influence both the assets seizure and the resulting distributions during the restructuring process (Part 1 ). Most of the time, rules of insolvency procedures are considered binding and should not be impacted by contracts. Therefore, the number of efficient strategies for structured finance in the event of restructuring ore limited. The structure can be based on specific legal status (e.g: securitization) or rely on the limits of insolvency procedures (c.g.: schemes implying Luxemburgish holding). Will contractual forecast defined by structured finance be enforceable during the restructuring process? It will therefore be necessary to study the resistance of structured finance to the constrained or insolvency procedures (second part).

The main aim of this final thesis is to analyze unconventional monetary policy of American central bank, which has been implemented during financial crisis in 2008. Fed used extremely accommodative monetary policy to restore interbank liquidity and to stimulate the real economy. In theoretical part of this thesis is examined the liquidity trap. The thesis describes transmission mechanism of transferring Fed measures to financial markets and real economy as well. Practical part of the thesis analyzes further steps of Federal reserve system, which have been implemented when key interest rates have already been lowered near the zero bound. The thesis is finished by the evaluation of these steps of American monetary authority and behavior of US stock market, which has been directly stimulated and is currently reaching its all-time highs.