O mercado de capitais, e especialmente o mercado secundário, está entre os setores da economia que reagem mais prontamente às inovações tecnológicas. Nos últimos anos, o desenvolvimento tecnológico e das telecomunicações alterou dramaticamente a configuração do mercado secundário: os pregões viva-voz desapareceram, dando lugar aos sistemas eletrônicos de negociação que executam negócios a velocidades imperceptíveis ao ser humano. Concomitantemente, alterações regulatórias visando ao aumento da concorrência nos mercados secundários proporcionaram a criação de ambientes de negociação com e sem transparência, gerando a fragmentação da liquidez. No Brasil, embora o mercado seja altamente eletronificado e o processo de alteração regulatória também tenha ocorrido, não se verificou o aumento da concorrência no mercado secundário de ações. A partir de uma análise comparativa com mercados fragmentados, este trabalho propõe algumas reformas na regulação brasileira com vistas a melhoraria da qualidade do mercado por meio da introdução de concorrência. / Capital markets, and especially the secondary market, are among the sectors that react more quickly to technological innovations. In recent years, technological and telecommunication developments dramatically changed the structure of the secondary market: the open outcry sessions disappeared, giving way to electronic trading systems with execution speeds imperceptible to humans. At the same time, regulatory changes aimed at increasing competition in the secondary markets led to the creation of lit and dark trading venues, generating the fragmentation of liquidity. In Brazil, although the market is highly electronic and the regulatory change process has also occurred, there was no increased competition in the secondary stock market. From a comparative analysis with fragmented markets, this paper proposes some reforms in the Brazilian regulation in order to improve the quality of the market through the introduction of competition.

This thesis investigates whether luxury handbags in secondary markets make for viable invesments. Reasoning for the investment potential of designer handbags is primarily based on the excessive retail price increases of luxury goods. Prices of handbags were collected from FashionPhile, a source that provides product authentication. The analysis attempts to understand characteristics of the FashionPhile market and how prices changed from April 28, 2006 to March 2, 2011. This thesis identifies which brands and models of handbags had the highest returns and which brands have the highest resale potential. Insight into when the highest and lowest market prices for handbags occurred for each brand is also included.

O mercado de capitais, e especialmente o mercado secundário, está entre os setores da economia que reagem mais prontamente às inovações tecnológicas. Nos últimos anos, o desenvolvimento tecnológico e das telecomunicações alterou dramaticamente a configuração do mercado secundário: os pregões viva-voz desapareceram, dando lugar aos sistemas eletrônicos de negociação que executam negócios a velocidades imperceptíveis ao ser humano. Concomitantemente, alterações regulatórias visando ao aumento da concorrência nos mercados secundários proporcionaram a criação de ambientes de negociação com e sem transparência, gerando a fragmentação da liquidez. No Brasil, embora o mercado seja altamente eletronificado e o processo de alteração regulatória também tenha ocorrido, não se verificou o aumento da concorrência no mercado secundário de ações. A partir de uma análise comparativa com mercados fragmentados, este trabalho propõe algumas reformas na regulação brasileira com vistas a melhoraria da qualidade do mercado por meio da introdução de concorrência. / Capital markets, and especially the secondary market, are among the sectors that react more quickly to technological innovations. In recent years, technological and telecommunication developments dramatically changed the structure of the secondary market: the open outcry sessions disappeared, giving way to electronic trading systems with execution speeds imperceptible to humans. At the same time, regulatory changes aimed at increasing competition in the secondary markets led to the creation of lit and dark trading venues, generating the fragmentation of liquidity. In Brazil, although the market is highly electronic and the regulatory change process has also occurred, there was no increased competition in the secondary stock market. From a comparative analysis with fragmented markets, this paper proposes some reforms in the Brazilian regulation in order to improve the quality of the market through the introduction of competition.

Third-party funding (TPF) has grown to be a popular phenomenon in the past two decades with a large global market (billions of USD). This success came with new complications regarding conflicts of interest that threaten the impartiality and independence of arbitrators who may have common-interests with funders. Disclosure of funding has been proposed as a solution and ordered in many cases. However, it was not always approached in systematic ways. Similar TPF cases may have inconsistent decisions. The thesis tackles disclosure in arbitrations to arrive to conclusions on whether it is needed, if all funding-information should be disclosed, and if legal-bases grant tribunals the powers to order such disclosures.  Disclosure opponents raise several objections, which are discussed in the thesis. One objection touches upon the root of many problems namely, TPF definitions. Opponents argue that available-definitions do not circumscribe many funding-models i.e., they are biased against an array of investors that should not be considered as funders. Due to the muddy waters that tribunals have been walking to decide issues on TPF-disclosure, there are inclinations to regulate disclosure. Lately, two national-legislations that include disclosure-regulations have been enforced in Hong Kong and Singapore. Few arbitral-institutions have addressed TPF disclosure (inter alia 2021 ICC Arbitration Rules). In jurisdictions and institutions without such regulations and rules, the soft-law IBA-Guidelines on Conflicts of Interest in International Arbitration have been used but with different interpretations depending on arbitrators’ views and case-circumstances. The respective definitions do not address modern economic-realities in secondary-markets of claims. This causes dilemmas in deciding if investors in such markets are considered as funders per se. The thesis assesses TPF-disclosure in international commercial arbitration and analyses its applications in primary and secondary markets. The aim is to draw the attention to disclosure challenges in both markets, propound recommendations, and show that solving such challenges calls for: (i) revising existent-definitions to accommodate evolving funding-models, (ii) differentiating between disclosure-requirements in primary and secondary markets, and (iii) regulating TPF of arbitrations. One result is a proposed definition for ‘TPF of arbitration’ that encompasses unattended issues in existent-definitions. Other results show the need for mandatory-disclosure of funders’ identities (leaving funding-arrangements to tribunals on a case-by-case basis). Such results help to strike a balance between avoiding conflicts of interests and funders’ non-disclosure interests i.e., balancing between TPF transparency and confidentiality.

On the 19th of December 2019, the Court of Justice of the European Union ruled: "The supply to the public by downloading, for permanent use, of an e-book is covered by the concept of ‘communication to the public’ ..." This judgment ("Tom Kabinet judgment") solved a long debate whether "digital exhaustion" exists or not, in favour of the latter. This study is dedicated to the analysis of Tom Kabinet judgment and its effects. It analyses the judgment from several perspectives. Firstly it discusses the effects and the importance of Tom Kabinet judgment. Secondly, it analyzes the legal and non-legal arguments of the Court from a critical point of view and argues that a contrary non-contra legem solution existed. Thirdly, this study argues that in the long run, not only the end-users but also the rightholders can benefit from "digital exhaustion" and the existence of a digital secondary market. Therefore, a contrary solution of the case could be beneficial for everyone. As a proponent of "digital exhaustion," the present author offers several legislative policy considerations that are needed to give a new life to digital secondary markets.

Aquesta tesis anal.litza les Clausules d'Acció Col.lectiva i les Clàusules de Precedència quan: 1) el repagament és endogen i depèn d'un esforç de lobbying dels creditors. 2) el litigi és purament redistributiu. Hi ha una externalitat positiva del esforç que interactua amb la distribució dels actius i les clàusules contractuals. Els litigis individuals no són desitjables socialment perquè redueixen l'incentiu al esforç. Les Clàusules d'Acció Col.lectiva bloquegen els litigis i maximitzen el repagament. La introducció de Clàusules de Precedència modifica els incentius al esforç. Aquest efecte pot ser positiu o negatiu.El capítol 2 explora la relació entre les crisis de deute sobirà i el creixement de les industries manufacureres. Les industries amb competició importadora intensa rendeixen relativament millor després del default. Les industries exportadores creixen més lentament al voltant del default. Les industries caracteritzades per alta intensitat del capital i tangibilitat dels actius sofreixen menys els effectes dels defaults. / This thesis analyzes Collective Action Clauses and Seniority Clauses when: 1) repayment is endogenous and depends on creditor lobbying effort; 2) litigation for full repayment is purely redistributive. There is a positive externality of effort that interacts with asset distribution and contractual clauses. Individual litigation is not desirable from a social point of view since it weakens the incentives to exert effort. Collective Action Clauses block litigation and maximize repayment. The adoption of Seniority Clauses modifies the incentives to exert effort and thus repayment. This effect can be positive or negative.Chapter 2 explores the linkage between sovereign debt crises and manufacturing industry growth using a difference-in-difference methodology. Industries facing tough import competition perform relatively better after a sovereign default. Export-oriented sectors grow more slowly around default times. Industries characterized by high physical capital intensity and asset tangibility tend to suffer less from default episodes.