[pt] Este estudo avaliou o comportamento das diferenças de preços entre ações ordinárias e preferenciais de um conjunto representativo de empresas com ações negociadas na BOVESPA no período 1995-1999, testando o impacto também das mudanças na lei das SAs ocorridas em 1997. Os testes realizados indicaram que no decorrer do período estas mudanças influenciaram as diferenças de preços entre ações ordinárias e preferenciais para a maioria das empresas, passando as ações ordinárias a serem negociadas, em geral, a preços de mercado inferiores às ações preferenciais. A partir da identificação na literatura dos principais fatores que podem causar a diferença de preços entre ações de uma mesma empresa foram realizadas regressões de seção transversa para cada ano do período, assim como para o período como um todo, para testar a capacidade explicativa de modelos contendo variáveis explicativas derivadas da liquidez, da estrutura de capital e da composição acionária de cada empresa, bem como os dividendos pagos a cada classe de ação. Para o período como um todo podemos concluir que os modelos explicam parcialmente as diferenças de preços. Os resultados obtidos mostraram que os modelos apresentam resultados satisfatórios a partir de 1996, sendo que a capacidade explicativa e a confiabilidade são maiores a partir de 1998. As variáveis representando a liquidez e o percentual de ações preferenciais com os controladores,bem como os impactos da mudanças na lei das SAs foram as que mostraram melhor significância estatística no período como um todo. Os coeficientes lineares obtidos nas regressões para as variáveis de liquidez foram positivos, conforme era esperado, representando a correlação destas medidas com as diferenças de preços entre ações ordinárias e preferenciais. Os possíveis impactos de novas alterações na lei das SAs na relação de preços entre ações ordinárias e preferenciais e no mercado como um todo podem representar interessante objeto de pesquisa para novos estudos. / [en] This study evaluates the price differences between voting and non-voting shares of a representative set of Brazilian companies traded on the São Paulo Stock Exchange from 1995 to 1999, assessing also the impacts of the amendments in the Brazilian Corporate Law that take place in 1997. The tests showed that, due to these changes, for most companies a downtrend occurred in the price differences, and, as time passed, the voting share was usually trading at a discount to the non-voting share. After identifying in the literature some key variables that influence these prices differences, we used some cross-section regressions for each year of the period to test the model with explicatory variables related to the liquidity, capital structure and shareholder composition of each company, as well as dividends paid to each class of share. The models tested were statistically significants for the whole period, explaining partially these price differences. The results of the regressions for each annual period showed that, after 1996, the models presented satisfactory results, with better results and degrees of confidence after 1998. The liquidity variables and the variable that represents the controller`s ownership of non-voting shares were the ones that showed the better degree of confidence during the period. The linear coefficients of the liquidity variables were positive, as expected, representing the correlation between these measures and the price differences between voting and non-voting shares. New changes in the corporate law are being studied and may affect the price differences between voting and non-voting shares and the valuation of all the stock market, representing an interesting subject to future studies. / [es] Este estudio evalúa el comportamiento de las diferencias de precios entre acciones ordinarias y preferenciales de un conjunto representativo de empresas con acciones negociadas en BOVESPA en el período comprendido entre los años 1995- 1999. Se evalúa también el impacto de los cambios en la ley de las SAs, ocurridos en 1997. Las pruebas realizadas indicaron que, en el transcurso del período mencionado, dichos cambios influyeron en las diferencias de precios entre acciones ordinarias y preferenciales para la mayor parte de las empresas, y las acciones ordinarias pasaron a ser negociadas, en general, a precios de mercado inferiores a las acciones preferenciales. Se llevó a cabo un estudio bibliográfico para identificar los principales factores que pueden causar diferencias en el precio de las acciones de una misma empresa. Con estos factores se realizó una regresión transversa para cada año del período 1995-1999 y también considerando el período completo. Estas regresiones tienen como objetivo, probar la capacidad explicativa de los modelos que contienen variables explicativas derivadas de la líquidez, de la extructura de capital y de la composición de las acciones de cada empresa, así como los dividendos y pagos a cada clase de acción. Considerando el período completo, podemos concluir que los modelos explican parcialmente las diferencias de precios. Los resultados muestran que los modelos presentan resultados satisfactorios a partir de 1996, siendo que la capacidad explicativa y la confiabilidad son mayores a partir de 1998. Al considerar el período completo, las variables que se mostraron estadísticamente significativas fueron: las variables que representan la líquidez, el porcentaje de acciones preferenciales con los controladores y el impacto de los cambios en la ley de las SAs. Los coeficientes lineales obtenidos em las regresiones para las variables de líquidez fueron positivos, tal y como se esperaba, representando la correlación de estas medidas con la diferencia de precio entre acciones ordinarias y preferenciales. El posible impacto de nuevas alteraciones en la ley Sas en relación a los precios entre acciones ordinarias y preferenciales y en el mercado como un todo pueden representar un interesante objeto de investigación para nuevos estudios.

La relation entre le capital et le pouvoir dans la société anonyme libanaise est régie par le principe de proportionnalité qui veut que chaque actionnaire puisse exercer un pouvoir dans la société proportionnel à sa participation au capital. Ce principe est expressément consacré par la loi, et résulte de cette relation entre l’action et le droit de vote. Sa préservation est aussi assurée par des dispositions législatives. A travers cette construction, le législateur fait de la société anonyme le fief d’une démocratie actionnariale. Cette règle de principe n’est, toutefois, pas absolue. Elle connaît des limites. Cependant, ces limites n’entraînent pas une remise en cause de ce lien de proportionnalité, d’autant plus qu’elles sont justifiées. Or, l’apparence est parfois trompeuse. La société anonyme est bien loin de constituer une véritable démocratie, et le législateur qui a adopté ce principe n’a pas réussi à le préserver complètement. En effet, à examiner de plus près les dispositions du droit libanais, l’on se rend compte de l’ampleur des atteintes dues, pour l’essentiel, à de nombreuses lacunes de la loi, qui ôtent aux actionnaires leur pouvoir, ou font obstacle à son exercice, entraînant le déséquilibre de ce lien, voire sa rupture totale. Aujourd’hui, le rétablissement de la relation entre le capital et le pouvoir devient une exigence pour le développement des sociétés anonymes. Ceci ne peut se réaliser qu’à travers la participation des actionnaires à la vie sociale. Cette participation devra être adaptée à la taille de la société, pour redonner au pouvoir actionnarial toute son efficacité. Le droit libanais offre, en principe, les moyens nécessaires pour opérer le rétablissement. / The relation between the social capital and the power in the lebanese joint stock company is governed by the principle of proportionality that means each shareholder can have a power that is proportional to his participation in the capital. This principal is expressly dedicated from the law, and results from the relation between the share and the voting right. Its preservation is also ensured by the laws. Through this structure, the legislator has made the corporation the stronghold of the shareholder’s democracy. But, this rule is not absolute, it has limits. However, such limits do not lead to a questioning of the link of proportionality, especially that they are justified. Though, the appearance can be misleading. The corporation is far from being a true democracy, and the legislator, who has adopted this principle, has failed to preserve it. Indeed, a closer look at the provisions of the lebanese law, shows the extent of damage that is mainly due to the numerous gaps in the law, and that deprive the shareholders from their power, or impede its exercise, causing an imbalance in this relationship or even its complete break. Today, restoring the relation between the capital and the power has become a requirement for the development of the corporations. This can only be achieved though the participation of shareholder. Such participation should be tailored to the size of the company so to restore the full effect of the shareholder’s power. The Lebanese law offers, in principle, the means to restore such relation.

H παρούσα διδακτορική διατριβή σχεδιάστηκε με σκοπό τον έλεγχο του μέτρου της μείωσης της απασχόλησης στη γενική κυβέρνηση κατά τουλάχιστον 150.000 την περίοδο 2012 – 2016. Στόχος αυτής της διδακτορικής διατριβής είναι ο εντοπισμός και η αξιολόγηση των επιδράσεων του συγκεκριμένου μέτρου στην περιουσία του φορέα συνταξιοδότησης των δημοσίων υπαλλήλων, στα δημόσια οικονομικά μεσοπρόθεσμα, καθώς και, στην ύπαρξη και επιβίωση της κοινωνικής ασφάλισης μέσα σε ένα περιβάλλον οικονομικής ύφεσης, στην Ελλάδα. Ο έλεγχος του μέτρου βασίστηκε στην εκπόνηση αναλογιστικής μελέτης η οποία είναι απόλυτα βασισμένη στους νόμους και στα επίσημα στοιχεία του κράτους με ημερομηνία υπολογισμού τον 12/2012. Για τις ανάγκες της δημιουργήθηκε ένα νέο αρχείο δεδομένων με περίπου 120.000 δημοσίους υπαλλήλους από την επεξεργασία δύο διαφορετικών βάσεων δεδομένων καθώς και τη κατάλληλη υπόθεση εργασίας. Χρησιμοποιήθηκαν οι Ελβετικοί αναλογιστικοί πίνακες EVK 2000 σύμφωνα με τις κείμενες δημοσιοϋπαλληλικές διατάξεις συνταξιοδότησης σε συνάρτηση με τον αναλυτικό χάρτη υπηρετούντων δημοσίων υπαλλήλων στις 2.11.2012 και τεχνικό επιτόκιο 3,8% βάσει των αναμενόμενων αποδόσεων των αποθεματικών. Για την αποτίμηση επιλέχθηκε και χρησιμοποιήθηκε η μέθοδος της Προβεβλημένης Πιστούμενης Μονάδας (Projected Unit Credit Method, PUC) γνωστής και ως μέθοδος των δεδουλευμένων παροχών. Σύμφωνα με τη μέθοδο της Προβεβλημένης Πιστούμενης Μονάδας ο τρέχων μισθός του ασφαλισμένου προβάλλεται στην ημερομηνία συνταξιοδότησης του. Για τον έλεγχο της σχέσης δημοσιονομικής πολιτικής και ανάπτυξης χρησιμοποιήθηκε ο δημοσιονομικός πολλαπλασιαστής 2,35 και ποσοστό εσόδων της γενικής κυβέρνησης σαν ποσοστό του Α.Ε.Π το 44,7% σύμφωνα με την Ευρωπαϊκή Επιτροπή για το 2012. Με βάση τις παραδοχές που αναφέρθηκαν, το αποτέλεσμα της αναλογιστικής μελέτης απέδειξε ότι οι επιπτώσεις της μείωσης της απασχόλησης στη γενική κυβέρνηση, εντοπίζονται κυρίως στο ΑΕΠ - δημόσια έσοδα, στην ανεργία – απολύσεις, και στη Κοινωνική Ασφάλιση. Πιο ειδικά, το μέτρο θέτει σε άμεσο κίνδυνο τη βιωσιμότητά Οργανισμών Κοινωνικής Ασφάλιση λόγω της ιδιαίτερα μεγάλης μείωσης των εσόδων τους από ασφαλιστικές εισφορές και από την αύξηση κατά 1,1% του δείκτη ανεργίας με αντίκρισμα την ελάφρυνση των εξόδων του Κρατικού Προϋπολογισμού. Το οικονομικό αποτέλεσμα είναι ότι ελαφρύνει μεν τις δημόσιες δαπάνες κατά 6.337,6 εκ. € με πρόσθετη όμως επιβάρυνση του ΑΕΠ με ποσό της τάξεως των -13.619,2 εκ. €. Αυτό το αποτέλεσμα μπορεί να μεταφραστεί και σε μία σημαντική μείωση των άμεσων εσόδων του Κράτους, χωρίς να υπολογίσουμε τυχόν άλλες επιπτώσεις, για παράδειγμα στην υγεία, στην ανεργία κ.ά. Το τελικό οικονομικό αποτέλεσμα του μέτρου ως κρατικό έσοδο είναι της τάξεως των 249,8 εκ. € το οποίο δεν είναι δυνατόν να αντισταθμίσει το κοινωνικοοικονομικό κόστος της ανεργίας/απόλυσης σε περιβάλλον ύφεσης και ανεργίας με ταυτόχρονο άμεσο κίνδυνο της βιωσιμότητας Οργανισμών Κοινωνικής Ασφάλισης. Από τη μελέτη αποδεικνύεται ότι, το μέτρο υλοποιείται χωρίς τον απαραίτητο σχεδιασμό για το αναμενόμενο αποτέλεσμα στο ΑΕΠ, στα δημόσια έσοδα, στην ανεργία μέσω των απολύσεων, στη Κοινωνική Ασφάλιση. Ακόμα τα μέτρα αυτά βρίσκονται σε ευθεία αντίθεση με τις προτάσεις του ΔΝΤ και του ΟΟΣΑ για την οικονομία και τις συντάξεις. / This thesis was designed in order to examine the measure of employment reduction in the general government by at least 150,000, in the period 2012 – 2016. The aim of this thesis is to detect and assess the effects of this measure on the civil servants pension body property, on the public finance, in the medium term, as well as on the existence and survival of social security in an environment of economic recession, in Greece. The examination of the measure was based on an actuarial study which is totally based on the laws and state official data, with the calculation date of 12/2012. For its needs, a new data archive was created, with approximately 120,000 civil servants, from the process of two different databases, as well as the proper case study. The Swiss EVK 2000 actuarial tables were used, according to the effective provisions on civil servants’ pension, in relation to the detailed charter of civil servants on active service on 2.11.2012, and 3.8% technical interest rate, based on the expected returns of the reserves. For the calculation, the Projected Unit Credit Method (PUC) was selected and used, also known as accrued benefits method. According to the Projected Unit Credit Method, the current salary of the insured person is projected on his/her retirement date. In order to examine the relationship of the civil servant policy and the development, the 2.35 fiscal multiplier was used, and the percentage of the general government income as a GDP percentage was considered 44.7%, according to the European Commission, for 2012. Based on the aforementioned admissions, the result of the actuarial study proved that the effects of the employment reduction in the general government are mainly detected on the GDP – public income, the unemployment – dismissals, and the Social Security. More specifically, the measure directly endangers the sustainability of the Social Security Organizations, due to the particularly large decrease in their income from insurance contributions, and due to the 1.1% increase of the unemployment rate, which results in a decrease in the expenditures of the State Budget. The financial result is that it decreases the public expenditures by 6,337.6 m. €, but it burdens the GDP with an amount of approximately -13,619.2 m. €. This result can also be translated into a significant decrease in the direct income of the State, without calculating any other effects, for example on health, unemployment etc. The final financial result of the measure as public income is approximately 249.8 m. €, which cannot compensate the socio-economic cost of unemployment/dismissal in a recession and unemployment environment, while, at the same time, the sustainability of the Social Security Organizations is endangered. The study proves that the measure is applied without the necessary planning for the expected result on the GDP, the public income, the unemployment through dismissals, and the Social Security. In addition, these measures are in direct contrast to the IMF and OECD proposals on economy and pensions.

Competencies of General Meeting of limited liability company The purpose of my thesis is to analyse competencies of a general meeting of a limited liability company, show different theoretical opinions and present my own ideas. I have chosen this topic because the limited liability company is the most common type of business entity in the Czech Republic and so I find this topic useful. The thesis is composed of Introduction, four chapters and Conclusion. Introduction defines aims and methods of this thesis. First general chapter is followed by three chapters, each of which dealing with different aspects of general meeting's competence. Chapter One is introductory and defines basic terminology used in the thesis. This chapter is subdivided into five parts. Part One describes the limited liability company and explains basic characteristics of this type of business entity set out by the Czech Commercial Code, No. 513/1991 Coll., as amended (hereinafter referred to as the ,,Commercial Code ). Part Two deals with the general meeting and it's position within the company. Part Three is concerned with powers of the general meeting and explains this term in general. Part Four is about members' decision making outside of the general meeting and Part five deals with some differences of decision making of a...

The thesis is concerned with comparison of different aspects of a transfer of a control over assets of a joint stock company based on an Agreement on Sale of Enterprise and Share Purchase Agreement. First, an enterprise and shares are defined and then the thesis is concerned with obligatory aspects of an Agreement on Sale of Enterprise and of Share Purchase Agreement. Afterwards, the thesis compare both legal regulations from pint of view of transfer of rights and obligations to the purchaser of the enterprise/shares, from the point of view of liability for defects, from the corporate point of view (consent of the general meeting of the respective joint stock company) and finally comparison from the point of view of competition law (necessary consent of the Anti-monopoly Office or at the European level necessary consent of the Commission).

The final thesis deals with a share in a private limited company as a security. An introduction chapter is being followed by a chapter describing the historical development of the pledge over a share in a private company limited by shares and the securing ownership transfer on the current territory of the Czech Republic. The next chapter deals with the basic preconditions of a valid pledge contract over share. The transferability of a share, different rules for transfer contract and pledge contract and future pledge contract are being stressed. The new case law of the Supreme Court of the Czech Republic dealing with the pledge contract over shares is discussed. The following chapter inquires the problems regarding the registration of the pledge in the commercial register and protection of the good faith when dealing in trust in the data registered in the commercial register. The right to propose the registration of the pledge to the commercial register is examined. The author compares the protection of the good faith when dealing in trust in the commercial register and the land register in the fourth chapter. The possibility to acquire a pledge on a share from a non-owner and the possible acquisition of a share without any rights of third persons is considered. The possibility of acquisition of the...

Made available in DSpace on 2016-04-25T18:39:51Z (GMT). No. of bitstreams: 1 Flavia Caprara Husek.pdf: 756972 bytes, checksum: 9bc7513973650725318dde35556adc2f (MD5) Previous issue date: 2012-12-04 / Corporate Governance has been the subject of a broad complex of articles within last decade, mainly related to the study regarding the appraisal of shares of publicly-held companies after the creation and implementation of all internal and external control mechanisms to comply with the requirements of Corporate Governance. The issue has became especially important after 2000, when the São Paulo Stock Exchange BOVESPA created the listing segments Level I, Level II and New Marked. Nevertheless, the association and connection of the subject Corporate Governance with the cross-listing matter is still very incipient, requiring deeper studies. This research has had as main purpose to broaden the discussions as regards the impact of issuance of shares in stock exchanges of countries with high Corporate Governance levels, in the shares traded by such companies in the São Paulo Stock Exchange, within the period from 2000 to 2011. Assuming the relation of cross-listing with the appraisal of Brazilian companies, an event study has been performed with the scope of verifying the existence of statistically material abnormal returns on the Brazilian shares at the date of issuance of American Depositary Receipts (ADRs). Utilyzing a sampling of 16 events of companies issuing shares in the New York Stock Exchange (NYSE), it has been verified that there is no statistically material positive valuation of the Brazilian shares at the time of ADRs issuance. The results verified ractify, in part, the null hypothesis that the issuance in more criterious markets do not direclty reflect in the Brazilian market, signaling that the internationalization, still considered costfull, is not yet positively evaluated by the marked / A Governança Corporativa tem sido tema de um amplo conjunto de artigos na última década, principalmente com relação ao estudo sobre a valorização das ações das companhias abertas após a criação e implementação dos mecanismos internos e externos de controle, para atender aos requisitos da Governança. O tema se tornou especialmente importante após o ano de 2000, quando a BOVESPA criou os segmentos de listagem Nível I, Nível II e Novo Mercado. Contudo, a associação e correlação do tema Governança Corporativa com o tema dupla listagem (crosslisting) ainda é muito incipiente, demandando estudos mais aprofundados. Esta pesquisa teve como objetivo central ampliar as discussões quanto ao impacto das emissões de ações, em bolsas de valores de países com altos níveis de Governança Corporativa, nas ações negociadas por essas empresas na Bolsa de Valores de São Paulo, no período de 2000 a 2011. Tendo como pressuposto a relação entre a dupla listagem e a valorização das empresas brasileiras, foi realizado um estudo de evento, com intuito de verificar a existência de retornos anormais estatisticamente significantes nas ações brasileiras, na data de emissão da American Depositary Receipts (ADRs). Utilizando uma amostragem de 16 eventos de empresas emissoras de ações na bolsa de Nova Iorque (NYSE), verificou-se que não existe uma reavaliação positiva estatisticamente significativa das ações brasileiras, quando do momento da emissão das ADRs. Os resultados encontrados, em parte, corroboram com hipótese nula de que a emissão em mercados exigentes não reflete diretamente no mercado brasileiro, sinalizando que a internacionalização, considerada ainda extremamente custosa, não é avaliada de forma positiva pelo mercado

With the fast progress of the Internet the Swedish gambling monopoly is no longer able to control the market. Gambling companies licensed in foreign countries can compete with Svenska Spel via the Internet offering lower prices. The authors investigated whether the competition has lead Svenska Spel to lower their prices. Focus has been put on the years 2000-2006 and on Svenska Spel’s sports betting section Oddset since competition here is high. To help analysing Svenska Spel’s pricing behaviour the dynamic limit pricing model of optimal pricing when faced with entry was used. The effect on Svenska Spel´s advertising expenditures following the competition was also investigated. For this part A dynamic model of advertising and market shares was used. The analysis indicates that when the number of firms on the market increased, prices decreased and Svenska Spel’s advertising expenses increased.

The thesis deals with packaging of real estate’s; an approach concerning tax benefits with the purpose to sell real estates in a more beneficial process than what is doable in direct sales. The proceeding can be beneficial because of the rules in Inkomstskattelagen (19999:1229) regarding underpriced transfers and selling of business related shares.   The real estate owner initiates the procedure through an establishment of an affiliate to a previously wholly owned parent company, where the real estate is the solitary asset of the affiliate. In order to fulfill the rules of underpriced transfers the transfer from the parent company shall be valued in regards to the tax value, else it will be taxed. Once packaged the affiliate containing the property can be sold tax free, made possible by the rules regarding business related shares.  The vendor can therefore achieve a tax-free sale while the buyer does not have to pay stamp duty, since the affiliate remains the owner of the property. Consequently, both parties can in the selling attain benefits by having a transaction with a packaged real estate. Still there exist numerous regulations and ones whom do not possess sufficient knowledge of the risks could encounter issues, causing a default in the intended benefits. The thesis has found that acquisitions of a packaged property set higher requirements on the seller’s and the buyer’s knowledge than direct sales would. In greater extent the benefits accrue the selling part. The buyer’s most important mean to control before the acquisition of a packaged real estate is that the purchase price is equal to the performance. This because packaged real estate’s often contains deferred tax liabilities because the depreciation is not reintroduced at the realization.

This thesis examines the effects of international capital flows on economic growth by using a dynamic general equilibrium framework based on a three-sector Ramsey Model. In order to detect the impact of financial integration on production, allocation of resources across three sectors and consumption, two different economic environments are modelled. While the first model represents a closed economy with financial autarky, the second model examplifies a financially integrated open economy with partial capital mobility. Each of the models is calibrated to Turkish economy based on the data of the year 2006. The simulation results demonstrate that the presence of international capital flows, despite being limited by a borrowing constraint, reverses the impact of economic growth on production and resource allocation. It is found that even though the importance of production in tradable-goods sector diminishes in the absence of international capital flows, it increases in the open economy model. Moreover, the findings show that while production in the closed economy model simply adjusts to domestic demand, that of the open economy model is not constrained by it. This can be explained by the augmentative effect of partial capital flows on the impact of foreign demand on domestic production.