O objetivo desta pesquisa é o de quantificar as fontes e diferenças regionais de crescimento do subsetor de cultivos da agricultura do Espírito Santo na década de 1970 e também identificar determinantes dessas mudanças. Para isso faz-se uso da versão modificada do modelo"Shift-share", que permite, comparando-se períodos, uma análise individual das culturas e também da influência de composição e distribuição regional sobre o desempenho global das lavouras. As culturas de exportação como café e o cacau apresentaram taxas relativamente elevadas de crescimento na produção. Para o cacau contribuiu para esse incremento na produção um efeito-rendimento elevado ao passo que o café, além do efeito-rendimento, o efeito-localização geográfica da produção / The objective of this research is to quantify the regional sources and differences in growth rates of the crop sector of the State of Espírito Santo, Brazil. The study covers the period of 1970 to 1980 and also intends to identify the causes of those changes. In order to achieve those objectives a modified version of the"shift-share"model isused. this procedure permits, by means of inter-period comparisons, a specific analysis of individual crops. The effects of regional composition and distribution on crop global perfomance, are also analysed. The exportation farmings such as coffee and cocoa presented relative high growth rate in crops. The yield effect and secondarily the geographical location effect contributed to the coffee growth crop

A literatura internacional sobre abertura de capital é ampla e vários artigos foram publicados a respeito do tema. No entanto, no Brasil, ainda são poucos os pesquisadores que se dedicam ao estudo de tal fenômeno, haja vista que o crescimento relevante do mercado de capitais nacional ainda é recente. O objetivo deste trabalho é identificar, com base em indicadores contábeis, de mercado e características das empresas, quais são os fatores determinantes para a abertura de capital de empresas brasileiras. A metodologia utilizada no estudo foi de regressão logística com dados agrupados e de regressão logística com dados em painel. A amostra total contém 1720 empresas-ano entre os anos de 2004 e 2010, dos quais 182 são relativos a empresas que abriram o capital no período. Os resultados apontados indicam que as firmas que fizeram oferta de ações no período foram aquelas que vinham investindo significativamente, que possuíam maior nível de rentabilidade e aquelas que aumentaram seu nível de endividamento. O IPO foi uma alternativa para adequar a estrutura de capital e/ou captar recursos para continuar investindo no seu crescimento. Adicionalmente, as empresas que abriram o capital foram aquelas que aproveitaram janela de oportunidade (Market timing) oferecida no período e iniciaram a negociação de suas ações em Bolsa de Valores. O tamanho das empresas não foi estatisticamente significante para o IPO, haja vista que algumas companhias relativamente pequenas e outras pré-operacionais iniciaram a negociação de suas ações. Além disso, diversas outras empresas com porte suficiente, por algum motivo, não fizeram IPO. A pesquisa apontou que o tempo de mercado da empresa (idade desde a fundação) afeta negativamente a probabilidade de abertura de capital, tendo em vista que o mercado já dispõe de regras de governança corporativa bem estabelecidas e que tais regras contribuiriam para que investidores tivessem confiança mesmo em empresas com pouco tempo de mercado. Outro resultado da pesquisa aponta que as companhias localizadas na região Sudeste do país tem maior propensão para realizar o IPO, uma vez que os empresários de outras regiões estão mais distantes do polo financeiro do país, vivem em um ambiente de negócios menos intenso, e, consequentemente, têm menos atitude para buscar alternativas de financiamento (menor importância é dada por eles aos benefícios de captar recursos em mercado de capitais). Por fim, o trabalho identificou que empresas subsidiárias e estatais são menos propensas à abertura de capital, conforme esperado. O trabalho abrange a discussão de possíveis argumentos para diminuição do potencial de crescimento do mercado de capitais e das razões pelas quais muitas empresas ainda não se motivaram a vender suas ações no mercado. / IPO has a wide international literature with many papers published on this subject. However, in Brazil, there are a few researchers who are dedicated to study this phenomenon, considering that the relevant growth of the national capital market is still recent. The objective of this study is to identify, based on accounting and market indicators and firm characteristics, which are the determining factors for the IPO of Brazilian companies. The methodology used in this study was the pooled logistic regression and the panel logistic regression. The total sample contains 1720 firm years between 2004 and 2010, of which 182 belongs to companies that went public on this period. The results indicate that the companies which made an equity offering in the period were investing on their expansion, increased their debt structure and/or had higher profitability. IPO was an alternative to adjust their capital structure and/or to raise funds to continue investing on their growth. In addition, the firms that went public took advantage of the windows opportunity (market timing) they had in the period to sell their shares. The size of companies was not statistically significant, since relatively small and preoperating firms began trading their shares. Also, several other companies with relevant size did not do their IPO due to any specific reason. Moreover, the age of the company affects negatively the probability of going public, since the Brazilian market already has well established corporate governance regulation and these rules contribute to increase investor\'s confidence on the companies, even if they are still young firms. Another result of this research indicate that firms located in the Southeast of Brazil are more likely to go public, because the entrepreneurs of other regions are far away from the Brazilian financial center, with a less intense business environment and, consequently, with less attitude to search for funding alternatives (less importance is given for the benefits to go public). Finally, the study has identified that subsidiaries and state-owned companies are less likely to go public, as expected. This work also includes the discussion of possible arguments of the potential growth decrease of stock markets in Brazil and the reasons why many companies are still not motivated to sell their shares in the market.

The theme of this diploma thesis is "Contracting autonomy in construction of classes of shares and its limits". Its aim is to answer the question to what extent is the contracting autonomy of shareholders limited, when it comes to construction of classes of shares. The answer is being found by means of a negative analysis that lists both statutory and case-law based limits that restrict that autonomy. It also presents legal consequences, from which suffer those classes of special shares that collide with the statutory provisions and the constructions of rights that are questionable or vague. This diploma thesis comprises of two chapters. Whereas the first one deals with the contracting autonomy in construction of classes of shares and its limits in Czech law, the second one do likewise in German law. The first chapter is divided into two sections. The first part describes a security and shares in general trying to bring out those of their specifics that are subject of further discussion of limits of the contracting autonomy in construction of classes of shares and particular classes of shares. The second section of the first chapter has two subsections. The first one addresses statutory and case-law based limits, which restrict the contracting autonomy of shareholders in construction of special...

This Master's degree thesis focuses on shares from in the context of provision of stock law in the context of provision on securities or book-entry securities under civil law. In the first part the quality of connection of the right and the list is analyzed including situations when the shareholder's right can exist independently of the security list. Also the definition of securities is reviewed which apply to shares only with certain reservation described here. The functions and the most important features of shares, such as the substitutability and tradability of shares on a regulated market, are also discussed. The thesis further reflects the fact that the share can also be issued as a book-entry security, the regulation of which has been separated from the category of securities and therefore forms a separate category. The last alternative is the share in the form of an immobilized security whose character is based on the adjustment of the securities as the share's list is preserved, as well as the book-entry securities through registration in the register. The second part analyzes registered shares and bearer shares. These forms of shares are distinguished by their requisites, but also by the extent of the limitations that are set out in these forms. Above all, it is a ban on bearer shares in...

The diploma thesis focuses on a fundamental analysis of shares of European multinational food companies. The theoretical part describes methods of fundamental analysis. The analytical part includes testing of stock valuation models, selection of companies, their analysis and comparison. The last part includes proposal of portfolio of the hedge fund.

This paper sets out to evaluate whether investment recommendations of South African share analysts provide any value to an investor in the Johannesburg Stock Exchange (JSE). The study focuses on the creation of a portfolio based on the recommendations by analysts between December 2002 and July 2010. The monthly returns and respective risk-adjusted returns of this portfolio are compared to those of the SATRIX Top 40 over the same period of time. The paper also evaluates the effectiveness of the SATRIX Top 40 as a performance benchmark by comparing it to a portfolio for shares of family-controlled or owner-managed companies listed on the JSE. The study utilises analyst consensus recommendations, with focus on buy and sell recommendations, to create a buy and hold portfolio that is compared to the SATRIX Top 40. The SATRIX Top 40 is further compared to ten-share portfolio of family-owned or owner-managed companies. The study finds that analysts’ recommendations lead to higher risk-adjusted returns for an investor when compared to the SATRIX Top 40. The returns are even better in a bear market environment when compared the benchmark SATRIX Top 40. It is also found that a portfolio of shares of family-controlled or owner-managed companies performs better than the SATRIX Top 40 and thus provides a better benchmark for an investor. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

Dans l’épure de la classification traditionnelle des sociétés, l’intuitu personae est considéré comme une notion inutile, absente du fonctionnement des sociétés par actions. Pourtant, sous l’effet des considérations financières des fonds d’investissement et des fonds de pension qui apportent des capitaux importants, l’intuitu personae fait étonnement son retour dans le droit des sociétés. L’intuitu personae, locution latine qui désigne « la considération de la personne » est une notion polymorphe. Ainsi, son identification dans les opérations de capital n’est pas aisée et oblige à analyser les techniques mises en place par le législateur par le biais des clauses d’agrément, des actions de préférence ou des opérations de transmission universelle de patrimoine. La notion révèle ainsi ses forces et ses faiblesses au contact de la contractualisation du droit des sociétés. Cette redécouverte de l’intuitu personae oblige également à s’interroger sur son rôle dans les nouvelles orientations du paysage sociétaire. L’intuitu personae fragilise les critères de définition de la société, affecte les fonctions traditionnelles du capital social et s’impose comme un facteur de mutation. Son impact est considérable dans le contexte d’un droit des sociétés traversé par des courants contradictoires. Dès lors, cette étude propose de conceptualiser les bouleversements opérés par l’intuitu personae dans les opérations de capital. À cet égard, l’intuitu personae contribue à la modernisation du droit des sociétés. / In the blueprint of traditional classification of companies, the concept of intuitu personae is considered a useless concept in regard to corporations’ transactions. However, due to financial considerations of investment funds and pension funds that provide important capital, intuitu personae astonishingly makes a return into Corporate Law. Intuitu personae is a Latin expression meaning “the reputation of the person”. It is a polymorphic concept. Consequently, it’s identification in capital operations is not easy task and requires the analysis of techniques implemented by the legislator through approval clauses, preference shares or universal transmission of wealth operations. The concept reveals its strengths and weaknesses in regards to Corporate Law. This rediscovery of the concept of intuitu personae also raises questions about its role in the new directions of the societal landscape. Intuitu personae weakens the definition criteria of the company. It affects the traditional functions of capital shares and establishes itself as a mutation factor. Its impact is significant in the context of Corporate Law crossed by conflicting currents. Therefore, this study proposes to conceptualize the changes made by intuitu personae in capital transactions. In this regard, the intuitu personae contribute to the modernization of Corporate Law.

The ownership structure in Sweden is characterized by a few controlling owners who often base their ownership of a lower capital investment than in many other countries. The separation of ownership and control is determined by control-boosting mechanisms and is a constantly debated topic. These mechanisms are used to control companies without having to bear the bulk of the capital, and the criticism centers around concerns that companies with control-boosting mechanisms are not managed as well as companies without them. The purpose of the study was to examine the use of control enhancing mechanisms and its effect on the market value of Swedish companies on Nasdaq Stockholm. The study adopted a quantitative form with hypotheses testing. The data collection has been made through annual reports of the sample and then statistically tested in SPSS through multiple regression. The use of vote-strong shares was shown to have a strong positive effect on the value of a company. Minor effects proven came from the difference between the largest owner's voting share and capital contribution, and of the percentage of the total votes held by the largest owner. These two, however, counteracted each other in approximately equal amounts. Not offering their vote-strong shares to on the public exchange is suggested to be strongly negative, but this could not be ascertained. Type of ownership and age were both insignificant in their ability to explain company value.

為鼓勵新創及中小型企業之發展，賦予企業有較大自治空間，於公司法股份有限公司章下，增訂閉鎖性股份有限公司專節，於2015年6月16日經立法院三讀通過，並於同年7月1日由總統公布，9月4日施行。 本文以現行法規定現狀作為全文根基，並觀察各國對於無面額股及超低面額股之應用方式，瞭解其規範方法及配套措施，歸納我國全面引進無面額股之優點，並對於強制全面適用無面額股制度及其配套措施做出以下建議：一、建議全面適用無面額股制度；二、無面額股制度下無須有最低股份發行價格限制；三、股東繳納股款及過去屬於溢價公積部分，應全數納入公司資本；四、公司股份分割應得由董事會決定；至於股份合併，應經由股東會決議，並允許不同意股東向公司主張其股份收買請求權；五、輔以二年過渡期間以及章程條款之「視為」規定。

A aquisição por companhias abertas de ações de sua própria emissão no Brasil constitui o núcleo de estudo desta dissertação. Também referida como recompra de ações, trata-se de operação comumente realizada por sociedades anônimas, principalmente por companhias abertas, tendo em vista os possíveis benefícios na organização da estrutura de capital da companhia, conciliados com a variedade de motivações para sua utilização. O trabalho aborda, inicialmente, o tratamento legal conferido às operações realizadas por companhias abertas e fechadas, em especial pela Lei no 6.404, de 15 de dezembro de 1976. Além da definição das operações e sua evolução legislativa, são analisadas as principais causas que levam uma sociedade anônima a adquirir ações de sua própria emissão, assim como os negócios jurídicos passíveis de realização para que uma aquisição se concretize, além do aproveitamento a ser conferido pela companhia para as ações recompradas quando estas não forem canceladas, poderão ser mantidas em tesouraria na qualidade de bens de titularidade da companhia. O estudo também dedica-se à análise específica da aquisição de ações de emissão própria por companhias abertas, sob o foco do regramento expedido pela Comissão de Valores Mobiliários CVM. Além dos atos normativos emanados pela autarquia, a análise enfatiza os principais interesses a serem tutelados nas operações, assim como aborda precedentes da CVM sobre o tema. / The purchase, by publicly-held companies, of its own shares in Brazil constitutes the core area of study of this dissertation. Also referred to as stock repurchase, it consists in a transaction commonly performed by corporations, mainly the publicly traded, seeking out the benefits to the organization of the companys capital structure, combined with the variety of motivations for its use. This work initially discusses the legal treatment for stock repurchases performed by publicly-held and closely held companies, in particular by Law 6404, of December 15th, 1976. In addition to the definition of the transaction, and its legal developments, this study analyzes the main causes for a corporation to buy its own shares, as well as the legal act of the acquisition per se, and the use of the repurchased shares whenever they are not canceled, such shares will be held in treasury as assets owned by the company. The study also presents the repurchase made by publicly-held companies in view of the rules issued by the Comissão de Valores Mobiliários CVM (the Brazilian Securities and Exchange Commission). Apart from examining CVMs regulation, the study refers to a broad variety of cases decided by CVM on the subject, and investigates the main interests involved on the transactions.