This study investigates payouts in Swedish family firms by focusing on both the level and speed of adjustment of dividends. In addition, the use of dual-class shares in family firms is examined to further identify potential drivers of payout differences between family-controlled companies and non-family firms. Agency theory and previous studies suggest that high and stable payouts are used by controlling families to mitigate minority shareholders’ concerns of being expropriated. We find that family firms in Sweden do not differ from non-family firms in their payouts. The results could be seen as an indication of expropriation if minority shareholders should be compensated for higher agency costs, but it could also be that family control does not worsen agency conflicts between majority and minority shareholders. Rather, other ownership structures such as the use of dual-class shares to gain control in excess of ownership seem to be associated with higher levels of payouts. Neither do family firms smooth their dividends more than non-family firms. Instead, they adapt towards their target dividend at a higher pace.

O objetivo desta pesquisa é demonstrar que o direito ao trabalho, enquanto um direito social, em conformidade com a Constituição Federal de 1988, não é uma realidade para todos os cidadãos brasileiros, principalmente para as pessoas com deficiência, sendo, por isso, uma barreira para o pleno desenvolvimento dos Direitos Humanos. No mercado capitalista a inserção no mundo do trabalho depende das habilidades individuais de cada trabalhador. O nível de escolaridade é uma exigência para participação do processo seletivo, premissa da teoria do capital humano. Dessa maneira, a escola, a principal mediadora entre a família e o mundo trabalho, incorpora para si o papel de instituição social responsável pela formação e preparação de todas as pessoas, inclusive as que possuem alguma deficiência. Entretanto, as pessoas com deficiência intelectual, em especial, estão em processo de exclusão, principalmente da vida profissional, mesmo representando uma grande parcela dentre as pessoas com algum tipo de deficiência, conforme dados dos censos. A educação especial, mesmo após o lançamento pelo MEC da Política Nacional de Educação Especial na Perspectiva da Educação Inclusiva, em 2008, e com as alterações decorrentes do cenário escolar, não conseguiu reverter, em proporção adequada, o quadro educacional para as pessoas com deficiência intelectual, resultando também na baixa contratação desse segmento pelas empresas. Visando a garantir a inclusão das pessoas com deficiência no mercado de trabalho, foi aprovada no Brasil, em 1991, a Lei nº. 8.213 (Art. 93) conhecido como lei de cotas, que garante de 2 a 5% de trabalhadores contratados com deficiência, Entretanto, como mostram os dados da RAIS de 2007 a 2010, mesmo havendo uma diminuição na contratação de pessoas com deficiência no mercado formal, nesse período, há um aumento na contratação de pessoas com deficiência intelectual. Em Osasco, cidade da região metropolitana de São Paulo/SP, houve um aumento acima da média nacional na contratação de pessoas com deficiência intelectual. As investigações feitas nesta pesquisa buscam demonstrar a correlação entre a educação inclusiva, a formação profissional e a sensibilização dos envolvidos na aplicação da lei, com os resultados obtidos na contratação de pessoas com deficiência intelectual neste município. / The aim of this research is to demonstrate that the right to labor (as a social right, according to the Federal Constitution of 1988) is not a reality to all Brazilian citizens, especially to people to with disabilities, therefore creating a barrier to the development of Human Rights. The entrance in the capitalist business world depends solely on the individual skills of the worker. Their education is a pre-requisite to the participation within the selection process, i.e. the premise of the human capital theory. Thus, the school, the main mediator between the family and the future business world, incorporates to itself the role of social institution, responsible for the formation and preparation of all people, including the ones with disabilities. However, people with intellectual disability, in special, are found in a process of exclusion, mainly from the professional life, even when they represent a large share among people with disabilities in general, according to the data from the census. Special education - even after the launching of the National Policy of Special Education in the Perspective of Inclusive Education by MEC, in 2008, and with the following alterations in the school perspective - was unable to revert, in adequate proportion, the educational perspective to people with intellectual disability, which resulted in a low number of people from this segment being hired by companies. By striving for the inclusion of people with disabilities in the work environment, the Law number 8.213 (Art. 93), known as law of shares, was passed in Brazil, in 1991, providing that 2 to 5% of the workforce should be of people with some kind of disability. However, as the data from the 2007 to 2010 RAIS shows, even with reduction in the hiring of people with disabilities in the formal market, in this very period, there is an increase in the recruitment of people with intellectual disability. In Osasco, a city from the metropolitan area of São Paulo/SP, there was an increase above national average rate of recruitment of people with intellectual deficiency. The studies conducted in the research tried to demonstrate the correlation between the inclusive education, the professional formation, and the awareness of the ones involved in the diligence of the law, through the results obtained by hiring people with intellectual disability in this city.

A pesquisa trata da relação entre a destinação dos recursos captados em oferta pública de distribuição de ações no Brasil e o retorno anormal no primeiro dia de negociação no pregão da bolsa. Teve como objetivo identificar se a destinação de recursos, como capital de giro, liquidação de passivos, aquisições, financiamento de clientes e investimentos em produção podem ser consideradas para tomada de decisão dos investidores, já que existe a obrigatoriedade legal da apresentação dessas informações. No período de janeiro de 2007 a dezembro de 2011 foram captados pelas empresas ofertantes, sendo que algumas mais de uma vez no período, o valor de R$ 250,9 bilhões pelas subscrições de novas ações. O levantamento de dados considerou prioritariamente as informações apresentadas nos prospectos de ofertas públicas e nos comunicados de encerramento das ofertas, ambos registrados para acesso ao público em geral no site da Comissão de Valores Mobiliários (CVM) e, também, no site da BM&FBovespa. Foram utilizadas duas hipótese distintas, uma relativa à destinação dos recursos e outra relativa ao grupo de investidores participantes da oferta, ambas confrontadas com o retorno anormal das ações no primeiro dia de negociações do pregão da BM&FBovespa. Na tentativa de mensurar essas relações, adotou-se a analise de dados multivariada. Evidências apontadas pelos resultados sugerem que não há relações entre a destinação dos recursos e os retornos anormais para as companhias estudadas. No entanto, os resultados obtidos com a amostra referente ao grupo de investidores que são partes relacionadas com a administração da empresa, mostraram-se compatíveis com o retorno anormal das ações no primeiro dia de negociação na bolsa. / This research deals with the relation between the destination of the funds raised with the public offerings in Brazil and the abnormal return on the first trading day of the asset on the stock exchange. The main objective was to analyze if the funding destination, as working capital, settlement of liabilities, acquisitions, financing of customers, and investment in production would be considered by the investors, since there is regulatory obligation on the disclosure of such information. During the period from January 2007 until December 2011 the total funding raised on the public offerrings in the Brazilian stock market was R$ 250,9 billion. The data collection process considered public offering prospects and other official papers registered on the Brazilian capital markets regulator - CVM, Comissão de Valores Mobiliários, website and also in the stock exchange (BM&FBovespa) website. Two distinct hypotheses were used, one for the funding destination and another for the investors profile, were tested against the abnormal return on the first day of trading. Multivariate data analysis was used to analyze the data. The evidences suggest that there is no relationship between funding destination and abnormal returns for the selected sample, but the investors\' relationship with the company\'s board members and abnormal returns seems to be relevant.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-03-30T12:39:27Z No. of bitstreams: 1 Alexandre Gereto de Mello Faro.pdf: 1426834 bytes, checksum: fdcf05c1165d29b511177c3c9c7415fe (MD5) / Made available in DSpace on 2017-03-30T12:39:27Z (GMT). No. of bitstreams: 1 Alexandre Gereto de Mello Faro.pdf: 1426834 bytes, checksum: fdcf05c1165d29b511177c3c9c7415fe (MD5) Previous issue date: 2017-02-20 / system – is to establish practical and effectiveness rules in order to avoid the instability of the law and facilitate the relations. This mission considered the velocity of relations’ development vis a vis the le giiss laetivveen phroacreddeur reif that, according to the Brazilian reality, tends to be very slow. In this context it is important to point out the development of contracts and legal business on the financial and capital markets, that are an example of complexity and creativity (even more considering sophisticated structured operations). Thus, this study analyses the stock fiduciary collateral and, based on the legal regime of the general fiduciary collateral, develop the law and concepts regarding this collateral when involved stocks. The fiduciary collateral is regulated by several rules, such as (i) Law n. 4.728/1965, that regulates the fiduciary collateral involving movable (fungible and non-fungible assets), and also the fiduciary assignment of writs and credit notes. This law is only applicable for purposes of the financial and capital market; (ii) decree law n. 911/1969 that have amended the Law n. 4.728/1965 and also establishes the procedure to foreclose the fiduciary collateral; (iii) Law 8.514/1997, that stablishes the fiduciary collateral involving real state; and (iv) the Brazilian Civil Code (articles 1.360 and f.), that regulates the fiduciary collateral of movable an non-fungible assets (there is no restriction of parties or environment of appliance of the Civil Code). Based on this general analysis of the fiduciary collateral (according to the parties involved, nature of the assets and contractual arrangements) it is possible to establish the structures of the stocks fiduciary collateral cumulating the Law n. 4p.r7o2p8o/s1it9io6n5 tahnadt /sotro tchkes Bcraanz ibliaen c oCnivsiild Ceoredde manodv atbhlee Lnaown -nfu. n6g.4ib0le4 /a1s9s7e6t,s a asnsdu,m inin gm tohset of cases, incorporeal assets. In other words, the analysis of the general regime of the fiduciary collateral allows to establish the stock fiduciary collateral structure. Notwithstanding, this study brings considerations regarding the procedure to foreclose this collateral, once the absence of specific rules for purposes of the fiduciary collateral involving stocks and incorporeal assets. For that matter, this study contains the analysis of the possibility of extrajudicial foreclose of the collateral and also the judicial actions that could be taken by the creditor according to the interpretation of the general rules of fiduciary collateral. Finally, the intention of this study is to present conclusions regarding the existing law system involving the stocks fiduciary collateral, raising the main discussions and, as possible, establishing solutions based on revision of law, legal-writings and case-law / Não há dúvidas de que um dos maiores desafios do legislador – e do próprio sistema jurídico – é estabelecer normas que sejam, na prática, eficazes, evitando a insegurança jurídica e facilitando as relações. Essa missão é ainda considerarmos a velocidade em que ocorre a evolução das relações mjuraíidsi cdaisfí cvili ss ae vis o processo legislativo que, na realidade brasileira, tende a ser extremamente moroso. Nessa perspectiva, destaca-se a evolução dos negócios jurídicos no ambiente do mercado financeiro e de capitais, expoentes de sofisticação, complexidade e criatividade, principalmente, no tocante às operações estruturadas que tangenciam essas relações. Dentro desse contexto, o presente estudo se volta à análise da alienação fiduciária de ações em garantia, buscando, a partir do estudo do regime jurídico da alienação fiduciária em geral, aprofundar os dispositivos e principais discussões inerentes. Note-se que a alienação fiduciária em garantia é regulada por diversas normas, dentre as quais se destacam (i) Lei n. 4.728/1965, que se refere aos bens móveis fungíveis e infungíveis, assim como à cessão fiduciária de direitos inerentes às coisas móveis e títulos de crédito, tudo, dentro do ambiente do mercado financeiro e do mercado de capitais; (ii) Decreto-Lei n. 911/1969, que, além de ter alterado as Lei n. 4.728/1965, estabelece procedimento para excussão de garantia fiduciária; (iii) Lei n. 9.514/1997, a qual regula a alienação fiduciária de bens imóveis; e (iv) Código Civil, arts. 1.360 e seguintes, que regulam a alienação fiduciária de bens móveis infungíveis. A partir da delimitação da incidência geral das normas, de acordo com as partes envolvidas, natureza do objeto e disposições contratuais disponíveis às partes, é possível estabelecer as possíveis construções jurídicas da alienação fiduciária de ações em garantia (cumulando Lei n. 4.728/1965 e Código Civil, com a Lei n. 6.404/1976), adotando-se, como premissa, de que as ações podem ser consideradas bens infungíveis perante terceiros e, na maioria dos casos, incorpóreos. Por outras palavras, a análise do regime geral da alienação fiduciária em garantia permite chegar à efetiva construção jurídica da alienação fiduciária de ações em garantia. Em paralelo, o estudo traz ainda considerações a respeito da forma de excussão da alienação fiduciária de ações em garantia, principalmente, porque, em face da ausência de normas específicas para ações e bens incorpóreos, a doutrina discute, na prática, a legalidade dos procedimentos a serem adotados. Nesse sentido, o estudo analisa a possibilidade de excussão extrajudicial, a partir das disposições contratuais atinentes, bem como a possibilidade do credor fiduciário se valer de demandas judiciais para excussão, desde que, sob a ótica do regime geral, esse procedimento lhe seja disponível. Enfim, por meio deste estudo se buscou apresentar notas conclusivas a respeito da forma como, atualmente, o ordenamento jurídico regulamenta a alienação fiduciária de ações em garantia, levantando as principais discussões e, dentro do possível, buscando solucioná-las a partir da revisão da lei, doutrina e jurisprudência

O objetivo desta pesquisa é demonstrar que o direito ao trabalho, enquanto um direito social, em conformidade com a Constituição Federal de 1988, não é uma realidade para todos os cidadãos brasileiros, principalmente para as pessoas com deficiência, sendo, por isso, uma barreira para o pleno desenvolvimento dos Direitos Humanos. No mercado capitalista a inserção no mundo do trabalho depende das habilidades individuais de cada trabalhador. O nível de escolaridade é uma exigência para participação do processo seletivo, premissa da teoria do capital humano. Dessa maneira, a escola, a principal mediadora entre a família e o mundo trabalho, incorpora para si o papel de instituição social responsável pela formação e preparação de todas as pessoas, inclusive as que possuem alguma deficiência. Entretanto, as pessoas com deficiência intelectual, em especial, estão em processo de exclusão, principalmente da vida profissional, mesmo representando uma grande parcela dentre as pessoas com algum tipo de deficiência, conforme dados dos censos. A educação especial, mesmo após o lançamento pelo MEC da Política Nacional de Educação Especial na Perspectiva da Educação Inclusiva, em 2008, e com as alterações decorrentes do cenário escolar, não conseguiu reverter, em proporção adequada, o quadro educacional para as pessoas com deficiência intelectual, resultando também na baixa contratação desse segmento pelas empresas. Visando a garantir a inclusão das pessoas com deficiência no mercado de trabalho, foi aprovada no Brasil, em 1991, a Lei nº. 8.213 (Art. 93) conhecido como lei de cotas, que garante de 2 a 5% de trabalhadores contratados com deficiência, Entretanto, como mostram os dados da RAIS de 2007 a 2010, mesmo havendo uma diminuição na contratação de pessoas com deficiência no mercado formal, nesse período, há um aumento na contratação de pessoas com deficiência intelectual. Em Osasco, cidade da região metropolitana de São Paulo/SP, houve um aumento acima da média nacional na contratação de pessoas com deficiência intelectual. As investigações feitas nesta pesquisa buscam demonstrar a correlação entre a educação inclusiva, a formação profissional e a sensibilização dos envolvidos na aplicação da lei, com os resultados obtidos na contratação de pessoas com deficiência intelectual neste município. / The aim of this research is to demonstrate that the right to labor (as a social right, according to the Federal Constitution of 1988) is not a reality to all Brazilian citizens, especially to people to with disabilities, therefore creating a barrier to the development of Human Rights. The entrance in the capitalist business world depends solely on the individual skills of the worker. Their education is a pre-requisite to the participation within the selection process, i.e. the premise of the human capital theory. Thus, the school, the main mediator between the family and the future business world, incorporates to itself the role of social institution, responsible for the formation and preparation of all people, including the ones with disabilities. However, people with intellectual disability, in special, are found in a process of exclusion, mainly from the professional life, even when they represent a large share among people with disabilities in general, according to the data from the census. Special education - even after the launching of the National Policy of Special Education in the Perspective of Inclusive Education by MEC, in 2008, and with the following alterations in the school perspective - was unable to revert, in adequate proportion, the educational perspective to people with intellectual disability, which resulted in a low number of people from this segment being hired by companies. By striving for the inclusion of people with disabilities in the work environment, the Law number 8.213 (Art. 93), known as law of shares, was passed in Brazil, in 1991, providing that 2 to 5% of the workforce should be of people with some kind of disability. However, as the data from the 2007 to 2010 RAIS shows, even with reduction in the hiring of people with disabilities in the formal market, in this very period, there is an increase in the recruitment of people with intellectual disability. In Osasco, a city from the metropolitan area of São Paulo/SP, there was an increase above national average rate of recruitment of people with intellectual deficiency. The studies conducted in the research tried to demonstrate the correlation between the inclusive education, the professional formation, and the awareness of the ones involved in the diligence of the law, through the results obtained by hiring people with intellectual disability in this city.

A pesquisa trata da relação entre a destinação dos recursos captados em oferta pública de distribuição de ações no Brasil e o retorno anormal no primeiro dia de negociação no pregão da bolsa. Teve como objetivo identificar se a destinação de recursos, como capital de giro, liquidação de passivos, aquisições, financiamento de clientes e investimentos em produção podem ser consideradas para tomada de decisão dos investidores, já que existe a obrigatoriedade legal da apresentação dessas informações. No período de janeiro de 2007 a dezembro de 2011 foram captados pelas empresas ofertantes, sendo que algumas mais de uma vez no período, o valor de R$ 250,9 bilhões pelas subscrições de novas ações. O levantamento de dados considerou prioritariamente as informações apresentadas nos prospectos de ofertas públicas e nos comunicados de encerramento das ofertas, ambos registrados para acesso ao público em geral no site da Comissão de Valores Mobiliários (CVM) e, também, no site da BM&FBovespa. Foram utilizadas duas hipótese distintas, uma relativa à destinação dos recursos e outra relativa ao grupo de investidores participantes da oferta, ambas confrontadas com o retorno anormal das ações no primeiro dia de negociações do pregão da BM&FBovespa. Na tentativa de mensurar essas relações, adotou-se a analise de dados multivariada. Evidências apontadas pelos resultados sugerem que não há relações entre a destinação dos recursos e os retornos anormais para as companhias estudadas. No entanto, os resultados obtidos com a amostra referente ao grupo de investidores que são partes relacionadas com a administração da empresa, mostraram-se compatíveis com o retorno anormal das ações no primeiro dia de negociação na bolsa. / This research deals with the relation between the destination of the funds raised with the public offerings in Brazil and the abnormal return on the first trading day of the asset on the stock exchange. The main objective was to analyze if the funding destination, as working capital, settlement of liabilities, acquisitions, financing of customers, and investment in production would be considered by the investors, since there is regulatory obligation on the disclosure of such information. During the period from January 2007 until December 2011 the total funding raised on the public offerrings in the Brazilian stock market was R$ 250,9 billion. The data collection process considered public offering prospects and other official papers registered on the Brazilian capital markets regulator - CVM, Comissão de Valores Mobiliários, website and also in the stock exchange (BM&FBovespa) website. Two distinct hypotheses were used, one for the funding destination and another for the investors profile, were tested against the abnormal return on the first day of trading. Multivariate data analysis was used to analyze the data. The evidences suggest that there is no relationship between funding destination and abnormal returns for the selected sample, but the investors\' relationship with the company\'s board members and abnormal returns seems to be relevant.

This study analyzes the relationship between financial development and income inequality by using panel data of 60 developing and developed countries for the period 2000-2010. We find evidence for the linear negative relationship between financial development and income inequality which asserts that financial development reduces income inequality. We also find evidence supporting Kuznets inverted u-shaped hypothesis on development-income inequality link, except that for the developed countries where we find evidence for u-shaped hypothesis. It is also concluded that the panel is stationary without unit root, indicating that shocks on income inequality is not persistent.

This thesis seeks to predict the results of the presidential election in the United States, with a specific interest in swing states. I construct a methodology to predict the difference between the state and national two-party vote share for all 50 states plus D.C. using economic variables such as the change in the unemployment rate, the growth of real per capita Gross Domestic Product, Gallup poll ratings, and the ideology of the candidate. The methodology presented also allows the number of swing states to adjust between election years by giving each state its own coefficient on the difference between the state and national change in the unemployment rate. The resulting State-National Gap Model is then used to predict the two-party vote share for the Democrats using regression analysis with panel data for the elections from 1992-2008. My model is tested against the 2012 election and successfully predicts 49 out of 50 states as well as D.C.

In 1984, in the background that the level of salary in Taiwan was far lower than Europe and America, UMC was the first company setting up the employee bonus shares as well as the allotment of stock dividends in order to allure the domestic and overseas elites. Afterwards, this mechanism has become the characteristic of Taiwan¡¦s electronic industry to appeal the talents . By 2007, the issue of expenditure of employee bonus shares emerged. Undoubtedly, the high technology industry, in which the employees benefitted the most from the system of employee bonus shares and the allotment of stock dividends, was the one being impacted the most. Therefore, every company took various measures to avoid the employees¡¦ leaving and maintain the company competitive in response to this situation. The system of expenditure of employee bonus shares has been conducted for 2 years since 2008. So the impacts of this mechanism have been presented and the influences of those responsive measures should have been in effect. What was the impact from the system of expenditure of employee bonus shares to Taiwan¡¦s high-tech industries indeed? What was the measure dealing with the human resources that each company took to reply this situation? Thus, this study took some Taiwan public high-tech companies and consultant companies famous for its specialization in employee salary and bonus as our case studies. Through the collection of these case studies, we found some common measures between these companies. Besides, to increase the practical value of this study, we analyzed the measures, the background factors, and all the impacts in details and in depth. In sum, we hope we could offer the directional guidelines for the development of innovative employee incentives and provide some advices to those companies encountering the problems in designing the reward system. The findings were listed as below: 1. For the most companies, they did not take the timely measures in 2008. In the year of 2008, the global economic climate declined. Each company focused on the matters how to increase the sales and decrease the expenditures, so they viewed the leaving of employees as healthy and allowed. That was why they did not take timely measures for the system of expenditure of employee bonus shares. By 2010, due to the economic climate recovery, the sales of each company turned better and the companies started to plan the new reward mechanism to induce and keep those elites in house. 2. Those responsive measures only focused on the adjustment of the employee reward system, but other human resources practices did not change too much. Those respondents emphasized largely in the adjustment of the salary structure or other new design of the reward system; however, they did nothing to the side of the human resources. 3. The number of transfer is expected to increase largely in 2010. Because the economic climate and the income of each company are getting better, the respondents all anticipated they will be impacted by the increasing turnover rate of their employees. Similarly, recruiting talents from other corporations would get intense and the employees would start to search the opportunity to serve in other company. In addition, the human resources would leap over from one industry to another, because the incentive of the employee bonus shares in high-tech industry disappeared. As result, the high-tech industry may not be the first priority for a job. The brand power of the company, the operating status, the vision of the future, and even the individual growth for the employees could be the major indicators for a job. To sum up, from the case studies in regard to the human resources practices in Taiwan¡¦s high-tech industry, we could find the system of expenditure of employee bonus shares did not bring the severe change to the human resources in Taiwan¡¦s high-tech industry. In fact, the hugest influence is that the high-tech industry is not so attractive as before anymore. In the future, competing for the human resources would not only limit to the high-tech industry, because other outstanding corporations from various industries and the foreign companies may lead to the flow of those elites moving between industries.

Informality has been a widespread fact in most of developing countries. Especially after the implementation of liberalization policies in the 1980s, informal sector has expanded, and informal employment has been more attractive in the Turkish economy. The aim of this thesis is to examine whether there is wage gap between formal and informal employment in Turkey for the years 2007 and 2008. In order to test if the determinants of wages are different, selection corrected wage equations are estimated for manufacturing and service sectors for men and women separately by using the Household Labor Force Survey micro level data of TURKSTAT. We also estimated Multinomial Logit model in order to be able to take the sector selection process into account. According to our estimation results, there was a significant wage gap between formal and informal employment in Turkey for the years 2007 and 2008, even after controlling for a number of individual-specific characteristics. This indicates the existence of the segmented labor market in terms of wages in Turkey, as it is asserted by the number of researchers arguing against the neo-classical labor market theory.