Specificity of joint stock companies with state property interest Abstract This diploma thesis focuses on state-owned stock companies. This thesis aims to focus purely on stock companies with only short introductions to other forms of state ownership of corporations. The goal is to identify state as a legal entity and also as a shareholder. The other goals are an analysis of obligation to provide information and lastly a brief analysis of some other specifics when it comes to state-owned stock companies. The first part dealing with the identification of the state aims to sufficiently isolate stock companies from other possible state-owned corporations, while interpreting the relevant legal provisions combined with relevant court decisions. The second part focuses in detail on the obligation to provide information of state- owned stock companies. The goal is to analyze the relevant decisions of the Czech Constitutional Court in relation to the Act on freedom of information. Other chapters of this part focus on obligation to provide information in relation to Act on public procurement and to Act on the contract register . This second part heavily relies on judicial practice of both national and EU institutions. The third part deals with certain other specifics, which relate to state-owned stock companies....

A noção de serviço público, desde sua incorporação ao direito brasileiro, na primeira metade do século XX, sofreu profundas alterações. A atividade privativa do Estado, destinada à satisfação de necessidades coletivas e sujeita a um regime jurídico especial de direito público passa a ser questionada e desafiada por uma lógica de mercado cada vez mais crescente da qual decorre um anseio cada vez maior pela abertura dos mercados e pela eliminação de monopólios e privilégios. O serviço público como atividade exclusivamente estatal tem que ser revisto. Contudo, não tem que ser revisto para sua extinção. Tem que sê-lo para sua adequação, a qual deve ser empreendida em face do atual conteúdo da Constituição Federal de 1988. Na esteira do constitucionalismo da segunda metade do século XX, a carta constitucional brasileira foi farta na criação de direitos aos cidadãos. Nessa óptica, assegurou o direito fundamental da livre iniciativa e instituiu o princípio constitucional da livre concorrência, o que não pode passar despercebido no processo de revisão dos serviços públicos. O acesso de particulares às atividades constituídas como serviços públicos passa a ser cada vez mais constante, sob o pálio dos mais diversos regimes e instrumentos jurídicos. Como resultado, deve se procurar quais os contornos atuais do serviço público, quais os impactos do regime concorrencial sobre sua essência e quais os instrumentos que devem ser manejados pelo direito administrativo para superar os efeitos desses impactos. É esse, com precisão, o objetivo da presente tese. / The concept of public service has been through deep changes since its incorporation in Brazilian law system. The monopolistic activity of the State, aiming at satisfying social necessities and subject to a special public law regime is nowadays questioned and challenged by a rising market oriented logic that gives rise to the desire of a complete market opening and the elimination of monopolies and privileges. The public service must be revisited and reviewed. However, it must not be revisited to be extinguished. It must be revisited to become more accurate and adequate in view of the content of the Federal Constitution of 1988. In accordance with the constitutionalism of the second half of the 20th Century, the Brazilian Constitution created in favor of the citizens a considerable list of fundamental rights. In this perspective, it guaranteed the fundamental right of freedom of profession and created the constitutional principle of the free competition, what must have impacts upon the concept of public service. The accessibility of third private parties to the development of activities of public services is each day more common, under the protection of several legal instruments and legal regimes. As a result, the current configuration of the public service must be investigated, as well as the impacts of the competition thereon and the instruments that must be managed by the administrative law to mitigate the results of such impacts. This investigation is precisely the scope of this dissertation.

Topic of this master thesis is the characterization of the relationship between private oil companies and the state. Ambition is to render this co-existence based on historical case studies and practical examples. Case studies show a transparent variety of state approaches and relations with private oil companies. Practical examples are characterized by three major oil states and demonstrate their efforts to prioritize "national champions" and to maximize their income from oil. Based on results of this work, it is clear that private companies and the state in most cases need each other, altough their relations are often tense. There are also a far-reaching legislative changes that are making actions of private oil companies more difficult.

<p>The study looked particularly at the operations of national carriers and governments&lsquo / efforts to sustain the airlines&lsquo / operations. Evidence has shown that many countries struggle to maintain operations of their flag carriers, but few countries are willing to completely leave the airlines in the hands of the private sector because of national pride. On the other hand, many of those airlines that get into private hands fail and end up being closed down or go back into state hands. These airlines are also perceived to be development tools, in particular for tourism development which is a predominant economic activity in many developing countries. For this reason, many states do not favour privatisation, even though the perception is that the airline industry is better handled by private businesses. The main conclusion of the study for Botswana is therefore that neither full state ownership nor full privatisation is the solution to addressing the problem of ailing flag carriers. There is no single solution, but a combination of several. A broader global view of national airline operations clearly shows that approaches adopted by many successful national airlines, in both developed and developing countries, is some form of partial privatisation.</p>

This study investigates how risk management in general, and hedging in specific is used  in industries that produce and sell raw materials. We investigated the hedging strategies in the Swedish mining industry. We gathered data for this study from five interviews with CFO’s and Head of treasury’s from five different Swedish mining companies in order to get their  expertise and opinions of hedging. We found that companies only hedged their commodity prices if they were forced by circumstances outside of their control. We also found interesting similarities and differences between state-owned and publicly traded companies.

<p>The study looked particularly at the operations of national carriers and governments&lsquo / efforts to sustain the airlines&lsquo / operations. Evidence has shown that many countries struggle to maintain operations of their flag carriers, but few countries are willing to completely leave the airlines in the hands of the private sector because of national pride. On the other hand, many of those airlines that get into private hands fail and end up being closed down or go back into state hands. These airlines are also perceived to be development tools, in particular for tourism development which is a predominant economic activity in many developing countries. For this reason, many states do not favour privatisation, even though the perception is that the airline industry is better handled by private businesses. The main conclusion of the study for Botswana is therefore that neither full state ownership nor full privatisation is the solution to addressing the problem of ailing flag carriers. There is no single solution, but a combination of several. A broader global view of national airline operations clearly shows that approaches adopted by many successful national airlines, in both developed and developing countries, is some form of partial privatisation.</p>

This dissertation analyzes the development of the Chinese financial system from different perspectives. It has shed light on the recent advancements of the last decade. Overall, the findings reveal a contrasted picture of the progress achieved towards an efficient system. Chapter 1 has shown that the corporate bond market is still impeded by government influence. Based on this evidence, it is thus very unlikely to expect the banking system to decrease its dominance on the financial system. Chapter 2 also stressed that internal governance mechanisms remain imperfect. By analyzing the market price fluctuations at the time of the announcement of a CEO turnover, we find that ownership type plays a major influence on the expected consequences of such a decision. Chapter 3 revealed that little progress has been made in terms of banking competition despite the increasing number of new entrants in the market. However, banks behaved more efficiently over the decade. No trade-off seems to exist for policy-makers between the benefits of lower banking prices and efficiency of the system. Chapter 4 finally showed the beneficial effects of the capital requirement regulation on bank efficiency in China. Capital requirements, in supplement to provide higher capital buffers, appear to lower moral between banks' shareholders and debtholders.

A noção de serviço público, desde sua incorporação ao direito brasileiro, na primeira metade do século XX, sofreu profundas alterações. A atividade privativa do Estado, destinada à satisfação de necessidades coletivas e sujeita a um regime jurídico especial de direito público passa a ser questionada e desafiada por uma lógica de mercado cada vez mais crescente da qual decorre um anseio cada vez maior pela abertura dos mercados e pela eliminação de monopólios e privilégios. O serviço público como atividade exclusivamente estatal tem que ser revisto. Contudo, não tem que ser revisto para sua extinção. Tem que sê-lo para sua adequação, a qual deve ser empreendida em face do atual conteúdo da Constituição Federal de 1988. Na esteira do constitucionalismo da segunda metade do século XX, a carta constitucional brasileira foi farta na criação de direitos aos cidadãos. Nessa óptica, assegurou o direito fundamental da livre iniciativa e instituiu o princípio constitucional da livre concorrência, o que não pode passar despercebido no processo de revisão dos serviços públicos. O acesso de particulares às atividades constituídas como serviços públicos passa a ser cada vez mais constante, sob o pálio dos mais diversos regimes e instrumentos jurídicos. Como resultado, deve se procurar quais os contornos atuais do serviço público, quais os impactos do regime concorrencial sobre sua essência e quais os instrumentos que devem ser manejados pelo direito administrativo para superar os efeitos desses impactos. É esse, com precisão, o objetivo da presente tese. / The concept of public service has been through deep changes since its incorporation in Brazilian law system. The monopolistic activity of the State, aiming at satisfying social necessities and subject to a special public law regime is nowadays questioned and challenged by a rising market oriented logic that gives rise to the desire of a complete market opening and the elimination of monopolies and privileges. The public service must be revisited and reviewed. However, it must not be revisited to be extinguished. It must be revisited to become more accurate and adequate in view of the content of the Federal Constitution of 1988. In accordance with the constitutionalism of the second half of the 20th Century, the Brazilian Constitution created in favor of the citizens a considerable list of fundamental rights. In this perspective, it guaranteed the fundamental right of freedom of profession and created the constitutional principle of the free competition, what must have impacts upon the concept of public service. The accessibility of third private parties to the development of activities of public services is each day more common, under the protection of several legal instruments and legal regimes. As a result, the current configuration of the public service must be investigated, as well as the impacts of the competition thereon and the instruments that must be managed by the administrative law to mitigate the results of such impacts. This investigation is precisely the scope of this dissertation.

Magister Economicae - MEcon / The study looked particularly at the operations of national carriers and governments' efforts to sustain the airlines' operations. Evidence has shown that many countries struggle to maintain operations of their flag carriers, but few countries are willing to completely leave the airlines in the hands of the private sector because of national pride. On the other hand, many of those airlines that get into private hands fail and end up being closed down or go back into state hands. These airlines are also perceived to be development tools, in particular for tourism development which is a predominant economic activity in many developing countries. For this reason, many states do not favour privatisation, even though the perception is that the airline industry is better handled by private businesses. The main conclusion of the study for Botswana is therefore that neither full state ownership nor full privatisation is the solution to addressing the problem of ailing flag carriers. There is no single solution, but a combination of several. A broader global view of national airline operations clearly shows that approaches adopted by many successful national airlines, in both developed and developing countries, is some form of partial privatisation. / South Africa

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