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1	The drivers for entry and expansion modes of U.S.- based MNES in Brazil Pimenta, Gustavo Duarte 15 August 2012 (has links) Submitted by Gustavo Duarte Pimenta (gustavo.pimenta@aes.com) on 2012-09-14T14:11:46Z No. of bitstreams: 1 Gustavo Pimenta - Dissertação MPFE - vFinal4.pdf: 155130 bytes, checksum: 13a9f1c944e938153edb425c6c2539ee (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2012-09-14T14:24:39Z (GMT) No. of bitstreams: 1 Gustavo Pimenta - Dissertação MPFE - vFinal4.pdf: 155130 bytes, checksum: 13a9f1c944e938153edb425c6c2539ee (MD5) / Made available in DSpace on 2012-09-14T15:11:28Z (GMT). No. of bitstreams: 1 Gustavo Pimenta - Dissertação MPFE - vFinal4.pdf: 155130 bytes, checksum: 13a9f1c944e938153edb425c6c2539ee (MD5) Previous issue date: 2012-08-15 / The drivers for entry and expansion modes of multinational enterprises (MNEs) have been studied by several authors over the last decades but empirical results have been historically mixed. More recently, Hennart (2009) argued that the reason for the inconsistent results to date resided in the fact that prior theories assumed that local markets could be freely accessed based on a unilateral decision by the MNEs, and then proposes an alternative framework in which the entry and expansion modes of MNEs in foreign countries are a solution based on the relative efficiency of both markets. In this study, the proposed framework is tested against the prior theories based on investments made by U.S.-based MNEs in Brazil from 2005 to 2010. The results suggest that the local market characteristics, more specifically the concentration ratio at the firm and asset levels, are indeed important to influence the entry and expansion mode of U.S.-based MNEs in Brazil, reinforcing the argument against MNEs-centric theories. However, differently from Hennart’s proposition, we were not able to confirm the hypotheses that the MNEs skills are relevant to influence the final solution. We have also tested whether the difference in growth rate between the two countries could be a driver for MNEs to favor acquisition over greenfield given the opportunity cost of postponing the investments. The test result, based on our sample, was not able to confirm this hypothesis. Internationalization MNEs Entry mode Expansion mode Acquisition Greenfield Wholly-owned subsidiary Joint venture Economia Empresas multinacionais - Brasil Investimentos estrangeiros - Brasil Joint ventures
2	O instituto da incorporação de ações / Stock for stock exchange transactions Ponczek, Daniel Kalansky 06 April 2011 (has links) O presente trabalho tem por objeto o estudo do instituto da incorporação de ações. Para tanto, será analisado, (i) no primeiro capítulo, o regime legal vigente e sua natureza jurídica, apresentando-se as diferenças em relação à operação de incorporação de sociedade, fazendo inclusive um contraste com o direito norte-americano; (ii) no segundo capítulo, a proteção dos acionistas minoritários em operações de incorporação de controlada e eventual impedimento de voto do acionista controlador, analisando-se os recentes pareceres de orientação emitidos pela CVM; (iii) no terceiro capítulo, o estudo do instituto do tag along e do fechamento de capital e necessidade de realização de oferta pública em operações de incorporação de ações que impliquem transferência de controle ou cancelamento de registro de companhia aberta, à luz das últimas operações realizadas no mercado; (iv) no quarto capítulo, a discussão dos principais precedentes nos quais a CVM decidiu impor restrições ou impedir a realização de operações de incorporação de ações por entender ter havido um tratamento não equitativo entre os acionistas minoritários e controladores, com o objetivo de demonstrar a alteração do comportamento do órgão regulador no decorrer dos anos / The present work aims the study of the stock-for-stock exchange transactions (incorporação de ações). For this purpose, it will be examined (i) in the first part, the current legal regime and legal nature, contemplating differences with the statutory merger (incorporação de sociedade), including a comparison with the US law, (ii) in the second part, the protection of minority shareholders in the context of parent-subsidiary mergers and possible exclusion from voting of the controlling shareholder, taking into account the recent opinions issued by the Brazilian Securities and Exchange Commission (CVM), (iii) in the third part, the study of the tag along rights and the regulation for delisting companies and the need to conduct a tender offer in stock-for-stock exchange transactions involving transfer of control or delisting of a publicly-held company in light of recent transactions, and (iv) in the fourth part, the discussion of the key precedents on which CVM has decided to impose restrictions or prevent the conduct of stock-for-stock transaction under the understanding that there was inequitable treatment of minority shareholders and controlling shareholders, in order to demonstrate the change of the CVMs understanding over the years. Abuse of law Acionista majoritário Acionista minoritário Appraisal Business judgment rule Business purpose test Comitê de empresas Companys acquisition Controlling shareholder Corporate restructure CVM CVM opinions 34 and 3 Delisting Exchange ratio Fraud to law Indirect business Interest conflict Intrinsic fairness test Legal nature Merger Minority shareholders Parent-subsidiary merger Particular benefit Shares Simulation Sociedade anônima de capital aberto Sociedade comercial Special committee Statutory merger Stock for stock exchange Subsidiary Tag along Tender offer Two-step acquisition Vote impediment Wholly owned subsidiary
3	O instituto da incorporação de ações / Stock for stock exchange transactions Daniel Kalansky Ponczek 06 April 2011 (has links) O presente trabalho tem por objeto o estudo do instituto da incorporação de ações. Para tanto, será analisado, (i) no primeiro capítulo, o regime legal vigente e sua natureza jurídica, apresentando-se as diferenças em relação à operação de incorporação de sociedade, fazendo inclusive um contraste com o direito norte-americano; (ii) no segundo capítulo, a proteção dos acionistas minoritários em operações de incorporação de controlada e eventual impedimento de voto do acionista controlador, analisando-se os recentes pareceres de orientação emitidos pela CVM; (iii) no terceiro capítulo, o estudo do instituto do tag along e do fechamento de capital e necessidade de realização de oferta pública em operações de incorporação de ações que impliquem transferência de controle ou cancelamento de registro de companhia aberta, à luz das últimas operações realizadas no mercado; (iv) no quarto capítulo, a discussão dos principais precedentes nos quais a CVM decidiu impor restrições ou impedir a realização de operações de incorporação de ações por entender ter havido um tratamento não equitativo entre os acionistas minoritários e controladores, com o objetivo de demonstrar a alteração do comportamento do órgão regulador no decorrer dos anos / The present work aims the study of the stock-for-stock exchange transactions (incorporação de ações). For this purpose, it will be examined (i) in the first part, the current legal regime and legal nature, contemplating differences with the statutory merger (incorporação de sociedade), including a comparison with the US law, (ii) in the second part, the protection of minority shareholders in the context of parent-subsidiary mergers and possible exclusion from voting of the controlling shareholder, taking into account the recent opinions issued by the Brazilian Securities and Exchange Commission (CVM), (iii) in the third part, the study of the tag along rights and the regulation for delisting companies and the need to conduct a tender offer in stock-for-stock exchange transactions involving transfer of control or delisting of a publicly-held company in light of recent transactions, and (iv) in the fourth part, the discussion of the key precedents on which CVM has decided to impose restrictions or prevent the conduct of stock-for-stock transaction under the understanding that there was inequitable treatment of minority shareholders and controlling shareholders, in order to demonstrate the change of the CVMs understanding over the years. Acionista majoritário Acionista minoritário Comitê de empresas Sociedade anônima de capital aberto Sociedade comercial Abuse of law Appraisal Business judgment rule Business purpose test Companys acquisition Controlling shareholder Corporate restructure CVM CVM opinions 34 and 3 Delisting Exchange ratio Fraud to law Indirect business Interest conflict Intrinsic fairness test Legal nature Merger Minority shareholders Parent-subsidiary merger Particular benefit Shares Simulation Special committee Statutory merger Stock for stock exchange Subsidiary Tag along Tender offer Two-step acquisition Vote impediment Wholly owned subsidiary

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