Malgré une large adoption des normes comptables internationales, les pratiques restent diversifiées. Les travaux présentés dans cette thèse explorent les raisons possibles à cette harmonisation inachevée. Un premier chapitre identifie les politiques d’adoption des IFRS menées dans le monde et leurs déterminants. Les chapitres suivants analysent le rôle de la langue, du système juridique et de l’usage de l’information comptable par les préparateurs, comme obstacles possibles à l’harmonisation des pratiques. Les résultats mettent en évidence un certain nombre de difficultés : les normes IFRS n’ont pas toujours la même place dans les réglementations locales ; la traduction des normes achoppe sur la difficulté majeure de traduction de principes fondateurs ; les normes doivent s’adapter à des systèmes juridiques divers ; enfin l’information comptable sert à la fois pour des besoins externes et internes, ce qui peut donner lieu à des pratiques hétérogènes. Des pistes d’amélioration émergent toutefois. Certaines politiques d’adoption semblent plus propices à une application cohérente du référentiel, en particulier lorsque les entités soumises à ces normes peuvent les utiliser pour tous leurs jeux de comptes. Certains pays européens ont mis en oeuvre une pratique continentale du principe de substance, sous une forme différente du système anglo-saxon, mais avec une même finalité en termes de traitements comptables. En France où le principe n’est pas formellement intégré en comptabilité, cette prééminence de la substance est déjà prise en compte dans d’autres domaines réglementaires, réduisant la difficulté pressentie à son introduction dans le droit comptable / Despite a wide adoption of international standards, IFRS practice remains diverse. The studies presented in this thesis explore the possible reasons for this unachieved harmonisation. The first chapter identifies the IFRS adoption policies throughout the world and their determinants. The following chapters analyse the role of language, legal system and usage of financial information by preparers, as potential obstacles to practices’ homogeneity. The result unveil some issues: IFRS standards do not have the same function in local regulations; standards’ translation stumbles over the major difficulty related to fundamental principles; standards need to adapt to various legal systems; finally the financial information is used both for internal and external use which can result in heterogeneous practices. Ways to improve still appeared. Some adoption policies appear to conduct to a coherent application of IFRS, in particular when entities have the possibility to follow the same standards for all their accounts. Some European countries have found a continental way to use the substance over form principle, different from the Anglo-Saxon, yet with the same target in terms of accounting rules. In France where the substance principle is not formally integrated in accounting, this principle is already used by other regulatory fields, which comforts the feasibility of its introduction in our accounting law.

Il est ancré dans notre droit que le statut des baux commerciaux est un statut protecteur des locataires. Mais certains aspects de la relation locative n’ont pas été pris en considération par ledit statut. Au premier rang de ces aspects se trouve la concurrence. En effet, bien que le statut des baux commerciaux offre une stabilité matérielle nécessaire à la pérennité du fonds exploité, cette stabilité peut être remise en cause par l’existence d’une concurrence de proximité immédiate. Dès lors, les locataires, commerçants ou artisans, peuvent voir l'exploitation de leur activité, et, partant, la fidélisation de leur clientèle quelque peu menacées. Mais cette menace est d’autant plus perceptible lorsque le bailleur est propriétaire de plusieurs locaux au sein d’un même immeuble ou ensemble immobilier. Elle peut bien évidemment émaner du bailleur lui-même s’il décide d’exploiter une activité similaire à celle de son locataire, ou émaner des autres colocataires de l’immeuble. Pour se protéger, une clause de non-concurrence ou d’exclusivité est fréquemment insérée dans les baux commerciaux, afin d’interdire au débiteur d’exercer une activité en concurrence avec celle du créancier. Une certaine ambiguïté apparaît toutefois dans la mesure où de telles clauses ont une double aspiration, à savoir d’une part une efficacité économique en assurant l’attractivité des lieux loués, et d’autre part, sur le plan des rapports individuels, un certain conservatisme en ce qu’elles tendent à « figer » une situation favorable. La question de la licéité d’une telle clause se pose : il importe donc de rechercher la justification de l’obligation de non-concurrence dans les baux commerciaux. / It is rooted in our law that the status of commercial leases is a protective status of tenants. But some aspects of the rental relationship have not been considered by that status. Foremost among these issues is competition. Indeed, although the status of commercial leases provides needed for sustainability of land used material stability, this stability can be undermined by the existence of competition in the immediate vicinity. Therefore, tenants, traders and artisans can see the operation of their business, and therefore their loyalty customers some little threatened. But this threat is even more noticeable when the landlord owns several premises within a building or building complex. It can of course come from the lessor himself if he decides to operate a similar business of his tenant, or come from the other housemates of the building. To protect himself, a non-competition or exclusivity clause is frequently inserted in commercial leases, to prohibit the debtor to carry on business in competition with that of the creditor. However, some ambiguity appears insofar as such provisions have a dual aspiration, namely the one hand economic efficiency by ensuring the attractiveness of the premises, and on the second hand, in terms of individual reports, a conservative in that they tend to "freeze" a favorable situation. The question of the legality of such a clause arises: it is therefore important to find a justification of the non-competition obligation in commercial leases.

Issu de la pratique contractuelle anglo-saxonne et codifié en France à l'issue des lois “Grenelle de l'Environnement”, le contrat de bail vert vise l’amélioration des performances énergétiques et environnementales des immeubles tertiaires. A l’échelle internationale, ce dispositif contractuel constitue un élément de la politique de lutte contre les émissions anthropiques de gaz à effet de serre plébiscitée à la fin des années 1990 par l'ONU et par l'Union Européenne. Par-delà sa légitimité, l’application du bail vert illustre des intérêts divergents, des conceptions variées de durabilité, des droits d’usages multiples de la propriété, révélateurs du dualisme sujet/objet entre l’homme et l’idée de nature au sein du phénomène d'urbanisation. En tant qu’il procède du libéralisme économique actuel, le bail vert met en lumière les contradictions du projet de développement durable au sein du secteur immobilier. Il est le fruit d'une anthropisation exacerbée et s’avère être une norme molle, difficile à mettre en oeuvre dans l’hexagone.Réactiver l’utilité juridique du bail vert implique un désenchantement des présupposés médiatiques du développement durable pour accéder à la connaissance de son “devoir-être” contractuel. Cette catharsis du principe est indispensable pour établir l’efficacité de “l’être” contractuel que doit former le consentement entre bailleurs, locataires et exploitants techniques autour d’un même projet d'amélioration environnementale. Néanmoins, ce modèle contractuel ne saurait retrouver sa finalité sans l’intervention autoritaire d’une superstructure institutionnelle dévolue à établir l’obligatorieté de la norme environnementale. Cette thèse s’emploie à susciter un intérêt doctrinal pour cette nouvelle ramification du droit - l’immobilier environnemental - mais également à proposer au législateur un processus original d’admission du statut juridique de l’annexe environnementale. Cette thèse invite ainsi les producteurs de normes à repenser l’application du développement durable dans la cité par la mise en place de leviers, sources d’un nouveau paradigme juridique / Arisen from the contractual Anglo-Saxon practice and codified in France thanks to the ‘Grenelle Laws’, the green lease contract aims at improving the environmental and energy performance of a commercial building. At the international level, this contractual tool constitutes an element of the struggle policy against human greenhouse gas emissions that has been claimed in the late 1990’s by the UN and the EU. Beyond its legitimacy,the implementation of the green lease points out diverging interests, varied conceptions of sustainability,multiple rights of property usage, revealing the duality subject/object expressed on the urbanization phenomena between man and nature. As the green lease is a child of economic liberalism, it reveals the discrepancies of sustainability in the real estate sector. It is the fruit of an heighten anthropisation and turns out to be a soft standard, harsh to implement in France.Recovering the legal usefulness of the green lease involves a disenchantment of the mediatised presumptions towards sustainability so as to access to the knowledge of its ‘must-be’ contractual. This catharsis of the principle is imperative to re-establish the efficiency of the ‘state-of-being’ of the contract, i.e. the consent of landlords, tenants and facility managers around the same project of environmental improvement. Nonetheless, this type of contract won’t be able to recover its target without the compelling intercession of the superstructural institutions committed in establishing the binding nature of the environmental norm. This thesis works on provoking a doctrinal interest for this new embranchment of the law (sustainability in real estate), butalso on suggesting to the legislator a genuine admittance process of the French green lease status. This thesis invites the norm producers to reconsider the legal practice of sustainability in the city by implementing leverages that generate a new legal paradigm.

The South African criminal justice process is such that there is an inevitable lapse of time between the arrest of the offender and his or her subsequent trial. The pre-trial incarceration presents a special problem. Between the arrest of the accused and release, the accused is being deprived of his or her liberty in circumstances where no court of law has pronounced him or her guilty. The right to bail is well entrenched in South African criminal justice system both in the Constitution Act and Criminal Procedure Act. Bail is always in the form of contract between the State and the accused, even though at times it may be opposed by the State. In the past the legal position based on the case law was that the presumption of innocence in bail proceedings operated in favour of the applicant even where it was said that there was a strong prima facie case against him or her. This position has slightly changed in that the courts in bail applications are not concerned with guilt, but that of possible guilt only to the extent that it may bear on where the interests of justice lie in regard to bail. The onus of proof in bail applications, other than Schedule 5 and 6 offences is borne by the State. Where Schedule 5 or 6 is applicable the onus is on the applicant. There are different requirements between schedule 5 and 6 that must be met by the applicant before release on bail is granted. In Schedule 5 offences the bail applicant must satisfy the court that the interests of justice permit his or her release. In determining whether the interests of justice permit the release of a particular applicant on bail, the courts are guided by the provisions of section 60(4) to (9) inclusive of section (11B)(c) of the Criminal Procedure Act. In such determination the courts must also take into account of section 60(60)(a) to (g) of the Criminal Procedure Act. In Schedule 6 offences there are two requirements namely: the exceptional circumstances and the interests of justice. The term “exceptional circumstances” does not have a closed definition. Both requirements must be established by means of written or oral evidence to the satisfaction of the court before bail may be granted. As pointed out above, the State may still oppose the release on bail of the applicant. It is now accepted in bail applications that ordinary circumstances may in particular context be blended with exceptional or unusual elements. In such cases the court is expected to apply its independent evaluation of evidence in order to determine whether the exceptional circumstances in the interests of justice permit the release on bail. Similarly to the South African bail jurisprudence the Rome Statute of the International Criminal Court recognises a right of the arrested person to apply for the interim release. It also recognises the need to establish exceptional circumstances for such release. The South African bail jurisprudence recognises the right to bail, and places reasonable and procedural limitations founded on the constitutional values and interests of justice. There are still practical challenges that need to be addressed as a results of the stringent requirements in section 60(11)(a) and (b) of the Criminal Procedure Act that relate to Schedule 5 and 6. It is therefore recommended that there is a need for the following: 1. Legislative intervention that will regulate and limit the time spent on investigations where bail has been refused. 2. Legislative intervention that will provide for an automatic review procedures in Schedule 5 or 6 offences where bail is refused on grounds that the interests of justice do not permit the release of the applicant on bail or for failure to prove exceptional circumstances. It is submitted that this may assist in reducing refusals of bail based on mistaken understanding of the law or facts or irregularities that may be prejudicial to the applicant or the administration of justice; or 3. Legislative intervention that will make it mandatory for a court that refuses to grant bail to reconsider its decision after a certain period in future provided that the trial has not been commenced with, in order to determine whether further incarceration is necessary or proportionate to the offence. It is submitted that this may assist the court to enquire into unreasonable delays on investigations or changed circumstances of the applicant in order to enable the court to reconsider its previous decision if necessary. This may further assist in offences where it is foreseeable that the trial court is likely to pass a partly or wholly suspended sentence in case of conviction. For example some cases fall within the scope of Schedule 5 by virtue of a previous conviction on Schedule 1 or release on bail on a Schedule 1 offence. The above recommendations may directly or indirectly contribute in balancing the scales of justice during the bail proceedings and its aftermath. These may contribute to the reduction of high numbers of the in custody awaiting trial prisoners while not compromising the current bail procedures.

In South Africa, as in most jurisdictions which profess to be based on an open and democratic society based on human dignity, equality and freedom, the right against compelled self-incrimination is a guaranteed Constitutional right. This study is prompted by the realization that the right against self-incrimination is being undermined and eroded by an aspect of South Africa’s bail laws. The current study addresses the constitutional validity of section 60(11B)(c) of the Criminal Procedure Act 51 of 1977 in so far as it allows for the admission of incriminating evidence at trial, in contravention of the accused’s right against self-incrimination, which incriminatory evidence was tendered by the applicant during a bail application in circumstances where the applicant was compelled to prove that he would be acquitted at trial where reliance is placed on a weak State’s case in proving exceptional circumstances in compliance with section 60(11)(a) of the Criminal Procedure Act 51 of 1977. Whilst section 60(11B)(c) of the Criminal Procedure Act 51 of 1977 is undoubtedly aimed at combatting crime, the pre-occupation with crime control measures threatens to undermine individual liberty and poses a threat to our Constitutional project of building a human rights culture. I advance an argument which supports the view that section 60(11B)(c) of the Criminal Procedure Act 51 of 1977 is unconstitutional, in the above context, in that it infringes upon the accused’s right against compelled self-incrimination at trial and does not amount to a justifiable limitation on the rights of an accused in an open and democratic society based on human dignity, equality and freedom. I also advance an alternative legal remedy aimed at fulfilling the initial mischief which Section 60(11B)(c) of the Criminal Procedure Act 51 of 1977 was designed to prevent in order to bring the section in line with the Constitution and a rights-based society. / Mini Dissertation (LLM)--University of Pretoria, 2017. / Procedural Law / LLM / Unrestricted

En droit privé, l’occupation s’entend, en principe, d’un mode d’acquisition originaire de la propriété des choses mobilières dépourvues de maître : c’est ainsi qu’elle a fait une entrée discrète dans le Code civil en 1804. Toutefois, depuis cette date, l’occupation a acquis une toute autre signification. Le législateur et le juge recourent aujourd’hui à cette notion pour désigner différents modes de jouissance de l’immeuble d’autrui. Il est question de conventions d’occupation précaire, d’occupation privative d’un bien indivis, d’occupant maintenu dans les lieux en suite d’un bail commercial ou d’habitation, d’occupant bénéficiaire d’une réquisition de logement, ou encore d’occupant sans droit ni titre. La notion d’occupation immobilière semble donc avoir acquis une place remarquable en droit privé. L’objet de cette étude est précisément de déterminer le rôle qu’elle tient en droit positif, dans ce domaine. Dans un premier temps, cette thèse réalise l’étude des diverses hypothèses dans lesquelles le terme « occupation » est utilisé pour désigner un fait d’emprise exercé sur l’immeuble d’autrui, que ce soit avec ou sans titre ; elle révèle également des situations officieuses d’occupation, telles que le mécanisme de la reconduction tacite applicable en matière de bail. Dans un second temps, est proposée une théorie générale de l’occupation immobilière en droit privé. L’occupation immobilière apparaît comme un fait d’emprise jouant un double rôle en droit positif : elle peut être simplement la traduction matérielle de l’exercice d’un droit d’usage préalablement reconnu à celui qui va devenir occupant, mais également l’élément permettant à ce dernier d’acquérir un tel droit ou, au moins, de le faire présumer. Reposant notamment sur diverses conditions d’efficacité, telles que la bonne foi ou l’univocité, elle présente alors un certain nombre de similitudes avec la possession, mais les deux notions ne sauraient pourtant être confondues. Au final, cette étude permet de mettre en lumière un nouveau fait créateur de droit, qui trouve sa place aux côtés de la possession et qui démontre une évolution de la propriété privée vers une « propriété pragmatique », soucieuse de s’adapter à des besoins divers, clairement reconnus par le droit positif. / In Private Law, occupancy (French “occupation”) is, in principle, understood as an original method of acquiring property of ownerless movable things: this is how it made a discreet entrance in the Civil Code in 1804. Since then, however, occupancy has acquired a whole new meaning. Today, both the legislator and the judge turn to this concept to describe different means of enjoying the property of others. It relates to precarious occupancy agreements, private occupancy of jointly owned property, tenant kept in the premises after the end of its commercial or residential lease, occupant beneficing an housing requisition, disseisor, or occupant without right or title. The notion of estate occupancy seems to have acquired a prominent position in Private Law. Hence, the purpose of this study is precisely to determine the role it holds in positive law in this area. First, this work aims at studying the various situations in which the term "occupancy” is used to designate the situation where a factual stranglehold is exercised over others’ property, whether with or without title. It also reveals informal occupancy situations, such as leases’ tacit renewal mechanism. Secondly, a general theory of occupancy in Private Law is proposed. Estate occupancy appears like a factual situation of stranglehold (“fait d’emprise”). It plays a dual role in positive law: it may simply be the substantive translation of the exercise of a right to use, previously recognized to whom will become the occupant, and, in the same time, the element allowing him to acquire such a right, or at least, assuming he does. Notably based on various effectiveness conditions, such as good faith or clarity, occupancy shows similarities with the notion of adverse possession, although in French law the two concepts should not be confused. Finally, this study shed light on a new fact giving rise to a right, which finds its place alongside the adverse possession and demonstrates an evolution from the private property to a "pragmatic property" caring to adapt to the various needs recognized by the Law.

Submitted by Dani Arruda (arrudadani@gmail.com) on 2017-03-31T18:01:38Z No. of bitstreams: 1 Dissertação Daniel Sivieri Arruda - Final 31.03.2017.pdf: 2886477 bytes, checksum: e7db064cbaa7bb943ecd1527d65cc458 (MD5) / Approved for entry into archive by Leiliane Silva (leiliane.silva@fgv.br) on 2017-03-31T19:20:28Z (GMT) No. of bitstreams: 1 Dissertação Daniel Sivieri Arruda - Final 31.03.2017.pdf: 2886477 bytes, checksum: e7db064cbaa7bb943ecd1527d65cc458 (MD5) / Made available in DSpace on 2017-04-12T19:00:31Z (GMT). No. of bitstreams: 1 Dissertação Daniel Sivieri Arruda - Final 31.03.2017.pdf: 2886477 bytes, checksum: e7db064cbaa7bb943ecd1527d65cc458 (MD5) Previous issue date: 2017-02-15 / Os eventos financeiros do período 2007-2009 - crise do subprime - mostraram algumas das fragilidades das instituições financeiras. Os mecanismos de resolução bancária – ferramentas de reestruturação de instituições financeiras realizada pela autoridade de resolução, para garantir a continuidade das funções em crise, preservação da estabilidade financeira e reestruturação da viabilidade financeira total ou em parte - até então existentes não foram capazes de resolver o problema das instituições 'too big to fail'. O governo americano, assim como de outros países, foi obrigado a realizar um grande programa de resgate com utilização de recursos públicos, o bailout. Na tentativa de evitar o uso de recursos públicos, o Financial Stability Board, implementou novos mecanismos de resolução bancária com vistas a incentivar soluções de mercado, o bail-in, em oposição ao bail-out. O presente trabalho aborda as discussões envolvendo a regulação do sistema financeiro, a incapacidade dos mecanismos de primeira geração em lidar com a crise do subprime, e os instrumentos criados pós crise. Assim, versa sobre os motivos que levam a necessidade de se regular bancos, os problemas das instituições 'too big to fail' e a necessidade de criar novos mecanismos de resolução bancária para instituições financeiras em dificuldades. Nesse sentido, aborda a estrutura e a aplicação das normas criadas pós crise financeira do subprime, em especial os Key Attributes of Effective Resolution Regimes of Financial Institutions, elaborado pelo FSB, que estabelecem os standards internacionais para resolução de instituições financeiras. O trabalho analisa a agenda de reforma internacional, em especial a que ocorre nos EUA e Europa. Para isso, aborda, também, os instrumentos criados pela BRRD, na Europa, e o Dodd-Frank Act, dos EUA, mostrando suas características e diferenças. Por fim, ao concluir, analisa que os instrumentos criados fazem parte de um grande consenso internacional sobre os planos de resolução e recuperação dos bancos, bem como o papel do regulador bancário em reação aos eventos financeiros recentes. A questão sobre se os planos irão contribuir significativamente para garantir a resolvabilidade de grandes instituições financeiras sistemicamente relevantes ainda é algo em aberto. A complexidade da inovação financeira e das instituições podem dificultar uma avaliação mais precisa sobre a efetividade dos planos de resolução.

L’objectif général de cette thèse était d’améliorer l’utilisation des éléments de diagnostic des sites pollués par des hydrocarbures légers. En particulier, il s’agissait : • De valider la méthode d’estimation de la mobilité de l’huile dans le sol, en milieu hétérogène, appelée bail-down test. Et de définir quelle méthode d’interprétation est la plus adaptée. • Comprendre l’impact des variations de hauteur de nappe sur l’épaisseur d’huile mesurée dans les puits de surveillance et sur la mobilité de l’huile. Dans un premier temps, des simulations de bail-down tests ont été réalisées en laboratoire, sur un pilote radial, remplie d’une matrice homogène. Puis, un grand nombre de tests réalisés sur un terrain d’étude, a été interprété. Ces travaux ont permis de confirmer la validité des bail-down tests pour estimer la mobilité de l’huile dans le milieu. L’hypothèse principale pour expliquer la validité de ces tests, alors que les hypothèses théoriques ne sont à priori pas respectées lors des essais, réside dans la faible mobilité de l’huile liée à une viscosité élevée. Dans un deuxième temps, l’impact des variations de nappes a été suivi par des mesures manuelles et automatiques sur le terrain d’étude, pendant plusieurs mois. Ce suivi a permis de décrire de manière précise cet impact, qui est différent pour un hydrocarbure en nappe libre, ou en milieu confiné. Par ailleurs, un modèle a été développé et testé pour simuler les variations d’épaisseur d’huile en fonction des hauteurs de nappe. Ce modèle permet d’estimer l’épaisseur et la position de l’huile dans la formation, ainsi que sa conductivité hydraulique. Les conclusions de cette étude apportent des éléments importants pour améliorer les phases d’investigation de site pollués par des hydrocarbures légers, et pour optimiser l’utilisation des données collectées. Enfin, confirmant l’impact significatif des variations de nappe sur les épaisseurs d’huile dans les puits et en montrant la validité des bail-down tests pour estimer la mobilité de l’huile, cette étude montre la nécessité de baser le dimensionnement des réseaux d’extraction des hydrocarbures, non pas sur l’épaisseur, mais sur la mobilité du produit. / The overall objective of this thesis was to improve the use of investigation data from contaminated site with light hydrocarbons. In particular, this work focused on: • To confirm the validity of the method to estimate the oil mobility in the formation, for heterogeneous conditions, called bail-down test. And, to define which interpretation method is the most relevant. • To understand the impact of the groundwater table variations on the oil thickness in the monitoring wells, and on its mobility. First, bail-down test simulations were performed at laboratory scale, on a radial pilot, filled with homogeneous sand. Then, a significant number of tests were performed on a studied site and interpreted. This work allowed to confirm the bail-down test validity for estimating the oil mobility in the formation. The key assumption to explain why these tests are valid whereas some of the assumptions and boundary conditions are not met during the tests, is based on the low mobility of the oil due to its viscosity. Secondly, the impact of the groundwater table variations has been manually and automatically measured on the studied site, during months. These measurements allowed to describe in detail the impact, which is different between confined and non-confined oil conditions. In addition, a model has been proposed and tested to simulate oil thickness depending on groundwater table level. This model allowed to estimate the thickness and the position of the oil in the formation, and its hydraulic conductivity. Overall, this study gives key elements to improve the investigation phase of site contaminated with light hydrocarbons, and to optimize the use of the collected data. Last, confirming the significant impact of the groundwater table fluctuation on the oil thickness and the validation of the bail-down test to estimate the oil mobility, this study shows the need to consider the oil mobility rather than the oil thickness for designing an oil recovery project.

This paper analyses if European citizens are willing to show solidarity with debt-ridden EU member states during the recent crisis. Based on a theoretical concept comprehending four di-mensions of solidarity - generalised willingness to support, existence of social cleavages, rea-sons of supporting others, acceptance of conditions a crisis country has to meet to receive as-sistance - we derived hypotheses stating that the existence of a European wide solidarity is rather unlikely. We analysed data from two Eurobarometer surveys 2010 and 2011 and a unique survey conducted in Germany and Portugal in 2012. Descriptive and multilevel analyses indi-cated that in 2010 and 2011, a narrow majority of all EU citizens supported fiscal assistance for crisis countries, and socio-economic and cultural cleavages in attitudes regarding financial as-sistance for crisis countries were rather low. Findings from the two country comparison showed that the willingness to show solidarity was predominantly guided by moral reasoning instead of the respondent’s self-interest. However, German and Portuguese respondents disagree on austerity measures, with the exception of social spending cuts. Taken all together, we come to the conclusion that recent years have brought a new legitimacy to the use of EU bailout measures which are now a given European practice.

Submitted by Layla Santos Mendes (laylasmendes@gmail.com) on 2016-12-10T22:28:40Z No. of bitstreams: 1 Dissertation_FINAL.pdf: 980823 bytes, checksum: c3f245c9416229a577ba56879ee0af54 (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2016-12-15T14:19:09Z (GMT) No. of bitstreams: 1 Dissertation_FINAL.pdf: 980823 bytes, checksum: c3f245c9416229a577ba56879ee0af54 (MD5) / Made available in DSpace on 2016-12-20T12:54:14Z (GMT). No. of bitstreams: 1 Dissertation_FINAL.pdf: 980823 bytes, checksum: c3f245c9416229a577ba56879ee0af54 (MD5) Previous issue date: 2016-12-06 / The objective of this thesis is to improve the understanding of the determinants of CoCo bond issuance and their effects in a financial distress scenario. The results suggest that the propensity of banks to issue CoCo bonds is different when comparing developed and emerging countries. The banks in the BRICS and other emerging countries that issued CoCo bonds are typically large and have high leverage, aiming to meet the Basel III rules and replace debt with equity funding. I also propose a model that simulates the capital shortfall that each bank needs in a future crisis using the CoCo bond trigger. As results, the issuance of CoCo bonds could avoid 12 bankruptcies when using the market value measures in a sample of 40 banks in the world. In complement, the regulatory requirement is fixed at 8% for minimum total capital by Basel III, but the model suggests an optimal value exists for each bank. In the end, I find that issuing CoCo bonds is an important and possible tool for banks to restructure their debt levels and protect against future crises.