No description available.

No description available.

The specificity of the anglo-saxon and continental understanding of corporate governance The goal of my thesis is to characterise specifics of anglo-saxon and continental corporporate governance with regard to the different historic background, capital markets` development degree, theoretical issues, shareholder structure, methods of investment funding and the organizational structure models in both of these legal cultures. The scope of the research is focused only on comparison of two systems and concepts of the corporate governance rather than overall description and analysis of its every single aspect. Second part of this paper is dedicated to the takeover bids issue, as one of the external aspects of corporate governance. Subchapter 1.1 is introductory and endeavours to define the concept of corporate governance. Subchapter 1.2 examines the history and first ocuurence of the corporate governance issues that is very closely connected to the so called "separation of ownership and control" phenomenon. As far as the relationship between shareholders and management of the company is concerned, subchapter 1.3 deals with the agency problem in relation with its costs. The comparison of shareholder structure and company funding method is the core question of the subchapter 1.4. Following part describes...

En av de viktigaste delarna i bostadsaffärer är budgivningen, både för mäklare, säljare och köpare. Budgivningen är dock inte reglerad i lag och bud är inte bindande. Säljaren bestämmer över budgivningen och spekulanterna bestämmer över sina bud. Mäklarens hantering av budgivningen är reglerad genom lag och praxis, bland annat skyldigheten att tillvarata båda parters intressen. Med dessa utgångspunkter kan budgivningen i vissa fall bli problematisk, något som har uppmärksammats i samband med dolda bud. Ett dolt bud innebär att det endast gäller under förutsättning att det inte kommuniceras till övriga spekulanter. Det har blivit allt vanligare på bostadsmarknaden men det saknas information och fördjupning inom ämnet. Därav är syftet med denna uppsats att studera dolda bud och vilka effekter det har på förmedlingsprocessen utifrån en kvalitativ forskningsmetod med induktiv ansats. Studien utgörs i huvudsak av intervjuer med olika erfarna personer inom bostadsmarknaden i Stockholm, men utreder även vad dolda bud innebär och hur det förhåller sig till regler, lagar och praxis.  Det finns en stor problematik kring dolda bud och det innebär en risk för alla inblandade parter. Budgivningen brister i transparens och det är inte ovanligt att det leder till besvikelse och frustration. Det förekommer i samband med att marknaden är het och leder till en snabb affär där alla inte får chans att delta i budgivningen som många har att förlora på. Marknaden sätter inte priset vilket leder till slutpriser som mer eller mindre skiljer sig från marknadsvärdet. Ekonomiskt sett är det i princip alltid någon av parterna som förlorar på affären, antingen betalar köparen för mycket eller så får säljaren mindre än vad man hade kunnat få i en öppen budgivning. Framför allt är det övriga spekulanter som blir upprörda för att de inte har fått möjlighet att delta i budgivningen och det är oftast mäklaren som får kritiken. Okunskap och orättvisa är orsaken till missnöjet och problematiken som uppstår på bostadsmarknaden. Mäklare samt branschexperter ser detta som ett allt vanligare problem och det leder till ett dåligt rykte för bostadsmarknaden, särskilt för mäklarna. Branschens ambition är att bostadsaffärer ska vara tydliga och informativa för alla parter med en öppen och transparent budgivning. / One of the most vital parts in real estate business is the bidding process, for both the broker, seller and the buyer. Although, the bidding process is not regulated by the law and the bids are not binding. The seller is deciding over the bidding process and the potential buyers are in charge of their offerings. How the realtor is handling the bidding process is regulated by law and by praxis, for example the obligation to include the interest of both parties (seller and potential buyer). Based on these premises, the bidding process can in some cases become problematic, which have been highlighted in association of sealed bids. A sealed bid involves a condition that it will last only if it is not communicated to other speculators. This phenomenon become more common on the real estate market, although it lacks information and knowledge within this topic. Therefore, the purpose of this bachelor thesis is to study sealed bids and identify what effects it has on the brokerage process, based on a qualitative study method with an inductive approach. The study is mainly based on interviews with different people with different experiences within the sector of real estate in Stockholm. In addition, it also investigates what sealed bids means and how it is related to rules, laws and praxis.  There is a huge issue with sealed bids and it involves a risk for all parties involved. The bidding process is lacking in transparency and it is likely that it generates disappointment and frustration. It occurs in association when the market is blooming, which generates quick deals where not everyone get the chance to participate in the process of bidding. The market does not set the price, which leads to selling prices that differs from the market value. From a financial point of view, one of the parties usually losing out in the deal, with either the buyer paying too much, or the seller receiving less than what they could have received in an open bidding process. Overall, the other speculators get upset due to that they have not been getting the opportunity to participate in the bidding and it is often the realtor who receives the criticism. Lack of knowledge and injustice are the reasons of the dissatisfaction and the problem that arises on the real estate market. Brokers and other experts within the sector see this as a more common issue and it gives the real estate market a bad reputation, especially for the brokers. The ambition of the sector is that the real estate deals should be more direct and informative for all parties involved with an open and transparent bidding process.

The theory of auction has become an active research area spanning multiple disciplines such as economics, finance, marketing and management science. But a close examination of it reveals that most of the existing studies deal with ascending (i.e., English) auctions in which it is assumed that the bid increments are continuous. There is a clear lack of research on optimal descending (i.e., Dutch) auction design with discrete bid levels. This dissertation aims to fill this void by considering single-unit, open-bid, first price Dutch auctions in which the bid levels are restricted to a finite set of values, the number of bidders may be certain or uncertain, and a secret reserve price may be present or absent. These types of auctions are most attractive for selling products that are perishable (e.g., flowers) or whose value decreases with time (e.g., air flight seats and concert tickets) (Carare and Rothkopf, 2005). I began by conducting a comprehensive survey of the current literature to identify the key dimensions of an auction model. I then zeroed in on the particular combination of parameters that characterize the Dutch auctions of interest. As a significant departure from the traditional methods employed by applied economists and game theorists, a novel approach is taken by formulating the auctioning problem as a constrained mathematical program and applying standard nonlinear optimization techniques to solve it. In each of the basic Dutch auction model and its two extensions, interesting properties possessed by the optimal bid levels and the auctioneer's maximum expected revenue are uncovered. Numerical examples are provided to illustrate the major propositions where appropriate. The superiority of the optimal strategy recommended in this study over two commonly-used heuristic procedures for setting bid levels is also demonstrated both theoretically and empirically. Finally, economic as well as managerial implications of the findings reported in this dissertation research are discussed.

Made available in DSpace on 2016-08-10T10:47:38Z (GMT). No. of bitstreams: 1 LUCIANA LARA SENA LIMA.pdf: 1107817 bytes, checksum: 30f9a7f6d47272843a7653722b2ab3b7 (MD5) Previous issue date: 2015-11-24 / This work has as object of study discuss about the promotion of sustainable national development through administrative procurement and contracting carried out by the Brazilian Government. For this, it has to, at first, a historical analysis (international and national), the concept and dimensions of sustainability. Then, far-there will be an approach to the main aspects of bids and administrative contracts in the Brazilian legal system, having as basis the article 37, item XXI of the Federal Constitution of 1988 and Law n°. 8.666 - 93. Finally, it will be specifically analyzed the bids and sustainable hires through internal regulatory instruments, namely, the National Environmental Policy (Law n°. 6.938 - 1981), the National Policy on Climate Change (Law n°. 12.187 - 2009 ), Normative Instruction n°. 1 of 2010 - Ministry of Planning, Budget and Management, the National Policy on Solid Waste (Law n°. 12.305 - 2010), Differentiated Contracting Regime (Law n°. 12.462 - 2011), Decree Presidential 7746, 2012, among others, and also point out some practical examples of measures taken to better understanding and comprehension of the subject defended. / A presente dissertação possui como objeto de estudo discorrer acerca da promoção do desenvolvimento nacional sustentável por meio das licitações e contratações administrativas realizadas pelo Poder Público brasileiro. Para isto, faz-se necessário, num primeiro momento, uma análise histórica (no âmbito internacional e nacional), do conceito e das dimensões da sustentabilidade. Em seguida, far-se-á uma abordagem dos principais aspectos das licitações e contratações administrativas no ordenamento jurídico brasileiro, tendo como embasamento o artigo 37, inciso XXI da Constituição Federal de 1988 bem como a Lei n° 8.666-93. Por fim, serão analisados especificamente as licitações e contratações sustentáveis por meio dos instrumentos normativos internos, quais sejam, a Política Nacional do Meio Ambiente (Lei n° 6.938-1981), a Política Nacional Sobre Mudança do Clima (Lei n° 12.187-2009), a Instrução Normativa n° 1 de 2010 - Ministério do Planejamento, Orçamento e Gestão, a Política Nacional de Resíduos Sólidos (Lei n° 12.305-2010), o Regime Diferenciado de Contratação (Lei n° 12.462-2011), o Decreto Presidencial 7.746 de 2012, dentre outros, e também apontar alguns exemplos práticos de medidas adotadas para melhor entendimento e compreensão da temática defendida.

No description available.

An increasing number of researchers have begun to identify relationships between dimensions of infants’ and toddlers’ temperament and their language development. Proclivities to engage in joint attention have also been implicated in children’s language development. The purpose of the present investigation was to explore whether aspects of children’s temperament typically associated with linguistic performance could be observed to moderate the joint attentional responsiveness of 11- and 14-month-olds in a controlled laboratory setting. Forty-seven infants (22 females, 25 males) were drawn from a larger study investigating infants’ gaze-following abilities, and included 25 11-month-olds and 22 14-month-olds. In a laboratory setting, two identical objects were placed on opposite sides of the room to the right and left of the infant, respectively. Colorful shower curtains served as background contexts for the objects, and differed in pattern. Experimenters looked at either the right or left object, and infants were scored as to whether they followed the gaze of the experimenter during 1) an initial training phase of 8 trials, and 2) a subsequent testing phase of 8 more trials. Background contexts were switched for half the children during test trials. Temperament played a considerable role in moderating children’s gaze-following at both ages, contributing to 15 significant interactions with factors affecting gaze-following. At 11 months, gaze-following was primarily associated with temperament dimensions reflecting surgency and executive control. For example, perceptual sensitivity, a subcomponent of surgency, entered into a significant 3-way interaction [F(1, 21) = 8.00, p = .010] with training phase (initial versus test) and contextual condition (familiar versus novel). Evaluation of the means vis-à-vis post hoc comparisons indicated that children high in perceptual sensitivity decreased their gaze-following over time in both contexts, whereas children low in perceptual sensitivity exhibited a decrease in gaze-following in only the familiar context. At 14 months, in contrast, negative affectivity was primarily involved. Here, low negative affect children exhibited less gaze-following than high negative affect children during the novel test condition, but the reverse obtained in the familiar test condition [F(1, 18) = 4.56, p = .041]. Our results provide additional evidence of the utility of taking children’s temperament into account when exploring their language development. These findings fit within a model of language development in which children’s temperament influences their language development, at least in part, by virtue of its impact on children’s responsiveness to joint attentional bids.

<p>Scientific problem: In order to maintain a competitive position in the market, companies need to create an environment of sustained development. Growing companies basically have two choices: expand internally, known as organic growth, or expand externally by a merger or acquisition (M&A). It is widely known that in almost all acquisitions the price paid by the acquiring firm tends to be much higher than the market value of the target firm before the bid, this is called an acquisition premium. There are different ways of financing an acquisition, for example with cash or stock. Previous research within this topic have concluded the M&As follow the market, as well as premiums. Therefore, an assumption made by the authors is that when there is a boom in the market, the stock exchange quota-tion takes a certain movement and the number of acquisitions that are made increases, as well as the premiums paid, and further to check if the means of payment changes whether there is a bull or bear market.</p><p>Purpose: “The general aim of this thesis is to examine acquisitions on the Swedish market in order to estimate the relation between the OMXS index and the number of acquisition bids, the acquisitions pre-mium and the means of payment.”</p><p>Method: To investigate whether a relation between the OMXS and the amount of take-over bids, simple regression analyses was the preferred model, having the bids as being de-pendent upon market performance of the OMXS index. This way, any significant lag ef-fect, the time it takes for a bidder to present a bid offer, could be recognized and used as a benchmark. This model was carried on to the remaining questions as well; whether premi-ums are affected by the stock market, and which way the acquisitions was financed, cash or stock. The time period selected for data collection was 1994 to 2004, allowing the authors a wide enough time-span to interpret at least one bull, and one bear market. The model will be based upon secondary data of market quotes and a quantitative approach will be util-ized.</p><p>Results: The authors claim that a relation between the number of acquisition bids and market movement does exist. This evidence shows that an important decision as the one of deciding whether or not to merge or acquire another firm, might not be as rational as tho-ught. Instead, it is influenced on the environment around it, with the OMXS index as one of them. When it comes to the two remaining questions, if premiums and means of pay-ment are affected by the OMXS index, the obtained answers do not provide a positive rela-tion. And thus, this thesis cannot support earlier studies that state that a relation is present.</p>

Scientific problem: In order to maintain a competitive position in the market, companies need to create an environment of sustained development. Growing companies basically have two choices: expand internally, known as organic growth, or expand externally by a merger or acquisition (M&amp;A). It is widely known that in almost all acquisitions the price paid by the acquiring firm tends to be much higher than the market value of the target firm before the bid, this is called an acquisition premium. There are different ways of financing an acquisition, for example with cash or stock. Previous research within this topic have concluded the M&amp;As follow the market, as well as premiums. Therefore, an assumption made by the authors is that when there is a boom in the market, the stock exchange quota-tion takes a certain movement and the number of acquisitions that are made increases, as well as the premiums paid, and further to check if the means of payment changes whether there is a bull or bear market. Purpose: “The general aim of this thesis is to examine acquisitions on the Swedish market in order to estimate the relation between the OMXS index and the number of acquisition bids, the acquisitions pre-mium and the means of payment.” Method: To investigate whether a relation between the OMXS and the amount of take-over bids, simple regression analyses was the preferred model, having the bids as being de-pendent upon market performance of the OMXS index. This way, any significant lag ef-fect, the time it takes for a bidder to present a bid offer, could be recognized and used as a benchmark. This model was carried on to the remaining questions as well; whether premi-ums are affected by the stock market, and which way the acquisitions was financed, cash or stock. The time period selected for data collection was 1994 to 2004, allowing the authors a wide enough time-span to interpret at least one bull, and one bear market. The model will be based upon secondary data of market quotes and a quantitative approach will be util-ized. Results: The authors claim that a relation between the number of acquisition bids and market movement does exist. This evidence shows that an important decision as the one of deciding whether or not to merge or acquire another firm, might not be as rational as tho-ught. Instead, it is influenced on the environment around it, with the OMXS index as one of them. When it comes to the two remaining questions, if premiums and means of pay-ment are affected by the OMXS index, the obtained answers do not provide a positive rela-tion. And thus, this thesis cannot support earlier studies that state that a relation is present.