Les actionnaires sont au centre du gouvernement des entreprises. Bien qu'une certaine passivité leur soit parfois reprochée, simultanément, des craintes existent qu'une démocratie des actionnaires ne limite excessivement la gestion quotidienne des entreprises. Loin d'être incompatibles, ces deux remarques reflètent la diversité des actionnaires. En pratique, leurs attentes et leur comportement dépendent fortement de deux éléments : la part du capital ou des voix qu'ils détiennent de même que leur identité. Notre recherche porte sur la protection des actionnaires minoritaires dans le cadre d'opérations de prises de contrôle de sociétés publiques. Le sujet soulève une problématique d'une grande actualité dans le contexte canadien, contexte caractérisé par une concentration de l'actionnariat des sociétés publiques. Le sujet fait la conjonction de deux problèmes d'actualité. D'une part, la multiplication des prises de contrôle s'est accrue lors des dernières décennies et ce phénomène semble, plus que jamais, promis à un brillant avenir. D'autre part, le problème de la protection des actionnaires minoritaires se pose de façon toujours plus aiguë, dans le cadre des sociétés par actions de plus en plus importantes où leur rôle tend à s'amenuiser. / Shareholders are at the heart of corporate governance. While some reproach them a certain passivity, others, at the same time, fear that a shareholders' democracy could unduly limit the daily management of corporations. Far from being incompatible, these two statements reveal the wide diversity that surrounds shareholders. In practice, their expectations and their behavior strongly depend on two items: their share in capital or their share of votes, as well as their identity. Our thesis deals with the issue of minority shareholders' protection in the context of takeover operations involving public companies. This topic raises issues of great relevance and is particularly current in the Canadian context that is characterised by a shareholding concentration of public companies. Our topic brings together two current problems. On the one hand, the rise in takeover operations has, in the last decades, been significant and this phenomenon seems, more than ever, to be destined to a very bright future. On the other hand, the issue of minority shareholders' protection also arises, ever so sharply, in the context of growing shareholding companies where shareholders' role seems to be fading.

Submitted by Vasti Diniz (vastijpa@hotmail.com) on 2017-07-26T15:02:31Z No. of bitstreams: 1 arquivototal.pdf: 2908745 bytes, checksum: 430a29a1552b3b5cdeda3dfa52afa524 (MD5) / Made available in DSpace on 2017-07-26T15:02:31Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 2908745 bytes, checksum: 430a29a1552b3b5cdeda3dfa52afa524 (MD5) Previous issue date: 2017-02-24 / The Brazilian public institutions have adopted sustainable policies with socio-educational measures, green biddings are examples of promotion to sustainable development, through the use of social, environmental and economic criteria in the acquisition of goods, contracting of services and execution of works. The Federal Institute of Sergipe (IFS) Campus Legato makes small sustainable purchases, such as recycled paper, but it does not have a practice of sustainable purchases, given the lack of a facilitating method for sustainable bidding. The small purchases are made by the Rectory of the IFS, by adhesion of the Act of licitation (ride). This study, therefore, proposes the creation of a methodology of sustainable purchases in this Federal autarchy. This qualitative-descriptive research uses a semi-structured questionnaire to capture information from IFS employees about the use of sustainable biddings within the Institute, environmental perception and the main obstacles to sustainable procurement. The results point to the need to propose a sustainable purchasing methodology to guide the acquisition of goods and services. The purpose of this proposal is to streamline the purchasing process in the IFS, streamlining procurement steps and procedures. Thus, in line with the Sustainable Procurement Laws, the IFS is expected to exercise its purchasing power, which will lead to a socioenvironmental gain, the promotion of sustainable development. / As instituições públicas brasileiras têm adotado políticas sustentáveis com medidas socioeducativas. As licitações verdes são exemplos de promoção ao desenvolvimento sustentável, mediante a utilização de critérios sociais, ambientais e econômicos nas aquisições de bens, contratações de serviços e execução de obras. O Instituto Federal de Sergipe (IFS) Campus Lagarto, de maneira geral faz pequenas compras sustentáveis, a exemplo do papel reciclado, mas, não tem como prática as compras sustentáveis, dada a não existência de um método facilitador para a realização das licitações sustentáveis. As compras sustentáveis na maioria das vezes são realizadas pela Reitoria do IFS, por adesão de Ata de licitação (carona). Este estudo, portanto, propõe a criação de uma metodologia de compras sustentáveis nesta autarquia Federal. Esta pesquisa de caráter qualitativo-descritiva, utiliza-se de questionário semiestruturado com o objetivo de captar informações dos servidores do IFS acerca da utilização de licitações sustentáveis no âmbito do Instituto, da percepção ambiental e dos principais entraves das compras sustentáveis. Os resultados apontaram a necessidade da proposição de uma metodologia de compras sustentáveis que norteei as aquisições de bens e serviços. Pretende-se com esta proposição dinamizar o processo de compras no IFS, agilizando as etapas e procedimentos das compras. Assim, em conformidade com as Leis de compras sustentáveis, espera-se que o IFS exerça seu poder de compras, o que leve a um ganho socioambiental, a promoção do desenvolvimento sustentável.

O presente trabalho oferece uma análise crítica das hipóteses de contratação direta previstas na Lei Geral de Licitações e Contratos brasileira, Lei Federal n.º 8.666, de 21 de junho de 1993, com atenção especial para o caso da contratação direta de serviços advocatícios. A dissertação encontra-se dividida em quatro partes. A primeira delimita o tema do trabalho no estágio atual de evolução do Direito Administrativo brasileiro. A segunda parte do trabalho explora o tema da licitação e sua importância para o Direito Administrativo. Nessa etapa, são apresentados os princípios norteadores da licitação e sua importância para o ideal republicano, tal qual previsto pela Constituição Federal. A terceira parte do trabalho analisa as hipóteses de contratação direta previstas na Lei 8.666/93, procurando identificar suas possíveis razões e as características em comum que existem entre elas. Elaborou-se uma classificação própria aglutinando os incisos do artigo 24 da Lei 8.666/93 em 6 categorias, a saber: a) dispensa de licitação em função do valor do objeto contratado; b) dispensa de licitação em função de situação excepcional; c) dispensa de licitação em função de problemas em contratação anterior; d) dispensa de licitação em função dos atores envolvidos; e) dispensa de licitação em função de políticas de fomento; e f) dispensa de licitação em função de especificidades do objeto. A quarta parte do trabalho contém uma análise sobre o caso da contratação direta de serviços externos de advocacia nos tribunais superiores: o Supremo Tribunal Federal e o Superior Tribunal de Justiça. Ao olhar para as decisões proferidas por essas Cortes, espera-se alcançar dois objetivos: captar os argumentos usados pelas partes que tomam posição nesse debate e identificar o posicionamento das maiores instâncias do Poder Judiciário sobre o tema da contratação direta de serviços advocatícios e o dever de licitar. Não se trata, portanto, de uma análise de jurisprudência, que foi usada como fonte de pesquisa para identificar situações reais envolvendo a contratação direta de serviços advocatícos, suas razões, e os argumentos forenses favoráveis e contrários a ela. / This paper offers a critical analysis of the cases of direct hiring as prescribed by the Brazilian General Law of Public Bids and Contracts, i.e., Federal Law No. 8.666, of June 21, 1993, with due regard for the direct hiring of legal services. The paper is divided into four parts. The first defines the theme of the paper viewed from the current standpoint of evolution of the Brazilian Administrative Law. The second part of the paper analyzes the issue of bidding per se, and its importance to Administrative Law. At this stage the bidding guiding principles and their importance to the republican ideal are presented, as set forth in the Brazilian Federal Constitution. The third part of the paper looks into the cases of direct hiring set out under Law No. 8.666/93, seeking to identify the possible reasons therefor and the common characteristics existing among them. Under a specific classification the items of article 24 of Law number 8.666/93 were combined in order to fall under six categories: a) waiver of bidding in view of the amount of the contracted object; b) waiver of bidding due to exceptional circumstances; c) waiver of bidding due to problems occurred in previous hiring; d) waiver of bidding due to the players involved; e) waiver of bidding based on development policies; and f) waiver of bidding based on the specific characteristics of the object. The fourth part of the paper analyzes the case of external legal services directly hired, as viewed by the higher courts, i.e., the Supreme Court and the Superior Court of Justice. When looking into the decisions handed down by these courts, two goals are expected to be met: to raise the arguments used by the parties involved in this debate and identify the standing of the Judiciary Branch highest instances on the subject of directly hiring legal services, as well as and the duty to promote competitive bids. This is not an analysis of case law, which was used as a research source to identify real situations involving direct hiring of legal services, their reasons, and forensic arguments for and against them.

This master’s thesis concerns about the use of data mining techniques in banking, insurance and shopping centres industries. The thesis theoretically describes algorithms and methodology CRISP-DM dedicated to data mining processes. With usage of theoretical knowledge and methods, the thesis suggests possible solution for various industries within business intelligence processes.

Denna studie kommer att utforska hur dolda bud påverkar tilliten till budgivningsprocessen, där syftet med studien är att undersöka påverkan på förtroendet hos köpare, säljare och potentiella köpare på bostadsmarknaden. Med denna undersökning vill vi ta reda på vilka utmaningar dolda bud skapar för att tillföra kunskap och lärdomar för mäklarbranschen. I arbetet diskuteras det hur dolda bud har bidragit till en opålitlig budgivningsprocess, där de inblandade aktörerna ofta misstänker att mäklaren har undanhållit information. Detta sker trots att Fastighetsmäklarlagen inte innefattar en reglerad budgivning ännu, där säljaren i nuläget avgör om budgivningen ska hållas öppen eller vara stängd. Forskningsstudiens teoretiska ramverk består av tillit, risk och osäkerhet, transparens och asymmetrisk information. Påverkan på transaktionskostnader och det marknadsmässiga perspektivet behandlas även i det teoretiska ramverket. Arbetet baseras på en kvalitativ undersökning med semistrukturerad intervjuteknik som består av nio genomförda intervjuer. Dessa baseras på deltagare som tidigare varit i kontakt med dolda bud i en försäljningsprocess. Resultatet av studien visar att det finns en stor okunskap om fenomenet dolda bud vilket i sin tur skapar missförstånd och misstro. Slutligen visar forskningen på att det finns en rad faktorer som påverkas negativt av de dolda buden med ett fåtal skillnader mellan de inblandade aktörerna. De främsta slutsatser som framhävs i forskningsrapporten är förtroendets påverkan hos de olika parterna, då ett flertal vann medan andra förlorade i budgivningsprocesserna. / This study will investigate how hidden bidding affects trust in the bidding process where the aim of the study is to investigate the impact on the trust of buyers, sellers and potential buyers in the housing market. With this survey, we want to find out what challenges hidden bids create in order to add knowledge and lessons for the brokerage industry. The work discusses how hidden bids have contributed to an unreliable bidding process where the parties involved often suspect that the broker has withheld information. This is despite the fact that the Real Estate Agents Act does not yet include regulated bidding, where the seller currently decides whether the bidding should be kept open or closed. The research study's theoretical starting points consist of trust, risk and uncertainty, transparency, and asymmetric information. The impact on transaction costs and the market perspective is also addressed in the theoretical framework. The work is based on a qualitative survey with a semi-structured interview technique consisting of nine completed interviews. These are based on participants who have previously been in contact with hidden bids in a sales process. The results of the study show that there is a great deal of ignorance about the phenomenon of hidden bids, which creates misunderstandings and mistrust. Finally, the study shows that there are several factors that are negatively affected by the hidden bids with a few differences between the parties involved. The main conclusions that are highlighted are the impact of trust on the part of the various parties, as several won while others lost in the bidding processes.

Offentliga uppköpserbjudanden på den svenska aktiemarknaden sker främst med kontantvederlag, ofta förenat med aktievederlag. Som alternativ till sådant vederlag kan budgivaren erbjuda målbolagets aktieägare ”stub equity” med vilket avses det fall budgivaren erbjuder målbolagets aktieägare en begränsad mängd aktier i ett särskilt onoterat holding- eller budbolag, vilket i sin tur efter det offentliga uppköpserbjudandet innehar samtliga aktier i målbolaget. Syftet med denna uppsats är att utreda hur ett sådant erbjudande måste utformas för att vara förenligt med Takeover-reglerna, då i synnerhet den aktiemarknadsrättsliga likabehandlingsprincipen. Det föreligger inga direkt aktiemarknadsrättsliga hinder för stub equity vid offentliga uppköpserbjudanden, förfarandets förenlighet med regleringen är helt beroende av hur erbjudandet utformas och vilka syften erbjudandet avser uppnå. Möjligheterna att särbehandla målbolagets aktieägare är till följd av likabehandlingsprincipen i regel mycket små. Ett erbjudande med stub equity torde kunna utformas så att mindre aktieägare erbjuds ett kontantvederlag alternativt ett aktievederlag i holding- eller budbolaget medan de större aktieägarna enbart erhåller ett aktievederlag i holding- eller budbolaget, då mot bakgrund av de praktiska skäl som finns till stöd för en sådan utformning. Budgivaren har därutöver vid ett erbjudande med stub equity möjligheten att erbjuda målbolagets aktieägare A-aktier i budbolaget i utbyte mot A-aktier i målbolaget, B-aktier i budbolaget i utbyte mot B-aktier i målbolaget samt en premie för aktier med olika ekonomiska rättigheter. Ett stub equity-erbjudande ställer därutöver krav på erbjudandehandlingens utformning, innefattande att ett värderingsutlåtande avseende värderingen av aktievederlaget bör inhämtas och bifogas samt att målbolagets aktieägare bör informeras om upplägget i erbjudandehandlingen på ett tydligt och lättbegripligt sätt. Vidare torde villkor om viss anslutandegrad för stub equity-delen av vederlaget, villkor om att aktievederlaget med stub equity begränsas samt villkor om att vissa aktieägare ska acceptera erbjudandet vara förenligt med likabehandlingsprincipen. Gällande reglering torde slutligen innebära ett erforderligt skydd för okvalificerade investerare vid erbjudanden om stub equity, detta då möjligheterna att särbehandla aktieägare till följd av likabehandlingsprincipen är mycket begränsade och skyldigheterna att informera okvalificerade investerare om innebörden av ett erbjudande med stub equity betydande. / Public takeover bids on the Swedish stock market are mainly made with cash considerations, frequently combined with share considerations. As an alternative to such public offerings, the bidder may offer the company's shareholders “stub equity”, in which case the bidder offers the target company's shareholders a limited number of shares in a special unlisted holding or bidding company, which in turn after the public takeover bid holds all shares in the target company. This thesis seeks to discuss how such an offer needs to be designed in order to be compatible with the Swedish takeover regulation, in particular the principle of equal treatment of shareholders. There are no direct restrictions to stub equity in public takeover bids in the Swedish takeover regulation, the procedure's compatibility with the regulation is entirely dependent on how the offer is designed and what purposes the offer is intended to achieve. The opportunity to treat the target company's shareholders differently are generally very limited due to the principle of equal treatment. An offer with stub equity ought to be able to be designed so that smaller shareholders are offered a cash consideration or a share consideration in the holding or bidding company, whilst the larger shareholders only receive a share consideration in the holding or bidding company. This in accordance with the exception for practical reasons the Swedish takeover regulation permits in these cases. In addition to this, in an offer with stub equity, the bidder has the opportunity to offer the target company's shareholders A-shares in in the holding- or bid company in exchange for A-shares in the target company, B-shares in the holding- or bid company in exchange for B-shares in the target company as well as a premium for shares with different financial rights. Furthermore, an offer with stub equity places high demands on the design and content of the offer document, including obtaining a valuation statement regarding the valuation of the share consideration and informing the target company's shareholders about the structure of the offer document in a clear and easy to understand manner. Conditions regarding certain degree of accession to the stub equity part of the offer, conditions that the share consideration with stub equity is limited and conditions that certain shareholders must accept the offer ought to also be compatible with the Swedish takeover regulation. Lastly, the existing regulation ought to entail the necessary protection for unqualified investors when offering stub equity, as the opportunity to treat shareholders differently due to the principle of equal treatment is very limited and the obligations to inform unqualified investors about the meaning of an offer with stub equity are significant.

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Made available in DSpace on 2009-11-18T18:56:40Z (GMT). No. of bitstreams: 1 ACF32F.pdf: 148209 bytes, checksum: e32d7f3dcebc75d9b0ccb0db13e7d7c7 (MD5) Previous issue date: 2006 / This study analyses the bids¿ dispersion in fixed income government securities auctions issued by the National Treasury of Brazil. We try to estimate the bids¿ variance based on factors that may forecast its movement. We hope to help the security issuer by offering more data before the auction. The basic idea is to relate the market uncertainty with the primary auction of government securities. Results indicates the importance of uncertainty on the bidding decisions. It shows also the need for a liquid secondary market to the selling of long-term fixed income securities. / Neste trabalho, buscamos analisar a dispersão das propostas em leilões de títulos públicos prefixados do Tesouro Nacional do Brasil. Tentamos estimar a variância das propostas baseados em fatores que possam prenunciar sua movimentação, como taxa de juros e mercado secundário de títulos. Nossa análise pretende ser uma fonte de informações para o ofertante de títulos, auxiliando-o na condução do leilão. Faremos um estudo sobre a influência da incerteza no mercado sobre a emissão primária de dívida pública. O trabalho evidencia o impacto que a incerteza, representada pela dispersão das propostas dos leilões, tem nas decisões de aquisição de títulos públicos prefixados pelas instituições. Evidencia também a importância da liquidez do mercado secundário para a demanda de papéis prefixados mais longos.

Submitted by Patricia Carneiro Leão de Amorim (pclamorim@hotmail.com) on 2013-12-13T19:23:49Z No. of bitstreams: 1 Versão final encaminhada a biblioteca para submissão.com o doc. de aprovação corrigido.em word.docx: 3188647 bytes, checksum: ad3a8970b862902ac8ad0cca609e0fd4 (MD5) / Rejected by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br), reason: Prezada Patrícia, O arquivo tem que ser em PDF e não em Word. Favor submeter novamente com o PDF. Aurea SRA on 2013-12-16T12:22:37Z (GMT) / Submitted by Patricia Carneiro Leão de Amorim (pclamorim@hotmail.com) on 2013-12-18T04:00:24Z No. of bitstreams: 1 Versão final encaminhada a biblioteca para submissão.com o doc. de aprovação corrigido.em PDF.pdf: 3304592 bytes, checksum: 02d98b0262d97422f18c65d06144ca4d (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2014-01-28T17:52:56Z (GMT) No. of bitstreams: 1 Versão final encaminhada a biblioteca para submissão.com o doc. de aprovação corrigido.em PDF.pdf: 3304592 bytes, checksum: 02d98b0262d97422f18c65d06144ca4d (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2014-02-03T16:13:42Z (GMT) No. of bitstreams: 1 Versão final encaminhada a biblioteca para submissão.com o doc. de aprovação corrigido.em PDF.pdf: 3304592 bytes, checksum: 02d98b0262d97422f18c65d06144ca4d (MD5) / Made available in DSpace on 2014-02-03T16:13:56Z (GMT). No. of bitstreams: 1 Versão final encaminhada a biblioteca para submissão.com o doc. de aprovação corrigido.em PDF.pdf: 3304592 bytes, checksum: 02d98b0262d97422f18c65d06144ca4d (MD5) Previous issue date: 2012-11-30 / This work investigates the impact of lowest price bids made through the system of electronic reverse auctions, as seen in the performance and execution of continuous contracts negotiated by the Superintendency of Adminstration for the Advocacia Geral da União (AGU) in Pernambuco, Brazil, during the period between 2006 and 2010. The research was based on the premise that contracting lowest price bidders can stimulate a dip in prices offered by other bidders, leading to contracts with extremely low values that negatively affect the performance of services. Such contracts may be rife with problems and reduce the overall life span of continuous contracts. These apparent savings, a result of intense competition characteristic to the bidding manner of reverse auctions, should be questioned. The results of this study confirm this premise, showing that 55% of contracts generated through the electronic bidding system have serious issues, and 31% of these contracts resulted in a unilateral termination for breach of contractual terms. An inverse relationship between the initial savings generated in the bidding and contract expiration time was identified - the greater the difference between the estimated value and that which was negotiated during the bidding process, the shorter the duration of the contract. Therefore, hiring well below the market price generates contracts with short lifespans and many problems. Data analyses indicate a need to relativize the adoption of the reverse auction bidding system and reconsider its implications for continuous, effective services. / O presente trabalho investiga os impactos das licitações do tipo menor preço, realizadas por meio de Pregão eletrônico, no desempenho das execuções dos contratos contínuos, efetivados pela Superintendência de Administração da AGU em Pernambuco - SAD/PE -, no período de 2006 a 2010. Teve como proposição a premissa de que a contratação do tipo menor preço pode, em função de suas próprias características, estimular uma redução excessiva nos preços ofertados pelos licitantes e originar contratações com valores muito baixos que interferem de forma negativa no desempenho da prestação dos serviços, gerando infrações contratuais e diminuindo a vida útil dos contratos contínuos. A aparente economia, consequência da acirrada competição nos leilões invertidos, que caracterizam a modalidade licitatória Pregão, em médio e longo prazo, pode ser questionada. Os resultados confirmaram a proposição, evidenciando um percentual de 55% dos contratos, oriundos de Pregão eletrônico, com infrações e 31%, rescindidos unilateralmente por descumprimento de cláusulas contratuais. Foi identificada uma relação, de força moderada, inversamente proporcional entre a economia inicial gerada na licitação e o tempo de execução dos contratos, sugerindo uma tendência no sentido de que - quanto maior a diferença entre o valor referencia e o contratado na licitação, menor o tempo de execução do contrato, pois, parte das contratações muito abaixo do preço de mercado, geraram contratos com pequena vida útil e com muitas infrações. As análises dos dados apontam para a necessidade de se relativizar a adoção da modalidade licitatória Pregão, repensando-se a sua indicação para serviços continuados

Das übergeordnete Ziel der vorliegenden Arbeit ist es, ökonomische Gesichtspunkte konsequent in die Diskussion zu den Verhaltenspflichten des Vorstands während öffentlichen Übernahmeverfahren zu integrieren. Aus wohlfahrtstheoretischer Perspektive müssen hierbei die ökonomischen Funktionen des Markts für Unternehmenskontrolle umfassend Berücksichtigung finden. Das Instrumentarium der Ökonomischen Theorie des Rechts dient im Rahmen der Untersuchungen zum einen der positiven Analyse der diskutierten Ansätze zur Regelung der Verhaltenspflichten sowie der bestehenden Regelungen nach der EU-Übernahmerichtlinie (ÜRL) und dem WpÜG. Der normativen Variante der Ökonomischen Theorie des Rechts kommt insbesondere bei der Entwicklung von Regelungsalternativen zu den bestehenden Vorschriften bezüglich der Verhaltenspflichten nach dem WpÜG Bedeutung zu. Vor dem Hintergrund dieses übergeordneten Ziels verfolgt die Arbeit nach der umfassenden Darstellung der, mit der Regulierung des Verhaltens des Vorstands während des Übernahmeverfahrens verbundenen Regelungsprobleme aus juristischer und ökonomischer Perspektive zwei konkrete Ziele: die positive Wirkungsanalyse der bestehenden Regelungen nach der ÜRL und dem WpÜG sowie die Entwicklung einer Regelungsalternative auf nationaler Ebene. / The primary objective of the dissertation is to systematically integrate economic considerations into the discussion about the code of conduct for the board of directors during public takeovers. From a welfare theoretic perspective, the economic functions of the market for corporate control have to be taken into account in their entire scope. In this context the instruments of Law and Economics are used for a positive analysis of different approaches to regulate the code of conduct as well as the existing regulations of the EU Directive on Takeover Bids and the WpÜG. The normative approach of Law and Economics is particularly useful for developing regulatory alternatives to the existing code of conduct under the WpÜG. Based on a survey of the regulatory problems of public takeovers from an economic and legal perspective, the dissertation is perusing two objectives: a positive effect analysis of the impact of the existing rules of the EU Directive on Takeover Bids and the WpÜG as well as the formulation of an alternative concept for the code of conduct on the national level.