本研究探討私募折價幅度及私募前後績效之影響因素，並將應募人分為內部人、積極投資人以及消極投資人三種，觀察不同應募人下的私募，其私募前及私募後是否有累計異常報酬。 實證結果發現，在私募前股價表現與私募對象之關係方面，當私募對象為內部人時，在私募前45日股價即開始下挫，之後的累計異常報酬皆為負值，其原因可能為內部人藉由套利交易，先行在集中市場上賣出手中原有持股，再用較低價格認購私募新股，此舉不但能使手中持股的成本降低同時也能維持既有股權。關於私募半年後的股價表現，內部人及積極投資人私募後的累計異常報酬顯著為正，代表內部人在投資私募新股時，可能隱含著未來公司有較好的投資機會；至於積極投資人後續績效為正，可能代表積極投資人未來將會扮演監督者的角色，有助於提高公司的價值。迴歸分析也顯示，當公司私募的價格相對於公司在私募定價日當時的股價折價越多時，私募之後的累計異常報酬越低，代表私募折價會降低公司價值，傷害現有股東的權益。 / This study investigates the effect of private placements on stockholder wealth before/after the events based on cumulative abnormal return for three categories of investors, namely, the insiders, active investors and passive investors. For private placements with insider investors, significant negative abnormal return prior to private placements may reveal sell arbitrage taken by insiders while significant positive abnormal return subsequent to private placements supports signaling theory. Evidence showing significant negative relation between price discount on private placements and subsequent business performance implies the price discount reduces market value and hence harmful to existing shareholders’ wealth.

不動產估價師的本質在於解釋不動產於市場上價值反應的情況，而價格係由買賣雙方透過公開市場所決定，故不動產估價師不僅在解釋不動產之價值所在，亦在說明買賣雙方於公開市場中的行為模式。然此行為模式主要根據買賣雙方對不動產價格之認知基礎，因此不動產估價師以比較法進行項目調整時，若缺乏考量買賣雙方之認知，對不動產價格的合理區間即可能無法清楚掌握。而國外過去對此議題僅著重於估價師與買方之討論，然不動產價格係由買賣雙方共同合意，故應加入賣方進行探討。 本文以台北市住宅不動產為例，透過對不動產價格影響因素的認知角度，探討不動產估價師、買方及賣方對住宅價格影響因素重要性的認知差異情形，並進一步分析不動產估價師和買賣雙方認知產生差異的可能原因。 研究根據問卷調查結果，實證顯示買賣雙方彼此間對住宅價格影響因素並無明顯認知差異，然而不同家戶屬性的買方、賣方對價格影響因素仍有不同的認知。另外，研究亦發現不動產估價師與買賣雙方之間，對價格影響因素認知存有差異，這是由於環境與制度面使然，且本研究亦證實台灣不動產估價師以區位交通因素為調整價格的首要因素，然而區位未必代表一切，研究結果顯示住宅環境對買賣雙方的重要性甚至更高。 / The real estate appraiser is not only interpreting the value range, but telling the behavior of buyer and seller. The objective of this study is to probe into the cognition differences to the variables determining residential property values between appraiser, buyer and seller. The survey was carried out within a period involved buyers and sellers which participated in the sales of residential property from June 2008 to February 2009 in Taipei City. The results show that buyers and sellers do not have obvious cognition difference, but they do have different cognition with different household attributes. Besides, there is exactly cognition difference between appraiser, buyer and seller, and this is because of the residential property transaction environment and institution. Furthermore, the study reveals that the real estate appraisers in Taiwan take Location factors as the most important ones when they adjusting property price; however, buyers and sellers put even more attention on Residential factors.

L’approche statique de la notion d’acquéreur, retenue par le Code civil, a été remise en cause par la professionnalisation des vendeurs, suite au renouvellement des méthodes de vente et à la complexification des biens. Au stade de la formation du contrat de vente, l’équilibre postulé par le droit commun s’est progressivement affaibli pour donner naissance à des rapports déséquilibrés entre l’acquéreur et le vendeur. Pour remédier à cette situation, les normes contemporaines, d’inspiration consumériste, ont adopté une approche dynamique de la notion en établissant différentes catégories d’acquéreurs, en vue de leur permettre d’exprimer un consentement réfléchi et éclairé. Les enjeux, théoriques et pratiques, d’une étude confrontant l’acquéreur aux règles de la formation du contrat de vente ont pour objet de déterminer si l’évolution législative a permis de rétablir l’équilibre. L’immixtion du droit de la consommation dans le droit de la vente met en œuvre un dispositif protecteur du consentement de l’acquéreur. Ainsi, les normes consuméristes restaurent-elles l’équilibre pour tous les rapports ? Les règles protectrices du consentement, n’étant pas exclusivement attachée à la qualité de l’acquéreur, autorisent-elles le retour à l’équilibre ou au contraire, donnent-elles naissance à de nouvelles situations déséquilibrées ? La réponse à cette interrogation nécessite d’analyser les dispositions organisant le contrat de vente mais, également, celles relatives au contrat de prêt. Le financement de l’acquisition est, généralement, lié à la conclusion de la vente. / The static approach of the idea of buyer, chosen by the Civil Code, has been challenged by the professionalization of the buyer, following the renewal of sales techniques and the fact that the goods are becoming more complex. On the level of the making of the sales contract, the balance implied by the common-law has gradually weakened to generate unbalanced relationships between the buyer and the seller. To solve this, the contemporary standards based on consumerism have adopted a dynamic approach of the notion by distinguishing different categories of buyers, in order to give them the opportunity to express a well-thought and informed consent. The major issues, both theoretical and practical, of a study which confronts the buyer to the rules of the making of a sales contract, are to determine if the legal evolution allowed to reestablish the balance. The interference of the consumption right in the sales right generates a protective system of the buyer's consent. Can the consumerist standards restore the balance at all levels? Do the protective rules of consent, not being exclusively attached to the quality/ nature of the buyer, allow a way back to the original balance or on the contrary, do they give birth to new unbalanced situations? The answer to this question requires to analyze the rules which organize the sales contract and those connected to the rental contract too. The acquisition financing is currently connected to the sealing of the sale. The diversity of these rules requires to deal with them under the light of the protection of the buyer's consent, in order to allow him to give a well-thought and informed consent.

The diploma thesis inquires into the consumer behavior in the market of wedding services and its aim is to identify and analyze the buyer decision process. The theoretical part inquires into the characteristics of consumer behavior. The practical part describes the wedding market. Next main part is based on the results of marketing research, which took the form of a questionnaire survey. The results are analyzed and presented in detail. The conclusion outlines the marketing recommendations for vendors operating in this market.

M.A. Faculty of Humanties, University of the Witwatersrand / The racial discrimination under colonialism and apartheid culminated to the dispossession of black people from their land, and to unequal land distribution between black and white people. Territorial segregation during this period was not only about the displacement of black people from their land and their deprivation to equal access to land compared to their white counterparts, it was also about economic deprivation, eradication of subsistence agriculture and the transformation of blacks into wage labourers (Hall, 2004; Walker, 2008).The post-apartheid land reform process was initiated to redress the injustices and inequalities of the past. It took a market-driven approach to blend the objectives of land reform with those of national reconciliation and maintenance of food security (DLA, 1997). The land reform process took a form of restoring land to its original owners who were forcefully removed from it after June 1913 or compensation if land could not be restored. It was also aimed at securing tenure rights for farm workers, labour tenants, farm dwellers and people residing in communal areas. The aims of the third part of the land reform programme was to redistribute 30% of commercial farms in white hands to black people with the view of redressing racial disparities in landholding. As early as in the initial stages of the development of South Africa’s land policy in the early 1990s, scholars and civil society groups warned about the ineffectiveness of the market to deliver on land reform objectives. This paper adopts a case study approach to study the South African land reform process in relation to the notion of empowerment. It focuses on the Land Reform for Agricultural Development (LRAD) sub-programme by looking at the intersection between race, gender and class. Bambanani Fruits (Pty) Ltd, an LRAD project based in the Gauteng province is used as a case study. This is an LRAD Equity Scheme project, meaning that its beneficiaries (who are former workers on the farm) acquired an LRAD grant to purchase equity shares to be co-owners of the project. Bambanani Fruits is a successful project considering its productivity and access to the market. This paper investigates how much LRAD beneficiaries are part of this success i.e. whether they have agency, whether they feel a sense of ownership and control of the project, and the extent at which they take part in decision making in the project. This task is carried out through the application of Kabeer’s (1999) instrumentalist model of measuring empowerment. Kabeer states that empowerment is measured by looking at three aspects, namely; resources, agency and achievement. Kabeer’s model is applied to the data which was collected through various means including in depth interviews with Bambanani LRAD beneficiaries and land officials from the province, document analysis and review of existing scholarly work on land reform. It is well documented that South Africa’s land reform process has been very slow in delivering to its objectives, and departmental reports used in this paper also confirm this assertion. The research results reveal that even though more land was transferred under LRAD, the sub-programme also encountered some of the challenges and hindrances faced by its predecessor Settlement/Land Acquisition Grant (SLAG). It faced budgetary constraints, complexities of the land market such as price restrictions and resistance by land owners to cede land, and so on. Generally, it was found that LRAD tended to entrench race, gender and class disparities in landholding. At Bambanani, I discovered that LRAD has affected beneficiaries differently. The sub-programme has stratified these beneficiaries into competing class factions. Divergent interests have emerged to distort the actual meaning of empowerment. I have labelled this tension a ‘dichotomous factionalism’. The struggle and conflict is caught up between beneficiaries themselves, and their disunity has left the hegemony of the farm’s management unchallenged. I argue that, their empowerment is firstly condemned from within and this internal condemnation limits their negotiating power with the management. Secondly, their empowerment is curtailed by the farm’s management in such as way that it sometimes uses its majority shares to justify unilateral decision making. According to Kabeer, empowerment ought to encompass egalitarian decision making. Respondents have reported this is not always being the case at Bambanani. One group of participants complained about how things have remained the same on the farm despite the acquisition of LRAD shares to co-own the farm. Another group which is mostly comprised by trust members argued that things have changed for the better compared to the period prior to the attainment of these equity shares. In doing so, this group blames the discontent group for the lack of commitment to the project and for being after money over the interest of the project. The discontent group has also complained that the trust is not representing their interests to the management, and whenever they lay complaints there are often threats of expulsion. Apart from the above mentioned conflict of interests amongst Bambanani beneficiaries, positive elements were also discovered where beneficiaries agreed on some areas of dissatisfaction. I have labelled this a Collective Discontent Spectacle. The plight of beneficiaries is caused by the lack of adequate exposure to the business side of the farm’s operation and the lack of delivery on houses which were promised to them by the management as part of the shareholding package. Having considered the Bambanani case and other literature on LRAD, I concluded that LRAD has failed to fulfil empowerment requirements as per Kabeer’s model.

Le principe de la « transmission » des actions en justice avec la chose fait habituellement l'objet d'une analyse irritante, d'une part parce que l'appréhension de son mécanisme semble a priori complexe, d'autre part parce que son statut essentiellement prétorien paraît compromettre d'avance tout espoir de maîtrise. Il en est ainsi, parce qu'on suppose que, comme toute « norme du juge », il est soumis à la pression constante des faits et à la justification quasi-permanente de sa pertinence Dès lors, au mieux, il se mettra en adéquation avec les sollicitations fluctuantes du temps, empêchant ainsi toute tentative de systématisation, au pire, il s'érodera et disparaîtra pour laisser la place aux principes certains du Code civil, notamment ceux contenus dans les articles 1165 et 1166 du Code civil qu'il est supposé contourner.Pourtant, force est de reconnaître la résistance (inattendue ?) de l'œuvre : le principe de « transmission » des droits et actions avec la chose subit des attaques, chancelle parfois mais ne s'éteint toujours pas. Située à la croisée du droit des biens, du droit des contrats et de la procédure, cette œuvre de collaboration judicaire et doctrinale élaborée depuis plus de deux siècles, révèle, malgré ce temps relativement long de maturation, des insuffisances manifestes. Pourquoi cette transmission ? Quels droits et actions sont transmis avec la chose ? Quelles sont leurs conditions d'exercice ? Comment se dénouent-t-ils ? / The principle of transfer of actions and rights « attached » to thing‘s analysis is usually irritating, partly because of the apprehension of its mechanism seems complex; secondly because its status as praetorian creation seems to affect mainly advance any hope of control. This is so because it is assumed that, like all "Principles created by judge", it is subjected to constant pressure from the facts and need justification of its relevance almost constantly. Therefore, at best, it will match with the fluctuating demands, thus preventing any attempt at systematization, at worst; it will disappear, giving way to some principles of the Civil Code, such as articles 1165 and 1166 of the Civil Code which it is supposed to circumvent. But it is noted that this creation continues. The Principe of transfer of actions and rights is criticized sometimes, it stumbles but it steals alive. Its continued strength is probably due to the simplicity (apparent perhaps) of the problem raises. At the intersection of property law, contract law and procedure, the principle of rights and actions “transferred” with the thing offers the image of a joint judicial and doctrinal work. Developed over two centuries, the work reveals, despite this relatively long period of maturation, shortcomings

Problembakgrund och problemformulering: Sverige är ett av de länder i världen där ehandel förekommer mest frekvent, dock inte av dagligvaror. Detta är ett problem för de matbutiker som väljer att erbjuda e-handel då det inte är lönsamt. Från ett konsumentperspektiv kan detta bero på bland annat livssituation, vanebeteende och köparpersonlighet. Frågan blir då i vilken utsträckning dessa faktorer påverkar val av inköpskanal. Syfte och frågeställning: Syftet med uppsatsen är att beskriva hur attityder mot en rad butikskomponenter ser ut hos olika konsumenter med olika köparpersonligheter och vilka köparpersonligheter som regelbundet handlar dagligvaror online samt vilka som inte gör det. Frågeställningen som uppsatsen utgår ifrån är därför: “Hur kan attityder till butikskomponenter och köparpersonligheter påverka val av inköpskanal hos konsumenter som regelbundet handlar dagligvaror online via en matbutik respektive konsumenter som handlar dagligvaror i fysisk butik?” Metod: En kvalitativ metod användes i den aktuella uppsatsen. Djupintervjuer utfördes med 14 respondenter från Sverige i två olika grupper: de som regelbundet handlar dagligvaror via en matbutik och de som inte gör det. Frågorna som ställdes handlade om attityder, attribut, vanor, livssituation, erfarenheter och val av inköpskanal. För att behandla alla frågor teoretiskt skapades en analysmodell som verktyg för skrivandet av uppsatsen. Slutsats och förslag till framtida forskning: Inga övergripande skillnader mellan de respondenter som regelbundet handlar dagligvaror online via en matbutik och de respondenter som inte gör det fanns genom studien. Dock sågs nyansskillnader inom respektive grupper och mellan grupperna. Vidare fanns att konsumenters köparpersonligheter och utomstående faktorer såsom livssituation hade ungefär samma grad av påverkan på valet av inköpskanal. Det var omkring samma antal respondenter som påverkats till att välja den kanal de valt på grund av utomstående faktorer som det antal som valt inköpskanal på grund av sin köparpersonlighet. Förslag till framtida forskning skulle kunna vara en mer extensiv studie med respondenter från hela Sverige, då den aktuella studien utfördes i Jönköping och Göteborg samt forskning om hur matbutikerna kan få sin e-handel att öka. / Problem background and problem formulation: Sweden is one of the countries in the world where e-commerce is the most present. This is however not the case within groceries. The problem occurs for the supermarkets that chooses to offer e-commerce of groceries when it is not profitable. From a consumer perspective this can depend on living conditions, habits and buyer personality. The question then is to what degree these factors influence the choice of purchase channel. Purpose and research question: The purpose of this essay is to describe how attitudes toward a range of store components look among consumers with different shopping typologies and personalities and which of these personalities that regularly shop for groceries online through a supermarket and which ones does not. The research question therefore is: “How can attitudes to store components and buyer personalities influence the choice of purchasing channel of consumers that regularly shop for groceries online through a grocery store in difference to those consumers who shop for groceries in a physical store?” Method: A qualitative method was used in the present essay. In-depth interviews were conducted with 14 respondents from Sweden in two groups: the ones who regularly shop for groceries online through a supermarket and the ones that do not. The questions asked was about attitudes, attributes, habits, living conditions, experiences and choice of buying channel. In order to treat every question theoretically an analysis model was created as a tool for the essay. Conclusion and recommendations for further research: No general differences between the respondents that shop for groceries online through a supermarket and those who shop in a physical supermarket was found through the present study. However, differences in nuances was seen within both groups and between the groups. Furthermore the analysis showed that consumers’ buyer personalities and external factors such as living conditions had more or less the level of impact on the choice of purchasing channel. It was about the same number of respondents that had been affected to choose the channel that they chose do to external factors, as the number of respondents that had chosen purchasing channel because of their buyer personality. Recommendations for further research could be a more extensive study with respondents from all of Sweden since the present study was conducted in two Swedish cities: Jönköping and Göteborg. Additionally, research about how supermarkets could make their e-commerce efforts be profitable could be of interest.

Made available in DSpace on 2016-04-26T20:24:14Z (GMT). No. of bitstreams: 1 Vanessa Estephan Maluf.pdf: 845976 bytes, checksum: c9b0052b5a2ee8f1d342b9d9a0f4b081 (MD5) Previous issue date: 2016-02-22 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The scope of this work is to make an analysis of the consumer category under the Brazilian Law. In Brazil, this category went through significant changes in the country s system of laws since its early times, to the detriment of the category defined by international rules on the matter; it includes the buyer category under the Vienna Convention on Contracts for International Sale of Goods and possible points of intersection between the two sets of rules. / Este trabalho tem o escopo de analisar a figura do consumidor no Direito Brasileiro, incorporada por significantes mudanças no ordenamento jurídico pátrio desde os primórdios, em detrimento do sujeito esculpido pelas normas internacionais sobre o tema, incluindo a figura do comprador trazida pela CISG e possíveis pontos de intersecção entre as normas

Made available in DSpace on 2015-03-05T18:39:03Z (GMT). No. of bitstreams: 0 Previous issue date: 29 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / As operações logísticas possuem importante papel no comércio internacional. Ao mesmo tempo, as exportações têm se destacado como força motriz da política econômica brasileira. Com o aumento das exportações nos últimos anos, a busca por redução de custos, o aumento na qualidade e na satisfação das necessidades dos clientes tem recaído com grande peso sobre a área de operações. Neste sentido, o presente trabalho teve como objetivos identificar critérios competitivos e a forma de relacionamento para manutenção do serviço prestado por provedores de transporte marítimo internacional a empresas exportadoras localizadas no estado do Rio Grande do Sul. Foi realizada pesquisa do tipo survey com exportadores de dois dos setores que mais exportam no estado – Máquinas & Equipamentos e Agronegócios. Os resultados indicam que os critérios competitivos pertencentes ao construto Desempenho de Serviços: agilidade de retorno, equipe capacitada, entrega no prazo, preço, disponibilidade de espaço e equipamentos foram os que mais / Logistics operations play an important role in international business. At the same time, exports are a major driver in the Brazilian economy policies. As exportation rates have increased quickly in the last years, companies have been compelled to seek cost reduction, quality improvements and client satisfaction. Thus, this study aimed to identify competitive criteria and relationship patterns in the services continuity in the international sea transport industry. The companies analyzed are located in the state of Rio Grande do Sul. A survey was carried out in two of the major exporters industries in that state – Machinery and Agribusiness. The results showed that competitive criteria employed in Services Performance: feedback capacity, staff’s skills, on time delivery, price, ships’ space availability and equipment were found to be more important for the relationship maintenance in the international sea export industry and Brazilian exporters. Therefore, these criteria are key aspects for the relationship co

Submitted by Mariana Dornelles Vargas (marianadv) on 2015-05-08T16:31:36Z No. of bitstreams: 1 uma_analise.pdf: 1521320 bytes, checksum: 826ae498769acda69af8efe004a11afb (MD5) / Made available in DSpace on 2015-05-08T16:31:36Z (GMT). No. of bitstreams: 1 uma_analise.pdf: 1521320 bytes, checksum: 826ae498769acda69af8efe004a11afb (MD5) Previous issue date: 2010-07-21 / Nenhuma / Este trabalho apresenta uma análise das relações comprador-fornecedor na cadeia de suprimentos de produtos orgânicos no Brasil, por meio de um estudo de caso sobre como se caracterizam os relacionamentos entre o Grupo Pão de Açúcar e os seus fornecedores de frutas, legumes e verduras (FLV) envolvidos na cadeia de suprimentos da marca própria Taeq para sua linha de produtos Taeq Orgânico. O referencial teórico alia conceitos sobre varejo, estratégia das operações, cadeia de valor e rede de operações, gestão da cadeia de suprimentos e relações comprador-fornecedor. As relações comprador-fornecedor são apresentadas de acordo com o referencial de análise proposto em duas perspectivas: episódios de interação e relacionamentos que juntas definem o ambiente operacional no qual compradores e fornecedores interagem, compreendendo a redução na base de fornecedores, o relacionamento de longo prazo, o envolvimento do fornecedor no desenvolvimento de produto e a qualidade como critério prioritário para seleção e avaliação de fornecedores; bem como as dimensões dos relacionamentos criados neste contexto que contemplam a comunicação, as equipes multifuncionais, o compromisso, a cooperação, e as operações conjuntas. São observadas diferenças na caracterização dos relacionamentos a partir do varejo em todas as características observadas em relação aos constituídos entre intermediário atacadista, produtor-coordenador e produtor. Percebe-se que os relacionamentos entre comprador e fornecedores na cadeia de suprimentos de produtos orgânicos a partir de uma grande rede varejista se caracterizam por uma assimetria refletida na capacidade do varejo em exercer poder, influência ou controle sobre a cadeia de suprimentos em função de seu poder de compra e proximidade com o consumidor final; e pela busca da eficiência, em função da necessidade do varejo melhorar a relação custo/benefício de seus processos o que, em alguns momentos, impacta na confiança entre as partes, além da dependência do varejo em relação aos fornecedores em função da indisponibilidade de produtos que atendam a demanda atual. Porém, as práticas de relacionamento entre o comprador e seus fornecedores estão em constante mudança, devido às grandes alterações nos ambientes e à crescente necessidade de responder cada vez mais rápido às necessidades dos clientes, o que implica em uma dinâmica que permite a identificação de estruturas diversas e singulares. Adicionalmente, se percebe que a busca de diferenciação do varejista por meio da introdução de uma dimensão social na sua proposta de valor, na associação com marcas próprias de produtos orgânicos não assegura a extensão a toda a cadeia de suprimentos de orgânicos, mas gera benefícios à sociedade ao estimular a inclusão de pequenos produtores em cadeias produtivas mais elaboradas, promover a melhoria da saúde dos produtores ao adotarem a produção orgânica, sem o uso de agrotóxicos. / This paper presents an analysis of buyer-supplier relationships in the supply chain for organic products in Brazil through a case study on how to characterize the relationships between the Pão de Açúcar and their suppliers of fruit and vegetables ( FLV) involved in the supply chain to its own brand Taeq Taeq Organic product line. The theoretical framework combines concepts of retail, operations strategy, value chain and network operations, supply chain management and buyer-supplier relationships. The buyer-supplier relationships are presented in accordance with benchmark analysis discussed from two perspectives episodes of interaction and relationships that together define the operating environment in which buyers and suppliers interact, including the reduction in the supplier base, the long-term relationship the supplier involvement in product development and quality as a priority criterion for selecting and evaluating suppliers, as well as the dimensions of the relationships created in this context that include communication, cross-functional teams, commitment, cooperation, and joint operations. Differences are observed in the characterization of relationships from the retail on all observed characteristics in relation to established between intermediate wholesaler, producer-engineer and producer. It is perceived that relationships between buyers and suppliers in the supply chain for organic products from a large retail chain is characterized by an asymmetry reflected in the ability of retailers to exercise power, influence or control over the supply chain due to its purchasing power and proximity to the final consumer, and the search for efficiency, depending on the need for retail to improve the cost / benefit analysis of its processes which, at times, impacting on confidence between the parties, besides the dependence of retail against suppliers depending on availability of products that meet current demand. However, the practical relationship between the buyer and its suppliers are constantly changing due to major changes in the environments and the increasing need to respond more quickly to customer needs, which implies a dynamic that allows the identification of structures diverse and unique. Additionally, one realizes that the quest for differentiation of the retailer through the introduction of a social dimension in its value proposition, in association with their own brands of organic products does not ensure the extension to the entire supply chain for organic products, the benefits to society to encourage the inclusion of small producers into supply chains more elaborate, promote improved health of farmers to adopt organic farming without using pesticides.