Submitted by Luís Felipe de Freitas Kietzmann (felipe.kietzmann@gmail.com) on 2016-02-24T18:03:10Z No. of bitstreams: 1 Provisionamento de Processos Judiciais F Kietzmann 22 02 16 v final.pdf: 904366 bytes, checksum: 7db9e2e608ffb321c33c77f98649f6ae (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-02-24T18:11:40Z (GMT) No. of bitstreams: 1 Provisionamento de Processos Judiciais F Kietzmann 22 02 16 v final.pdf: 904366 bytes, checksum: 7db9e2e608ffb321c33c77f98649f6ae (MD5) / Made available in DSpace on 2016-02-25T15:04:28Z (GMT). No. of bitstreams: 1 Provisionamento de Processos Judiciais F Kietzmann 22 02 16 v final.pdf: 904366 bytes, checksum: 7db9e2e608ffb321c33c77f98649f6ae (MD5) Previous issue date: 2016-01-28 / This paper focuses on Brazilian standards concerning the provision and the disclosure of contingent liabilities specifically aiming at their use in legal and managerial proceedings, which are the kind of contingent liability that most significantly impacts the results of the majority of national companies in all segments. The description of the standards, therefore, is compared to the market reality and the specifications pertaining to legal and managerial proceedings. In addition to contextualizing the applicable rules and explaining how they work, in special Technical Standard number 25, created by the Committee of Accounting Standards, which became mandatory for publicly-held corporations by CVM Decision number 594, as of September 15, 2009, their critical analysis is also performed, with the identification of any omissions that might make it difficult to perform the provision activities by the appropriate professionals, which leads to a lack of uniformity of these records in the company's financial statements, as well as making it possible to manage results. Next, solutions are assessed and proposed for the problems found, in special the adoption of percentage values for risk classification criteria and the definition of contingency value measurement and contingent liability mensuration criteria organized as standards of good practices of provision and disclosure of contingent liabilities arising from legal and managerial proceedings. / O presente trabalho examina as normas brasileiras relativas ao provisionamento e à divulgação de passivos contingentes com vistas especificamente à sua aplicação para processos judiciais e administrativos, que representam o tipo de passivo contingente que mais impacta o resultado da maior parte das companhias nacionais, de todos os segmentos. O texto das normas, portanto, é confrontado com a realidade prática do mercado e as especificidades inerentes aos processos judiciais e administrativos. Além de contextualizar e explicar o funcionamento das regras aplicáveis, com destaque para o Pronunciamento Técnico nº. 25, do Comitê de Pronunciamentos Contábeis, que se tornou obrigatório para as companhias abertas por meio da Deliberação CVM nº. 594, de 15 de setembro de 2009, é realizada sua análise crítica, identificando omissões que podem dificultar o desempenho das atividades de provisionamento de tais demandas pelos profissionais competentes, fomentando a falta de uniformidade desses registros entre as demonstrações financeiras das companhias, bem como possibilitando o gerenciamento de resultados. Em seguida, são avaliadas e propostas soluções para os problemas identificados, com destaque para o estabelecimento de valores percentuais aos critérios de classificação de risco e a definição de critérios para classificação de risco de perda e mensuração de valores de passivos contingentes, organizadas em forma de diretrizes de boas práticas de provisionamento e de divulgação de passivos contingentes decorrentes de processos judiciais e administrativos.

Submitted by Rodrigo Bernardes Ribeiro (rodrigo.bernardes@live.com) on 2017-01-12T02:12:02Z No. of bitstreams: 1 TCC_Completo_VF_Com_Ficha.pdf: 1319843 bytes, checksum: 1173593a6924491cb8937cbbba591670 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Rodrigo, boa tarde Por gentileza, retirar a acentuação do nome Getúlio para que possamos aceitar seu trabalho junto à biblioteca. Em seguida submeter o arquivo novamente. Grata. on 2017-01-12T15:21:27Z (GMT) / Submitted by Rodrigo Bernardes Ribeiro (rodrigo.bernardes@live.com) on 2017-01-12T16:46:08Z No. of bitstreams: 1 TCC_Completo_VF_Com_Ficha.pdf: 1317569 bytes, checksum: e3670ac2164fccd4740d66189fc68474 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2017-01-12T16:49:19Z (GMT) No. of bitstreams: 1 TCC_Completo_VF_Com_Ficha.pdf: 1317569 bytes, checksum: e3670ac2164fccd4740d66189fc68474 (MD5) / Made available in DSpace on 2017-01-12T17:10:47Z (GMT). No. of bitstreams: 1 TCC_Completo_VF_Com_Ficha.pdf: 1317569 bytes, checksum: e3670ac2164fccd4740d66189fc68474 (MD5) Previous issue date: 2016-12-14 / The present work aims to examine the risks and legal uncertainties and see how companies approach, treat and mitigate them, and how eventually this can be improved, especially in tax matters, considering the importance of its evaluation to record liabilities on financial reports, the practical effects of tax discussions and the impact of losing major litigation on taxpayers. It also seeks to elucidate the difficulties, mainly from the analysis of relevant tax discussions that are observed on the national scene and that occupy the most important courts in Brazil, and objectively point the accounting rules that must be observed by companies and the mechanisms which are usually used by them to ensure the quality of accounting judgments and consequently the information provided to external users. Given that accounting standards suggest that companies can rely on expert opinions and the perception that the opinions of lawyers have great relevance on legal risk evaluation, especially on tax matters, we analyze the way they are issued and what level of objectivity and accuracy can be expected from the loss or gain prognoses portrayed in them, to conclude that, although not as accurate, this tool is still the best mechanism available, given the peculiarities and uncertainties inherent in the law and the very indeterminacy of the future. Nevertheless, taking into account the basic characteristics of the risks, we beliebe that the knowledge of other areas on risk management, such as project management, can be adapted to law, in addition (and not replacement) to the legal opinions and the governance processes already implemented by the companies. Some tools that we consider capable of being applied to law are: (a) analysis of root causes and consequences; (B) numerical Linkert scale, combined with risks exposure in lists evaluated qualitatively; (C) Delphi technique. Finally, we present some practical effects of uncertainties and legal risks on tax matters and difficulties of its evaluation, to draw attention to the need of its management, as it is impossible to eliminate them. / O presente estudo tem como objetivo examinar os riscos e incertezas jurídicos e verificar como as empresas os abordam, tratam e mitigam e como, eventualmente, isso pode ser aprimorado, especialmente em matéria tributária, tendo em vista a importância da sua avaliação para registro das obrigações nas demonstrações financeiras, os efeitos práticos das discussões tributárias e os impactos das perdas dos grandes litígios para os contribuintes. Buscamos elucidar as dificuldades existentes, principalmente, a partir da análise de discussões tributárias relevantes que se observam no cenário nacional e que ocupam os mais importantes tribunais do País e apontar de forma objetiva as regras contábeis a serem observadas pelas empresas e os mecanismos usualmente utilizados por elas para assegurar a qualidade dos julgamentos contábeis e consequentemente das informações prestadas aos usuários externos. Diante da evidenciação de que a norma contábil sugere que as empresas se socorram das opiniões de especialistas e da percepção de que as opiniões dos advogados possuem grande relevância nas avaliações de riscos jurídico-tributários, buscamos analisar a forma como elas são emitidas e qual o nível de objetividade e precisão que se pode esperar dos prognósticos de perda ou ganho nelas retratados, para concluir que, embora não tão precisa, essa ferramenta ainda é o melhor mecanismo disponível, haja vista as peculiaridades e incertezas inerentes ao próprio Direito e a própria indeterminação do futuro. Não obstante, em atenção às características básicas dos riscos, verificamos que o conhecimento de outras áreas sobre o gerenciamento de riscos, como o gerenciamento de projetos, pode ser adaptado ao Direito, em adição (e não substituição) às opiniões jurídicas e aos processos de governança já implementados pelas empresas. Há algumas ferramentas que, para fins das conclusões a serem obtidas, são julgadas como aptas para serem aplicadas ao Direito, a saber: (a) análise de causa-raiz e de consequências; (b) escala Linkert numérica, com exposição dos riscos em listas avaliadas qualitativamente; (c) técnica Delphi. Por fim, apresentam-se alguns efeitos práticos das incertezas e riscos jurídico-tributários e das dificuldades de sua avaliação, para chamar a atenção para a necessidade de seu gerenciamento, em virtude da impossibilidade de sua efetiva eliminação.

Entrepreneurial skills stimulate entrepreneurial activities. An increase in entrepreneurial activities culminates in high economic growth, creation of employment, and alleviation of poverty. South Africa’s entrepreneurial activity ratio stands at 9.1%, far below 14.3% of the BRICS (Brazil, Russia, India, China and South Africa) countries. Entrepreneurship is a national priority endeavour which helps absorb individuals searching for employment. Small, Medium and Micro Enterprises (SMMEs) provide employment to approximately 61% of households in South Africa. SMME shutdowns have increased and can be attributed to lack of entrepreneurial proficiencies. Hence, contingent employees in small retail businesses face poor working conditions, are unprotected by labour legislation, low remuneration, skills redundancy, and discrimination. They are also not affiliated with a union. The foregoing variables lead to job insecurity. Job insecurity leads to job dissatisfaction, disloyalty, and low organisational commitment. The study investigated whether contingent employees in Roodepoort have entrepreneurial skills to be entrepreneurial, as an avenue to offset job insecurity. The question why contingent employees are not entrepreneurial in Roodepoort was posed. A sample composed of 129 contingent employees from 60 small retail businesses in Roodepoort was used. Results showed a positive relationship between entrepreneurial skills and entrepreneurship, job insecurity and entrepreneurship, and contingent employees and job insecurity. However, it appears that contingent employees in Roodepoort were not affected nor concerned about job insecurity. They possess a significant understanding of entrepreneurial skills, yet they are not entrepreneurial. / Business Management / M. Com. (Business Management)

abstract: In two independent and thematically connected chapters, I investigate consumers' willingness to pay a price premium in response to product development that entails prosocial attributes (PATs), those that allude to the reduction of negative externalities to benefit society, and to an innovative participatory pricing design called 'Pay-What-You-Want' (PWYW) pricing, a mechanism that relinquishes the determination of payments in exchange for private goods to the consumers themselves partly relying on their prosocial preferences to drive positive payments. First, I propose a novel statistical approach built on the choice based contingent valuation technique to estimate incremental willingness to pay (IWTP) for PATs that accounts for consumer heterogeneity, dependence in the decision making processes, and incentive compatibility. I validate the approach by estimating IWTP for a variety of PATs and contrast the theoretical and managerial benefits of using the proposed approach over extant techniques used in the literature for this purpose. Second, I propose a general and flexible statistical modeling framework for estimating PWYW payments that exceed zero. It relies on the joint estimation of three types of consumer decision processes namely, the consumer propensity to default to an explicit price recommendation, the propensity to pay a least legitimate price, and the payment of a freely-chosen non-zero payment. Of particular interest is the model's ability to account for a wide variety of design constraints such as the setting of price bounds, explicit price recommendations, and the provision of a menu of discrete prices to choose from. I validate the approach by estimating PWYW payments for a variety of products such as music licenses, snacks, and sports tickets. I specifically examine and report the differential impact of three managerially controllable variables namely, 'payment anonymity', 'information on payment recipients' and 'information of product value/quality'. / Dissertation/Thesis / Doctoral Dissertation Business Administration 2016

Made available in DSpace on 2015-05-08T14:44:54Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 1026635 bytes, checksum: 9f73fc99ed670817798dac77b35bfb11 (MD5) Previous issue date: 2013-04-30 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / The economic valuation of environmental assets has gained relevance as instruments to assist the decision making of managers both public and legislators, as investors and entrepreneurs. Assign an economic value to environmental resources is not yet a widespread practice. The environmental management has been focused mainly on assessment of the impacts generated by the unbalanced exploitation of these resources. Therefore, this work has as overall goal performing economic valuation of Dunes State Park of Natal in Natal/RN, analyzing the Willingness to Pay (WTP) for students and employees of the Federal Institute of Education, Science and Technology of Rio Grande do Norte (IFRN) through Contingent Valuation Method (CVM), considering its natural attractions, and specific objectives, we analyze the socioeconomic profile of students and employees and their concerns about environmental issues, as well we estimate the function WTP for the use of environmental attractions of the park. Finally, we relate the value of the WTP Park socioeconomic characteristics of the students and IFRN servers. As methodology, we used a bibliographic review of the existing literature and a field research, executed at Federal Institute of Education, Science and Technology of Rio Grande do Norte (IFRN), Natal-campus center, where we applied a questionnaire in the open form of elicitation, during September of 2012, among students aged 18 years and servers (administrative staff and teachers) of this educational institution, gathering also socioeconomic information of the individuals. The results demonstrated that through the regression model, analyzed in general, we have evidence for a significance level of 6,8% there is a significant difference between the amount willing to pay for the maintenance of the park with family income and net income, in other words, as the individual has a higher net income and family, value willing to pay for the maintenance of the Dunes state Park tends to be higher. Furthermore, it was detected that there is also significant effect with respect to schooling, where as you increase the educational level of the individual, the average willing to pay for the maintenance of the Dunes state Park also increases. A fact relevant as adjustments in the general model, it is found not to have significant effect on the amount willing to pay for the maintenance of the Dunes state Park with respect to students and servers. / A valoração econômica de ativos ambientais tem ganhado relevância como instrumentos para auxiliar a tomada de decisão tanto de gestores públicos e legisladores, como de investidores e empresários. Atribuir um valor econômico aos recursos ambientais não é, ainda, uma prática difundida. A gestão ambiental tem se preocupado principalmente na avaliação dos impactos gerados pela exploração desequilibrada desses recursos. Logo, este trabalho tem como objetivo geral realizar a valoração econômica do Parque Estadual Dunas de Natal, em Natal/RN, analisando a Disposição a Pagar (DAP) de alunos e servidores do Instituto Federal de Educação, Ciência e Tecnologia do Rio Grande do Norte (IFRN) por meio do Método de Valoração Contingente (MVC), considerando seus atrativos naturais; e como objetivos específicos, analisamos o perfil socioeconômico de alunos e servidores e de seus interesses sobre as questões ambientais, bem como estimamos a função DAP pelo uso dos atrativos ambientais do parque. E, por fim, relacionamos o valor da DAP do parque às características socioeconômicos dos discentes e servidores do IFRN. Como metodologia, utilizamos uma revisão bibliográfica da literatura existente e uma pesquisa de campo, realizada no Instituto Federal de Educação, Ciência e Tecnologia do Rio Grande do Norte (IFRN), Câmpus Natal-Central, onde aplicamos um questionário na forma aberta de eliciação, durante o mês de setembro de 2012, entre os alunos maiores de 18 anos e servidores (técnicos administrativos e professores) desta instituição de ensino, reunindo também informações socioeconômicas dos indivíduos amostrados. Os resultados demonstraram que, através do modelo de regressão, analisado de forma geral, temos evidências para um nível de significância de 6,8% que existe diferença significativa entre o valor disposto a pagar pela manutenção do parque com renda familiar e renda líquida, ou seja, a medida que o indivíduo possui maior renda líquida e familiar, o valor disposto a pagar pela manutenção do Parque das Dunas tende a ser maior. Além disso, foi detectado que existe efeito significativo também com relação ao grau de escolaridade, onde a medida que aumenta o grau de escolaridade do indívíduo, o valor médio disposto a pagar pela manutenção do Parque das Dunas também aumenta. Um fato relevante visto nos ajustes do modelo geral, trata-se de não ter encontrado efeito significativo no valor disposto a pagar pela manutenção do Parque das Dunas com relação aos estudantes e servidores.

Esta pesquisa objetiva investigar a relação entre as características institucionais dos países de origem das empresas, que adotam IFRS, e a evidenciação das provisões e passivos contingentes ambientais. Com base na Teoria Institucional, espera-se que as características institucionais dos países exerçam pressões sobre as práticas de evidenciação, indo de encontro aos objetivos do IASB de comparabilidade em nível global. A pesquisa tem como amostra 614 observações de 123 companhias do Brasil, Canadá, Reino Unido, França, Alemanha, Austrália e China, de setores que exploram o meio ambiente com mais intensidade. O período de análise compreende os anos de 2011 a 2015. Para a coleta de dados relativos à evidenciação de provisões ambientais e passivos contingentes ambientais (variáveis dependentes), utilizou-se a técnica análise de conteúdo nas notas explicativas das Demonstrações Financeiras anuais, com o intuito de gerar índices de disclosure, com a comparação do que é divulgado pelas companhias e as disposições sobre evidenciação da norma IAS 37. As outras informações (variáveis independentes) foram também coletadas nas Demonstrações Financeiras das companhias e nos indicadores emitidos pelo World Economic Forum, World Bank Worldwide Governance Indicators e pelo estudo de Hofstede (1980). Para identificar a relação entre a variável dependente e as variáveis independentes, empregou-se regressões com dados em painel com modelos estimados por meio da técnica de efeitos aleatórios. Posteriormente, avaliou-se a comparabilidade de maneira específica para cada uma das informações, por meio de Índices de Uniformidade, objetivando encontrar as principais dissimilaridades nas práticas de reporte. Os resultados obtidos com as regressões com dados em painel mostraram que o disclosure de provisões ambientais está relacionado com as variáveis de interesse dos sistemas político, financeiro e cultural do país de origem das empresas. No entanto, em relação a passivos contingentes ambientais, apenas a variável de interesse do sistema financeiro apresentou relação estatisticamente significativa com a variável dependente. As evidências de isomorfismo coercitivo e mimético encontradas permitem inferir que a evidenciação de passivos ambientais está relacionada com fatores múltiplos e conflitantes com o escopo de comparabilidade do IASB, o que prejudica este objetivo e sinaliza a não comparabilidade. Os achados da avaliação dos Índices de Uniformidade mostraram que há baixa comparabilidade em várias informações evidenciadas, tanto na dimensão within-country, quanto na dimensão between-countries e sugerem que a institucionalização das práticas de reporte encontra-se no estágio de objetificação. A principal conclusão deste trabalho é a de que, apesar de existirem pressões normativas para a existência da comparabilidade, há pressões institucionais conflitantes de outros atores sociais, de caráter coercitivo e mimético, fazendo com que as empresas, em busca de legitimidade, conduzam suas práticas de reporte estrategicamente, indo de encontro aos objetivos do IASB. / The aim of this research was to investigate the relationship between institutional characteristics of companies\' countries of origin that adopt IFRS and the disclosure of environmental provisions and contingent liabilities. Based on the Institutional Theory, it was expected that the institutional characteristics of countries would exert pressures on disclosure practices, meeting the IASB\'s objectives of comparability at the global level. The study sampled 614 observations from 123 companies from Brazil, Canada, the United Kingdom, France, Germany, Australia and China, from sectors that exploit the environment with greater intensity. The period of analysis comprises the years 2011 to 2015. For data collection related to the disclosure of environmental provisions and environmental contingent liabilities (dependent variables), the content analysis was used in the notes of the Annual Financial Statements aiming at generating disclosure indices by comparing what is disclosed by companies and the disclosure provisions of IAS 37. The other information (independent variables) was also collected in the companies\' Financial Statements and in the indicators issued by the World Economic Forum, World Bank Worldwide Governance Indicators and the study by Hofstede (1980). To identify the relationship between the dependent variable and the independent variables, regressions with panel data were used, with models estimated using the random-effect technique. Subsequently, the comparability was evaluated in a specific way for each of the information through Uniformity Indices aiming at finding the main dissimilarities in the reporting practices. The results obtained with panel-data regressions showed the disclosure of environmental provisions related to the variables of interest of political, financial and cultural systems of the country of origin of the companies. However, regarding the environmental contingent liabilities, only the variable of interest of financial system showed statistically significant relation with the dependent variable. The evidence of coercive and mimetic isomorphism found allows us to infer that the disclosure of environmental liabilities is related to multiple factors and conflicting with the IASB\'s comparability objective, compromising it and signaling non-comparability. The findings of the evaluation of Uniformity Indices showed low comparability in several disclosed information, both in the within-country dimension and in the between-countries dimension, and suggest that the institutionalization of reporting practices is at the objectification stage. The main conclusion of this study is that, although there are normative pressures for the existence of comparability, there are conflicting institutional pressures of other social actors, of a coercive and mimetic character, making companies, in search of legitimacy, conduct their reporting practices strategically, contrary to the objectives of the IASB.

Submitted by José Roque Leite (jose.roque.leite@hotmail.com) on 2018-07-31T18:39:38Z No. of bitstreams: 1 EVIDENCIAÇÃO DE PROVISÕES E PASSIVOS CONTINGENTES (IAS 37CPC 25) v.f..pdf: 1200124 bytes, checksum: e6bef2109619167c168d594de49e67d2 (MD5) / Approved for entry into archive by Simone de Andrade Lopes Pires (simone.lopes@fgv.br) on 2018-08-02T00:21:54Z (GMT) No. of bitstreams: 1 EVIDENCIAÇÃO DE PROVISÕES E PASSIVOS CONTINGENTES (IAS 37CPC 25) v.f..pdf: 1200124 bytes, checksum: e6bef2109619167c168d594de49e67d2 (MD5) / Approved for entry into archive by Suzane Guimarães (suzane.guimaraes@fgv.br) on 2018-08-02T12:58:08Z (GMT) No. of bitstreams: 1 EVIDENCIAÇÃO DE PROVISÕES E PASSIVOS CONTINGENTES (IAS 37CPC 25) v.f..pdf: 1200124 bytes, checksum: e6bef2109619167c168d594de49e67d2 (MD5) / Made available in DSpace on 2018-08-02T12:58:08Z (GMT). No. of bitstreams: 1 EVIDENCIAÇÃO DE PROVISÕES E PASSIVOS CONTINGENTES (IAS 37CPC 25) v.f..pdf: 1200124 bytes, checksum: e6bef2109619167c168d594de49e67d2 (MD5) Previous issue date: 2018-06-25 / Este trabalho compara o nível de atendimento de empresas brasileiras e francesas aos requisitos de divulgação definidos pelo IAS 37/CPC 25 - Provisões, Passivos e Ativos Contingentes. A amostra total foi subdividida em dois grupos: as 50 maiores empresas brasileiras e as 50 maiores empresas francesas (com base no faturamento) com ações negociadas no mercado de balcão norte-americano, sob a forma de American Depositary Receipts (ADRs), e as 50 maiores negociadas apenas em bolsa local. O índice de divulgação foi apurado a partir da leitura dos Balanços e Notas Explicativas do ano fiscal de 2016, com auxílio de um checklist dos itens de divulgação requeridos pela norma. Um primeiro resultado interessante se refere à diferença de comportamento em relação ao provisionamento de contingências: na França cerca de 87% das contingências estão provisionadas, enquanto no Brasil esse montante é de apenas 21%, ou seja, 79% das contingências reportadas nas demonstrações financeiras das empresas brasileiras não são reconhecidas no Balanço, sendo apenas divulgadas em Notas Explicativas. Em relação ao índice de divulgação, os resultados indicaram um nível de divulgação superior das empresas francesas em relação às brasileiras (uma média de 56,0% contra 48,9%, significante a 1%), condizente com a hipótese de que empresas listadas em países mais desenvolvidos economicamente tendem a divulgar mais. Além disso, o comportamento da divulgação entre as empresas francesas se mostrou bem mais condizente com o esperado a partir da literatura: empresas francesas com ADRs negociadas no mercado de balcão norte-americano tendem a divulgar mais que as negociadas apenas no mercado local; empresas maiores tendem a divulgar mais e empresas com maior montante de provisões para contingências também tendem a divulgar mais. Já no Brasil, ao contrário, foram encontradas evidências de um maior índice de divulgação entre as empresas negociadas apenas no mercado local que nas com ADRs no mercado de balcão, além de ter sido encontrada uma fraca correlação entre o índice de divulgação e as duas variáveis quantitativas analisadas: tamanho da empresa e materialidade das contingências provisionadas. / This study compares the compliance level of Brazilian and French companies in relation to the disclosure requirements defined by IAS 37/CPC 25 - Provisions, Contingent Liabilities and Assets. The total sample was subdivided into two groups: the 50 largest Brazilian and French (revenue-based) companies with shares traded on the US over-the-counter market in the form of American Depositary Receipts (ADRs), and the 50 largest traded only in local stock market. The level of disclosure was determined based on the reading of the Balance Sheets and Explanatory Notes for the fiscal year of 2016, with the support of a checklist of the disclosure items required by the standard. A first interesting result refers to the difference in behavior in relation to the provisioning of contingencies: in France, 87% of the contingencies are provisioned, while in Brazil this amount is only 21%, or 79% of the contingencies reported in the financial statements of Brazilian companies are not recognized in the Balance Sheet, but only disclosed in the Explanatory Notes. Regarding to the level of disclosure, the results indicated a higher level of disclosure by the French companies in relation to the Brazilian companies (an average of 56.0% against 48.9%, significant at 1%), consistent with the hypothesis that listed companies in most economically developed countries tend to disclose more. In addition, the behavior of disclosure among French companies proved to be much more consistent with that expected from the literature: French companies with ADRs traded in the US over-the-counter market tend to disclose more than those traded only in the local market; larger companies tend to disclose more and companies with larger amounts of provisions for contingencies also tend to disclose more. In Brazil, on the other hand, evidence of a higher level of disclosure was found among companies traded only in the local market than in ADRs in the over-the-counter market, and a weak correlation was found between the level of disclosure and the two quantitative variables analyzed: size of the company and materiality of the contingencies provisioned.

Magister Scientiae - MSc / The present mini-thesis seeks to explore and investigate the mathematical theory and concepts that underpins the valuation of derivative securities, particularly European plainvanilla options. The main argument that we emphasise is that novel models of option pricing, as is suggested by Hull and White (1987) [1] and others, must account for the discrepancy observed on the implied volatility curve. To achieve this we also propose that market volatility be modeled as random or stochastic as opposed to certain standard option pricing models such as Black-Scholes, in which volatility is assumed to be constant. / South Africa

The sale of an entity as a going concern has a number of tax consequences for both the purchaser and the seller. The tax deductibility of a contingent liability upon its transfer from the seller to the purchaser, where the selling price has been reduced by the value of the contingent liabilities transferred, remains uncertain following the decision in Ackermans Ltd v Commissioner for the South African Revenue Service. An expense is either deductible under a specific section of the Income Tax Act, 58 of 1962, or under the general expense provisions in terms of sections 11(a) and 23(g). The Act does not contain a specific section relating to contingent liabilities and therefore a contingent liability will need to be considered for deduction under these sections. The Act further disallows an expense as a deduction under section 23(e), where a reserve is created (for example a leave pay provision). This study analyses the tax deductibility of a contingent liability, where the contingent liability has been transferred from the seller to the purchaser in a sale of an entity as a going concern and the purchase price has been reduced to compensate for the transfer of the contingent liability. The deductibility of the contingent liability was first assessed in terms of the provisions of the Act (sections 11(a), 23(g) and 23(e)) and associated case law. The decision in the Ackermans case and its preceding Income Tax Case 1839 was then analysed in order to establish the principles arising from the decisions. Finally the proposals in the Draft Taxation Laws Amendment Bill, 2011, and the subsequent Discussion Document issued by the South African Revenue Service were discussed. The analysis revealed the continuing confusion surrounding the status quo, thus demonstrating the importance of legislative intervention to provide guidelines for taxpayers.

Cette dissertation est constituée de trois chapitres distincts, qui visent à analyser empiriquement l'innovation financière dans des champs différents: la finance des ménages, la finance publique, et le secteur financier. Le premier chapitre, effectué en collaboration avec Claire Célérier, analyse la complexité croissante des produits financiers offerts aux investisseurs particuliers et suggère que cette complexité est utilisée par les banques pour réduire la pression concurentielle.Le deuxième chapitre, écrit avec Christophe Pérignon, porte sur les emprunts toxiques émis par les collectivités locales, et comment leur utilisation s'inscrit dans un système d'incitation politique. Le troisième chapitre étudie en quoi l'adoption d'un type d'obligations innovantes représentant un capital conditionnel, peut contribuer à solutionner le dilemne sur le levier bancaire / This dissertation is made of three distinct chapters that empirically investigate financial innovation in different fields: household finance, public finance and financial institutions. The first chapter presents a work joint with Claire Célérier,analyzing the growing complexity of retail structured products, and how bank use complexity to mitigate competitive pressure.The second chapter, joint with Christophe Pérignon, studies how local governments strategically use toxic loans according to their political incentives. The third chapter explores the effects of exercising contingent capital, and how these instruments can contribute to solving the bank leverage dilemna