循著時光的隧道，自二十世紀初以來，全球企業併購的熱潮方興未艾，時至今日「併購」已為一般人所熟知，併購的型態更演變出多種樣貌。本文以敵意併購為基調，蒐集全球2000年至2015年樣本，研究結果顯示，敵意併購之宣告對主併公司股東短期有不利之影響，若目標公司採取防禦策略時，對主併公司股東而言亦不利。故如果一公司欲發動敵意併購時，需考量目標公司是否有防禦措施的設置，惟此結果未達顯著水準。 此外本研究亦針對敵意併購下主併公司股東的異常報酬，探討影響股東異常報酬的原因，實證結果得知，併購溢價越高，對於主併公司股東顯著不利，驗證「贏家的詛咒」理論，亦即併購溢價越多，將使得主併公司持股人的財富移轉至目標公司身上，對主併方股東有不利之影響。 / The trend of Merger and Acquisition is booming as of 20th century and the pattern has become variable and complicated. In this study, hostile takeover, one of the focal point on the subject of M&A, is to be discussed. Samples are collected from 2000 to 2015 globally by SDC platinum. Result shows that hostile takeover activity does not benefit shareholders’ interest of the acquiring firm. If the target firm adopts defensive tactics, situation will be worse. Therefore, as the bidding firm, it has to considered whether there are defensive tactics against hostile takeover in the target. While these aren’t significant result. Furthermore, this paper attempts to find the factors which would affect shareholders’ abnormal return under hostile takeover, and result shows M&A premium significantly does. The higher of M&A premium, the more unfavorable to the shareholders’ interest of the acquiring firm. It supports the theory of “winner’s curse”. That is, as M&A premium increases, shareholders’ wealth of the acquiring company is expected to transfer to the targets more which is adverse to the shareholders of the acquiring one.

Comme une grande partie des îles de la Caraïbe, pour des raisons économiques basées sur le mercantilisme, justifiées par une législation, la Martinique, née il y a trois siècles, a connu un emmêlement massif de diverses ethnies. Suite à l’abolition de l’esclavage en 1848 et à la crise agricole qui en découla, c’est un brassage de coutumes qui s’opéra avec l’immigration des Hindous, des Africains, des Chinois et des Indochinois. Ce faisant, ces coutumes ont conservé leurs traditions et croyances propres, expliquant ainsi la fusion d'éléments de ces cultures, encore présente aujourd’hui. En abolissant l’esclavage, la « Loi » abolit également la réification, rétablissant ainsi l’humanité de l’homme, puisque l’esclave noir était considéré comme un bien meuble . Il en résulte la création d’un nouveau monde, modifiant la vie culturelle, déployant des habitus, ainsi qu’une manière de penser et d’agir. Aussi, un nouveau langage se structure progressivement. En 1946, la Martinique est reconnue département français d’Amérique. Aujourd’hui, elle se trouve dans une dépendance économique et sociale. De cet état de fait, un conflit s’impose à l’Afro-Martiniquais quant à la question de l’identité. Il se trouve partagé entre le contexte franco-européen et le milieu afro-antillais. Cette contradiction émane aussi de situations de confrontation, d’où se dégage souvent un ressenti de « fatalité » voire de « malédiction » entraînant « un sentiment de culpabilité collective » d’oser défier l’ordre social en place. Notre recherche vise à analyser ce dilemme de la dépendance à partir de l’énoncé des malédictions puis des considérations historiques suivies d'une perspective psychanalytique. / As a large part of the islands of the Caribbean, for economic reasons based on mercantilism, justified by law, Martinique, created three centuries ago, was a massive tangle of various ethnic groups. Following the abolition of slavery in 1848 and the agricultural crisis that arose in this patch is a custom which took place with the immigration of Indians, Africans, Chinese and Indochinese. In doing so, these customs have preserved their traditions and beliefs, thus explaining the fusion of these cultures still present today. Abolishing slavery, the "Act" also abolishes reification, since the black slave was considered as furniture, restoring the Humanity of Man. This results in the creation of a new world, changing the culture, deploying habits and a way of thinking, acting and structuring a new language. In 1946, Martinique is renowned French department of America. Today Martinique is at a state of economic and social dependence. In fact, a conflict requires the Afro-Martinique on the question of identity. The subject is divided between the Franco-European and Afro-Caribbean middle class. This contradiction comes as confrontation situations where it often follows a feeling of "fate" or "curse" causing "a sense of collective guilt" for daring to challenge the existing social order. » .

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal.

Cette thèse a pour objet l’examen de la gestion durable des ressources non renouvelables en général et du phosphate naturel en particulier. Le premier chapitre expose l’état, les perspectives et les enjeux économiques et géopolitiques du marché mondial des phosphates. Il s’attache à mettre en exergue de cette analyse un important déficit, à long terme, de l'offre mondiale par rapport à la demande incitant les producteurs des phosphates, qui ont suffisamment de réserves, à investir dans des nouvelles capacités. Le deuxième chapitre développe un modèle Stackelberg à plusieurs joueurs, calibré sur des données effectives du marché des phosphates et permet de calculer les capacités optimales à mettre en place par les producteurs selon leurs niveaux de réserves et leurs coûts de développement. Les résultats de ce modèle montrent que le marché deviendrait plus concentré, en 2100, qu’il est aujourd’hui avec une dominance du Maroc, le pays qui détient les trois quarts des réserves mondiales. Le troisième chapitre vise à évaluer les effets d’entraînement que le Maroc dégage de son exploitation des phosphates. En utilisant le modèle Input-Output, l’analyse empirique proposée compare les impacts socio-économiques de l’extraction à ceux liés à la valorisation ou à la transformation. Les résultats de cette analyse montrent que la transformation des phosphates est plus reliée en amont avec les autres branches de l’économie et génère plus de valeur ajoutée, de revenus et d’emplois. Le dernier chapitre s’évertue à traiter à de nouveaux frais la question de la malédiction des ressources naturelles en reliant la performance agricole et l’urbanisation à l'abondance de ces ressources. L’étude empirique, basée sur un panel de pays africains, exhibe un lien significatif entre l’abondance de ressources minières, le sous-développement du secteur agricole et l’explosion urbaine. / The purpose of this thesis is to examine the sustainable management of non-renewable resources in general and phosphate rock in particular. The first chapter presents the current situation, future trends and geopolitical issues pertaining to the global phosphate market. The analysis shows a large deficit in world phosphate supply in the future, inciting producers with sufficient phosphate reserves to invest in new capacities. The second chapter develops a multi-leader-multi-follower Stackelberg model, calibrated using real data from the phosphate market. This model derives the optimal future capacities for different producers according to their reserve levels and their development costs. The results show that the market would become more concentrated in 2100, with Morocco being the dominante country wich already holding three quarters of the world's reserves. The third chapter presents and calculates the linkage effects generated by Morocco’s phosphates exploitation. Using the Input-Output model, the proposed empirical analysis compares the socio-economic impacts of extraction to those related to transformation or valorization. The results of this analysis show that phosphates transformation is more linked to the other sectors and generates higher socio-economic impacts in terms of added value, income and employement. The last chapter contributes to the literature on the natural resources curse by linking agricultural performance and urbanization to the abundance of resources. The empirical study, based on a panel of African countries, shows a significant link between the abundance of mineral resources, the underdevelopment of the agricultural sector and urban explosion.

<p>I denna uppsats studeras det ungdomliga talspråket i romanrepliker  genom stiljämförelse av dessa i tre ungdomsromaner, utgivna resp. 1911, 1967 och 2008. Syftet är att undersöka vad som är typiskt för ungdomsspråk, se i vilken mån dessa typiska drag finns i de tre romanerna, och hur detta har ändrat sig under loppet av hundra år. Det studerade materialet består av 100 repliker ur var och en av de tre romanerna, och dessa har undersökts med avseende på antal ord per replik, satsstruktur, sägeverb, slang och svordomar, "onödiga" småord, stilmarkerande ord och typografiska markeringar av prosodin. Som jämförelsematerial har använts flera olika tidigare undersökningar av ungdomsspråk, i första hand Klingberg (1970), Labov (1972) och Kotsinas (1994). Resultatet redovisas i form av tabeller över de underökta variblerna. Resultatet visar att författarna till de tre romanerna har strävat efter att efterlikna ungdomligt talspråk, i förstahand med hjälp av svordomar, slang, "onödiga" småord och enkel satsstruktur.</p>

This dissertation is devoted to the analysis of various aspects of inefficiency in the political economy. It consists of four self-containing theoretical essays. The first two chapters deal with the interplay between inefficiency and commitment. Chapter 1 studies the problem of commitment in autocratic regimes and its implications for growth. Chapter 2 argues that the absence of commitment undermines the validity of the Coase theorem. The next two chapters address alternative sources of inefficiency, abstracting from commitment-related problems. Chapter 3 discusses inefficiencies arising in organizations whose members possess veto power and suggests a way of mitigating the problem. Finally, Chapter 4 analyzes the impact of demand linkages on the efficiency of lobbying for trade policy. Chapter 1. “Autocracy, Devolution and Growth” Some autocracies have sustained high economic growth for many decades; others have stagnated at low levels of production. Paradoxically, the stagnating autocracies appear to possess more natural resources and be more resistant to political change than the growing autocracies. The paper argues that the scope for capital accumulation and growth in an autocracy is largely determined by the autocrat's incentive to cling to power. The main result of the paper is that there will be private capital accumulation only if the autocrat’s benefits from political control are not too high. The reason is that, as capital accumulates and growth slows down, the autocrat faces an increasing temptation to expropriate the capitalists. Since expropriation eliminates growth, the autocrat may voluntarily refrain from expropriating if future growth is sufficiently large; otherwise, the temptation to expropriate can only be resisted through a credible commitment, that is, by devolving some political power. For autocrats with large benefits of control, for example valuable natural resource rents, devolution of power may always be unattractive. As a result, capitalists realize that they will eventually be expropriated, and capital accumulation therefore never starts. On the other hand, autocrats with small resource rents will eventually devolve power, since this commitment is necessary to sustain growth. Therefore, capitalists are willing to start accumulating despite the autocratic regime. In other words, autocracies are vulnerable to the resource curse.   Chapter 2. “The Coase Theorem Is False” (with Tore Ellingsen) The paper provides simple and robust counterexamples to the Coase Theorem. More precisely, we show that equilibrium investments in club goods can be suboptimally small despite the presence of well-defined and perfectly protected property rights and the absence of transaction costs and informational asymmetries. The reason is that, in equilibrium, a club of owners will typically not exercise their right to exclude outsiders, preferring instead to exercise their right to sell access. As long as the club of owners does not have all the bargaining power in such ex post access negotiations, strategic non-membership provides a valuable free-riding opportunity. Chapter 3. “Club-in-the-Club: Reform under Unanimity” (with Erik Berglöf, Mike Burkart and Guido Friebel) In many organizations, decisions are taken by unanimity. We analyze a model of an organization in which members with heterogeneous productivity privately contribute to a common good. Under unanimity, the least efficient member imposes her preferred effort choice on the entire organization. In the presence of externalities and an incomplete charter, the threat of forming an “inner organization” can undermine the veto power of the less efficient members and coerce them to exert more effort. We identify the conditions under which the threat of forming an inner organization is never executed, and under which inner organizations are equilibrium outcomes, and provide a rationale for the diversity of decision rules. Chapter 4. “Protection for Sale to Oligopolists” This paper modifies Grossman and Helpman’s "Protection for Sale" model by allowing demand linkages and oligopolistic competition. It shows that increased substitutability between products weakens interest groups’ incentives to lobby. For the case of two industries it obtains a particularly simple result: the protection of the organized industry’s product falls, whereas the protection of the unorganized industry’s product increases with product substitutability. The model suggests that empirical studies of the "Protection for Sale" may overstate the lobby groups’ desire for protection. / Diss. Stockholm : Handelshögskolan, 2006

As the public becomes more concerned with the natural environment, one of the major topics discussed is the oil. Since there is no true source of knowledge how long the oil can continue to be extracted, it is interesting to know how long the world can benefit from such as scarce resource. Instead of idly watching as oil production decreases with time, which pre-measures could be taken in order to minimize a negative impact on an economy? The UAE is a thriving oil rich countries which for the past 30 years have experienced a vast oil wealth. Even though the oil gave wealth to the UAE, they should avoid any future oil dependency since it could negatively affect its now flourishing economy. Therefore, for the UAE to continue growing in the future it is in the best interest for the government to focus on a diversifying strategy that promotes the non-oil economy. By referring to concepts and theories of previous research in this field such as the Solow growth model, Resource curse and Dutch disease the authors find that the UAE had managed to diversify or not. Three sectors in different periods between 1970 and 2007 were measured: The oil sector, the non-oil sector and the government sector. Diversification changes means a decreasing dependency of the oil sector to the non-oil sector while the latter instead depends more on the government sector. Using British Petroleum (2008) and United Nations (2008) as sources, data was collected in order to draw a time-series regression analysis and test empirically for these diversification trends. The results for all periods confirmed that the UAE have indeed diversified and it could thus be observed that it started its successful strategy already in the 1970s. With the right government policy investments and the stability in the union, the UAE prevented from becoming dependent on oil and thereby not crowding out its important non-oil economy. / Med en ökad allmän medvetenhet angående naturmiljön så är oljan bland det mest omtalande temat. Eftersom inget vet exakt hur länge oljan kan utvinnas, är det intressant att veta hur länge världen kan förlita sig på en sådan begränsad resurs. Finns det förebyggande medel för att minska en negativ verkan på ekonomin istället för att passivt bevittna en sjunkande oljeproduktion? Förenta Arabemiraten (FAE) är en framgångsrik union som under de senaste 30 åren har åtnjutit en omfattande oljerikedom. Trots att oljan lade grunden för tillväxten i FAE, så börs unionen undvika sitt oljeberoende eftersom den negativt kan påverka den nuvarande blomstrande ekonomin. Således, för att bibehålla tillväxten i FAE för framtiden, borde det vara i statens största intresse att fokusera på en differentierings-strategi som främjar icke-oljans ekonomi. För att veta om FAE faktiskt har differentierat sig eller inte, används koncept och teorier för tidigare forskning kring områdets som t.ex. Solows tillväxtmodel, Resursförbannelsen och holländska sjukan. Tre sektorer mättes i olika perioder mellan 1970-2007: oljesektorn, icke-sektorn och statssektorn. Icke-olje sektorn förväntas minska oljeberoendet samt öka beroendet av statssektorn vilket resulterar i en differentieringstrend i ekonomin. Genom källor från British Petroleum (2008) och Förenta Nationerna (2008)  har data insamlats för att empiriskt testa en tidsserie regression och se förändringar mellan sektorerna. Under alla perioder i FAE blev en differentieringstrend bekräftad och man kunde därför se att denna framgångsrika strategi redan åtogs i 1970-talet. Med effektiva investeringar i den offentliga sektorn samt en hållbar stabilitet i unionen, undvek FAE ett oljeberoende och därmed främjade icke-olje ekonomin.

The primary contributions of this thesis are associated with the development of a new method for exploring the relationships between inputs and outputs for large scale computer simulations. Primarily, the proposed design space exploration procedure uses a hierarchical partitioning method to help mitigate the curse of dimensionality often associated with the analysis of large scale systems. Closely coupled with the use of a partitioning approach, is the problem of how to partition the system. This thesis also introduces and discusses a quantitative method developed to aid the user in finding a set of good partitions for creating partitioned metamodels of large scale systems. The new hierarchically partitioned metamodeling scheme, the lumped parameter model (LPM), was developed to address two primary limitations to the current partitioning methods for large scale metamodeling. First the LPM was formulated to negate the need to rely on variable redundancies between partitions to account for potentially important interactions. By using a hierarchical structure, the LPM addresses the impact of neglected, direct interactions by indirectly accounting for these interactions via the interactions that occur between the lumped parameters in intermediate to top-level mappings. Secondly, the LPM was developed to allow for hierarchical modeling of black-box analyses that do not have available intermediaries with which to partition the system around. The second contribution of this thesis is a graph-based partitioning method for large scale, black-box systems. The graph-based partitioning method combines the graph and sparse matrix decomposition methods used by the electrical engineering community with the results of a screening test to create a quantitative method for partitioning large scale, black-box systems. An ANOVA analysis of the results of a screening test can be used to determine the sparse nature of the large scale system. With this information known, the sparse matrix and graph theoretic partitioning schemes can then be used to create potential sets of partitions to use with the lumped parameter model.

<p><strong>As the public becomes more concerned with the natural environment, one of the major topics discussed is the oil. Since there is no true source of knowledge how long the oil can continue to be extracted, it is interesting to know how long the world can benefit from such as scarce resource. Instead of idly watching as oil production decreases with time, which pre-measures could be taken in order to minimize a negative impact on an economy? The UAE is a thriving oil rich countries which for the past 30 years have experienced a vast oil wealth. Even though the oil gave wealth to the UAE, they should avoid any future oil dependency since it could negatively affect its now flourishing economy. Therefore, for the UAE to continue growing in the future it is in the best interest for the government to focus on a diversifying strategy that promotes the non-oil economy. By referring to concepts and theories of previous research in this field such as the Solow growth model, Resource curse and Dutch disease the authors find that the UAE had managed to diversify or not. Three sectors in different periods between 1970 and 2007 were measured: The oil sector, the non-oil sector and the government sector. Diversification changes means a decreasing dependency of the oil sector to the non-oil sector while the latter instead depends more on the government sector. Using British Petroleum (2008) and United Nations (2008) as sources, data was collected in order to draw a time-series regression analysis and test empirically for these diversification trends. The results for all periods confirmed that the UAE have indeed diversified and it could thus be observed that it started its successful strategy already in the 1970s. With the right government policy investments and the stability in the union, the UAE prevented from becoming dependent on oil and thereby not crowding out its important non-oil economy. </strong></p> / <p><strong>Med en ökad allmän medvetenhet angående naturmiljön så är oljan bland det mest omtalande temat. Eftersom inget vet exakt hur länge oljan kan utvinnas, är det intressant att veta hur länge världen kan förlita sig på en sådan begränsad resurs. Finns det förebyggande medel för att minska en negativ verkan på ekonomin istället för att passivt bevittna en sjunkande oljeproduktion? Förenta Arabemiraten (FAE) är en framgångsrik union som under de senaste 30 åren har åtnjutit en omfattande oljerikedom. Trots att oljan lade grunden för tillväxten i FAE, så börs unionen undvika sitt oljeberoende eftersom den negativt kan påverka den nuvarande blomstrande ekonomin. Således, för att bibehålla tillväxten i FAE för framtiden, borde det vara i statens största intresse att fokusera på en differentierings-strategi som främjar icke-oljans ekonomi. För att veta om FAE faktiskt har differentierat sig eller inte, används koncept och teorier för tidigare forskning kring områdets som t.ex. Solows tillväxtmodel, Resursförbannelsen och holländska sjukan. Tre sektorer mättes i olika perioder mellan 1970-2007: oljesektorn, icke-sektorn och statssektorn. Icke-olje sektorn förväntas minska oljeberoendet samt öka beroendet av statssektorn vilket resulterar i en differentieringstrend i ekonomin. Genom källor från British Petroleum (2008) och Förenta Nationerna (2008)  har data insamlats för att empiriskt testa en tidsserie regression och se förändringar mellan sektorerna. Under alla perioder i FAE blev en differentieringstrend bekräftad och man kunde därför se att denna framgångsrika strategi redan åtogs i 1970-talet. Med effektiva investeringar i den offentliga sektorn samt en hållbar stabilitet i unionen, undvek FAE ett oljeberoende och därmed främjade icke-olje ekonomin.</strong><strong></strong></p>

This report, rooted in the conflict over the control of natural resource wealth, departs from the widely-accepted findings of two disparate literatures. First, while recent analyses correctly conclude that natural resources rents play a contingent role in development, this study deviates from the conventional wisdom attributing the variation of the resource curse to formal institutions. Secondly, as opposed to the recent wave of “political insurance” arguments that ascribe the creation of reforms to weak incumbents attempting to tie the hands of their successors, I argue that actors pursue similar institutional reforms for economic and political reasons. I build on these literatures by examining the commitment to a specific government institution—stabilization funds, which manage the fluctuations of natural resource rents and stop natural resource wealth from being a curse—across three natural resource-rich Latin American countries: Chile, Mexico and Venezuela. Paradoxically, because successful stabilization funds provide greater political benefits when rents are saved, I argue that these institutions only tie the hands of political successors from using rents for political purposes when they are created for economic purposes. / text