Submitted by Augusto Sales (asales@me.com) on 2014-12-17T17:13:02Z No. of bitstreams: 1 THESIS - Why merger talks collapse ASales - FINAL SUBMITTED w FICHA etc 20141217.pdf: 646710 bytes, checksum: 69261948b9d356282a8c8d684889e7e1 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2014-12-19T15:37:30Z (GMT) No. of bitstreams: 1 THESIS - Why merger talks collapse ASales - FINAL SUBMITTED w FICHA etc 20141217.pdf: 646710 bytes, checksum: 69261948b9d356282a8c8d684889e7e1 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-02-05T12:34:43Z (GMT) No. of bitstreams: 1 THESIS - Why merger talks collapse ASales - FINAL SUBMITTED w FICHA etc 20141217.pdf: 646710 bytes, checksum: 69261948b9d356282a8c8d684889e7e1 (MD5) / Made available in DSpace on 2015-02-05T12:37:06Z (GMT). No. of bitstreams: 1 THESIS - Why merger talks collapse ASales - FINAL SUBMITTED w FICHA etc 20141217.pdf: 646710 bytes, checksum: 69261948b9d356282a8c8d684889e7e1 (MD5) Previous issue date: 2014-10-10 / Why merger talks collapse: an exploratory study about contributing factors behind ‘wedding cold feet' and deal making failure in Mergers and Acquisitions from the perspective of active deal making professionals in Brazil. One basic question encouraged this study: after all the effort, expectations and money usually invested in dealmaking, why are so many transactions simply abandoned, even when the benefits are clear for the business, shareholders, customers and employees?

Cette thèse a pour objet la lutte pour les droits civiques dans la période qui va de la crise économique de 1929 jusqu'à l’entrée en guerre des États-Unis en 1941, et ce à travers l’examen du rôle joué par la National Association for the Advancement of Colored People (NAACP) d’une part et le parti communiste américain (CPUSA) de l’autre. Si ces deux organisations se firent d’abord concurrence, s’opposèrent même parfois, comme ce fut le cas lors de l’affaire Scottsboro, certains rapprochements s’esquissèrent un peu plus tard, dans la période du Second New Deal, notamment à l’occasion du National Negro Congress, tandis que la syndicalisation des ouvriers noirs devenait possible grâce à la fondation d’une nouvelle confédération syndicale, le Congress of Industrial Organizations (CIO). La NAACP et le PCUS, deux organisations que tout semblait séparer, furent donc amenées à se « rencontrer » autour de la question noire, et à modifier sensiblement certaines habitudes, comportements, ou réflexes. Alors que la NAACP se rapprochait du peuple noir, les militants communistes, en acquérant sur le terrain une expérience concrète, aidèrent le Parti à modérer sa rhétorique révolutionnaire. On pourrait dire aussi que la concurrence entre la NAACP et le PC constitua une sorte de préfiguration du mouvement pour les droits civiques des années cinquante et soixante. / This dissertation deals with the struggle for civil rights in the 1930s – from the economic crisis of 1929 until 1941 – through an examination of the role played by the National Association for the Advancement of Colored People (NAACP) on the one hand and the American Communist Party (CPUSA) on the other. As was evident in the Scottsboro Case, the competition between the two organizations often bordered on antagonism, even confrontation. During the Second New Deal, however, the relationship eased considerably: the National Negro Congress, and the creation of the Congress of Industrial Organizations (CIO) manifested the growing visibility and acceptance of African-American demands for equality and fairness, both were a mover and a consequence of the now possible convergence of the activities of the NAACP and the PCUS. These two organizations, which had seemed so dissimilar, even irreconcilable, now came to meet around the Afro-American problem(s). While the NAACP now sought to move closer to the real-life conditions of the African-American masses, the grassroots experience gathered by committed Communists probably helped the Party and its members to alleviate their revolutionary rhetoric. One might add that the competition between the NAACP and the CP prefigured the civil rights movement of the 1950s and 1960s.

The economic disaster known as the Great Depression struck Grayson County, Texas, in 1929, and full economic recovery did not come until the close of World War II. However, the people of Grayson benefited greatly between 1933 and 1946 from the myriad spending programs of the New Deal, the building of the Denison Dam that created Lake Texoma, and the establishment of Perrin Army Air Field. Utilizing statistical data from the United States Census and the Texas Almanac, this thesis analyzes the role of government spending‐federal, state, and local‐in the economic recovery in Grayson County.

Insufficient ESG information has been identified as a barrier in the transition towards a climate-neutral economy. This topic recently gained new interest, with the EU Commission implementing an action plan to finance sustainable growth. For the first time, the EU Commission has introduced a taxonomy that classifies whether or not an economic activity is sustainable - a potentially substantial addition to the field of ESG reporting. Financial market participants are initially targeted by the demands of disclosing taxonomy alignment of all affected activities. Due to the significant mandate that financiers hold as intermediates, their perspective on ESG disclosure is key to sorting out the complexity of non-financial transparency. The purpose of this thesis is to identify financiers’ current challenges within ESG reporting, and to indicate how the EU taxonomy will impact this context. A qualitative study was carried out with an aim to gather the perspectives of Swedish banks that provide portfolio management. 20 interviews with industry professionals were held, in order to illuminate internal obstacles and viewpoints in the banks’ operative businesses. The empirical data was thematically analyzed and discussed in regard to the Swedish finance industry as a whole. The findings present that the current challenges with ESG reporting firstly lie in a lack of comparability and clarity in the disclosure process. Secondly, there are difficulties with integration due to the tensions that underlie the financial purposes of most businesses. Despite the fact that shorter-term challenges are expected to remain with the taxonomy, mainly in the form of access to data and communication, the taxonomy is generally received as a long-awaited common language. The taxonomy contributes with standardization and structure to this setting and shows promise of integrational effects due to its activity-centered focus. Although the satisfaction of information needs will not entail change in itself, it is deemed necessary to obtain transparency in order for a subsequent environmental transition to take place. / Bristfällig ESG-information har identifierats som ett hinder i omställningen mot en klimatneutral ekonomi. Detta område har på sistone mötts av ett ökat intresse, i och med EU Kommissionens handlingsplan för att finansiera hållbar tillväxt. Mer specifikt introduceras för första gången en taxonomi, vilken klassificerar hur en ekonomisk aktivitet skall bedömas som hållbar - ett potentiellt signifikant tillägg till ESG-redovisning i stort. Initialt omfattas finansmarknadsaktörer av kraven att redovisa berörda aktiviteters överensstämmelse med taxonomins gränsvärden. I och med det betydande mandat som finansiärer innehar som intermediärer, är deras perspektiv på ESG redovisning mycket betydelsefullt i förståelsen av komplexiteten som kringligger icke-finansiell transparens. Syftet med denna studie är att identifiera finansiärers nuvarande utmaningar inom ESG redovisning, samt att indikera hur EU taxonomin kommer påverka dessa aktiviteter. En kvalitativ studie har genomförts med syftet att ansamla perspektiven av svenska banker som tillhandahåller portföljförvaltning. 20 intervjuer hölls med individer verksamma inom branschen, för att kunna identifiera interna hinder och synvinklar från bankernas operativa verksamhet. Den empiriska datan analyserades sedan tematiskt och diskuterades i förhållande till den svenska finansindustrin i stort. Resultaten visar att de nuvarande utmaningarna inom ESG-redovisning härleds dels till en brist på jämförbarhet och klarhet i redovisningsprocessen, och dels till svårigheter att integrera arbetet i och med intressekonflikter som underbygger de finansiella syftena av företag. Trots faktumet att vissa svårigheter på kortare sikt väntas kvarstå med införandet av taxonomin, framförallt inom datatillgång och kommunikation, så mottar branschen taxonomin som ett efterlängtat gemensamt språk. Taxonomin bidrar med standardisering och struktur till redovisningslandskapet, och dess aktivitetsfokus visar på lovande integrationsmässiga effekter. Tillfredsställandet av informationsbehov innebär visserligen inte någon förändring i sig, men upprättandet av förhöjd transparens ses som direkt nödvändigt för att möjliggöra en efterföljande transition mot mer hållbara industrier.

Ett offentligt uppköpserbjudande innebär att ett aktiebolag, budgivaren, lämnar ett erbjudande ställt på generella villkor till aktieägarna i ett annat aktiebolag, målbolaget, i syfte att förvärva aktierna i det sistnämnda bolaget. Offentliga uppköpserbjudanden är vanligt förekommande på den svenska värdepappersmarknaden och eftersom transaktioner av detta slag är väldigt komplexa är det av stor vikt att förtroendet för marknaden upprätthålls under sådana förfaranden.  En viktig faktor för att upprätthålla förtroendet för aktiemarknaden på ett effektivt sätt är att självreglering föreligger. För Sveriges del utgörs självregleringen av-seende offentliga uppköpserbjudaden av de s.k. Takeover-reglerna (TO-reglerna). Den senaste revideringen av TO-reglerna skedde den 1 februari år 2015 och med-förde ett förbud mot s.k. budrelaterade arrangemang, även kallat break-up fees. Break-up fees är ett avtal som ingås mellan budgivare och målbolag i syfte att målbolaget ska vara skyldigt att utge en ersättning till budgivaren ifall förvärvet inte fullföljs. Break-up fees skapades under 1980-talet i USA och används flitigt än i dag på den amerikanska aktiemarknaden i syfte att främst åstadkomma en ”försäkringsfunktion” för budgivaren vid takeovers. För budgivaren är offentliga uppköpserbjudanden nämligen ofta förenade med stora kostnader till följd av omfattande förberedelser. Genom denna ”försäkring” uppnås en kostnadstäckningsfunktion och minskar således den ekonomiska risken som är förenad med takeovers. Den senaste revideringen har sin grund i de ändringar som tidigare hade skett i den brittiska motsvarigheten till TO-reglerna. I Storbritannien ansågs det vara nödvändigt att införa ett förbud mot break-up fees eftersom denna typ av avtal ansågs begränsa målbolaget vid takeover-förfaranden. Break-up fees ansågs således resultera i en otillbörlig fördel för budgivaren. Liknande resonemang anfördes under arbetet med de svenska reglerna vilket resulterade i ett svenskt förbud mot break-up fees. Förbudet är emellertid inte absolut utan Aktiemarknadsnämnden (AMN) har möjlighet att lämna dispens från förbudet.  Även om break-up fees är vanligt förekommande i USA har avtal av detta slag endast förekommit i mycket ringa omfattning i Sverige. Till följd av detta väcker förbudet mot break-up fees en stor osäkerhet beträffande de konsekvenser som förbudet kommer resultera i och huruvida förbudet borde ha införts i svensk rätt. Den amerikanska forskningen visar att break-up fees resulterar bl.a. i att målbolag försätts i en god förhandlingsposition, uppnår riskminimering till följd av ovannämnda kostnadstäckning, skapar förtroende för aktiemarknaden i allmänhet och transaktionen i synnerhet. Forskningen visar även att fler takeovers fullföljs ifall en break-up fee har ingåtts mellan parterna.  I detta arbete förs resonemang beträffande anledningen till att de svenska TO-reglerna har följt utvecklingen av de motsvarande brittiska reglerna och således införandet av förbud mot break-up fees. Det diskuteras även huruvida målbolagsstyrelsen är förhindrad att p.g.a. det aktuella förbudet fullgöra sina skyldigheter enligt gällande rätt. Vidare diskuteras hur aktieägarskyddet vid offentliga uppköpserbjudanden är uppbyggt i svensk rätt mot bakgrund av brittisk och amerikansk rätt samt huruvida förbudet mot break-up fees kan anses resultera i att målbolagsstyrelsens roll försvagas och aktieägarskyddet försvagas. Därtill kommer att en de lege ferenda-diskussion förs vari fenomenet break-up fees jämförs med gällande rätt rörande försvarsåtgärder. I syfte att belysa de konsekvenser som förbudet kan medföra problematiseras även förbudet mot break-up fees mot bakgrund av bestämmelsen avseende insiderbrott och break-up fees praktiska funktioner i olika rättssystem. Undertecknad kommer i detta arbete fram till att förbudet mot break-up fees torde bl.a. resultera i att budgivare och målbolag kommer hädanefter att söka sig till att uppnå andra deal protection-avtal. Vidare torde förbudet varken resultera i att målbolagets roll stärks eller i ett ökat skydd för målbolagets aktieägare. Därtill anses förbudet resultera i en maktobalans mellan AMN och målbolagsstyrelsen, vilket är negativ ur ett företagsekonomiskt perspektiv. Mot bakgrund av detta och ett antal andra skäl kommer undertecknad fram till slutsatsen att ett förbud mot break-up fees borde ej ha införts i svensk rätt.

La Commission européenne a fait le choix de réguler le secteur de la distribution automobile par un règlement d'exemption par catégorie, considéré comme un instrument de concurrence favorisant la sécurité juridique. L'objectif poursuivi était le suivant : combattre les effets anticoncurrentiels des accords verticaux du secteur par une intervention directe sur le contrat de distribution. La réforme opérée en 2010 a rompu cet équilibre, la Commission a abandonné son approche sectorielle au profit d'une politique concurrentielle davantage globale et économique. En ce qui concerne le secteur de la vente, le règlement n°1400/2002 perdurera jusqu'au 31 mai 2013, le secteur sera alors soumis au règlement général n°330/2010, au règlement n°461/2010 et à leurs lignes directrices. Les services de l'après-vente sont immédiatement concernés par le nouveau règlement automobile n°461/2010 et par le règlement général n°330/2010 ainsi qu'à leurs lignes directrices respectives. La première règle emportant alignement du secteur automobile sur le règlement général est la généralisation du seuil de 30 % en deçà duquel doivent se situer les parts de marché du constructeur et du distributeur réunies. La Commission abandonne la promotion du multimarquisme dès lors que le constructeur sera en droit d'exiger de son distributeur une obligation d'approvisionnement à hauteur de 80 %. Le point de réforme important reste celui lié à l'abandon des règles relatives à la durée des accords, aux délais de préavis, aux conditions de rupture et au règlement non juridictionnel des litiges. En matière d'après-vente, des règles spécifiques plus strictes que celles prévues par le règlement général, notamment en ce qui concerne l'information technique, les pièces détachées, le refus d'honorer la garantie et l'accès aux réseaux de réparateurs agréés, ont été conservées. / The european Commission has taken the choice to regulate the car sector by an exemption regulation, considered as an effective antitrust tool in order to provide a juridic security. The objective pursued was to fight the anticompetitive effects of vertical agreements by a direct intervention in the contract of distribution. The reform maked in 2010 has upset this balance, the Commission has given up her sectonial approach for a competition policy more than a global and economic one. Concerning the vehicle distribution, the exemption regulation 1400/2002 will come into force until 31 may 2013, then the sector will be submited to the exemption regulation 330/2010, the exemption regulation 461/2010 and their guidelines. The after sales services will be immediately submited to the new exemption regulation 461/2010 and by the exemption regulation 330/2010 and also their guidelines. The first rule who will permit to treat the car distribution like an y other market is the generalization of the uniform market share threshold of 30 % for the motor vehicle supplier and his distributor. The Commission gives up the objective of multi-brand distribution as far as the vehicle supplier can require from his distributor a buying obligation for 80 %. The key of the reform remain the giving up of the rules concerning the terme of the contract, the minimum period of notice, the rupture of contract and the right to refer disputes concerning the fulfilment of their contractual obligations to an independent expert or arbitrator. Concerning after sales services, specific rules more strict than those provided by the general exemption, particularly concerning the technical informations, spared parts, the refuse to honour warranties on motor vehicles and the access to the networks remains of sales services, have been kept.

(in English): The aim of this paper is to present a summary of information about the competencies of teachers for dealing with bullying. Competence of teachers for dealing with bullying are from the areas of theoretical knowledge of bullying, its origin and evolution. Furthermore, practical skills in the areas of prevention and dealing with bullying. The is information drawn from scientific literature mainly written by czech authors, who base thein experties on doctor Kolar's theory of bullying. The work may serve as a source of information about the competencies of teachers for dealing with bullying and the teachers can attain competency.

Nesta dissertação, foi analisada a maneira como os estereótipos dos italianos são representados no roteiro de Os eternos desconhecidos, considerado este filme inaugural da commedia allitaliana. Para tanto, inicia-se com uma introdução sobre a commedia dellarte e a importância que teve posteriormente na cultura cômica italiana, principalmente na commedia allitaliana. Em seguida, apresenta-se o percurso do cinema italiano, partindo das comédias chamadas telefoni bianchi, passando pelo neorrealismo e chegando à commedia allitaliana. O período neorrealista do cinema italiano iniciou no imediato pós-guerra (1945), tendo seu período de produção mais importante entre 1945 e 1948. Paralelamente, desenvolveu-se a commedia allitaliana que, com características próprias, dava continuidade aos temas neorrealistas. As mudanças bruscas ocorridas relativamente em curto espaço de tempo, entre o fim da Segunda Guerra Mundial (1945) e a retomada econômica da Itália (décadas de 50 e 60), repercutiram em uma mudança comportamental dos italianos, resultando em um novo modelo identitário. Assim, a commedia allitaliana apresenta os retratos/estereótipos do novo italiano. Neste trabalho foram analisados dez personagens de Os eternos desconhecidos que, colocados em confronto entre si, refletem as mudanças sociais e de mentalidade dos italianos nesse momento inicial do boom econômico. / In this dissertation, an analysis was made of how the stereotypes of the Italians are represented in the script of Big deal on Madonna Street, which was considered the inaugural film of the commedia all\'italiana. Therefore, it begins with an introduction about the commedia dellarte and the importance it had on the Italian comedy culture later on, mainly on the commedia all\'italiana. Next, the course of the Italian cinema is presented, starting from the comedies telefoni bianchi, passing through the neorealism and arriving at the commedia all\'italiana. The neorealist period of the Italian cinema began immediately at the post-war (1945), having its most important production period between 1945 and 1948. At the same time, it was developed the commedia all\'italiana which, with its own characteristics, gave continuity to neorealist themes. The abrupt changes that took place, in a relatively short time, between the end of the World War II (1945) and Italy\'s economic recovery (in the fifties and sixties), had repercussions in the behavioural change of the Italians, which resulted into a new model of identity. Thus, the commedia all\'italiana presents the portraits / stereotypes of the new Italian. In this work, ten characters of Big deal on Madonna Street were analysed, which, once placed against each other, reflect the social changes and the mindset of the Italians during this economic boom.

Nesta dissertação, foi analisada a maneira como os estereótipos dos italianos são representados no roteiro de Os eternos desconhecidos, considerado este filme inaugural da commedia allitaliana. Para tanto, inicia-se com uma introdução sobre a commedia dellarte e a importância que teve posteriormente na cultura cômica italiana, principalmente na commedia allitaliana. Em seguida, apresenta-se o percurso do cinema italiano, partindo das comédias chamadas telefoni bianchi, passando pelo neorrealismo e chegando à commedia allitaliana. O período neorrealista do cinema italiano iniciou no imediato pós-guerra (1945), tendo seu período de produção mais importante entre 1945 e 1948. Paralelamente, desenvolveu-se a commedia allitaliana que, com características próprias, dava continuidade aos temas neorrealistas. As mudanças bruscas ocorridas relativamente em curto espaço de tempo, entre o fim da Segunda Guerra Mundial (1945) e a retomada econômica da Itália (décadas de 50 e 60), repercutiram em uma mudança comportamental dos italianos, resultando em um novo modelo identitário. Assim, a commedia allitaliana apresenta os retratos/estereótipos do novo italiano. Neste trabalho foram analisados dez personagens de Os eternos desconhecidos que, colocados em confronto entre si, refletem as mudanças sociais e de mentalidade dos italianos nesse momento inicial do boom econômico. / In this dissertation, an analysis was made of how the stereotypes of the Italians are represented in the script of Big deal on Madonna Street, which was considered the inaugural film of the commedia all\'italiana. Therefore, it begins with an introduction about the commedia dellarte and the importance it had on the Italian comedy culture later on, mainly on the commedia all\'italiana. Next, the course of the Italian cinema is presented, starting from the comedies telefoni bianchi, passing through the neorealism and arriving at the commedia all\'italiana. The neorealist period of the Italian cinema began immediately at the post-war (1945), having its most important production period between 1945 and 1948. At the same time, it was developed the commedia all\'italiana which, with its own characteristics, gave continuity to neorealist themes. The abrupt changes that took place, in a relatively short time, between the end of the World War II (1945) and Italy\'s economic recovery (in the fifties and sixties), had repercussions in the behavioural change of the Italians, which resulted into a new model of identity. Thus, the commedia all\'italiana presents the portraits / stereotypes of the new Italian. In this work, ten characters of Big deal on Madonna Street were analysed, which, once placed against each other, reflect the social changes and the mindset of the Italians during this economic boom.

It has been written extensively on the EU’s evolving role in the global economy. A mere numeric analysis tells the story about the world’s greatest economic actor that continuously grows in both scope and magnitude. However, due to an increased politicisation of global economic interactions, the matter is not that simple. Scholars agree that the USA, since the end of the Cold War, has been the preeminent actor, arranging, facilitating and maintaining the liberalisation of the global economy. Amongst these scholars, there is a consensus that the EU has developed its position within the framework for which the USA has pioneered and provided. The question is what happens when the USA withdraws from its global commitments and runs a policy counter to fundamental European interests and values? Through a detailed investigation of the European efforts to counter the American withdrawal from the Joint Comprehensive Plan of Action and the reactions from the number of actors affected, I capture the extent to which the EU arrives at operating credibly and autonomously of the USA on an issue of strategic interest. My conclusion is that the EU’s agency in global affairs is restricted by the American position in the increasingly politicised economy. It becomes apparent that the institutional and structural framework within which the EU operates limits the Union’s ability to consolidate its position in global affairs through economic means.