台商乃是兩岸政治經濟下，不同「身份資本」所孕育出來的特殊群體，特別是大陸特殊制度環境及大陸對台商制度規範下，所造成的高交易成本，使得台商為因應而運用下列三種方式 以降低交易成本：非制度化管道、制度化管道、抗衡促使制度變遷，進而參與制度創新的過程。 　　但在加入WTO之後，面對制度化及法制化的大陸制度環境變遷，台商應著重後二種的管道來降低大陸的高交易成本。 　　本文採用新制度經濟學中的交易成本理論來分析大陸對台商的制度規範及台商因應策略。 / Taiwanese investors are particular group who come from different “Capital of identity “ between Mainland China and Taiwan. Under high transaction cost caused by particular institution in China and China’s institutional regulation on Taiwanese investors, they have to take non-institutional way, institutional way and the way that they against current institution to improve institutional change and then join the procedure of institutional innovation in China. So, they can bring the transaction cost down. But after both sides have entered WTO and Taiwanese investors have to obey the regulation of WTO and they should put emphasis on latter two ways, that is institutional way and the way that they against current institution to improve institutional change and then join the procedure of institutional innovation in China to bring their transaction cost down. This dissertation analyzes the Taiwanese investors under Mainland China’s institutional regulation and their survival strategy in Transaction cost approach.

La tentative pour comprendre les changements affectant les modèles de gouvernance d’entreprise est un des débats sur les transformations du capitalisme à l’heure actuelle. L'Asie ne fait pas exception à ce phénomène. Les modes de gouvernance ont connu une évolution importante depuis la crise financière de 1997. Cette thèse cherche à rendre compte de ces transformations dans un cadre d’analyse du changement institutionnel. La conception de la gouvernance est appréhendée comme étant dépendante de l’environnement institutionnel dans lequel évolue la firme. L’étude de l’évolution des modes de gouvernance nécessite donc la compréhension du changement institutionnel.Sur cette base, nous développons l’hypothèse de l’hybridation et notre propre interprétation des changements de la gouvernance. L’hybridation est soumise à deux séries de forces : celles qui sont favorables aux changements et celles qui leur résistent. Le processus d’adaptation des nouvelles pratiques introduites génère à terme un modèle adapté aux conditions locales. Notre analyse empirique révèle que les évolutions récentes ont fait émerger une pluralité de modèles sur la zone asiatique : 3 modèles hybrides et 1 modèle qui est resté inchangé face aux réformes d’inspiration anglo-saxonne. Nous étudions également empiriquement les forces qui favorisent le changement ainsi que les facteurs de la résistance. Ce travail permet d’apporter une vision globale des mutations rencontrées dans la gouvernance dans la région asiatique. / Understanding of the changes in corporate governance lies at the heart of contemporary debates about transformation of capitalism. Asia is no exception to this phenomenon. Asia’s corporate governance has undergone significant changes since the financial crisis of 1997. Our study, based on the theory of institutional change, seeks to examine current transformations. The concept of corporate governance is viewed as being dependent on institutional environments in which the firm evolves. The analysis of the changes in corporate governance is therefore needed to understand institutional change.On this basis, we argue that the current transformation is experiencing a process of hybridization and we suggest a framework to understand ongoing corporate governance reform. Hybridization carries two opposed forces: drivers for change and resistance to change. But the dynamic process of adaption of newly imported practices leads to new model adapted to local conditions. Our empirical analysis allows us to apprehend the diverse pattern of corporate governance in the region of Asia even within the current context of adherence to the Anglo-Saxon model: we find three hybrid models and one other model which has not committed to the reform. We also study the sources of change and the factors that give rise to resistance. We provide an overview of the recent changes in corporate governance practice in Asian countries.

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maître en Droit (LL.M) Option Droit des Affaires" / Dans une perspective pratique et axée sur le droit transactionnel, l'auteur dresse un portrait global du régime juridique s'appliquant aux actionnaires minoritaires de sociétés par actions publiques canadiennes. Pour ce faire, il aborde, dans un premier temps, les divers mécanismes transactionnels utilisés par les sociétés désirant procéder à une opération de changement de contrôle. Dans un deuxième temps, il enchaîne en expliquant les enjeux entourant la protection des actionnaires minoritaires pour, par la suite, décrire les obligations afférentes au Règlement Q-27. Finalement, il propose une analyse du traitement des porteurs minoritaires à la lumière, d'une part, de la gouvernance d'entreprise et, d'autre part, de l'activisme des investisseurs institutionnels. / In a practical perspective based on transactionallaw, the author shows a global portrait of the legal regime applicable ta minority shareholders of Canadian publicly listed corporations. Firstly, he tackles the various transactional mechanisms used by corporations that want ta proceed ta a change of control operation. Secondly, he continues by explaining the issues surrounding the protection of minority shareholders. Then, he describes the obligations related ta Rule Q-27. Finally, he proposes an analysis of minority shareholders treatment in light of, on one hand, corporate governance and, on the other hand, institutional investors activism.

LEGAL REGULATION OF ALTERNATIVE INVESTMENT FUNDS IN THE CZECH REPUBLIC ABSTRACT The purpose of my thesis is to analyze the impact of the recently adopted groundbreaking European regulation of alternative investment funds into the Czech legal environment of collective investments. The respective chapters provide an analysis of the most important aspects of regulation of alternative investment funds, which I consider as crucial for collective investment undertakings and its (even only potential) investors. In a large portion of the thesis I focus on the definition of alternative investment funds to clarify the possible modes of operation and distinguish them from their earlier regulated standard counterparts. In the first of eight chapters I introduce this topic in the historical context, which provides a brief excursion into the progress of regulation of collective investment at the European and Czech level, and further explain the reasons which led to creation of a unified regulation for collective investment business. The second chapter describes the current regulatory framework in accordance with the European regulation, based primarily on the Alternative Investment Fund Managers Directive (AIFMD) and its subsequent transposition into the Czech Act on Investment Companies and Investment Funds (ICIFA)....

The diploma thesis is focused on the Investors in People standard which is the only internationally recognized system for managing and developing human resources. It deals with the IIP characteristics, advantages, situation in the Czech Republic and its comparation with other models. In the practical part of the thesis the IPP influence is shown in the OLHO-Technik Czech, s.r.o. firm and the implementation process is described. The analysis was focused on the selected personnel processes and documentation in the firm based on the IPP principles. Finally the discussion with employees was made as a part of a qualitative research. The aim of the thesis is to approach the IIP standard to the Czech firms, support its diffusion and offer solution for improvement in the OLHO-Technik Czech, s.r.o. company in the HR field for consequential IIP recertification.

Bakgrund: Hos svenska investerare finns ett ökat intresse för hållbara investeringar, således har även efterfrågan på att mäta bolags hållbarhetsarbete utifrån ESG-kriterier ökat. Forskning om vem, utifrån demografiska och socioekonomiska aspekter, som väljer att investera i aktier med ett ESG-betyg är begränsad. Tidigare forskning har främst studerat hållbart fondsparande genom enkätundersökningar. Syfte: Studien ämnar analysera huruvida skillnader i ESG-snitt i svenska SR- investerares aktieportföljer kan förklaras av demografiska och socioekonomiska skillnader. Därtill ämnar studien identifiera vilken demografisk grupp som har störst preferens för respektive beståndsdel av ESG. Genomförande: Med hjälp av ett unikt data-set genomförs multivariata regressioner, vilket möjliggör en jämförelse av ESG-snitt i aktieportföljer för olika demografiska grupper. Genom frågeställningar diskuteras och jämförs resultaten med tidigare forskning. Slutsats: Studien finner att den svenska SR-investeraren med högst ESG-snitt i aktieportföljen är en äldre kvinna, med låg inkomst och boende i en storstad. Därtill finner studien att medelålders och äldre kvinnor, med låg inkomst samt boende i och utanför en storstad, har störst preferens för respektive beståndsdel av ESG. Därutöver finner studien både likheter och skillnader mellan dessa resultat och tidigare forskning. / Background: Swedish investors have an increased interest in sustainable investments, thus the demand for measuring companies’ sustainability work, based on ESG criteria, has increased. Research on who, based on demographic and socioeconomic aspects, that choose to invest in ESG shares is limited. Previous research has mainly studied sustainable fund savings through surveys. Purpose: The thesis aims to analyze whether differences in ESG mean in the stock portfolios of Swedish SR-investors can be explained by demographic and socioeconomic differences. Furthermore, the thesis aims to identify what demographic group has the highest preference for each sub group of ESG. Completion: Through a unique data set, we perform multivariate regressions, which enables a comparison of ESG means in stock portfolios of different demographic groups. Through research questions, we discuss and compare the results with previous research. Conclusion: The study finds that the Swedish SR-investor with the highest ESG mean in the stock portfolio is most likely an older woman, with low income and living in a larger city. Furthermore, the study finds that middle aged and older women, with low income and living in and outside a larger city, have the highest preference for each sub group of ESG. In addition, the study finds both similarities and differences between these results and previous research.

The commercial and investment relations between Thailand and the Czech Republic are longstanding. Currently, the Czech Republic imports a number of agricultural products and food from Thailand, and Thailand imports industrial technology from the Czech Republic. As a result, there are opportunities for Czech companies to invest in and establish business cooperation with Thai businesses with agreements to guarantee stable commercial investment relations between Thailand and the Czech Republic. Because of this, the Bilateral Investment Treaty (BIT) between both countries facilitates further development. The dissertation deals with research about the Protection of Investments under the Bilateral Investment Treaty between Thailand and the Czech Republic. The first BIT between Thailand and the Czech Republic was the 'Agreement between the Government of the Czech and Slovak Federal Republic and the Government of the Kingdom of Thailand for the Promotion and Protection of Investments (1991)' which was replaced by the 'Agreement between the Government of the Kingdom of Thailand and the Government of the Czech Republic for the Promotion and Protection of Investments (1994) (BIT between Thailand and the Czech Republic 1994), and this BIT is still in force and has not been modified or amended. The object of...

Ce travail doctoral s’interroge sur les déterminants des comportements d’épargne salariale. Le chapitre 1 présente un état des lieux de l’épargne salariale. Nous détaillons ensuite les principales règles de fonctionnement de l’épargne salariale. Nous présentons enfin les principaux déterminants des comportements d’épargne salariale identifiés par la littérature. Le chapitre 2 examine les déterminants socio-économiques de l’efficience des portefeuilles d’épargne salariale. Il propose également une analyse des déterminants des erreurs d’investissement des salariés mesurées par un indice. Nous dissocions les investissements faits dans le cadre des augmentations de capital réservées aux salariés et ceux faits au titre des autres plans d’épargne entreprise. Nous nous intéressons d’une part à la décision binaire d’investir ou pas, et à l’efficience du portefeuille d’autre part. Notre échantillon porte sur 30 000 salariés d’un groupe bancaire français et contient des informations sur les caractéristiques individuelles des salariés et le détail des montants investis dans les plans et leurs caractéristiques de rentabilité et de risque. Les caractéristiques des salariés affectent significativement l’efficience des portefeuilles. Nous mettons en évidence une forte concentration en actions de l’entreprise. Nous montrons également que l’investissement des salariés est sous optimal compte tenu de l’écart existant entre le ratio de Sharpe optimal que nous avons calculés et le ratio de Sharpe des salariés. Nous régressons enfin cette différence sur les caractéristiques des salariés. Le chapitre 3 analyse empiriquement les déterminants de l’investissement en actions de l’entreprise. L’actionnariat salarié diminuerait les comportements de retrait des salariés tels que l’absentéisme et la rotation du personnel. Or, la causalité inverse que nous postulerons n’avait jamais été analysée : l’effet de l’absentéisme et de la rotation du personnel sur l’investissement en actions de l’entreprise par ses salariés. Nous montrons que l’absentéisme et la rotation du personnel affectent significativement la participation. Nous validons nos hypothèses de recherche à l’aide de diverses méthodes de régression. Nous analysons un panel d’environ 15 000 salariés de près de 900 filiales d’un groupe français coté appartenant au secteur de la construction, des travaux publics et des concessions sur une période de 5 ans. La participation au plan d’actionnariat salarié dépend du niveau d’absentéisme et de rotation du personnel au sein de l’entreprise. L’absentéisme et la rotation du personnel influencent l’investissement en actions de l’entreprise différemment selon la catégorie socioprofessionnelle du salarié et les motifs d’absences et de sorties Le chapitre 4 administre un questionnaire à des épargnants individuels afin d’évaluer leur connaissance financière. Nous nous sommes inspirés des enquêtes de Lusardi et de la Banque Centrale Européenne afin de réaliser un questionnaire adapté au cas français. Nous constatons l’influence de l’éducation financière sur les décisions d’investir. Le questionnaire a été diffusé auprès des salariés d’un établissement bancaire d’une part et de leurs clients d’autre part. Bien que nos résultats confirment dans l’ensemble la littérature sur la connaissance financière, nous identifions plusieurs nouveaux résultats. / This dissertation questions the determinants of employee savings behavior. Chapter 1 presents an overview of employee savings schemes. We then detail the main rules of employee savings schemes. Finally, we present the main determinants of the behavior of employee savings schemes identified by the literature. Chapter 2 examines the socio-economic determinants of employee savings’ portfolio efficiency. It also proposes an analysis of the determinants of investment errors of employees measured by an index. We dissociate investments made in the context of Employee stock purchase plan and those made through other employee savings plans. We are interested in the binary decision to invest or not on the one hand and in the portfolio efficiency on the other hand. Our sample covers 30,000 employees of a French bank, contains information on the individual characteristics of employees and details of the amounts invested in the plans, their risk and risk characteristics. The characteristics of the employees significantly affect the efficiency of the portfolios. We highlight a strong concentration of company stocks. We also show that the investment of employees is not optimal given the gap between the optimal Sharpe ratio and the actual Sharpe ratio. We finally regress this difference on the characteristics of the employees. Chapter 3 empirically analyzes the determinants of investment in company shares. Employee stock ownership would reduce the withdrawal behavior of employees, such as absenteeism and turnover. However, the reverse causality we assume had never been analyzed: the effect of absenteeism and the staff turnover on the investment in employer’s stocks. We show that absenteeism and staff turnover significantly affect participation. We validate our hypotheses using a variety of regression methods. We analyze a panel of approximately 15,000 employees of nearly 900 subsidiaries over a period of 5 years of a French listed company belonging to the construction, public works and concessions sector. Participation in employee stock ownership plan depends on the level of absenteeism and turnover of employees within the company. Absenteeism and staff turnover influence the investment in company shares differently depending on the employee's occupations category and the reasons for absences and departures. Chapter 4 analyze the results of a survey we sent to individual savers to assess their financial literacy. We translated the surveys of Lusardi and the European Central Bank to produce a questionnaire adapted to the French case. We see the influence of financial education on investment decisions. The questionnaire was distributed to the employees of a bank on the one hand and their customers on the other. Although our results generally confirm the literature on financial literacy, we identify several new findings.

This thesis aims to investigate the benefits of international diversification from a Swedish perspective. It presents a comparative study of the performance of different portfolios based on their degree of international diversification with a focus on Swedish investors frame of reference. Such a study is motivated by the contradictory literature about portfolio diversification and information portfolio theory that advocate for a more concentrated portfolio. It focuses solely on comparing portfolios constituted with major indices of a representative sample including countries from different parts of the world. The different scales of those portfolios start from a divided part of the Swedish economy to end with a global portfolio. We observed that international diversification can outperform the domestic portfolios when considering risk and return. In addition, we observed that the best performing portfolios over the periods are systematically concentrated on emerging countries and that the high return of those emerging countries is often not associated with a correspondingly high standard deviation as it should be expected. The best levers of performance that we identified as a result of this comparative study are, first, the strategy consisting in focusing on the most concentrated portfolios in order to maximize the return and then trying to time the market, thanks to a specialized information collection strategy, but this bear a high undiversifiable risk. Or second, adopting an intentionally diversified portfolio and collecting information about the most promising emerging markets that will be then over weighted in the portfolio to lower the risk and higher the return. Lastly, the study recommend that home-biased investors should change their behavior and consider international investments when building a portfolio.

Diese kumulative Dissertation untersucht die Rolle von Informationen und Finanzkompetenz im deutschen Crowdinvesting-Markt. Die erste Studie erforscht den Zusammenhang zwischen dem Umfang der von Start-Ups auf Companisto veröffentlichen Informationen und dem Investitionsverhalten von Crowdinvestoren auf Basis proprietärer Nutzer-level Companisto-Daten. Meine Ergebnisse deuten darauf hin, dass (unerfahrene) private Investoren, im Gegensatz zu institutionellen Investoren, auch „weiche“ Informationen im Rahmen ihrer Investitionsentscheidungen berücksichtigen. Meine zweite Studie untersucht das tatsächliche Informationsverhalten von Crowdinvestoren im Vorfeld von Investitionen auf Basis von Nutzer-level Google Analytics-Daten. Meine Ergebnisse suggerieren, dass Investoren einen Großteil der von Start-ups bereitgestellten Informationen im Vorfeld von Investitionen ignorieren. Darüber hinaus zeige ich auf, dass das Informationsverhalten von Investoren mit den demografischen Merkmalen, der Crowdinvesting-Erfahrung und den (durchschnittlichen) Investitionsbeträgen von Investoren zusammenhängt. Meine Ergebnisse deuten zudem darauf hin, dass Investoren beim Vorliegen potentieller Indikatoren für die Qualität eines Start-ups bzw. bei weniger riskanten Investitionen, weniger Information akquirieren. In meiner dritten Studie, welche ich gemeinsam mit Joachim Gassen durchführe, untersuche ich den kausalen Effekt einer Online-Finanzschulung auf das Informations- und Investitionsverhalten von Crowdinvestoren im Rahmen eines Feldexperiments auf Companisto. Während das Experiment noch nicht abgeschlossen ist, motiviert der in dieser Dissertation enthaltene Zwischenbericht die zugrundeliegende Forschungsfrage und beschreibt das Forschungsdesign. Die vorläufigen Ergebnisse zeigen auf, dass Crowdinvestoren im Vergleich zu repräsentativen Stichproben der Gesamtpopulation, welche vergleichbaren Studien zugrunde liegen, ein signifikant höheres Maß an finanzieller Grundkompetenz aufweisen. / This cumulative Ph.D. thesis investigates the role of information and financial literacy in the German crowdinvesting market. Using proprietary investor-level data from Companisto, one of the largest German crowdinvesting portals, the first paper explores how the magnitude of start-ups’ disclosures on Companisto is associated with crowdinvestors’ investment behavior. My findings suggest that the investment decisions by both retail and institutional crowdinvestors are positively associated with the magnitude of start-ups’ voluntary disclosures. However, while start-ups’ ‘soft’ disclosures seem to play a role in the decision-making of (inexperienced) retail investors, they appear to be irrelevant for the investment decisions of institutional investors. My second thesis paper uses investor-level Google Analytics data to explore investors’ actual information acquisition prior to investing. My results indicate that crowdinvestors tend to neglect a substantial fraction of start-ups’ disclosures before investing. Moreover, I show that investors’ information acquisition varies with their demographics, their level of crowdinvesting experience as well as their (average) investment amounts. My findings further suggest that investors acquire less information in the presence of potential signals of start-up quality and (thus) in cases where the investment appears to be less risky. In my third paper, which is co-authored by Joachim Gassen, I study the causal effect of online financial training on crowdinvestors’ information and investment behavior by conducting a field experiment on Companisto. While the experiment is still ongoing, the interim report included in my thesis motivates the overall research question and explains the research design. Our preliminary results indicate that, compared to survey samples representative for the overall population, crowdinvestors exhibit a significantly higher level of ‘basic’ financial literacy.