Merger of a parent company and its subsidiary and its specificity compared to the general regulation of mergers The topic of this diploma thesis are the mergers between parent companies and subsidiaries. In my view, this is a very relevant topic nowadays which can be often faced in practice. The aim of this thesis is above all to describe the differences between this type of mergers and the other types (it is not my aim to describe the whole process of mergers between parent companies and subisdiaries step by step as a large part of regulation of this process is similar to the general merger process regulation). This thesis is divided into eight main chapters. In the first chapter current regulation and its historical development are outlined. The aim of the second chapter is to compare the incentives which lead to mergers between parent companies and subsidiaries and the incentives which lead to the other mergers. Of course, both partly overlap. However, there exist some differences, which are described in this chapter. Chapter three deals with the mergers between parent and subsidiary joint stock companies. To a large extent it consists of the analysis of the simplified approval process of such merger, which is included in the Czech legislature. Furthermore it includes the analysis of the share...

Chaque année 330 000 (dont 300 000 en Afrique) nouvelles infections à VIH surviennent chez les moins de quinze ans – majoritairement par un mécanisme de transmission verticale d’une mère infectée à son enfant. Pourtant, des interventions efficaces pour réduire la transmission mère-enfant (TME) existent mais ne sont pas toujours disponibles en pratique de routine pour les femmes qui en ont besoin. L’agenda international en cours vise une élimination de l’infection pédiatrique de VIH – et le maintien des mères en vie – à l’horizon 2015. A la lumière de la crise économique mondiale, il apparait opportun de pouvoir juger du montant de ressources nécessaires à la réalisation de cet objectif. Ce travail de thèse dresse le panorama du mode de délivrance des interventions pour la prévention de la TME (PTME) et de la prise en charge des enfants infectés par le VIH dans cinq pays à ressources limitées que sont la Chine, la Côte d’Ivoire, la Namibie, le Rwanda et l’Ukraine. Il apporte une estimation de leur coût et renseigne sur leur efficacité et leur caractère abordable. En outre, une estimation du coût de l’implémentation de potentiels scénarios de passage à échelle des interventions est apportée ; la mesure du nombre de cas (et de décès) non évités sur la période de projection permet de se rendre compte du coût de l’inaction. Enfin, sont discutés deux obstacles majeurs à la diffusion des services de PTME que sont le contexte politique ambiant et l’organisation de l’offre de soins (contrainte en ressources humaines qualifiées notamment). / A decade into the implementation of prevention of mother-to-child HIV transmission (PMTCT) programs, countries are making impressive progress towards fulfilling global commitments and achieving global goals. However, achieving a generation free from HIV will entail sustained effort and commitment in the coming years and estimating the cost of this work is fundamental. In light of the global economic downturn, reliable and up-to-date information on the costs of the dedicated services is needed to estimate the amount of additional resources required to scale up those services within the context of the Millennium Development Goals, and to assist resource-limited countries, external funders and multilateral agencies in planning, identify cost drivers and areas of potential savings. This work pursued the aims (1) to produce a reliable estimation of the costs associated with PMTCT services in five low- and middle-income countries, and (2) to ascertain the range and median unit costs needed for scaling up these services across a prevention, treatment and care continuum. Countries were selected given three key criteria related to their economic level and health spending, the national HIV epidemic status and typology, and the coverage of their maternal, neonatal and child health (MNCH) and PMTCT programs. Data were collected in Cote d’Ivoire, China, Namibia, Rwanda, and Ukraine using a health-care provider perspective from October 2009 to April 2010. In-country samples were designed to reflect publicly funded MNCH facilities that were delivering a define range of PMTCT and pediatric HIV services. The package includes HIV testing and counseling, male partner testing, CD4 testing, antiretroviral prophylaxis provision, community-based activities, HIV-exposed infant prophylaxis, and 2-year post-partum family planning. Additional information on prices and volume of services was collected from national government bodies, international donor partners, and non-governmental organizations. Cost data were then analyzed using a bottom-up approach of "micro-costing" where costs are calculated by identifying the actual resources used for each patient. Primary outcomes are costs per specific end-users and nation-wide total program costs, subdivided by major cost categories. After that, we simulated the expected costs over time according to a scale-up analysis estimating the costs needed to increase service coverage under various scenarios of coverage and antiretroviral protocols. These scenarios are incremental in their content: each subsequent scenario adds components and costs to the previous one. Future costs are discounted at a 3% rate. The affordability of each scenario (compared to the previous one) was concomitantly examined through the generation of incremental cost effectiveness ratios. The cost of inaction, measured in both terms of cases non-averted and deaths non-avoided throughout the scaling-up period, was ultimately assessed.

Cette thèse est composée de trois chapitres distincts. Le premier chapitre montre que les dirigeants réagissent de façon excessive face aux risques qui frappent l'attention. Après un ouragan, le choc produit par la catastrophe sur le risque de liquidité perçu conduit les entreprises situées dans le voisinage de la zone sinistrée à augmenter temporairement leur détention de liquidités alors que le risque réel n'a pas changé. Le deuxième chapitre montre que les dirigeants influencent de façon stratégique l'attention des investisseurs aux annonces de résultats en les prévenant plus ou moins tardivement de la date de l'événement. Cette stratégie leur permet de lisser dans le temps l'impact de mauvais résultats sur leur cours de bourse. Le troisième chapitre étudie l'effet des league tables dans les activités de fusions-acquisitions. Les league tables classent les banques d'investissement. Le rang d'une banque dans la league table prédit sa capacité à engendrer des affaires nouvelles dans le futur, ce qui incite les banques à manipuler leur classement. / This dissertation is made of three distinct chapters. The first chapter shows that managers overreact to salient risks. They respond to the occurrence of a hurricane event when their firms are located in the neighborhood of the disaster area. The sudden shock to the perceived liquidity risk leads them to temporarily increase the amount of corporate cash holdings, even though the real liquidity risk remains unchanged. The second chapter examines earnings announcements by US firms, and how far in advance notice of the event is given (the "advance notice period"). Such advance notice period affects how much investors pay attention to earning news. This variation in investors' attention affects short-run and long-run stock prices, thereby creating incentives for firms to strategically reduce the advance notice period when they plan to disclose bad news. The third chapter studies M&A league tables, which provide rankings of investment banks. The rank of a bank in the league table predicts its future deal flow. This creates strong incentives for banks to manage their ranks in the league table.

Cette thèse traite de l’établissement d’une plateforme logicielle nommée DaWeS permettant le déploiement et la gestion en ligne d’entrepôts de données alimentés par des données provenant de services web et personnalisés à destination des petites et moyennes entreprises. Ce travail s’articule autour du développement et de l’expérimentation de DaWeS. L’idée principale implémentée dans DaWeS est l’utilisation d’une approche virtuelle d’intégration de données (la médiation) en tant queprocessus ETL (extraction, transformation et chargement des données) pour les entrepôts de données gérés par DaWeS. A cette fin, un algorithme classique de réécriture de requêtes (l’algorithme inverse-rules) a été adapté et testé. Une étude théorique sur la sémantique des requêtes conjonctives et datalog exprimées avec des relations munies de limitations d’accès (correspondant aux services web) a été menée. Cette dernière permet l’obtention de bornes supérieures sur les nombres d’appels aux services web requis dans l’évaluation de telles requêtes. Des expérimentations ont été menées sur des services web réels dans trois domaines : le marketing en ligne, la gestion de projets et les services d’aide aux utilisateurs. Une première série de tests aléatoires a été effectuée pour tester le passage à l’échelle. / The role of data warehouse for business analytics cannot be undermined for any enterprise, irrespective of its size. But the growing dependence on web services has resulted in a situation where the enterprise data is managed by multiple autonomous and heterogeneous service providers. We present our approach and its associated prototype DaWeS [Samuel, 2014; Samuel and Rey, 2014; Samuel et al., 2014], a DAta warehouse fed with data coming from WEb Services to extract, transform and store enterprise data from web services and to build performance indicators from them (stored enterprise data) hiding from the end users the heterogeneity of the numerous underlying web services. Its ETL process is grounded on a mediation approach usually used in data integration. This enables DaWeS (i) to be fully configurable in a declarative manner only (XML, XSLT, SQL, datalog) and (ii) to make part of the warehouse schema dynamic so it can be easily updated. (i) and (ii) allow DaWeS managers to shift from development to administration when they want to connect to new web services or to update the APIs (Application programming interfaces) of already connected ones. The aim is to make DaWeS scalable and adaptable to smoothly face the ever-changing and growing web services offer. We point out the fact that this also enables DaWeS to be used with the vast majority of actual web service interfaces defined with basic technologies only (HTTP, REST, XML and JSON) and not with more advanced standards (WSDL, WADL, hRESTS or SAWSDL) since these more advanced standards are not widely used yet to describe real web services. In terms of applications, the aim is to allow a DaWeS administrator to provide to small and medium companies a service to store and query their business data coming from their usage of third-party services, without having to manage their own warehouse. In particular, DaWeS enables the easy design (as SQL Queries) of personalized performance indicators. We present in detail this mediation approach for ETL and the architecture of DaWeS. Besides its industrial purpose, working on building DaWeS brought forth further scientific challenges like the need for optimizing the number of web service API operation calls or handling incomplete information. We propose a bound on the number of calls to web services. This bound is a tool to compare future optimization techniques. We also present a heuristics to handle incomplete information.

Thesis deals with accounting procedures in final accounts, general legal regulationes in Czech Republic and according to IFRS, evaluation of balance items in balancing day. Second part of thesis is dedicated to theme of transformation from limited company to joint-stock company.

L'augmentation du bilan de masse en surface de la calotte polaire Antarctique causée par celle des chutes de neige est la seule contribution négative à l'élévation du niveau de mer attendue dans le courant du 21ème siècle dans le cadre du réchauffement climatique causé par les activités humaines. La régionalisation dynamique de projections climatiques issues de modèles couplés océans-atmosphère est la méthode la plus couramment utilisée pour estimer les variations futures du climat Antarctique. Néanmoins, de nombreuses incertitudes subsistent suite à l'application de ces méthodes, en particulier en raison des biais conséquents sur les conditions océaniques de surface et sur la circulation atmosphérique aux hautes latitudes de l’Hémisphère Sud dans les modèles couplés.Dans la première partie de ce travail, différentes méthodes de corrections de biais des conditions océanique de surface ont été évaluées. Les résultats ont permis de retenir une méthode quantile-quantile pour la température de surface de l'océan et une méthode d'analogues pour la concentration en glace de mer. En raison de la forte sensibilité du climat future Antarctique aux variations de couverture de glace de mer dans l'Océan Austral, les conditions océaniques issues de deux modèles couplés, NorESM1-M et MIROC-ESM, présentant des diminutions d’étendues de glace de mer hivernales largement différentes (-14 et -45%) ont été retenues. Les conditions océaniques provenant d'un scénario RCP8.5 de ces deux modèles ont été corrigées afin de forcer le modèle atmosphérique global ARPEGE.Par la suite, ARPEGE a été utilisé dans une configuration grille-étirée, permettant d'atteindre une résolution horizontale de 40 kilomètres sur l'Antarctique. Il a été contraint aux limites par les conditions océaniques de surface observées et celles issues des simulations historiques des modèles NorESM1-M et MIROC-ESM pour la période récente (1981-2010). Pour la fin du 21ème siècle (2071-2100), les forçages océaniques originaux et corrigés issus de ces deux derniers modèles ont été utilisés. L'évaluation pour le présent a permis de mettre en évidence, la capacité du modèle ARPEGE de reproduire le climat et le bilan de masse de surface Antarctique ainsi que la persistance d'erreurs substantielles sur la circulation atmosphérique y compris dans la simulation forcée par les conditions océaniques observées. Pour le climat futur, l'utilisation des forçages océaniques MIROC-ESM corrigés a engendré des augmentations supplémentaires significatives à l'échelle continentale pour les températures hivernales et le bilan de masse annuel.Enfin, ARPEGE a été corrigé en ligne, à l'aide d'une climatologie des termes de rappel du modèle issus d'une simulation guidée par les réanalyses climatologiques. L'application de cette méthode sur la période récente a très largement amélioré la modélisation de la circulation atmosphérique et du climat de surface Antarctique. L'application pour le climat futur suggère des augmentations de températures (+0.7 à +0.9 C) et de précipitations (+6 à +9%) supplémentaires par rapport à celles issues des scénarios réalisés sans correction atmosphérique. Le forçage de modèles climatiques régionaux ou de dynamique glaciaire avec les scénarios ARPEGE corrigés est à explorer au regard des impacts potentiellement importants pour la calotte Antarctique et sa contribution à l'élévation du niveau des mers. / The increase of the Antarctic ice-sheet surface mass balance due to rise in snowfall is the only expected negative contribution to sea-level rise in the course of the 21st century within the context of global warming induced by mankind. Dynamical downscaling of climate projections provided by coupled ocean-atmosphere models is the most commonly used method to assess the future evolution of the Antarctic climate. Nevertheless, large uncertainties remain in the application of this method, particularly because of large biases in coupled models for oceanic surface conditions and atmospheric large-scale circulation at Southern Hemisphere high latitudes.In the first part of this work, different bias-correction methods for oceanic surface conditions have been evaluated. The results have allowed to select a quantile-quantile method for sea surface temperature and an analog method for sea-ice concentration. Because of the strong sensitivity of Antarctic surface climate to the variations of sea-ice extents in the Southern Ocean, oceanic surface conditions provided by two coupled models, NorESM1-M and MIROC-ESM, showing clearly different trends (respectively -14 and -45%) on winter sea-ice extent have been selected. Oceanic surface conditions of the ``business as usual" scenario (RCP8.5) coming from these two models have been corrected in order to force the global atmospheric model ARPEGE.In the following, ARPEGE has been used in a stretched-grid configuration, allowing to reach an horizontal resolution around 40 kilometers on Antarctica. For historical climate (1981-2010), the model was driven by observed oceanic surface conditions as well as by those from MIROC-ESM and NorESM1-M historical simulation. For late 21st century (2071-2100), original and bias corrected oceanic conditions from the latter two model have been used. The evaluation for present climate has evidenced excellent ARPEGE skills for surface climate and surface mass balance as well as large remaining errors on large-scale atmospheric circulation even when using observed oceanic surface conditions. For future climate, the use of bias-corrected MIROC-ESM oceanic forcings has yielded an additionally significant increase in winter temperatures and in annual surface mass balance at the continent-scale.In the end, ARPEGE has been corrected at run-time using a climatology of tendency errors coming from an ARPEGE simulation driven by climate reanalyses. The application of this method for present climate has dramatically improved the modelling of the atmospheric circulation and antarctic surface climate. The application for the future suggests significant additional warming (~ 0.7 to +0.9 C) and increase in precipitation (~ +6 to +9 %) with respect to the scenarios realized without atmospheric bias correction. Driving regional climate models or ice dynamics model with corrected ARPEGE scenarios is to explored in regards of the potentially large-impacts on the Antarctic ice-sheet and its contribution to sea-level rise.

Appointment and recall of an executive of a limited liability company This diploma thesis deals with the appointment and recall of an executive of a limited liability company. The aim of the thesis is to discuss whether the competence of the corporate bodies belongs among status issues and where the limits of the status of legal persons are. This is especially important for establishing the boundaries in which members can autonomously modify the internal conditions to the individual needs of the corporation. The main point is about determining whether the effectivity of the general meeting in the field of appointment and recall of the executive is exclusive or not. And whether it is acceptable to transfer this competence through a possible arrangement of a memorandum of association to another body of the company or to establish another way of setting up the executive in office unpredicted by law, such as anchoring the so-called sending right associated with the share in the company. The individual chapters of this thesis explain the mechanism of appointing and recall of the executive by the general meeting, and the possibility of terminating the function of the executive by fulfilling the resolutive conditions is also discussed. In the thesis the individual aspects of the transferring of the...

A dissertação examina o regime jurídico do direito de retirada de sócios de sociedade simples e de sociedade limitada a partir da vigência do CC/2002. Para tanto, parte do estudo de sua natureza jurídica e de uma releitura dos fundamentos jurídicos deste instituto. Serve-se, ainda, de considerações sobre a evolução histórica do direito de retirada tanto no direito nacional quanto em ordenamentos estrangeiros (Alemanha, Espanha, França, Itália e Portugal). Assume especial relevo neste percurso o tratamento dado ao direito de retirada de sócio de sociedade limitada e a construção pela doutrina e pela jurisprudência do instituto da dissolução parcial stricto sensu sob a vigência do Decreto n° 3.708/1919 e do Código Comercial de 1850, respectivamente. Com base nos pressupostos acima, a dissertação passa a abordar de forma pormenorizada o direito de retirada de sócios de sociedade simples e sociedade limitada previsto no CC/2002, identificando as hipóteses em que é legalmente autorizada e aprofundando-se no exame do seu regime jurídico em cada tipo societário. Por fim, analisando as hipóteses de dissolução total de sociedades previstas pelo CC/2002, procura definir se e em quais hipóteses o instituto da dissolução parcial stricto sensu ainda é aplicável. / This dissertation examines the legal framework of the right of partners to withdraw from a simple company (sociedade simples) and from a limited liability company (sociedade limitada) under the current Brazilian Civil Code (CC/2002). For such purposes, the dissertation starts by studying its legal nature and revisits its legal basis. It also considers the historical development of the right to withdraw under Brazilian law and that of certain other jurisdictions (Germany, Spain, France, Italy and Portugal). In the context of this historical analysis, it assumes special importance the right of partners to withdraw from a limited liability company (sociedade limitada) and the doctrinal and case law creation of the institute of partial dissolution (dissolução parcial stricto sensu) under Decree No 3,708/1919 and the Commercial Code of 1850, respectively. Having regard such review, the dissertation addresses, in detail, the right of partners to withdraw from a simple company (sociedade simples) and a limited liability company (sociedade limitada), as contemplated by the current Brazilian Civil Code (CC/2002), thereby also identifying when the same is authorized in each type of corporate vehicle and each applicable legal framework. Finally, by analyzing the scenarios for dissolution of companies contemplated by the current Brazilian Civil Code (CC/2002), it seeks to identify whether and in which scenarios the partial dissolution (dissolução parcial stricto sensu) is still applicable.

A análise de freqüência de cheias através da distribuição de probabilidade generalizada de valores extremos-GEV tem crescido nos últimos anos. A estimação de altos quantis de cheias é comumente praticada extrapolando o ajuste, representado por uma das 3 formas inversas de distribuição GEV, para períodos de retorno bem superiores ao período dos dados observados. Eventos hidrológicos ocorrem na natureza com valores finitos, tal que, seus valores máximos seguem a forma assintótica da GEV limitada. Neste trabalho estuda-se a estimabilidade da distribuição GEV através de momentos LH, usando séries de cheias anuais com diferentes características e comprimentos, obtidas de séries de vazões diária gerada de diversas formas. Primeiramente, sequências estocásticas de vazões diárias foram obtidas da distribuição limitada como subjacente da distribuição GEV limitada. Os resultados da estimação dos parâmetros via momentos-LH, mostram que o ajuste da distribuição GEV as amostras de cheias anuais com menos de 100 valores, pode indicar qualquer forma de distribuição de valores extremos e não somente a forma limitada como seria esperado. Também, houve grande incerteza na estimação dos parâmetros obtidos de 50 séries geradas de uma mesma distribuição. Ajustes da distribuição GEV às séries de vazões anuais, obtidas séries de fluxo diários gerados com 4 modelos estocásticos disponíveis na literatura e calibrados aos dados dos rio Paraná e dos Patos, resultaram na forma de Gumbel. Propõe-se um modelo de geração diária que simula picos de vazões usando a distribuição limitada. O ajuste do novo modelo às vazões diárias do rio Paraná reproduziu as estatísticas diárias, mensais, anuais, assim como os valores extremos da série histórica. Além disso, a série das cheias anuais com longa duração, foi adequadamente descrita pela forma da distribuição GEV limitada. / Frequency analysis of floods by Generalized Extreme Value probability distribution has multiplied in the last few years. The estimations of high quantile floods is commonly practiced extrapolating the adjustment represented by one of the three forms of inverse GEV distribution for the return periods much greater than the period of observation. The hydrologic events occur in nature with finite values such that their maximum values follow the asymptotic form of limited GEV distribution. This work studies the identifiability of GEV distribution by LH-moments using annual flood series of different characteristics and lengths, obtained from daily flow series generated by various methods. Firstly, stochastic sequences of daily flows were obtained from the limited distribution underlying the GEV limited distribution. The results from the LH-moment estimation of parameters show that fitting GEV distribution to annual flood samples of less than 100 values may indicate any form of extreme value distribution and not just the limited form as one would expect. Also, there was great uncertainty noticed in the estimated parameters obtained for 50 series generated from the some distribution. Fitting GEV distribution to annual flood series, obtained from daily flow series generated by 4 stochastic model available in literature calibrated for the data from Paraná and dos Patos rivers, indicated Gumbel distribution. A daily flow generator is proposed which simulated the high flow pulses by limited distribution. It successfully reproduced the statistics related to daily, monthly and annual values as well as the extreme values of historic data. Further, annual flood series of long duration are shown to follow the form of asymptotic limited GEV distribution.

Venture capital é espécie de empreendimento que vincula dois agentes econômicos, empreendedor e investidor, visando ao desenvolvimento de uma ideia inovadora para posterior comercialização no mercado. O empreendedor é detentor de conhecimento sobre a ideia e o investidor possui os recursos para desenvolver o projeto. O negócio se diferencia dos demais pelo alto grau de incerteza e risco do empreendimento e requer o uso de tipos contratuais adequados para sua limitação. O projeto se inicia com a etapa de contratação, na qual as partes negociam a divisão de riscos e retorno do negócio, seguindo-se a etapa de monitoramento do desenvolvimento das atividades. Ao final ocorre o desinvestimento, com a saída do investidor e venda do negócio. Do ponto de vista da Economia, utilizamos a Teoria dos Jogos e apresentamos os problemas informacionais, riscos e incertezas do negócio, e os incentivos para organizar a cooperação entre as partes. Do ponto de vista de Finanças, debatemos a decisão de financiamento do negócio e as alternativas para diversificação dos riscos do investimento, isto é, a possibilidade de limitação dos riscos pela adoção de estratégias de contenção, que aumentam o interesse em contratar o negócio. Do ponto de vista do Direito, avaliamos qual a estrutura contratual ideal para organizar esse tipo de empreendimento. Analisamos as principais formas usadas para organização do negócio, em especial as sociedades limitadas e as sociedades anônimas fechadas. Avaliamos o suporte normativo aplicável, com destaque para a possibilidade de limitação dos riscos do projeto pela aplicação das normas de Direito Societário a esses empreendimentos. Os principais riscos aplicáveis são os riscos de contratação do negócio, os riscos de alocação do poder de decisão entre os sócios e os riscos de interrupção prematura do projeto. Devido à natureza e características do negócio de venture capital, concluímos que esse tipo de projeto é mais bem organizado como um contrato plurilateral e que não há tipo contratual ideal para alinhar os interesses. Dos tipos existentes, a sociedade anônima fechada é o mais adequado, mas incapaz de limitar todos os riscos do negócio. A conclusão é confirmada, parcialmente, pelas evidências empíricas apresentadas. / Venture capital is a business that links two economic agents, entrepreneur and investor, aiming to develop an innovative idea for future sale on the market. The entrepreneur holds knowledge about the idea and the investor has the resources to develop the project. It is distinguished from others by the high degree of uncertainty and risk of the project and requires the use of appropriate contract types for its restriction. The project begins with the contracting stage, in which the parties negotiate the division of risks and return business, followed by the monitoring of the development of the business activities. At the end occurs the divestment, in which the finished business is sold by the investor. From the point of view of Economics, we use Game Theory to present the informational problems, business risks and uncertainties, and the incentives to organize the cooperation between the parties. From the standpoint of Finance, we discuss the decision to finance the business, and alternatives for risk diversification, that is, the possibility of limiting the risks by adopting containment strategies that may increase the interest in contracting. From the point of view of Law, we evaluate the ideal contractual structure for organizing this kind of project. We analyze the main existing contract types, in particular, the limited liability companies and the closed corporations. We present our concerns about the normative support applicable to that type of business, emphasizing the Corporate Law problems. We evaluate the normative support applicable, emphasizing the possibility of limiting the project risks by applying the Corporate Law rules to such ventures. The main risks are the risks applicable to the contracting phase, the risk of incorrect allocation of decision rights between the partners and the risk of premature termination of the project. Due to the nature and characteristics of the venture capital business, we conclude that this type of design is best organized as a plurilateral agreement and that there is no contract type that can be considered ideal to align the interests. Considering all the existing types, the private corporation contract is the most appropriate form, but also unable to limit all the business risks. The conclusion is partially supported by the empirical evidence presented.