本研究以羅吉斯迴歸模型探討影響上市櫃公司選擇公開募集或私募之因素。 實證結果發現採私募或現金增資的決策，和下列因素有關：(1)資訊不對稱程度愈高之公司愈傾向以私募發行新股，且上櫃公司較上市公司更傾向以私募發行新股；(2) 資訊透明度越低的公司，資金成本越高，籌資也較困難，會傾向以私募方式發行新股；(3) 投資機會愈多的公司，因為控制權考量，會選擇公開募集資金；(4) 當景氣愈好，公司愈傾向以公開募集發行新股，且上市公司較上櫃公司更易傾向以現金增資方式發行新股。 / This study applies logit model to examine the determinants of choice of private placements/seasoned equity offerings. The results indicate that firms being severe in information asymmetry tend to choose private placements. Contrast to listed firms, OTC firms prefer private placements to seasoned equity offerings. Firms with lower information transparency pay higher costs in seasoned equity offerings and therefore tend to choose private placements. Firms being abundant in investment opportunities prefer to choose seasoned equity offerings because of control considerations. In bull markets, more firms choose seasoned equity offerings other than private placements while listed firms have stronger tendency to choose seasoned equity offerings than OTC firms.

Titel: Standardisering/anpassning som internationella marknadsföringsstrategier inom upplevelseindustrin Nivå: C-uppsats i ämnet företagsekonomi Författare: Heiko Voeste och Olga Gutman Handledare: Akmal Hyder Datum: 2014 – 05 Syfte: Forskningen om upplevelseinriktade företags marknadsföringsstrategier anses vara otillräcklig, trots att denna industri tillhör den snabbt expanderande tjänstemarknaden. Vi valde därför att utföra denna forskning för att bidra till utvecklingen av teorin inom detta område. Syftet med den här studien har varit att ta reda på hur internationella företag inom upplevelseindustrin arbetar med marknadsföringsstrategier, med avseende på anpassning och standardisering av marknadsföringsmixen. I vårt arbete har vi studerat:  hur upplevelseinriktade företag utformar sina internationella marknadsföringsstrategier;  olika faktorer som påverkar valet av strategier;  hur företag utformar marknadsföringsmixen för att skapa unika erbjudande för sina kunder. Metod: Vår empiriska undersökning baseras på kvalitativ forskning i form av flerfallstudier. Vi undersökte tre verksamheter som agerar inom upplevelseindustrin och har genomfört tio semi-strukturerade intervjuer inom dessa tre företag. Resultat & slutsats: Det vi kom fram till i denna studie var att de undersökta upplevelseinriktade företagen använder sig av både standardiserings- och anpassningsstrategier. Hänsyn tas till varje komponent av marknadsföringsmixen. Valet av marknadsföringsstrategier av dessa företag beror främst på sådana faktorer som, det unika erbjudandet, kulturen, ekonomin samt graden av internationellt verkande. Förslag till fortsattforskning: Vår studie är ganska begränsad eftersom den endast omfattar tre företag, två från Sverige och en från Tyskland. Detta leder till låg generaliserbarhet av vårt arbete. En mer omfattande studie av flera företag från flera olika länder krävs för att skapa mer generella slutsatser om marknadsföringsprinciper inom upplevelseindustrin. Uppsatsens bidrag: Vi hoppas att med detta arbete kunna bidra till utvecklingen av teorier om marknadsföringsstrategier inom upplevelseindustrin. Vi anser att vårt arbete ökar förståelsen inom detta område, främst med hänsyn till standardisering och anpassning samt ger förståelse för vilken roll faktorer som kultur och ekonomi har i valet av internationell strategi. Nyckelord: upplevelseindustrin, internationalisering, marknadsföringsstrategier, standardisering, anpassning, marknadsföringsmix, erbjudande.

Cette thèse s'intéresse au rôle des analystes financiers lors de la couverture des introductions en bourse dans un contexte international. Nous traitons de la valeur informationnelle des couvertures des analystes et de leur conséquence sur la performance à long terme des entreprises nouvellement introduites en bourse. Nous examinons si les recommandations des analystes financiers permettent de réduire le comportement irrationnel des investisseurs en situation de forte incertitude. Nous espérons qu'en réduisant les asymétries d'informations, les analystes financiers aident les investisseurs à mieux cibler la valeur de l'IPO. Cette thèse s'articule autour de deux parties : la première est consacrée au positionnement théorique et à nos hypothèses de recherche ; la seconde se focalise sur la vérification empirique d'un échantillon d'IPOs internationales (Etats-Unis, Angleterre, Allemagne et France) sur la période 1991 à 2005. Les résultats révèlent une sous performance des IPOs plus sévères pour les orphelines (sans couverture des analystes) que pour les non orphelines. Il apparaît que la couverture des analystes est importante pour les IPOs mais que le marché n'en perçoit pas toute la valeur. D'autres analyses soulignent que cette meilleure performance des non orphelines provient du nombre élevé de couvertures. Nous établissons que les recommandations des analystes sont significativement reliées à la performance à long terme des IPOs. Ainsi, nous vérifions le rôle crucial des analystes financiers dans la production et l'interprétation des informations. / This thesis explores the role of financial analysts' coverage on IPOs in an international context. We deal with the informational value of research coverage and the consequence on long run performance of newly public firms. We examine whether financial analyst recommendations allow alleviating the irrational investors' behaviour in the context of strong uncertainty. We expect that by reducing the information asymmetry, financial analyst recommendations help investors to define progressively the true value of the IPO. The thesis is organized in two main parts: the first part presents a survey of literature and define research hypothesis. The second part consists in an empirical validation of an international sample of IPOs (US, United Kingdom, Germany and France) over the 1991-2005 period. The results reveal that long run underperformance is much severe for orphans' IPOs (without financial recommendation) than non orphans' IPOs. The evidence suggests that analyst coverage is indeed important to issuing firm but the market do not fully incorporate the perceived value of this coverage. Further analysis reveals that this outperformance by non orphan stems from high coverage. We establish that analyst recommendations are significantly related to long run performance of IPOs. Hence, we corroborate the crucial role of financial analysts in producing and interpreting IPOs' financial releases.

Made available in DSpace on 2016-04-25T19:20:32Z (GMT). No. of bitstreams: 1 Patricia Rodrigues de Souza.pdf: 1482021 bytes, checksum: 824af8237839b0ee20a121a16c97dd0c (MD5) Previous issue date: 2014-08-13 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The present study explores food practices of different natures in several religious contexts in a comparative manner. The main goal is to drive attention to the fact that all religions, if they do not have a pre established food conduct by their doctrines, they have a say about food and how it affects religious disposition. This research is based on exclusive bibliographical data taken from religious doctrines, as well as texts produced by believers and also few analysis done by food specialists, anthropologists and sociologists of food and food practices. Man, its food and its religion are studied under the evolutionistic perspective. We have tried to retrieve the origins of the relationship between food, food practices and religion. We have observed the construction of this relation in detail in order to detect general functions among the religions studied here. We have concluded food has common functions at several levels in different religions, which constitutes a significant point to compare. The effects of food practices touch individuals in physical and psychological aspects, once it determines the amount and quality of what is to be eaten. It also has cultural effects, since cultural values are attributed to foods and later, these values are either absorbed or rejected according to cultural rules that are similar to rules of language. In the same way, there are social effects, since food in religious case can be a frontier and an identity element to the groups; in terms of social effects, the agreement about the same food and food practices favors the cohesion of the group and excludes those of different practices. For all these aspects food and food practices constitute a resource that helps religion to represent and reinforce its values / A presente dissertação visa explorar as práticas alimentares de diferentes naturezas nos diversos contextos religiosos de forma comparativa. O principal objetivo é chamar a atenção para o fato de que todas as religiões, se não possuem uma conduta alimentar pré-estabelecida por suas doutrinas, têm algo a dizer sobre a alimentação e como esta afeta a disposição religiosa. Esta pesquisa baseia-se em dados exclusivamente bibliográficos extraídos das próprias doutrinas religiosas, bem como de materiais produzidos por seus praticantes, além de análises de especialistas em alimentação, antropologia e sociologia da alimentação. Estudamos o homem, sua alimentação e sua religião sob a perspectiva evolucionista. Buscamos resgatar a origem da relação entre religião e práticas alimentares e seguimos observando sua construção detalhada a fim de detectar as funções que as práticas alimentares vêm a exercer de forma geral nas religiões aqui estudadas. Concluímos que a comida tem funções comuns às religiões em diversos níveis, o que constitui um ponto significativo de comparação entre religiões muito diferentes. Os efeitos das práticas alimentares atingem o indivíduo em aspectos físicos e psicológicos, uma vez que estabelece a quantidade e qualidade do que se come. Provoca também efeitos culturais, já que aos alimentos são atribuídos valores culturais, onde mais tarde os mesmos são absorvidos ou rejeitados segundo regras culturais semelhantes às da linguagem. Da mesma forma, há efeitos sociais, uma vez que a alimentação, no caso religioso pode servir de fronteira e elemento de identidade aos grupos; deve-se considerar que em termos de efeitos sociais o acordo sobre uma mesma alimentação favorece a coesão do grupo e exclui os que aqueles de práticas diferentes. Por todos estes aspectos a alimentação constitui um recurso que auxilia a religião a representar e reforçar seus valores

Made available in DSpace on 2016-04-25T20:20:52Z (GMT). No. of bitstreams: 1 Roberta Garcia Anffe Braida.pdf: 7408520 bytes, checksum: 0d720164c1c601af502f1fb619c2d395 (MD5) Previous issue date: 2012-10-25 / This thesis is an ethnographic study about the Mehinako, Aruak group of Xingu s Indigenous Land, analysing the use and circulation of their material goods. These objects run through a diversity of exchanges, sometimes as offerings, other times as merchandise. From the ethnographic description, this research intends to understand how these transactions are manifested, making a comparative analysis with the classical notion of offerings and agency and identifying their proximity and distinctions / Esta tese é um estudo etnográfico sobre os Mehinako, grupo Aruak da Terra Indígena do Xingu, analisando uso e circulação de seus bens materiais. Esses objetos circulam em diversas trocas, em algumas situações como dádivas, em outras como mercadorias. A partir da descrição etnográfica, este trabalho procura entender como se manifestam essas transações, realizando uma análise em que as noções de dádiva e agência são contrapostas, e identificando suas aproximações e distinções

Made available in DSpace on 2016-04-26T14:53:58Z (GMT). No. of bitstreams: 1 Roberta Garcia Anffe Braida.pdf: 7408520 bytes, checksum: 0d720164c1c601af502f1fb619c2d395 (MD5) Previous issue date: 2012-10-25 / This thesis is an ethnographic study about the Mehinako, Aruak group of Xingu s Indigenous Land, analysing the use and circulation of their material goods. These objects run through a diversity of exchanges, sometimes as offerings, other times as merchandise. From the ethnographic description, this research intends to understand how these transactions are manifested, making a comparative analysis with the classical notion of offerings and agency and identifying their proximity and distinctions / Esta tese é um estudo etnográfico sobre os Mehinako, grupo Aruak da Terra Indígena do Xingu, analisando uso e circulação de seus bens materiais. Esses objetos circulam em diversas trocas, em algumas situações como dádivas, em outras como mercadorias. A partir da descrição etnográfica, este trabalho procura entender como se manifestam essas transações, realizando uma análise em que as noções de dádiva e agência são contrapostas, e identificando suas aproximações e distinções

Il n'existe à ce jour aucune monographie d'ensemble sur la répartition des offrandes dans les lieux de culte de la Gaule romaine, notamment des objets de parure. Cette thèse vise à combler cette lacune en prenant en considération les fibules en contexte cultuel, alors que celles-ci ne sont bien souvent envisagées que comme des objets de la vie quotidienne et étudiées en tant que telles. L'offrande de fibules est examinée à partir de leur distribution spatiale intrasite par phase de fréquentation, et ce sur l'ensemble des lieux de culte de la Gaule du 11e siècle av. J.-C. jusqu'au IV" siècle de notre ère. Ce travail est réalisé grâce à des cartes de répartition et aux outils statistiques de sériation. Cette analyse est complétée par l'étude typo-chronologique de l'ensemble des fibules répertoriées et par l'étude des associations de mobilier dans l'espace cultuel, en mettant plus particulièrement l'accent sur l'ensemble des objets de parure, afin d'identifier des pratiques religieuses spécifiques et de travailler sur l'offrande possible d'éléments aujourd'hui disparus comme les vêtements. Sont examinés entre autres les modes de dépôt des fibules, leur symbolique, leur lien éventuel avec certaines divinités, ou bien encore s'il s'agit d'offrandes individuelles ou collectives. Enfin, ce travail permet d'étudier les continuités et les ruptures entre les pratiques cultuelles de la fin de la période celte (LTD) et celles d'après la conquête césarienne, afin d'approfondir notre connaissance du processus de romanisation dans les provinces gauloises. / To date, there is no full monograph on the distribution of offerings in sanctuaries in roman Gaul, including ornaments. This thesis aims to fill this gap by taking into consideration the fibulas in cult context, white these are very often considered as objects of everyday life and studied as such. The fibulas's offering is examined from their intrasite spatial distribution by phase of attendance, and this on ail the sanctuaries of Gaul of the 2nd century BC to the 4th century AD. This work is done through distribution maps and statistical serialization tools. This analysis is complemented by the typo-chronological study of ail fibulas listed and by the study of furniture associations in the sanctuaries, with particular accentuation on ail objects of ornament, so that to identify specific religious practices and to work on the possible offering of elements that have now disappeared, such as clothing. Among other things, the modes of fibulas's deposit, their symbolism, their possible link with certain deities, or even individual or collective offerings are examined. This work finally allows to study the continuities and ruptures between the cult practices of the end of the Celtic period (LTD) and those after the Cesarean conquest, in order to deepen our knowledge of the process of romanization on the Gallic provinces.

This thesis examines the relationship between the aftermarket performance of Chinese initial public offerings (IPOs) and corporate governance for firms that listed during the years 1999 to 2001. The primary objective of this study is to investigate the significance of corporate governance variables as explanations of IPOs aftermarket performance. By doing so, a set of hypotheses dealing with the relationships between IPO aftermarket performance and three categories of independent variables: corporate governance variables; issue variables; and control variables, were examined. The descriptive analysis indicates that IPOs in China continue to provide significant short-term returns to investors, although the level of underpricing has declined from that found in earlier studies. This finding suggests a growing level of maturity and sophistication in the Chinese IPO market. The analysis of long-term performance indicates negative returns to investors which is consistent with international evidence but challenges the bulk of prior Chinese studies. It is found that there is no significant relationship between corporate governance variables and IPO returns in the short-term with the exception of board composition, while IPO underpricing is primarily explained by the imbalance between supply and demand and the inefficient capital market in China. The significance of board composition can be explained by the launch of the new corporate governance code on board structures in 2001. Overall the empirical evidence shows that the Information Asymmetry Hypothesis is an appropriate explanation of the underpricing of Chinese IPOs. In the long-term, it is found that corporate governance variables do have explanatory power for the market performance of Chinese IPOs, in particular state ownership and the separation of Chairman and CEO, supporting the notion that corporate governance appears to be important to IPO investors in the long-term. It also confirms the view that investors are willing to pay a premium for the shares of what they consider to be well-governed firms in the long-term. Besides corporate governance variables, both issue variables and control variables are also found to have explanatory power in IPO aftermarket performance. In particular firm size, IPO offer price, IPO lottery rate and industry are significantly related to IPO short-term performance in China, while growth in earning per share, firm size and industry are related to the long-term market performance.

本研究旨在探討我國新上市承銷制度中公開揭露體系之最適管制體系，所使用之理論架構與方法為代理理論。為充份瞭解本研究所提出的問題，本研究首先深入探討我國現行的承銷制度，並依據相關研究理論與結果探究我國目前的承銷問題，其間對於公開揭露體系應有資訊內容之探討，係以理性預期均衡理論為依據。本研究以為無論係現制下的承銷制度或擬議中之競價拍賣制，其主要問題在於公開揭露體系的格式與內容不妥善。其次，我國股市中財務資訊（包括所有公開揭露資訊）的使用效率亦不高。在如許環境下，不知情投資者往往需要支付可觀的市場逆選擇機會成本。 　　本研究假設承銷商為代理人，發行公司為主理人，亟按雙方於通過上市審查後利害衝突之代理關係，分析我國新上市承銷制度中公開揭露體系之最適管制體系。首先以代理理論求得承銷獎酬契約之柏拉圖最適解，並以此結果為基礎，探討因道德危險所產生的次佳解，亦即，在代理人有道德危險的可能性下，最適承銷獎酬契約之特徵方程式。最後則利用充份統計量的概念證明，在次佳解下，代理契約若能增加額外資訊，可降低道德危險的機會成本。也就是在主理人或代理人一方之預期效用維持不變的情況下，相對的另一方其預期效用不會因而變差（會變好）。據此，在代理契約中增加額外資訊，對契約的結果係有價值的。本研究以為，承銷代理契約的設計亦應包括有價值額外資訊之設計，是項有價值額外資訊，本研究定義為承銷商制定承銷價的基礎與所使用之資訊。 　　是以，承銷商制定承銷價的基礎與所使用之資訊應公開披露於公開說明書，是種資訊因直接與投資者之利益相關，所以投資者較有動機使用是種資訊以從事新上市股票申購的決策並據以為上市後買賣決策之基礎。因此，是種資訊不但與股價決策攸關，且可增加新上市股票市場中之資訊使用效率。

鑑於我國現行承銷制度下新上市股票上市後的股價行為異於尋常（如蜜月期的問題），故本研究的目的在於以理性預期均衡理論及其他相關理論來探討新上市股票股價的問題，進而由理論中對資訊與股價之關係的推論來評議我國目前新上市股票承銷制度及股市的資訊環境。 　　新上市股票最重要的經濟特質在於上市前鮮為人知，其公司原始股東與上市後潛在股東間存在一個嚴重的資訊不對稱問題，證管會特以公開說明書為工具，藉此公開公司原始舊股東所持有之優越資訊，以解決此種資訊不對稱的情況。就理論上而言，一個合理的承銷制度應能令投資者「所付等於所值」，其上市後的第一個均衡價應等於承銷價，且其上市後的股價行為應與相關資訊呈系統化的關係。然而從實證的資料與分析結果顯示，我國新上市股票股價行為（包括承銷價）具異常性，根據理性預期均衡理論，這種異常股價行為歸因於股價與公開說明書上的財務資訊不具系統化的關係，亦即投資者間異質性的預期、投資者的變現性需求、及財務資訊之收集、分析與解釋成本過高（就個別投資人而言）所致的雜訊主導了這種異常的股價行為，故可謂目前的新上市股票承銷制度功能不彰，其合理性仍嫌不足。 　　現行新上市股票承銷制度下係規範公開說明書的財務報表需經會計師簽證，而其他資訊則需由承銷商以盡專業注意的方式來確認資訊之公開與忠實表達，若有不實表達處再課以法律責任。本研究以為這種資訊不對稱的解決設計，其運作之良窳尚有賴資訊環境的配合，故擬發展「資訊環境理論」，以說明強化財務資訊收集、分析與解釋的功能，或降低個別投資人對此類資訊的搜尋成本，可因而降低投資者異質性預期與變現性需求所產生的雜訊。其次本研究以為，為使公開財務資訊具品質保證與齊一性，並促使財務資訊環境更能有效運作，除可賦予法律責任外，藉由自律規範對承銷商之專業注意力與職業道德加以規範已屬必要。據此，更發展了「最低承銷品質理論」，透過此二理論的發展，以強化目前承銷制度的功能。