本研究以2002年至2013年台灣主併公司為上市公司的併購案件為樣本，探討專家意見評價結果和品質對主併公司短期股價影響。本研究結果有兩項發現： 1. 於意見書揭露日時，若專家意見書評估價格高於雙方約定交易價格愈多時，即評價溢酬愈大，主併公司會有負向的累積異常報酬率。 2. 於意見書揭露日時，若併購溢酬越大、或是併購溢酬大與評價品質高，主併公司會有負向的累積異常報酬率。 故本研究認為，台灣獨立專家制度相較歐美國家仍不成熟，相關配套措施及規範未規畫周詳，對於獨立專家的獨立性、專業性之確保，以及出具意見時評價方法的選擇標準、意見書應記載事項等規範過少，使得專家意見書於揭露時評價結果易受到市場及投資人懷疑。另外評價品質與主併公司異常報酬的關聯性在少數的樣本下無法表現出顯著性，市場及投資人較傾向以併購溢酬做為交易出價是否過高之依據。 / This study analyses the relation between target firm appraisal outcome and quality disclosed in the fairness opinions and acquiring firm performances by using the samples of Taiwanese listed company in M&A transaction between 2002 and 2013. We find that the stock price reactions to the public disclosure of fairness opinions are negatively related to the difference between target firms valuations contained in the fairness opinion and the merger offer price. In addition, the greater the acquisition premium for or acquisition or high acquisition premium with high appraisal quality would result in negative stock price reactions as well. Under these conditions, this study suggests that Taiwan's independent expert system in Taiwan still appeared to be immature, including that related supplementary measures are not careful planned, the independence of the independent expert, the professionalism of independent expert, and the criteria of valuation methods are not carefully regulated by the government. Therefore, the outcome and the quality of the fairness opinion may not to be trusted by the market and investors. Also, the association between appraisal quality and abnormal unable to be significant could result from the lack of number of samples.

Den svenska försäkringsbranschen är gigantisk och det finns över 400 försäkringsbolag att välja mellan. Detta leder till hård konkurrens inom branschen, och försäkringsbolagen tvingas slåss om kunderna.Uppsatsens syfte är att analysera vilka försäkringsrelevanta faktorer som kan förklara försäkringstagares val av försäkringsbolag. Uppsatsen bygger på kvantitativ metod och en positivistisk infallsvinkel med en deduktiv ansats används.Uppsatsen indikerar att följande faktorer har positiv påverkan på försäkringstagare i valet av försäkringsbolag: Lågt pris på försäkringstjänsten, hög kvalitet på försäkringstjänsten, bra försäkringspersonal, lättåtkomligheten, starkt varumärke och banktjänstemäns påverkanEn medveten avgränsning som gjorts är att enbart fokusera på svenska privatpersoner, vilket lämnar utrymme för liknande forskning i ett globalt perspektiv. Ett förslag på fortsatt forskning är därför att analysera vilka faktorer som förklarar företags val av försäkringsbolag.Forskningen har varit begränsad inom försäkringsbranschen, såväl nationellt som internationellt. Mycket av tidigare forskning har fokuserat på befintliga kunder och hur de bibehålls. När det gäller vår inriktning är forskningen nästintill obefintlig. Vi hoppas att uppsatsen kan bidra med nyttig information till bland annat försäkringsbolag, då det torde vara av intresse för dem att veta vad som förklarar personers val av försäkringsbolag. / With more than 400 companies to choose between, the Swedish insurance sector is gigantic. The competition is fierce, and the insurance companies have to fight over customers and market shares. Our purpose with this dissertation is to analyze which insurance relevant factors determine which company the private consumer chooses. This dissertation has a quantitative research method, a positivistic philosophy and a deductive approach. Our study indicates that the following factors have a positive influence on insurers in their selection of insurance companies : Low price, high quality insurance service, professional staff, high accessibility and strong trademarks. Bank employees also tend to have influence on insurers in their selection of insurance companies. This study selectively focuses on the Swedish market, leaving room for further research in a global perspective. Additional research regarding companies selection of insurance companies may therefore be interesting. Research has traditionally focused on the existing customers, and how to keep them. In contrast, research concerning how people choose their insurance company has been limited, both nationally and internationally. We believe this dissertation may be of value for insurance companies because the knowledge of the factors may be important for attracting customers.

Då det ur ett konsumentperspektiv finns ett stort intresse för att kombinera olika miljöperspektiv i en enhetlig märkning samtidigt som forskning visar att en kombination av olika märkningar genererar en ökad betalningsvilja, åsyftar denna studie att undersöka hur dessa två respektive typer av märkningssätt påverkar konsumentens preferenser av varumärket samt hur dessa preferenser skiljer sig åt. Föreliggande studie testar dessutom huruvida Simonsons (1989) teori om kompromisseffekter är applikabel för att öka konsumenters preferenser för ekologiska produkter när ett superekologiskt alternativ tillförs ett valset med ett konventionellt och ett ekologiskt alternativ. Studien bidrar därmed med information till beslutsfattare inom livsmedelsbranschen för hur ekologiska attribut påverkar konsumenters preferenser och betalningsviljan för ekologiska produkter.     408 respondenter har medverkat i en enkätundersökning där svaren har analyserats med hjälp av följande statistiska analyser: reliabilitetstest, t-test, korrelationsanalys, faktoranalys och klusteranalys. Resultaten visar att trots att de flesta konsumenter tenderar att ha såväl en positiv attityd som en ökad betalningsvilja för de ekologiska alternativen, väljer fortfarande majoriteten av konsumenterna det konventionella alternativet, varvid ingen kompromisseffekt uppstår. För de allra flesta av studiens respondenter motsvarar med andra ord inte den ökade betalningsviljan rådande marknadspriser, något som bland annat skulle kunna bero på att konsumenterna inte känner erforderligt med tilltro till miljömärkningarna. Priset kan dessutom fungera som ett hinder mot ett nytt beteende, varvid konsumenten istället av ren vana håller kvar vid det gamla. Vad gäller konsumenternas syn på superekologiska märkningar tycks ett superekologiskt trioalternativ i dagsläget vara att föredra. Något mer överraskande är att respondenterna, i motsats till vad flertalet tidigare studier har visat (Roddy, Cowan & Hutchinson 1994; CEC, 1999; Magnusson, Arvola, Hursti, Åberg & Sjödén, 2001; Torjusen, Lieblein, Wandel & Francis, 2001; m.fl.), dessutom upplever smak och kvalitet hos de ekologiska alternativen som sämre jämfört med det konventionella alternativet.   Eftersom de flesta konsumenter de facto uttrycker en ökad betalningsvilja för ekologiska alternativ, anser vi avslutningsvis att en mindre prisskillnad mellan konventionella och ekologiska produkter är något som beslutsfattare i livsmedelsbranschen framför allt borde ta i beaktning för att i framtiden öka antalet konsumenter av ekologiska produkter. / From a consumer perspective, there exists a considerable interest in combining different environmental perspective in an uniform label. On the other hand, since research shows that a combination of different labels generates a greater willingness to pay, this study aim to examine how these two respective types of labeling affect consumers brand preferences, and furthermore how these preferences differ. The present study also test whether Simonson's (1989) theory of compromise effect could be applied to increase consumer preference for organic products, when adding an organic premium alternative to a choice set with a conventional and an organic alternative. Thus, the study contributes information to decision makers in the food industry about how ecological attributes affect consumers’ brand preferences and their willingness to pay for organic products.   408 respondents have participated in a survey in which the answers were analyzed using the following statistical analyzes: reliability test, t-test, correlation analysis, factor analysis and cluster analysis. The results show that although most consumers tend to have both a positive attitude and an increased willingness to pay for organic alternatives, the majority of consumers still choose the conventional alternative, why no compromise effect occurs. For most of the study's respondents the increased willingness to pay does not correspond with current market prices. Among other things this could be explained by consumers’ lack of confidence in eco-labels. The price may also act as a barrier to a new behavior, whereby the consumer out of pure habit chooses the conventional alternative. Based on the consumer preferences for organic premium labels, the organic premium combination alternative seems to be the preferable choice. Somewhat more surprising, the respondents in this study, in contrast to most previous studies (Roddy et al., 1994; CEC, 1999; Magnusson et al., 2001; Torjusen et al., 2001; etc.), perceived the taste and quality of the ecological alternatives as inferior to the conventional alternative.   Finally, since the respondents show an increased willingness to pay for organic products, we think that decision makers in the food industry primarily should take into consideration that a minor price difference between conventional and organic products is something that could increase the number of consumers buying organic products in the future.

La acumulación de Capital Humano es fundamental para explicar recientes procesos de crecimiento económico experimentados en numerosos países, los cambios en la distribución de la renta salarial, en la localización de la actividad productiva, del comercio, etc... Por ello, consideramos fundamental avanzar en el conocimiento que dicha acumulación haya podido tener en una economía como la española, caracterizada recientemente por un crecimiento intenso en la educación de los trabajadores. Por este motivo se realizan tres análisis. En el primero, descomponemos la distribución de los salarios para conocer qué factores han afectado a su cambio desde 1980. Dedicamos especial atención al efecto que el cambio educativo haya podido tener en la desigualdad salarial. En un segundo análisis descomponemos el cambio en la brecha salarial entre trabajo cualificado y no cualificado entre cambios en la demanda y oferta de cualificación. Por último, estimamos las externalidades del capital humano en España a nivel regional. / Human Capital accumulation is crucial for explaining countries' recent economic growth episodes, changes in income and wage distribution, production localization, trade, etc. Thus, we consider important enhance the knowledge for the Human Capital accumulation effects on Spanish economy, characterized by intensive growth of educated workers. Then, we do three analysis. First, we decompose the wage distribution to know which factors are behind its changes since 1980. We give special attention to education effects on that wage inequality change. In our second analysis, we decompose the more educated wage premium change between changes in demand and supply of skills. Finally, our third analysis try to estimate human capital externalities for Spanish regions.

This article addresses the issue referred to the remedies of the insurance contract for the non-payment of the premium. t hrough an analysis of the previous and current legislation, the author examines the consequences of the non-payment of the insurance premium in the contractual relationship. By recognizing the protective nature of the legislation in favor of the insured as the weak party, three specific contractual remedies are identified: The suspension of coverage, the termination of the contract and the the extinction of the contractual relationship by inaction of the parties. / El presente artículo aborda la temática referida a los remedios del contrato de seguro ante el incumplimiento del pago de la prima. r ealizando un análisis de los remedios que planteaba la anterior legislación así como la vigente, el autor examina las consecuencias que tiene el incumplimiento del pago de la prima en la relación contractual. Reconociendo el carácter tuitivo de la legislación en favor del asegurado como parte débil, se identifica tres remedios contractuales específicos: la suspensión de la cobertura, la resolución del contrato y la extinción del contrato por inacción de las partes.

Value and size related equity investment strategies are supported by a large body of empirical research that shows a persistent premium, both longitudinally and crosssectionally. However, the competing rational and behavioural finance explanations for the success of these strategies are a subject of debate. The rational explanation is that the premium earned on value shares or shares of small companies can be attributed to higher risk. Behaviouralists argue that such shares are not riskier and attribute the premium to cognitive errors and biases in human decision making. The purpose of this study is to determine, firstly, whether the value and size premium exist in South Africa during the period July 2006 to June 2012, which includes one of the worst equity market crises in history. Secondly, this study sets out to determine whether the premium earned on value and size strategies are adequately explained by the principles of rational finance theory. To provide evidence regarding the existence of the value premium and size effect, returns are analysed, cross-sectionally, on portfolios of shares sorted by value and size. For evidence of a rational explanation, returns are regressed on value and size variables, and the relative riskiness of value and small companies is analysed. The results show evidence of a value premium in portfolios of small companies, but not big companies. The size effect is found not to be statistically significant. While regressions do show significant relationships between value and size variables and returns, these variables are found not to be associated with higher levels of risk. The conclusion is that the evidence does not support a rational, risk based explanation of the returns

Submitted by Rafael Gonzalez Moyano (rflgonzalez@gmail.com) on 2017-05-02T22:01:39Z No. of bitstreams: 1 Rafael Moyano - Dissertação MPA.pdf: 874971 bytes, checksum: cbbaddef3e884c775681b83a83490f48 (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Rafael, boa noite Para que possamos aceitar seu trabalho junto à biblioteca, é necessário realizar o seguinte ajuste: Retirar a numeração romana que consta nas páginas anteriores a Introdução. Em seguida, submeter o arquivo novamente. Att Renata on 2017-05-03T00:20:42Z (GMT) / Submitted by Rafael Gonzalez Moyano (rflgonzalez@gmail.com) on 2017-05-03T01:16:43Z No. of bitstreams: 1 Rafael Moyano - Dissertação MPA.pdf: 875031 bytes, checksum: 5d58481302aae0d33c960c777c7de817 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2017-05-03T18:39:05Z (GMT) No. of bitstreams: 1 Rafael Moyano - Dissertação MPA.pdf: 875031 bytes, checksum: 5d58481302aae0d33c960c777c7de817 (MD5) / Made available in DSpace on 2017-05-03T19:38:37Z (GMT). No. of bitstreams: 1 Rafael Moyano - Dissertação MPA.pdf: 875031 bytes, checksum: 5d58481302aae0d33c960c777c7de817 (MD5) Previous issue date: 2017-03-05 / This study is about premiums paid for corporate control in mergers and acquisitions in Brazil whose target company had, at the transaction date, shares traded on the stock exchange. This issue is relevant because it influences the amounts paid for equity interest when there is a change in corporate control, indicating that, under certain circumstances, the market value per share traded in the market may not represent its fair or trading value. This work analyzed the impacts in the premiums paid for corporate control caused by certain characteristics of the companies involved in those transactions, such as the size and degree of leverage of target companies, total shares acquired and the existence of foreign investors as the acquirer in part of those transactions. As a result, an average premium of 17.78% was paid for the acquisition of corporate control in publicly traded companies in Brazil. In addition, this study suggests that the size and degree of leverage of the target company positively influences the premium offered, while there is no statistical evidence that the total equity interest acquired and the existence of a foreign investor can influence the dimension of this premium / Este estudo trata da questão de prêmios pagos pelo controle corporativo em operações de fusões e aquisições no Brasil, cuja empresa-alvo possuía, na data da transação, ações negociadas na bolsa de valores. Tal questão é relevante porque influencia os valores pagos por participação acionária quando há a troca do controle corporativo, indicando que, sob determinadas circunstâncias, o valor por ação negociado no mercado pode não representar o seu valor justo ou transacionável. Neste trabalho foram analisados os impactos de determinadas características das empresas envolvidas nas transações analisadas, nos prêmios pagos pelo controle corporativo, tais como o tamanho e o grau de alavancagem das empresas-alvo, total de participação societária adquirida e existência de investidor estrangeiro em parte dessas transações. Como resultado, foi encontrado um prêmio médio de 17,78%, pagos pela aquisição do controle corporativo em empresas de capital aberto no Brasil. Além disso, por este trabalho sugere-se que o tamanho e grau de alavancagem da empresa-alvo influenciam, positivamente, o prêmio oferecido, por outro lado não houve evidência estatística de que a participação societária total adquirida e a existência de investidor estrangeiro possam, de alguma forma, influenciar na dimensão deste prêmio.

Submitted by Paula Magalhães (paulakmagalhaes@gmail.com) on 2017-05-24T17:25:55Z No. of bitstreams: 1 Paula Magalhaes Dissertacao.pdf: 437299 bytes, checksum: 5ee7ce9b3eb164a2bd2068b1d47f4c92 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2017-05-24T19:26:49Z (GMT) No. of bitstreams: 1 Paula Magalhaes Dissertacao.pdf: 437299 bytes, checksum: 5ee7ce9b3eb164a2bd2068b1d47f4c92 (MD5) / Made available in DSpace on 2017-05-25T12:11:52Z (GMT). No. of bitstreams: 1 Paula Magalhaes Dissertacao.pdf: 437299 bytes, checksum: 5ee7ce9b3eb164a2bd2068b1d47f4c92 (MD5) Previous issue date: 2017-05-11 / Este artigo trata do papel do Fundo Monetário Internacional como um agente sênior, fato observado empiricamente. Um agente soberano sujeito a um choque estocástico deve tomar emprestado para suavizar seu consumo. O mercado financeiro internacional oferece seus fundos, contudo cobra um prêmio por dividir o risco sobre o choque com o governo. O FMI, embora sênior, empresta a uma taxa menor. Encontramos as condições sob as quais a presença do FMI em tal mercado é relevante e positiva ao agente emprestador. Tais condições dependerão do tamanho do prêmio de risco cobrado, que em nossa análise é dado exogenamente. / This paper addresses the role of the International Monetary Fund in the international monetary economy as a senior agent, as observed empirically. A sovereign agent subject to a stochastic shock must borrow to smooth out consumption. The international financial market offers fund, however it charges a premium for sharing the risk over the shock with the government. The IMF, however senior, lends at a lower rate. Hence, the sovereign government must choose its borrower. We find conditions under which the IMF presence in such market is relevant and positive to the borrowing agent. Such conditions will depend on the size of the risk premium charged, which in our analysis will be exogenously given

Submitted by Eduardo Cotrim (edulucascotrim@yahoo.com.br) on 2017-09-11T21:41:56Z No. of bitstreams: 1 Dissertação_ELC_final revisada.pdf: 901904 bytes, checksum: 34ced8d99037b195a9bf9d7a754202cf (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2017-09-11T22:25:36Z (GMT) No. of bitstreams: 1 Dissertação_ELC_final revisada.pdf: 901904 bytes, checksum: 34ced8d99037b195a9bf9d7a754202cf (MD5) / Made available in DSpace on 2017-09-12T16:45:23Z (GMT). No. of bitstreams: 1 Dissertação_ELC_final revisada.pdf: 901904 bytes, checksum: 34ced8d99037b195a9bf9d7a754202cf (MD5) Previous issue date: 2017-08-09 / In the last decades several papers have tried to estimate and explain the existence of control block premium in a number of countries. A lot of factors are related to it, like the private benefits of control, shareholder structure, the stage of corporate governance development in each country, idiosyncratic characteristics of the companies, etc. This paper studies the Brazilian stock market taking into account the evolution occurred since the early 2000 in terms of laws and rules of corporate governance. It was found that a high premium is paid to take control of the companies in Brazil and that larger premiums are verified in transaction involving companies with lower corporate governance practices. / Nas últimas décadas diversos estudos tiveram por objetivo quantificar e explicar a existência de prêmios pago por blocos de controle em inúmeros países. Muitos fatores estão relacionados a tal variável, como benefícios privados derivados do controle, estrutura acionária, estágio de evolução da governança corporativa em cada economia, aspectos específicos referentes às companhias, etc. Este trabalho aborda o mercado de capitais brasileiro em um ambiente mais desenvolvido em termos de leis e governança corporativa se comparado aos trabalhos acadêmicos do início da década de 2000. Foi verificado que existe um prêmio de controle significante nas transações com alienação de controle no país, além de haver indícios de que os maiores prêmios sejam pagos em transações envolvendo empresas listadas em segmentos de governança corporativa mais baixos.

Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-06-03T16:34:52Z No. of bitstreams: 1 66080100279.pdf: 529950 bytes, checksum: 7ee7cb402cee43a4f529ced2c506f67d (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T16:45:38Z (GMT) No. of bitstreams: 1 66080100279.pdf: 529950 bytes, checksum: 7ee7cb402cee43a4f529ced2c506f67d (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-03T16:59:47Z (GMT) No. of bitstreams: 1 66080100279.pdf: 529950 bytes, checksum: 7ee7cb402cee43a4f529ced2c506f67d (MD5) / Made available in DSpace on 2011-06-03T17:06:04Z (GMT). No. of bitstreams: 1 66080100279.pdf: 529950 bytes, checksum: 7ee7cb402cee43a4f529ced2c506f67d (MD5) Previous issue date: 2011-02-02 / Este estudo investiga a eficiência de precificação do Ibovespa à vista e futuro. Usando o modelo de custo de carregamento, compara-se o futuro observado com o justo no período de 04/01/2010 a 18/08/2010. Em um mercado eficiente, esses dois preços não podem divergir, pois eventuais diferenças geram oportunidades de arbitragem. O propósito desta dissertação é investigar duas questões: a primeira, se o modelo de custo de carregamento explica a dinâmica de preços observada; a segunda, se existem possibilidades de arbitragem entre os mercados à vista e futuro. A base de dados é composta de dados intradiários de compra e venda do Ibovespa à vista e futuro, calculados em intervalos de um minuto. Verifica-se que o modelo de custo de carregamento não explica o comportamento do mercado e que maiores discrepâncias de preços ocorrem longe do vencimento. Considerando-se custos de transação e prêmio de risco, existem inúmeras possibilidades de arbitragem no mercado, principalmente na operação que o mercado denomina como 'reversão'. / This study investigates the price efficiency of the spot and futures Ibovespa index. Using the cost of carry model, the “fair” price is compared to the actual price from 04/01/2010 to 18/08/2010. In an efficient market those prices cannot be different because they would lead to arbitrage opportunities. The purpose of this work is to answer two questions: first, if the cost of carry model can explain the market dynamics; second, if there are arbitrage opportunities between spot and future markets. The data set contains intraday bid and ask quotes for the Ibovespa spot and futures calculated every one minute. The findings suggest that the cost of carry model does not explain the market dynamics and that most of the arbitrage opportunities occur far from the maturity of the contract. Considering transaction costs and risk premium, there are many arbitrage opportunities, especially in an operation called “reversion”.