A aquisição por companhias abertas de ações de sua própria emissão no Brasil constitui o núcleo de estudo desta dissertação. Também referida como recompra de ações, trata-se de operação comumente realizada por sociedades anônimas, principalmente por companhias abertas, tendo em vista os possíveis benefícios na organização da estrutura de capital da companhia, conciliados com a variedade de motivações para sua utilização. O trabalho aborda, inicialmente, o tratamento legal conferido às operações realizadas por companhias abertas e fechadas, em especial pela Lei no 6.404, de 15 de dezembro de 1976. Além da definição das operações e sua evolução legislativa, são analisadas as principais causas que levam uma sociedade anônima a adquirir ações de sua própria emissão, assim como os negócios jurídicos passíveis de realização para que uma aquisição se concretize, além do aproveitamento a ser conferido pela companhia para as ações recompradas quando estas não forem canceladas, poderão ser mantidas em tesouraria na qualidade de bens de titularidade da companhia. O estudo também dedica-se à análise específica da aquisição de ações de emissão própria por companhias abertas, sob o foco do regramento expedido pela Comissão de Valores Mobiliários CVM. Além dos atos normativos emanados pela autarquia, a análise enfatiza os principais interesses a serem tutelados nas operações, assim como aborda precedentes da CVM sobre o tema. / The purchase, by publicly-held companies, of its own shares in Brazil constitutes the core area of study of this dissertation. Also referred to as stock repurchase, it consists in a transaction commonly performed by corporations, mainly the publicly traded, seeking out the benefits to the organization of the companys capital structure, combined with the variety of motivations for its use. This work initially discusses the legal treatment for stock repurchases performed by publicly-held and closely held companies, in particular by Law 6404, of December 15th, 1976. In addition to the definition of the transaction, and its legal developments, this study analyzes the main causes for a corporation to buy its own shares, as well as the legal act of the acquisition per se, and the use of the repurchased shares whenever they are not canceled, such shares will be held in treasury as assets owned by the company. The study also presents the repurchase made by publicly-held companies in view of the rules issued by the Comissão de Valores Mobiliários CVM (the Brazilian Securities and Exchange Commission). Apart from examining CVMs regulation, the study refers to a broad variety of cases decided by CVM on the subject, and investigates the main interests involved on the transactions.

民國八十九年七月，政府通過施行庫藏股交易制度，並於民國九十年十一月明令禁止子公司買回母公司股票。本研究欲藉由實證研究方式探討該期間兩交易之關聯性。研究結果顯示：(1)庫藏股交易動機基本上符合股價低估假說及資本結構調整假說；子公司買回母公司股票交易動機基本上符合護盤假說。(2)買回庫藏股票公司的後續盈餘比買回前更佳；被子公司買回之母公司的後續盈餘則不比買回前更佳。再次支持兩交易買回動機分別為股價低估假說及護盤假說。(3)不論庫藏股交易或子公司買回母公司股票交易，交易期間的異常股價報酬與異常盈餘反應顯著成正向關係。表示市場投資人能正確反應公司之盈餘表現。(4)以觀察期內同時進行兩交易的公司為樣本進行研究，發現庫藏股制度對子公司買回母公司股票交易不僅無抑制作用，反而呈現同向變動。 / The listed firms in Taiwan were legally allowed to repurchase outstanding shares while the cross investment in parent company's stocks by subsidiary firms was not prohibited during the period of July 2000-November 2001. This study investigates the relationship between repurchases and cross investments in this period. 　　The findings of the study are as follows. First, the motivation of the subsidiary company's cross investments in parent company's stocks is to manipulate stock price because the unexpected quarterly earnings over the announcement quarter and the subsequent quarter are not found. However, the repurchases are motivated by stock undervaluation. Second, the empirical results show that a positive relation between abnormal returns and unexpected quarterly earnings are found in both repurchases and cross investments. This illuminates the fact that investors are able to distinguish the economic substance of repurchase from that of the cross investments. Finally, there is no substitute effect of repurchases on cross investments.

One of the main tenets of finance is diversification. Investors choose their portfolios so as to diversify away their idiosyncratic risk. In four essays included into this dissertation the implications of less than perfect diversification on investors’ performance and asset pricing are investigated. In Essay I we examine one particular instance in which diversification may play a role in a non-portfolio type of investment: the IPO. In an IPO, a set of potentially non-diversified investors – the existing shareholders – reduce their holdings of a company, listing the company and selling part of its shares. Our contribution is to show how portfolio diversification of controlling investors in private companies affects the IPO process. We demonstrate that companies sold by more diversified shareholders are less likely to be taken public, but when doing so they are priced more favourably. In Essays II and III we investigate the impact of incomplete diversification and imperfect risk-sharing on asset returns. Our argument is that the smaller shareholder base a firm has, the larger the fraction of company idiosyncratic risk on average its investors have to carry, and the higher return they would demand for that. We demonstrate that there is a negative and significant relationship between companies’ shareholder base and stock returns as well as between changes in shareholder base and stock returns. This effect is more pronounced for younger companies, but remains significant for seasoned companies as well. Applying our analysis to corporate events we demonstrate that abnormal performance following the repurchase can be partially explained by the reduction in the shareholders base resulting from repurchase. In Essay IV I investigate the motives behind one of the most puzzling examples of investors’ underdiversification – the local bias. Contrary to the predictions of classical financial theories, investors on aggregate overweight stock of proximate companies in their portfolios. I demonstrate that being placed in new community, individual investors not only soon become biased towards companies with establishments in this new locality, but they also obtain superior returns from these investments. Investing into the local stocks, therefore, is to a large degree rational. / Diss. Stockholm : Handelshögskolan, 2005 S. ii-vi: sammanfattning, s. 1-134: 4 uppsatser

A aquisição por companhias abertas de ações de sua própria emissão no Brasil constitui o núcleo de estudo desta dissertação. Também referida como recompra de ações, trata-se de operação comumente realizada por sociedades anônimas, principalmente por companhias abertas, tendo em vista os possíveis benefícios na organização da estrutura de capital da companhia, conciliados com a variedade de motivações para sua utilização. O trabalho aborda, inicialmente, o tratamento legal conferido às operações realizadas por companhias abertas e fechadas, em especial pela Lei no 6.404, de 15 de dezembro de 1976. Além da definição das operações e sua evolução legislativa, são analisadas as principais causas que levam uma sociedade anônima a adquirir ações de sua própria emissão, assim como os negócios jurídicos passíveis de realização para que uma aquisição se concretize, além do aproveitamento a ser conferido pela companhia para as ações recompradas quando estas não forem canceladas, poderão ser mantidas em tesouraria na qualidade de bens de titularidade da companhia. O estudo também dedica-se à análise específica da aquisição de ações de emissão própria por companhias abertas, sob o foco do regramento expedido pela Comissão de Valores Mobiliários CVM. Além dos atos normativos emanados pela autarquia, a análise enfatiza os principais interesses a serem tutelados nas operações, assim como aborda precedentes da CVM sobre o tema. / The purchase, by publicly-held companies, of its own shares in Brazil constitutes the core area of study of this dissertation. Also referred to as stock repurchase, it consists in a transaction commonly performed by corporations, mainly the publicly traded, seeking out the benefits to the organization of the companys capital structure, combined with the variety of motivations for its use. This work initially discusses the legal treatment for stock repurchases performed by publicly-held and closely held companies, in particular by Law 6404, of December 15th, 1976. In addition to the definition of the transaction, and its legal developments, this study analyzes the main causes for a corporation to buy its own shares, as well as the legal act of the acquisition per se, and the use of the repurchased shares whenever they are not canceled, such shares will be held in treasury as assets owned by the company. The study also presents the repurchase made by publicly-held companies in view of the rules issued by the Comissão de Valores Mobiliários CVM (the Brazilian Securities and Exchange Commission). Apart from examining CVMs regulation, the study refers to a broad variety of cases decided by CVM on the subject, and investigates the main interests involved on the transactions.

It is in the area of the regulation of a company's share capital and distributions to shareholders that the inherent conflict between creditors and shareholders, and the fragile balance among shareholders internally, intersect. The share capital of a company underlies its corporate structure and represents not only its initial own funds from which creditors can be paid, but also the relative equity interests of the shareholders. The balance between shareholders can be disturbed by capital reorganisations through increase, reduction or variation of share capital or through disproportionate contributions by, or distributions to, shareholders. Share repurchases are particularly risky in this regard. Creditor interests are affected when their prior right to payment is endangered by distributions to shareholders. This study analyses the South African Law relating to share capital and distributions against the background of a comparative study of the laws of England, New Zealand, Delaware and California, as well as the provisions of the American Model Business Corporations Act. Two main approaches to creditor protection are evident. The capital maintenance doctrine, which is followed in England and Delaware, protects creditors by emphasising the notional share capital of the company as a limit on distributions. In contrast, the solvency and liquidity approach focuses on the net assets of the company and on its ability to pay its debts. New Zealand, California and the Model Business Corporations Act represent this approach. Regulatory responses to shareholder protection range from insistence on compliance with procedural requirements to minimal statutory intervention in the internal affairs of companies, instead relying on general principles of fairness and good faith. There is little correlation between a particular system's approach to creditor protection on the one hand, and to shareholder protection on the other. England, New Zealand and South Africa prescribe specific formalities, while the American approach is more relaxed. South Africa is a hybrid system. Its transition from capital maintenance to solvency and liquidity has been incomplete and its protection of equity interests is relatively unsophisticated. A number of recommendations are made for an effective and coherent approach that will safeguard the interests of creditors and shareholders alike. / School: Law / LL.D.

It is in the area of the regulation of a company's share capital and distributions to shareholders that the inherent conflict between creditors and shareholders, and the fragile balance among shareholders internally, intersect. The share capital of a company underlies its corporate structure and represents not only its initial own funds from which creditors can be paid, but also the relative equity interests of the shareholders. The balance between shareholders can be disturbed by capital reorganisations through increase, reduction or variation of share capital or through disproportionate contributions by, or distributions to, shareholders. Share repurchases are particularly risky in this regard. Creditor interests are affected when their prior right to payment is endangered by distributions to shareholders. This study analyses the South African Law relating to share capital and distributions against the background of a comparative study of the laws of England, New Zealand, Delaware and California, as well as the provisions of the American Model Business Corporations Act. Two main approaches to creditor protection are evident. The capital maintenance doctrine, which is followed in England and Delaware, protects creditors by emphasising the notional share capital of the company as a limit on distributions. In contrast, the solvency and liquidity approach focuses on the net assets of the company and on its ability to pay its debts. New Zealand, California and the Model Business Corporations Act represent this approach. Regulatory responses to shareholder protection range from insistence on compliance with procedural requirements to minimal statutory intervention in the internal affairs of companies, instead relying on general principles of fairness and good faith. There is little correlation between a particular system's approach to creditor protection on the one hand, and to shareholder protection on the other. England, New Zealand and South Africa prescribe specific formalities, while the American approach is more relaxed. South Africa is a hybrid system. Its transition from capital maintenance to solvency and liquidity has been incomplete and its protection of equity interests is relatively unsophisticated. A number of recommendations are made for an effective and coherent approach that will safeguard the interests of creditors and shareholders alike. / School: Law / LL.D.