The subject of this dissertation is to do a fundamental analysis based on chosen shares on the czech capital market. The chosen corporations are Telefonica O2 Czech Republic, a.s. and ČEZ, a.s. In this dissertation I have set the share value, the prediction of the progression of dividends and the amount of ratio index. Further I have made a recommendation for future investors and the timing of their commerce.

網路世界眾聲喧嘩，臉書(Facebook)平台以其社群形式，全面改寫了傳統大傳媒體的閱聽人的角色，並賦予其更多傳播、新聞再製、重製的權力。事實上網絡的每個節點與另一個節點之間，都透過分享、評論與按讚等行為，而呈現有機變化。 本研究以臉書社群上之使用者為研究個案，透過模擬帳號於臉書平台上複製出使用者平時會看到的內容與情境，透過受訪者對於網路即時事件的回應行為進行觀察，歸納出個文章主題之偏好程度與性別、年齡、職業別是否有差異性；而後，再透過一對一的訪談方式，以進一步理解每一位受訪者對臉書貼文之回應行為動機，以及於臉書中自我展演行為之看法。 根據本研究之發現，得出四項成果: 1. 臉書文章主題之閱讀偏好與使用者性別、年齡、職業別有關。 2. 閱聽人之自主性展演表現於「略過」行為。 3. 閱聽人之自主性展現，對於研究設計內容及其回應之關聯性，難以脈絡化。 4. 閱聽人之觀展行為，使得虛擬與實境間的界線消失。 / The Net world is full of sounds and noises. Taken its format of social networking, Facebook radically rewrites the role of spectator used to be designated by traditional mass media. Nowadays the spectator is given the power of transmitting, rewriting, and remolding any social event when surfing and browsing Facebook. As we look at each spectator as a node in the Net world, the relation between one node and many other nodes has become organic as they perform the actions of “share”, “comment”, and “like” on Facebook. This study aims to analyze how and why Facebook users react to certain articles as they browse through a specifically designed Facebook account, in which articles of various themes and topics are posted. It also tries to differentiate those Facebook users according to gender, age, and occupation, in order to understand their personal preferences toward different articles. The methodologies of this study include participation and observation, and one-on-one in-depth interview, so that motivations of each study subject’s responses to those articles can be found. The study findings are as following: 1. The preferences of certain article correspond to gender, age, and occupation of study subjects. 2. The self presentation of study subjects is reflected through the “skip” function. 3. It is difficult to contextualize the relationship between the self presentation of study subjects and those chosen articles. 4. The surfing and browsing action performed by study subjects on Facebook elimate the line between virtual world and real world.

The question in the study is to what extent the Swedish Real estate sector index acts as a follower of larger and broader stock indexes, and to what extent the index follows the asset values owned by the real estate companies in the asset market? The study is interesting for those trying to understand the development of share values in the Swedish real estate market as well as for those interesting in the “efficient market hypothesis”. The study makes an econometric analysis of the relationship between OMXS30, OMXS Real Estate PI, and the asset value of properties owned by Swedish real estate companies. Indexes are compared with Vector Autoregression (VAR) lag models, tested for dependence of GDP, the repo rent, and inflation. A Granger causality test is also performed. Despite discussed problems with reliability of some tests, the study finds that OMXS30 Granger cause OMX Real Estate PI. The study also finds that, during the period studied, OMXS30 and OMX Real Estate PI develop differently in the initial period but later form a similar path of performance. The asset values of the companies in the real estate market are more strongly correlated with OMXS30 than with their own sector index, OMXS Real Estate PI. No significant effects are found from GDP, the repo rent or inflation on OMXS30 or OMXS Real Estate PI. This may be seen as surprising but follows results from earlier studies.

Thesis (MBA)--Stellenbosch University, 2011. / This study analyses the effects of generic medicine competition on the market share growth and pricing of originator brand medicine in the South African private pharmaceutical market. The study is based on five years (2005 to 2011) of IMS Health market share data for 39 originator brand drugs that have been exposed to competition from generic substitutes from 2001. The results show that, for all the drug molecules included in the study pooled together, the price of an originator brand medicine relative to the weighted average price of its generics has a significant negative impact on the change of its market share. Results for the molecules pooled according to anatomical classes, as well as each molecule separately, show that in four out of the nine classes represented in the study and nine out of the 39 molecules the relative price of the originator brand medicine had a significant negative impact on its change in market share. The manufacturers and marketers of generic medicines would be well advised to offer their medicines at significantly discounted prices compared to the originator brands, as the results suggest that the market penetration of the generic product may depend heavily on the price the generics are offered at. Investigations into the prices of the originator brands in relation with the number of generic equivalents in the market show that the number of generics available in a specific market has a significant positive impact on the relative price of originators, thereby making originators relatively more expensive compared with their generic competitors, while at the same time the results show that the absolute price of the originator brand medicines declines as the number of generic equivalents in the market increases. This indicates that, from a policy perspective, reducing the barriers to entry for generic medicine once originator patents expire may have a significant role to play in reducing the cost of pharmaceutical drugs in the South African market.

本研究以民國86年至90年之54檔投資台灣開放式一般股票型之共同基金為研究對象，探討財務資訊與股票型基金持股間之關聯。主要實證議題包括：（一）在不同的產業之下，共同基金經理人從事持股決策所重視的財務屬性是否有差異及（二）公司之財務表現與共同基金對該公司平均持股比例之關聯性。 本研究分別針對建築、食品、塑化、紡織、電機、資訊電子及服務銷售類等七個產業，首先利用因素分析將16項財務比率萃取出數個具代表性之財務屬性，並加入股票週轉率、淨值市價比、本益比與每股股價等控制變數進行迴歸分析，以探討財務屬性與共同基金平均持股比例之關聯性。 實證結果發現，償債能力、經營能力、投資報酬、經營績效、固定資產資金之安全與效率和現金支應能力六個財務屬性最能代表建築產業之財務表現；償債能力、經營能力、應收帳款週轉率和獲利能力四個財務屬性最能代表食品產業之財務表現；償債能力、利息保障倍數、經營能力、和獲利能力四個財務屬性最能代表塑化產業之財務表現;償債能力、利息保障倍數、經營能力、獲利能力和財務結構五個財務屬性最能代表紡織產業之財務表現;償債能力、資金適足率、經營能力、獲利能力和財務結構五個財務屬性最能代表電機產業之財務表現；償債能力、經營能力和獲利能力三個財務屬性最能代表資訊電子產業之財務表現；而償債能力、經營能力、獲利能力、負債比率和固定資產資金之安全與效率五個財務屬性最能代表服務銷售產業之財務表現。各個產業所萃取出之財務屬性因素不盡相同，顯示彙總公司財務狀況及經營績效的財務屬性確有產業別之差異存在。在所探討的財務屬性構面中，償債能力、經營能力、獲利能力為各產業共同強調之財務屬性。 就基金經理人所做的持股策略來看，不論針對何種產業，償債能力、經營能力及獲利能力均是基金經理人最為重視的財務屬性指標。研究結果另外也顯示，除了服務銷售業、食品業與建築業外，其他產業之償債能力屬性表現越好，基金持股比例愈高。塑化業、紡織業、電機業、資訊電子業和服務銷售業之經營能力屬性表現愈好，基金持股比例也相對愈高。至於獲利能力屬性則在紡織業、電機業、資訊電子業和服務銷售業顯著地對基金持股比例有正面的影響。 本研究之發現顯示，不同的產業在不同的經營環境下，反映公司狀況的財務資訊會因產業別而有所不同，即使在相同的財務比率下，彙總公司財務狀況及經營結果之財務因素屬性仍有所差異，並進而影響基金經理人的持股決策，尤其是償債能力、經營能力和獲利能力，更是投資各產業時廣泛參考的基本財務屬性指標。 關鍵字：股票型基金、財務屬性、基金持股比例 / The primary object of this research is to exam the relationship between financial information of a firm and its share held by mutual funds, based on 54 mutual funds of general stock investments in Taiwan over the period of 1997 to 2001. Two major research issues are investigated in this thesis. The study first explores whether the managers of mutual funds emphasize on the same attributes abstracted from financial statements across different industries for their share-holding decisions. The study then examines the relationship between financial performance of a company and its average invested percentage by mutual funds. This thesis focuses on architecture, foods, plastic, textile, electrical machinery, information electronics, as well as service and sales industries. Based on a factor analysis approach, the thesis is able to obtain several representative dimensions of financial attributes out of 16 financial ratios. Then, the use of multiple regression models enables the study to investigate the relationship between financial attributes and average shareholding percentage of the mutual funds across industries. The empirical results indicate that financial attributes extracted are not exactly the same across industries. It implies that industry differences do exist in financial attributes that summarize the financial conditions and operating performances of companies. Among others, attributes that characterize the performance of liquidity, operating efficiency, and profitability of a firm are found important for share-holding percentage across all industries examined. The research findings show that with exceptions in the service and sales, foods, and architecture industries, liquidity has found to have a significant and positive relation with the share-holding percentage of mutual funds in all industries examined. Operating efficiency has also found to be significantly and positively associated with the share-holding percentage in the plastic, textile, electrical machinery, information electronics, as well as service and sales industries. In addition, a significant and positive relation is found between profitability and the share-holding percentage in the electrical machinery, information electronics, textile, as well as service and sales industries. The finding of this study implies that difference in financial conditions of firms may result in difference in financial attributes across industries; even the analysis is based on the same financial ratios. Further, the liquidity, operating efficiency and profitability are the most essential indicators shared by mutual funds managers in making investment decisions. Keywords: stock-type mutual fund, financial attribute, share-holding ratio

The purpose of this examination is to see how energy efficiency measures affect peak loads in multifamily buildings. In addition, how much of an energy share warm water has in peak loads. The Swedish building sector represents 40 % of all energy used. The thesis was restricted to multifamily buildings, which is dominated by district heating. The most common energy measures to save peak cost and reduce peak loads that are focus in this thesis work, e.g. changing windows, isolate walls and attics but also lowering indoor temperature. It was assumed in the thesis that the cost of peak loads will increase in the future and therefore the choice of energy efficiency measures is important. The calculations to determine the effectiveness of the energy measures where done by using hourly temperature data from the year 2014 in combination with, known investment costs for each energy measure. The only measures that went with profit over a 40-year period was the attics isolation and lower indoor temperature. The highest peak load savings in heating was the change of windows and wall isolation, but the investment cost was too high to gain a profit. The conclusion is that the best energy efficiency measures are attic isolation and lower indoor temperature because of its low investment cost and quick payback time, but also effective at lowering peak load by reducing the temperature difference between outdoor and indoor temperature in multifamily buildings. The analysis of warm water energy's share of the peak loads varied much between the 15 given multifamily buildings, where a base load and a peak load where compared. The result was between 10-50 % were the difference between the buildings warm water energy share off the peak loads. It where concluded that a standard value of 20 % would give much inaccuracy in determining the warm water share. It is therefore, suggested to use this method to determine the warm water share of the hourly peak load. / I detta arbete har syftet varit att hitta de vanligaste energieffektiviseringsåtgärderna som görs idag i det svenska bostadsbeståndet. Energieffektiviseringsåtgärderna påverkar effekttoppar i flerbostadshus och har undersökts. Om det antas att energiprisstrukturen går mot en mer effektbaserad taxa kan åtgärderna få större påverkan på energipriset i framtiden. I arbetet har varmvattnets andel av timeffekttoppar undersökts, med stöd av energianvändningsdata från 15 anonymiserade flerbostadshus med fjärrvärme. Energianvändningen i bostadsbeståndet står för ca 40 % av Sveriges energianvändning. Det ställs då krav på de lågenergihus som byggs idag och vid renovering av hus att möta Sveriges som såväl EU 2020 målet att minska energianvändningen i bostäder genom att implementera energieffektiviseringsåtgärder. De vanligaste energieffektiviseringsåtgärderna i flerbostadshus har varit isolering av väggar och vind, installation av energiglas och frånluftssystem med värmeåtervinning. En sänkt inomhus temperatur har även medtagits. För fastighetsägare av flerbostadshus, där energianvändning för uppvärmning och varmvatten domineras av fjärrvärme är prisutvecklingen viktig. Om i framtiden ett antagande görs att el och fjärrvärmepriset övergår från en energibaserad taxa kr/kWh till en mer effektbaserad taxa kr/kW där kunden betalar för de högsta effekttopparna under ett år. I denna studie redovisas det när effekttoppar uppstår och vilka energieffektiviseringsåtgärder som påverkar effekttopparna i flerbostadshus. De högsta effekttopparna uppstår oftast under vinterårstiden då uppvärmningsbehovet är störst. I ett framtaget typbostadshus där de valda energiåtgärderna beräknades, det visade sig att energiglas minskar effektbehovet och effektpriset mest, därefter väggisolering med mineralull. Emellertid ger energiglas och väggisolerings åtgärderna ger förluster i lönsamhetsberäkningen. Det skiljer sig från tilläggsisolering med mineralull av vinden och sänkt inomhus temperatur som har en investerings vinst över en 40 års period. I beräkningarna användes temperaturdata från år 2012 både på typhuset innan och efter implementerad åtgärd.En viktig parameter vid minskning av uppvärmningsbehovet är U-värdet. Tilläggsisolering av vind samt sänkt temperatur är de åtgärder som rekommenderas då båda påverkar effektbehovet och ger en lönsam investering. Åtgärd vid fönster och väggar minskar dock uppvärmningsbehovet mest men ger en olönsam ekonomisk investering. Varmvattenandelen av den högsta timeffekttoppen över året togs fram genom att jämföra baslasten och effekttoppen under dagen då effektbehovet är som högst. Resultatet visade att varmvattenandelen av effekttoppen tycks variera mellan ca 10- 50 %. Varmvattenandelen av effekttoppen varierar stort och därför föreslås användningen av metoden i detta examensarbete istället för ett schablonvärde på 20 % vid undersökning av varmvattenandelen av timeffekttoppen.

Contexte : Les interventions sur l'environnement bâti reliées au transport peuvent contribuer à l'augmentation de la pratique de l'activité physique. En tant qu’intervention, les programmes de vélos en libre-service (PVLS) peuvent contribuer à l’utilisation du vélo. BIXI© (nom qui fusionne les mots BIcyclette et taXI) est un programme de vélos en libre-service implanté à Montréal, au Canada, en mai 2009. Le programme BIXI© met à la disposition des gens 5050 vélos à 405 bornes d’ancrage. Objectif : L'objectif général de cette thèse est d'étudier l'impact d'un programme de vélos en libre-service sur l’utilisation du vélo. Les objectifs spécifiques de la thèse sont de : 1) Estimer la prévalence populationnelle et identifier des variables environnementales, sociodémographiques et comportementales associées à l’utilisation des vélos en libre-service. 2) Estimer l’impact populationnel de l’implantation des vélos en libre-service sur l’utilisation du vélo et les contributions respectives de l’utilisation du vélo pour des fins utilitaires et récréatives à l’utilisation totale du vélo. 3) Estimer l’impact local de l’implantation des vélos en libre-service sur l’utilisation du vélo. Méthodes : Un devis populationnel transversal avec mesures répétées. Des enquêtes ont été réalisées au moment du lancement du programme de vélos en libre-service (4 mai au 10 juin, 2009), à la fin de la première année d’implantation (8 octobre au 12 décembre, 2009), et à la fin de la deuxième année d’implantation (8 novembre au 12 décembre, 2010). Les échantillons se composaient de 2001 (âge moyen = 49,4 années, 56,7 % de femmes), 2502 (âge moyen = 47,8 ans, 61,8 % de femmes) et 2509 (âge moyen = 48,9 années, 59,0 % de femmes) adultes à chaque période de mesure respectivement. Résultats : Globalement, les résultats démontrent le potentiel des PVLS pour augmenter l’utilisation du vélo. Les résultats suggèrent que près de 128 744 habitants ou 8,1 % de la population adulte ont utilisé les vélos BIXI© au moins une fois dans la première saison. Après deux ans d’implantation, ceux qui sont exposés à BIXI© dans leur milieu résidentiel avaient une probabilité significativement plus élevée d’utiliser le vélo par rapport à ceux non exposés. Par contre, il n'y avait aucun impact local de l’implantation du programme BIXI© sur l’utilisation du vélo. Conclusions : L’implantation d'un PVLS à Montréal a augmenté la probabilité d’utiliser le vélo chez les individus habitant près d'une borne d'ancrage. Mots clés : programme de vélos en libre-service, expérience naturelle, santé des populations. / Background: Interventions in transportation and the built environment have the potential to increasing physical activity. Public bicycle share programs (PBSP) are one such intervention which may contribute to increasing cycling and physical activity. BIXI© (name merges the words BIcycle and taXI) is a public bicycle share programs launched in Montreal, Canada in May 2009. BIXI© makes available 5050 bicycles at 405 docking stations. Purpose: The overarching aim of this dissertation is to estimate the impact of a built environment intervention on cycling using. The specific research objectives are: 1) To estimate the population prevalence and identify built environment, sociodemographic and behavioural correlates of public bicycle share program use. 2) To estimate the population level impact of implementing a public bicycle share program on cycling and the contribution of utilitarian and recreational cycling to overall cycling. 3) To estimate the local impact of implementing a public bicycle share program on cycling. Methods: A population-based repeat, cross sectional time series design was used. The population of the Island of Montreal was sampled at three time points. Surveys were conducted at launch of the public bicycle share program (May 4th - June 10th 2009), at the end of the first year of implementation (October 8th - December 12th 2009), and at the end of the second year 2 of implementation (November 8th - December 12th 2010). Samples consisted of 2001 (Mean age=49.4 years, 56.7% female), 2502 (Mean age=47.8 years, 61.8% female), and 2509 (Mean age=48.9 years, 59.0% female) adults at the each time period. Results: Overall the results provide a proof of concept for the potential of PBSPs to increase cycling. Approximately 128,744 inhabitants or 8.1% of the adult population used BIXI© bicycles at least once in the first season. Respondents exposed to BIXI© at their residence after two years had a significantly greater likelihood of all forms cycling. However, there was no local impact of the BIXI© intervention on cycling. Conclusions: The implementation of a PBSP in Montreal had increased all forms of cycling in areas where it was deployed.

Syftet med studien var att bidra till en djupare förståelse över hur organisationer arbetar med att kompetenssäkra verksamheten och hantera kunskapsförlust till följd av personalomsättning. Den här undersökningen utgörs av en fallstudie av Uppsala kommun och Svea Hovrätt och har en kvalitativ ansats. Det empiriska materialet har samlats in genom semistrukturerade intervjuer med sju respondenter. Studiens teoretiska ramverk vilar på Nonaka och Konnos uppdelning av kunskapsbegreppet i implicit respektive explicit kunskap. Hansen, Nohria och Tierneys begrepp kodifiering och personalisering om överföring och bevarande av kunskap samt Hansson respektive Lindelöws olika modeller över kompetensutveckling och behållande av personal. Studiens resultat visar att det effektivaste sättet att behålla kunskap och kompetens inom organisationen är genom att behålla personalen. Arbetet med att behålla personal inkluderar lönesättning, att organisationen erbjuder utvecklingsmöjligheter och andra hygienfaktorer som anställningstrygghet. Resultatet visar att kompetensutveckling fyller flera syften, både som ett sätt att se till att rätt kompetens finns inom organisationen, men också som ett sätt för att personalen ska trivas och vilja arbeta kvar. Arbetet med kompetensutveckling innehåller delar som introduktionskurser, medarbetarsamtal, seminarier och utbildningar samt uppföljning. Ytterligare ett sätt att kompetenssäkra verksamheten är att bevara den kunskap som finns inom organisation genom kodifiering och personalisering. Det framkommer i studien att det svåra är att dela och behålla implicit kunskap som bygger på erfarenhet när en medarbetare lämnar organisationen. / The purpose of the study was to contribute to a deeper understanding of how organizations work to secure the competence and handle knowledge loss as a result of staff turnover. This study consists of a case study of Uppsala kommun and Svea Hovrätt and has a qualitative approach. The empirical material has been collected through semi-structured interviews with seven respondents. The study's theoretical framework rests upon Nonaka and Konno's breakdown of the concept of knowledge in implicit and explicit knowledge. Hansen, Nohria and Tierneys concepts of codification and personalization on transfer and preservation of knowledge, as well as Hansson and Lindelöw's both models of competence development and retention of staff. The study's results show that the most effective way of retaining knowledge and competence within the organization is by retaining the staff. The work of retaining staff includes wage setting, that the organization offers development opportunities and other hygiene factors such as job security. The result shows that competence development fulfills several purposes, both as a way of ensuring that the right skills are within the organization, but also as a way for the staff to feel comfortable and want to work. The work on competence development includes parts such as introductory courses, staff appraisals, seminars and training courses and follow-up. Another way to secure the competence is to preserve the knowledge that exists within the organization through codification and personalization. It appears from the study that the difficult thing is to share and maintain implicit knowledge based on experience when an employee leaves the organization.

O presente trabalho teve por finalidade avaliar se os agentes financeiros detém poder de controle sobre as sociedades por eles financiadas no âmbito do Project Finance e de que forma esse pode ser exercido. O estudo se justifica em virtude da constatação de que os agentes financeiros, na condição de provedores de recursos e, consequentemente, credores dessas sociedades, com frequência criam mecanismos jurídicos capazes de resultar na atribuição de poder de comando sobre as mesmas, embora nem todos possuam suporte legal. Assim, este estudo além de identificar e avaliar tais mecanismos, por meio do exame empírico dos instrumentos jurídicos que regulam essa modalidade peculiar de financiamento, avançou no sentido de lançar críticas e considerações à luz do sistema normativo brasileiro, por vezes fazendo condenando o próprio sistema. A elaboração do trabalho utilizou (i) o método de pesquisa exploratória, mediante a análise de leis e demais instrumentos normativos que regulam os diversos temas tratados; doutrina nacional e internacional; decisões emanadas da Comissão de Valores Mobiliários CVM, na qualidade de órgão regulador do mercado de capitais brasileiro, e julgados do Superior Tribunal de Justiça; e (ii) método de pesquisa empírico, relativamente ao exame de contratos de financiamento, na modalidade Project Finance, considerando-se a amostra daqueles mais relevantes celebrados no Brasil, selecionados num período de três anos, relativos a projetos públicos, portanto, sem confidencialidade, cuja referência foi obtida no Banco Nacional de Desenvolvimento Econômico e Social BNDES, e cujo inteiro teor foi obtido junto aos cartórios de registro de títulos e documentos onde estão registrados. Concluiu-se, ao fim, que os agentes financeiros possuem à sua disposição mecanismos capazes de lhes atribuir tanto o controle interno, como no caso de usufruto sobre ações, step-in rights de controle (legal e contratual) e aquisição de golden shares; ou o controle externo, por meio da utilização de determinadas garantias, covenants ou step-in sobre os contratos do projeto. / This work has as main target to assess whether financial agents have the power to control the companies they finance under the Project Finance, and if so, how this happens. This study justifies itself, considering that these financial agents, acting like providers and creditors, have their own interest in creating legal structures that will allow them to have the control power of the company, but not all of these structures have legal support. Besides identifying and evaluating these structures, this work through empirical examination of the legal instruments, has launched critical considerations under the Brazilian legal system. This work used (i) the method of exploratory research, through analysis of laws and other legal instruments that regulate the topics here covered, national and international literature, decisions of the Brazilian Securities Commission - CVM, the regulator of brazilian capital market and decisions of the Superior Court (STJ); and (ii) method of empirical research concerning the examination of financing contracts in Project Finance, considering the most relevant celebrated in Brazil, selected in a period of three years, without confidentiality, to which reference has been reached with National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento Econômico e Social BNDES), and whose entire content was obtained from public registries.

Depois de mais de 30 anos da edição da Lei 6.404, de 15 de dezembro de 1976 e da publicação da Instrução CVM 10, de 14 de fevereiro de 1980, volta novamente o regulador brasileiro a sua atenção para os benefícios e perigos dos negócios da companhia com ações de sua emissão. Tal se torna evidente pela publicação, em outubro de 2013, do Edital de Audiência Pública SDM 11/13, por meio do qual a Comissão de Valores Mobiliários pretende substituir a antiga regra aplicável às companhias abertas por uma nova, de conteúdo mais moderno e aderente à nova realidade. Desenvolveu-se durante o século XX e XXI o estudo dos negócios da companhia com as suas ações, admitindo-se cada vez mais numerosas exceções ao inicialmente duro e absoluto preceito proibitivo positivado originalmente pela Aktienrechtsnovelle alemã de 1870. O estudo das finanças sociais e o aprimoramento dos mecanismos de salvaguarda dos interesses protegidos no decorrer do século XX e XXI forçaram (e ainda forçam) a redefinição dos seus contornos jurídicos. No que diz respeito a estes negócios, ressaltam como interesses escudados aqueles dos credores, dos acionistas e do mercado de capitais (e os investidores que nele atuam) os grupos de referência (Bezugsgruppen) do direito societário. É na proteção de seus interesses que se fundamentam as normas que os regem: a utilização de saldo de lucros tutela os credores, o princípio do tratamento equitativo protege os acionistas e as regras de prevenção a atos manipulativos e de repressão ao insider trading salvaguardam o mercado e seus investidores. É, portanto, no confronto com tais interesses que se deve avaliar a legalidade ou ilegalidade de cada um desses negócios, e não na simples (in)existência de uma exceção legal expressa ao conceito proibitivo geral. O art. 30 da Lei das S.A. estipula condições de validade dos negócios com ações próprias, e não meramente um rol de exceções taxativas. / Thirty years after the enactment of Law 6.404, of December 15, 1976 and CVM Instruction 10, of February 14, 1980, once again have the transactions of the company in its own shares gained the attention of the Brazilian regulatory authority, especially in consideration of the benefits and perils arising from them. This is evidenced by the publication, in October 2013, by the Comissão de Valores Mobiliários of Public Hearing SDM 11/13, the purpose of which is to replace the old rule applicable to public companies by a new one, containing a more modern approach on the subject and a more reality-driven concept. The studies about the transactions a company is allowed to perform in its own shares have had a great academic and empiric development during the XX and XXI centuries, the result of which has been the gradual acceptance of an ever-increasing list of possible exceptions to the inititally absolute prohibition originally stated by the german Aktienrechtsnovelle of 1870. The study of financial economics and the improvement of the legal protective measures designed over the last century have forced (and continue to force) a broad redefinition of these transactions legal boundaries. In respect to these transactions, the interests of creditors, shareholders and the capital market itself (including the investors which act in it) arise in the center of the legal protective framework they have been denominated as the reference groups of Corporate Law. Safeguarding their interests is the main purpose of the rules revolving around them: the use of profits and profit reserves safeguards creditors, adherence to the principle of equitable treatment adresses shareholder interests and the rules preventing manipulative acts and insider trading practices sponsor the interests of the capital market and its investors. Therefore, it is mandatory that any interpretation on the legality or ilegality of any given transaction by the company in its own shares be preceded by the examination of these concrete interests; this legal analysis cannot be limited to the verification of an express exception to the general rule. Article 30 of Law 6.404/76 must therefore be read as containing a general validity framework, and not merely an exaustive list of exceptions.