Made available in DSpace on 2016-04-26T20:23:04Z (GMT). No. of bitstreams: 1 Alexandre Levin.pdf: 1950884 bytes, checksum: fa2a64b069164fa0f3e3dc4e9f12ebc2 (MD5) Previous issue date: 2014-08-20 / The Brazilian constitutional system imposes upon the State the responsibility for organizing living spaces in search of the full development of the social functions of the city. In order to perform such task, the Government has at its disposal a number of legal, usable instruments according to the type of intervention in the urban space that it is willing to carry out. Among these instruments, there is the syndicated urban operation, under Law 10.257/2001 (articles 32 to 34 ) self entitled City Statute . This is a typical institute of concerted planning, a method of organization of urban fabric characterized by partnership between government and private enterprise. It turns out that the implementation of syndicated urban operation performed by some Brazilian municipalities has been the subject of severe criticism from lawyers and planners. It is claimed that the result of the operations is only favorable to the real estate market and that the modification of occupancy rates ultimately contributes to the already excessive verticalization of large Brazilian cities. Results like these are contrary to the legal principles that guide urban policy, in special the ones displayed in the Federal Constitution (article 182) and Federal Law No. 10.257/2001 (article 2). This inconsistency makes the process of implementing the syndication an illegitimate action. However, the negative experiences on the application of this statute should not preclude its use in favor of urban structural improvement and to make the best of environment. This research seeks to demonstrate that the system of rules (rules and principles) of urban law is made up so as to avoid the application of distorted urban instruments in general and the syndicated operation in particular. If applied in accordance with the principles of urban law, concerted action can achieve its dual goal: to promote the reform of the living spaces and avoid the use of public funds in urban operations / A ordem constitucional brasileira impõe ao Estado a função de organizar os espaços habitáveis, em busca do pleno desenvolvimento das funções sociais da cidade. Para se desincumbir desse dever, o Poder Público tem ao seu dispor uma série de instrumentos jurídicos, utilizáveis de acordo com o tipo de intervenção no espaço urbano que se quer realizar. Dentre tais instrumentos, destaca-se a operação urbana consorciada, prevista na Lei 10.257/2001 (arts.32 a 34), autointitulada Estatuto da Cidade. Trata-se de um instituto típico do urbanismo concertado, método de organização do tecido urbano caracterizado pela parceria entre o Poder Público e a iniciativa privada. Ocorre que a aplicação da operação urbana consorciada por parte dos Municípios brasileiros que utilizam o instrumento tem sido objeto de críticas severas por parte de juristas e urbanistas. Alega-se que o resultado das operações é favorável apenas ao mercado imobiliário, e que a alteração dos índices de ocupação acaba por contribuir para a já excessiva verticalização das grandes cidades brasileiras. Resultados como esses são contrários aos princípios jurídicos que norteiam a política urbana, estampados, em especial, na Constituição Federal (art.182) e na Lei Federal nº10.257/2001 (art.2º). Tal dissonância torna o processo de implantação da ação consorciada ilegítimo. Todavia, as experiências práticas negativas de utilização do instituto não devem impedir a sua utilização em prol da melhoria urbanística estrutural e da valorização ambiental. A presente pesquisa procura demonstrar que o sistema de normas (regras e princípios) do direito urbano é construído de forma a evitar a aplicação desvirtuada dos instrumentos urbanísticos em geral e da operação consorciada em particular. Desde que aplicada em consonância com as normas principiológicas do direito urbano, a ação concertada pode atingir o seu duplo objetivo: promover a reforma dos espaços habitáveis e evitar o uso de recursos públicos na atividade urbanística

近年來知名公司面臨起訴或遭到定罪的消息層出不窮，然而在公司定罪的相關研究中，多數文獻著重於探究遭受定罪之事實對公司價值的影響，較少研究聚焦於定罪事實對公司所參與之聯貸案契約條件的影響，有鑑於此，本篇文章旨在探討犯罪公司於定罪前後其聯貸借款條件之借款利率是否有顯著差異。本篇研究發現事件前後犯罪公司之借款利率差異並不顯著。當我們試以修正資料庫登錄與犯罪新聞時間差的問題後，結果顯示犯罪公司之借款利率於犯罪相關新聞發布後顯著上升，除此之外，考量交乘作用後發現犯罪公司間，犯罪罪刑為詐欺類以及受判罰金較高的犯罪公司於事件後，相較於其他犯罪公司，該類公司更傾向面臨較高的借貸成本。 / A number of well-known corporate prosecutions have been raised in recent years. Previous literature focuses more on the valuation impact of corporate convictions. Empirical evidence on how corporate convictions affect the contract terms of syndicated loan is sparse. We examine how corporate misconducts affect the pricing of bank debt after corporate convictions. We find that the difference of loan spreads between facilities initiated before and after conviction are insignificant. Taking potential lag of initial announcement time into consideration, we find significant evidence that the effect of corporate conviction is positively associated with the increases of loan spreads. Moreover, interaction terms with conviction variable show that firms with large fines or convicted of fraud-related crimes tend to face higher loan spread after convictions.

借款公司與銀行間彼此往來關係以及議價能力是否是決定聯合貸款契約中依績效調整利率條款內容的重要因素? 本研究嘗試利用1993至2010美國聯貸案之資料來檢視此一關係是否確實存在。 實證結果發現，當借款公司與銀行已有往來關係且公司之籌資選擇較少時，會比較傾向簽訂利率向上調整之績效條款。此外，由於單一主辦行於聯貸案中無法向借款公司剝削所有利益，因此對於已和借款公司有往來關係的主辦行來說，其較不傾向簽訂利率向上之調整績效條款。最後，本研究發現，對於主辦行排名較後面的銀行來說，其更傾向簽訂利率向下之調整績效條款來吸引客戶(借款公司)。 / It is shown in this thesis that long-term banking relationships and bargaining power are important determinants of performance-pricing covenants (PPC) inclusions in syndicated loan contracts. Using a large sample of syndicated loans data (1993-2010), I find that syndicated loans tend to include more interest-increasing PPC when a long-term banking relationship exists and when borrowers have fewer financing alternatives. The presence of banking relationship with lead arrangers reduces the odds of using interest-increasing PPC, because lead arrangers might not be able to capture all rents from holding-up borrowers. Finally, I find lenders with lower league table ranking are likely to use more interest-decreasing PPC to attract borrowers, which again is consistent with the hold-up hypothesis.

La gestion du risque est un sujet primordial au niveau d’une entreprise et au niveau de l’Etat. Cette thèse investigue ce thème au travers de trois essais empiriques. Le premier essai s’intéresse à la gestion du risque de change par les entreprises. Les résultats montrent que les Fusions & Acquisitions transfrontalières offrent une couverture opérationnelle contre le risque de change. De plus, cette technique de couverture crée de la valeur pour les actionnaires. La baisse de l’exposition au risque de change (en valeur absolue) est positivement associée avec les rentabilités anormales cumulées (CAR) pour les acquéreurs. Le deuxième et le troisième essai se concentrent sur la gestion du risque au niveau de l’État - le plan de sauvetage (dit « plan Paulson ») pendant la crise financière récente aux États-Unis. Le deuxième essai confirme dans un premier temps l’effet positif du plan sur les CAR et la réduction des probabilités de défaut pour les banques participantes autour de son annonce initiale. Pourtant, l’effet du plan n’est pas neutre au sein des banques : les grands joueurs ont été les gagnants. Le dernier essai analyse les effets de bord du plan Paulson sur les pratiques d’octroi de prêts. Nos résultats révèlent qu’il y a un effet de bord positif et significatif de l’intervention gouvernementale sur la maturité des prêts syndiqués pendant la période postérieure à la crise, de 2010 à 2012. Néanmoins, cet impact positif n’apparaît pas pour la taille des prêts syndiqués. En somme, cette thèse empirique met en lumière d’une part les moyens efficaces d’une gestion du risque de change pour les entreprises, comme par exemple la couverture opérationnelle, et ses implications positives pour les actionnaires des acquéreurs, et d’autre part les résultats attendus d’une intervention de l’Etat, comme celle du plan Paulson, les effets de bord et les effets hétérogènes entre les établissements financiers. / The risk management is a crucially important topic at firm and country level. This thesis investigates this subject across three empirical essays. The first essay is interested in firm’s currency risk management. The results show that the cross-border Mergers & Acquisitions offer an operational hedging to the currency risk. Moreover, this hedging creates value for acquirers’ shareholders. The decrease in currency risk exposure (in absolute value) is positively associated with acquirers’ cumulative abnormal returns (CAR). The second and the third essay concentrate on the risk management at country level - the bailout plan (the Paulson plan) during the recent financial crisis in United States. The second essay in a first step confirms the positive effect of the plan on bank participants’ CAR and on the decrease of default probability around the plan’s initial announcement. Nevertheless, the effect of the plan is not neutral among banks and big players were the winners. The last essay analyzes the Paulson plan’s spillover effect on the loan supply. Our results reveal that there is a positive and significant spillover effect of the government intervention on syndicated loans’ maturities during the post-crisis period from 2010 to 2012. However, this positive impact is not found for the size of syndicated loans. In sum, this empirical thesis from one side sheds light on the efficient ways of firm’s currency risk management, such as the operational hedging, and its positive effect for acquirers’ shareholders; from another side for the country-level government intervention, it highlights the Paulson plan’s spillover effect on syndicated loans and the heterogeneous impact among financial institutions.

本論文主要由兩篇文章所組成，探討有關跨國購併活動中目標公司的選擇，以及聯貸市場中參貸銀行的選擇。第一部份旨在分析市場集中程度與跨國購併在垂直相關產業的議題。Beladi, Chakrabarti and Marjit (2013)建立一般均衡寡佔模型，連結當地國的市場競爭力和跨國購併在垂直相關產業的論點。他們模型認為當地國家的垂直整合程度會改變國外主併者策略優勢。我們使用1990年至2012年涵蓋86個國家，之全球購併活動案件，我們衡量當地國家的市場競爭與垂直整合程度，呈現當地國家前期的市場競爭力將會誘發國外市場主併者進入，以垂直購併的方式購併當地國家之目標公司。本研究結果提供了實證性的結果來支持過去理論之發現，認為產業的集中程度會影響跨國購併。 本論文的第二部份，在研究知識技能互補和銀行商譽在參貸銀行的選擇，觀察主貸銀行該如何選擇參貸銀行之決策分析。延伸Diamond (1991)的商譽建立假說，透過主貸銀行本身的特性因子與工作經驗，來探討主貸銀行選擇參貸銀行的誘因動機。研究結果發現，當主貸銀行具有較高的自身商譽佳、經營及投資具效率性、內部監理機制較佳、且市場經驗較為豐富時，會誘使主貸銀行減少對高商譽參貸銀行的需求。呈現知識技能互補的現象於主貸銀行選擇參貸銀行的決策。本研究結果可提供我們對聯貸銀行團商譽互補現象及分析。 / Two essays are comprised in this dissertation to study on choices of target firms in cross-border M&As and choices of participant banks in the syndicated loan market. In the first essay, cross-border mergers and market concentration in a vertically related industry, we examine the relationship between market concentration and cross-border M&A. Beladi, Chakrabarti and Marjit (2013) present an oligopoly in general equilibrium model to identify the linkages between local market competition and cross-border mergers in a vertically related industry. Their model predicts that a vertical integration at home changes the strategic advantage for foreign acquirers. Using firm-level data from 86 countries between 1990 and 2012, we calculate proxies for local market competition and show that lower (higher) pre-merger local competition at home country will increase (decrease) mergers between a foreign firm and a vertically integrated home firm. These findings provide empirical supports for the significant impact of industry concentration on the decisions of cross-border M&A. In the second essay, the effects of knowledge complementarities and bank reputation on participant banks choices, we focus on the decision of lead arrangers on participant bank choices in the syndicated loan market. We extend reputation building theory (Diamond, 1991) and model the lead arranger’s partner choice problem through the effect of self-related and task-related factors. Our paper show that when lead arrangers have higher reputation, operating efficiency, and market experience, lead arrangers tend to choose less reputable partners. These results help to explain how lead arrangers, through their partner selection decisions, manage the reputation pool among banks in the syndicated loan market.

Diese Dissertation untersucht die Auswirkungen von Bankenkrisen auf die Realwirtschaft in drei unabhängigen Kapiteln. Kapitel 1 klassifiziert die geografische Diversifikation einer Großzahl von Banken, anhand deren international syndizierten Kreditportfolios. Ergebnisse zeigen ein höheres Kreditangebot durch diversifizierte Banken während Bankenkrisen die sich in Kreditnehmerländern ereignen. Dieses relativ stabilere Kreditangebot führt zu höherem Investitions- und Beschäftigungswachstum von Unternehmen. Eine weiterführende Unterteilung von Banken anhand derer Nationalität zeigt eine Rangfolge auf: diversifizierte inländische Banken erweisen sich als die stabilste und ausländische Banken mit geringer Diversifikation als die instabilste Finanzierungsquelle. In Kapitel 2 analysiere ich die Rolle der industriellen Spezialisierung von Banken in der Transmission von Finanzierungsshocks. Anhand der Ergebnisse schützen Banken Unternehmen die Teil ihrer spezialisierten Industrien sind vor der Bankenkrise und reduzieren ihre Kreditvergabe hingegen am stärksten an Industrien, in welchen sie weniger spezialisiert sind. Darüber hinaus finde ich Evidenz für Übertragungseffekte durch reduzierte Kreditvergabe auch in Nicht-Krisenländern. Dieser Übertragungseffekt ist jedoch gedämpft für Unternehmen aus spezialisierten Industrien. Kapitel 3 untersucht die Effekte von Bankenrettungen in Europa auf die globalen Kreditströme. Gerettete Banken weisen einen höheren Anstieg des Anteils an inländischen Unternehmen in der Kreditvergabe auf als nicht-gerettete Banken. Das negative Kreditangebot für ausländische Unternehmen führt zu einer Verringerung des Absatz- und Beschäftigungswachstums. Im inländischen Markt hingegen führt die Bankenrettung zu einer Verzerrung der Kreditallokation, hin zu größeren und weniger innovativen Unternehmen. Darüber hinaus dokumentiere ich eine stärkere politische Einflussnahme, da Kontrollrechte im Zuge der Bankenrettung an die Regierung übertragen werden. / This thesis investigates the effect of banking crises on real economic outcomes in three independent chapters. In chapter one, I classify a large sample of banks according to the geographic diversification of their international syndicated loan portfolio. Results show that diversified banks maintain higher loan supply during banking crises in borrower countries. The positive loan supply effects lead to higher investment and employment growth for firms. Further distinguishing banks by nationality reveals a pecking order: diversified domestic banks are the most stable source of funding, while foreign banks with little diversification are the most fickle. In chapter two, I show that banks' industry specialization determines how banks transmit funding shocks during banking crises to borrowers and how they spill over to non-crisis countries. Results show that banks insulate their main industries from the banking crisis while they reduce lending most to their non-main industries. Moreover, I provide evidence on spillover effects, as banks hit by a banking crisis in one borrower country reduce lending to firms in non-crisis countries. However, this contagion effect is significantly weaker for firms in banks' main industries. In chapter three, I examine the effect of government support for European banks, such as recapitalizations on financial integration and firm outcomes. Results show that bailout banks increase their home bias in lending by a quarter more than non-bailout banks. In turn, the negative loan supply effect on discriminated foreign firms translates into lower sales and employment growth. In the home market, government support distorts credit allocation by shifting lending to larger, safer and less innovative firms. Moreover, I document that politicians gain influence over banks by transferring control rights to the government as part of the support scheme.