Fragmented and adversarial are words used routinely to describe firstly the structure of the construction industry, and secondly the inherent culture that continues to exist within it. Both are characteristics that ultimately serve to not only routinely constrain the efficiency, performance and resultant productivity of the New Zealand building sector, but moreover they persist to play a part in increasing related costs whilst diminishing the quality of the built environment surrounding us. The ubiquity of the outsource model goes some way towards mitigating much of the risk and financial encumbrances that large construction companies have historically faced. But consequentially it is directly responsible for an industry now propagated mostly by small, specialist trade subcontracting organisations that for the most part are reliant upon securing work through construction companies. Contiguous to a degree is the propensity of an industry focussed upon procuring construction by means of competitive tendering, an approach whereby successful bids are traditionally weighted towards those incorporating the lowest initial cost. To garner an understanding of the role that contextual significance plays in construction procurement this study was facilitated by utilising a constructivist grounded theoretical approach. Data was generated by the way of fifty interviews with construction industry stakeholders, inclusive of Sub-Contractors, Main Contractors, Consultants, Architects and Clients. Subsequent analysis reveals that in response to power asymmetry and other environmental conditions, organisations have developed numerous proactive, reactive and opportunistic strategies and behaviours that become evident as the procurement process progresses. This study highlights and explains the relationships and factors from which an industry actor’s rationale is drawn. Furthermore, however, it argues that the proponents of construction industry procurement will when necessary, relax their ordinarily pre-conditioned moral constraints and consciously venture into business practices considered by their peers to be somewhat immoral.

This research exposes to examination and understanding the law governing procurement of construction and engineering works and services. The thesis captures both development of common law and judicial determination of statutory law. It takes the form of published journal articles and conference papers which discuss legal issues relevant to construction procurement and conclude with recommendations for clients and construction project managers on how to better manage the procurement process. The work reveals, inter alia, the extent to which contract law regulates the tendering phase of construction procurement and places the client under an obligation to the tenderer characterised as 'fair dealing' or 'good faith'. Chapter 1 is of an introductory nature. Chapter 2 sets the crime of manslaughter arising out of construction site fatality as a procurement issue. The author notes the UK government's intention to introduce the new offences of reckless killing, killing by gross carelessness and corporate killing. Chapter 3 discusses cases where disaffected parties to the tendering process have made private law challenges of that process seeking compensation for the other party's alleged irregularities. The client is generally obliged in law to treat all tenderers equally and fairly and to refrain from evaluating tenders and awarding contracts other than in accordance with the rules set down in the tender conditions. Chapter 4 addresses the question: do traditional tendering processes encourage, or merely permit, contractor innovation? Several tender codes are reviewed to establish whether these codes provide for, or encourage, innovative proposals from competing bidders. Chapter 5 provides updating case material for the period 1999-2000 which helps to underpin the conclusions and recommendations set out in Chapter 12. Chapter 6 is a criticism of the NJCC's Code of Procedure for Single Stage Selective Tendering and the CIB's Code of Practice for the Selection of Main Contractors. Suggestions are made as to what a new tender code might include in the light of selected decisions of the common law courts. It is argued that a set of 'standard' tender rules should become the terms of a 'tender contract'. Those rules would properly reflect decisions of the courts and would be accepted by all parties to the process as a tender contract document. Chapter 7 discusses how the common law protects the integrity of construction procurement by imposed or assumed contractual obligations. Procurement of subcontract works is also considered. The author concludes that the tendering contract operates between main contractor and subcontractor as it does between owner/ developer and main contractor, and that the 'two contract' analysis provides the best basis for upholding integrity of the bidding process. Chapter 8 sets out advice for quantity surveyors and project managers derived from the decisions of the common law courts. The author argues that practice should be shaped to reflect the obligations assumed by parties in common law so as to avoid claims from aggrieved bidders. In Chapter 9 the focus shifts from private to public law. A Scottish court denied a remedy to the unsuccessful bidder on the grounds that the contract award process was unfair, unreasonable and in breach of natural justice. The author argues that a successful case might have been made out in private law and concludes with recommendations as to how the tender process might be better conducted. Chapter 10 deals with public procurement under the rules of the European Union (EU), noting a particularly important decision by the European Court of Justice that contracting authorities are obliged to treat all tenderers equally and fairly, a duty that parallels that found in common law and discussed in Chapters 2 through 8. Chapter 10 concludes with an article on Rv Portsmouth City Council (1996), reviewing both decisions at first instance and in the English Court of Appeal. Chapter 11 considers the risks of developers and contractors by examining the effectiveness of 'controls' imposed by common law when the usual statutory controls are temporarily withdrawn. It can be seen that the common law has not evolved to protect the interests of neighbours and local residents from the perils and hazards of property development which result in environmental degradation. This chapter concludes with recommendations as to how developer and constructors might minimise their impact on adjacent property owners. Chapter 12 presents a summary of the conclusions drawn from the completed research project and the author's recommendations for further research within the procurement topic.

A company is susceptible to the risk incurred by stochastic prices, measured in the domestic currency unit. The random characteristic stems from a stochastic domestic price or from a stochastic foreign exchange rate possibly combined with a locally stochastic price. The risk may be reduced by initiating hedging activities. Nowadays, there is no enveloping method on the market to guide the actors in the choice among the abundance of hedging methods and in the decision of hedging level. This dissertation aims at trying to provide a support method for such a decision. The fundamental idea of the method developed is to provide the actor with the probability distribution of the outcome of the total position (contractual position, anticipatory position, or tender offer plus hedging activity), conditional on any combination of hedging vehicles chosen. Thus, by analyzing and by possibly altering the hedging mix, the actor may create a risk profile of the total position that suites his or her disposition. / Diss. Stockholm : Handelshögsk.

Thesis (M.B.A.)--University of Hong Kong, 1985. / Also available in print.

Thesis (doctoral)--Johannes Gutenberg-Universität, 2004. / Includes bibliographical references (p. [238]-263) and index.

This paper examines the minority discount due to lack of control by looking at tender offer premiums on Swedish publicly traded firms from 2007 to 2018. We analyze how ownership structure, the acquired stake and distribution of shares affect the minority discount. Variables focusing on control of shares are tested individually but also included in models addressing additional impacts. Our findings suggest that a bidder’s ownership of the target firm prior to the announcement lowers the bidder’s valuation of the remaining shares. However, the relation between premium and ownership seem to depend on a threshold of having a toehold which justifies the argument of toeholds attaining control and influence of the target firm. Correspondingly, the premium per share increases with the partial interest acquired, suggesting a non pro-rata valuation. We find no evidence of additional premium for minority shareholders in squeeze out events. However, equally powerful blockholders in target firms tend to increase bid premiums, arguably due to increased competition which aligns bid premium valuation to the valuation of control between dual class shares.

O presente trabalho objetiva analisar a oferta pública para aquisição do controle de companhia aberta, na França e na União Europeia, sendo que, ao longo do seu desenvolvimento, serão feitas comparações pontuais com o direito brasileiro. Na conclusão, serão apontados aspectos relativos à disciplina da matéria analisada à luz do direito estrangeiro que possam ser adaptados e adotados pelo direito pátrio, bem como aspectos deste último que possam ser aproveitados pelo direito estrangeiro. Este estudo é relevante, em primeiro lugar, porque a internacionalização das ofertas públicas é um fenômeno que, conquanto não seja recente, se desenvolveu consideravelmente nos últimos anos, devido, sobretudo, à mundialização da economia, à globalização e à ausência de fronteira entre os mercados; em segundo lugar, em razão do desenvolvimento do mercado de capitais brasileiro, já que, com a existência de companhias que possuam estrutura acionária em que inexista um único acionista ou grupo de acionistas detentores da maioria do capital votante, tornou-se viável a ocorrência de tais operações no Brasil. / The objective of this paper is to analyze takeover bids (or tender offers) aiming at acquiring control of public corporations in France and European Union, whereas throughout its development specific comparison with Brazilian law will be performed. As a conclusion, it will be pointed out aspects of the discussed subject matter in the light of foreign law, which can be both adapted and adopted by national law, as well as aspects of the latter which can be availed by foreign law. Firstly, this study is relevant since the internationalization of takeover bids (or tender offers) is a phenomenon that, while not new, has developed substantially in the last years, mainly due to economic globalization along with lack of boundary among markets. Secondly, on grounds of the Brazilian capital market development as it has become feasible such operations in Brazil under the existence of companies which have shareholding structure, in which there was no single shareholder or group of shareholders holding the majority of the voting capital.

L’élégie chez Rousseau rassemble les époques, elle rend le sens étymologique [l’élégie thrène], celui de l’époque romaine [l’élégie d’amour] et le sens moderne [l’élégie tendre de l’amitié] où on parle plutôt de tonalité élégiaque. Elle rappelle à plusieurs égards le genre classique illustré principalement par Tibulle, Properce et Ovide. Rousseau semble emprunter des motifs à l’héritage antique sans pour autant s’y assujettir. Le ton de la plainte ou du chant est dicté par des personnages vertueux. L’élégie chez Rousseau échappe au stéréotype et à la « spécialisation » : elle n’est pas dans le sillage du modèle pour lequel elle fut réputée, et dont la matière est purement funèbre ; elle n’est pas, également, un paradigme de l’élégie romaine qui s’est associée presque exclusivement à l’expression de la passion amoureuse, elle n’est pas limitée à l’expression tendre de l’amitié. Elle n’est pas seulement une esthétique. L’élégie chez Rousseau est l’ensemble de toutes ses manifestations. C’est l’expression d’une attitude. / Rousseau’s elegy deals with the themes of the lament for the death, of the absence and of the loss of one beloved. Rousseau seems to be influenced by the latin poets such as Tibulle, Propers and Ovide. Nevertheless, he is distinguished from them by the way, with which he treats the motifs. These are submitted to the nature of the characters in the novel of Julie ou la Nouvelle Héloïse. In addition, Rousseau uses these motifs in different other contexts. Then, elegy becomes a source of "tools" to say an idea or a point of view. Rousseau’s elegy is more than a statement of complaints or a sad love story: it is an art of writing.

Context. Public procurement is an important economic factor. To protect against corruption government organizations are required to apply principles of non-discrimination and transparency for the procurement of goods such as software and of services such as software development. As a consequence, communicating requirements in software procurement has become challenging from the perspective of fairness and transparency, and also from the perspectives of system value and acceptance. Objectives. This study investigates requirements communication techniques which are being practiced in WTO-regulated tenders. The study also identifies challenges and determines the efficiency, effectiveness, and legal compliances of these techniques Methods. A systematic literature review is used to determine requirements communication approaches used in public procurement projects and the difficulties identified. This is followed by a case study to research the known requirements communication techniques used in the selected case through conducting interviews and artifact analysis. Results. The contributions are guidelines for stakeholders to select suitable techniques to communicate requirements during the procurement process. Challenges and recommendations are presented to be taken into consideration while planning software procurements. Conclusions. This study concluded that from a total of 17 requirements communication techniques, 14 have been used in the project analyzed in the case study. It is also stated by the interviewees that all of the techniques are legal to use in public procurement with the exception of one, and this is Interview. From both the literature review and the case study conducted in this research, balanced communication techniques are concluded to be most recommended since they will lead to more interaction between customers and suppliers to communicate requirements.

The most important aspect in the financial decsion making in buying the property is the financing method, price of the property and how much you need to borrow. The goal of this thesis is to show to the reader at least a basics theories of entering and process of the public procurement and formulate complex process from the assign of procurement through the realization to methods of financing. The goal is the utilization of the methods of multicriterial variants evaluation when evaluating particular products, financing options for the specific property won in the public procurement and researching suitability of individual multicriterial methods. The goal is theoretical description and practical analysis of fundamental mortgage loans with fixed rate and also description of today's mortgage market. The core of this thesis is the chapter with results of the multicriterial optimalization used to the organization and evaluation of individual variants for selected type of loan. In the onclusion is chosen generally the best product.