A presente tese objetiva trazer subsídios para a discussão em torno de uma realidade recente no Brasil, qual seja, a crescente utilização de instrumentos financeiros pelas companhias abertas vis a vis seu objeto social, o que exige a proteção de seus investidores e credores. É tratada a tutela do objeto social na legislação societária para as companhias abertas, tipo específico de sociedade escolhido pela gama de interesses que a cercam e pela importância no atual estágio de desenvolvimento do mercado de capitais. Para tanto, será demonstrada a utilidade da cláusula do objeto social na realidade das companhias abertas segundo um ponto de vista tríplice, (i) a disciplina do contrato, (ii) a capacidade de agir da sociedade e (iii) os atos ultra vires praticados pelos administradores, abordando o princípio da boa-fé, teoria da aparência, abuso de poder, em suas modalidades de excesso de poder e desvio de poder, à luz de uma nova realidade descortinada pela crise global de 2008, pela evolução tecnológica e disseminada utilização de complexos instrumentos financeiros. Verificando-se a utilização de instrumentos derivativos complexos e de derivativos de câmbio pelas companhias abertas em operações realizadas no mercado de balcão, de forma pouco transparente e sem controle adequado do risco, que acarretaram substanciais prejuízos em detrimento de todos os acionistas, apresenta-se como indagação se tais operações financeiras especulativas extrapolaram o conteúdo do objeto social e se poderiam, ou não, ter sido contratadas. / This thesis purports to provide arguments in connection with a current reality in Brazil, consisting of the increasing use of financial instruments by publicly-held companies vis a vis their corporate purpose, what requires the protection of investors and creditors. This thesis addresses the rules related to the corporate purpose that are provided for in the corporation law, and that are applicable to publicly-held companies, a corporate type which is elected by various interests surrounding it and by the importance in the current development of the capital market. In this respect, the utility of the corporate object clause in the activity of publicly-held companies will be demonstrated through a triple point of view: (i) the rules related to the corporate by laws; (ii) the companys capacity to act; and (iii) the ultra vires acts performed by the managers of the company, in view of the good-faith principle, disregard institute, abuse of rights, in its modalities of exciding rights and deviation of rights, in the context of the 2008 global crisis, the technological progress, as well as the wide use of complex financial instruments. In view of the use of both sophisticated derivative instruments and foreign exchange derivatives by publicly-held companies in transactions carried out on the over-the-counter market, in a non-transparent manner and without appropriate risk-control, which resulted in substantial losses to all shareholders, it lights up the discussion whether such speculative financial transactions exceeded the limit of the relevant corporate object, and whether they could, or could not, be agreed upon.

A recente crise financeira global trouxe para o centro do debate internacional o tema da regulação dos mercados de capitais e, com ela, suas diversas qualificações como um fator responsável pela crise. O trabalho tem como foco entender o papel da cooperação internacional em matéria regulatória e, particularmente, a existência de incentivos, preferências, ideias e instituições inerentes à cooperação entre estados. Para tanto, realiza uma análise sistêmica de iniciativas regulatórias tomadas por quatro países entre 2007 e 2011, com o fim de verificar a existência de padrões, modalidades específicas e os caminhos da cooperação na regulação do mercado de capitais. Tendo como gatilho a eclosão da crise financeira global, os principais resultados apontam para um efetivo escrutínio doméstico das recomendações internacionais editadas e, em consequência, uma ampliação do conceito de cooperação regulatória. O que se verifica é que, além das atividades de supervisão e enforcement, emergem iniciativas regulatórias com diversos elementos e formatos comuns, que levam em conta a interação dos determinantes políticos e consequências econômicas advindos desse momentum. / The recent global financial crisis brought to the center of international discussion the debate concerning the regulation of capital markets, including its many variances, as a factor responsible for the crisis. The focus of this work is on the role of international cooperation in regard to regulation, with specific attention given to particular aspects such as the existence of incentives, preferences, ideas, and institutions inherent to cooperation between states. As such, this dissertation will provide a systematic analysis of regulatory initiatives taken by four countries between the years 2007 and 2011. The goal was to verify the existence of patterns, specific models, as well as pathways to cooperation in the regulation of capital markets. The principle results suggest an effective domestic scrutiny of international recommendations driven mostly by the outbreak of the global financial crisis, and as a result a broader concept of what is understood as regulatory cooperation. Besides new measures of supervision and enforcement, the work verified the emergence of regulatory initiatives, with both common elements and formats that take into consideration the interaction of political determinants and economic consequences arising from this momentum.

A internet é, seguramente, a mídia que mais se expande no mundo, tendo importância crescente em todos os campos da atividade humana, seja profissional, educacional ou meramente recreativo. Essa importância é visível não apenas no grande número de pessoas que a usam em seu dia-a-dia (cerca de 33 milhões de pessoas no Brasil, 220 milhões nos Estados Unidos e mais de 1 bilhão de pessoas no mundo inteiro), nem somente pelo ritmo de crescimento nos primeiros anos da web comercial, mas principalmente pelo enorme leque de possibilidades de conteúdos e serviços disponíveis para os internautas. Dentre essas possibilidades estão os serviços de comércio eletrônico ou ecommerce, um dos mais importantes e com maior crescimento nos últimos anos, e o internet banking ou e-banking, responsável por profundas mudanças na relação dos usuários de serviços bancários com seus bancos, chegando ao ponto de correntistas não freqüentarem suas agências bancárias por anos seguidos, servindo-se apenas dos serviços online para resolver seus problemas diários e usando-se dos ATMs para saques financeiros. Esta dissertação tem o intuito de aprofundar o conhecimento da relação dos internautas com esses dois serviços, e-commerce e e-banking, analisando o fato de os dados disponíveis sobre o uso residencial da internet no Brasil indicarem que há queda no uso do segundo serviço, enquanto o primeiro continua em contínua ascensão. Esse conhecimento é importante, principalmente porque ambos são considerados similares pela literatura e, além disso, apresentavam curvas de crescimento similar até o final de 2003. Esse conhecimento passa também por entender o motivo que faz com que a intersecção dos grupos de usuários residenciais dos dois serviços seja em torno de 50% apenas, já que o internauta brasileiro, basicamente das classes A e B, tende a ser um consumidor de ambos os serviços off-line. / The internet is, for sure, the media with faster and higher growth in the world, with growing importance in all areas of human activities, from professional, educational or for entertainment. Such importance is visible not only because there are a huge number people with internet access for daily activities (around 33 million in Brazil, 220 million in the United States and 1 billion people around the world, nor because its very positive growth curve, but mainly due to its range of possibilities of contents and services available to the users. Among these possibilities are the e-commerce, one of the most important and with great growth during the recent years, and the e-banking, responsible for deep changes in the relation between banking services users and the banks, allowing some clients to stop visiting their physical agencies, using only the online channel to solve their daily problems and the ATMs to get some cash. This work intends to go deep in the knowledge of the relation among the internet users and the two services, namely e-commerce e e-banking, analyzing why the available at-home data about the Brazilian web use indicates that the second mentioned service loses audience, while the first one continues to grow in terms of visitors. Such knowledge is important, especially because both services are considered similar by the literature and, besides that, used to present a similar growth curve until de end of the year 2003. This knowledge also needs to understand why the intersection of the two groups of domestic users of both mentioned services is around 50% only, as the Brazilian internet user belongs to the richest A and B socio-economic classes, and because of this fact tends to be a consumer of both services off-line.

Tekniken kring mobiltelefoni är under ständig utveckling och mobiltelefonen har idag fått nya funktioner utöver dess grundfunktion röstsamtal. Efterfrågan efter nya mobila tjänster drivs hela tiden framåt då mobilen får allt större kapacitet och prestanda. Bland de tjänster som växts fram märks möjligheten att utföra monetära transaktioner. Detta innebär helt enkelt att använda sin mobiltelefon för att betala och utföra allehanda tjänster kopplade till användarens monetära tillgångar. Överföringen av pengar kräver dock hög säkerhet. Vad vet egentligen konsumenterna om säkerheten kring dessa tjänster? Många betalningar och transaktioner sker idag över Internet och bankerna förmedlar budskapet om att säkerheten runt deras Internettjänster är mycket hög, men vad säger de om säkerheten för deras mobila alternativ? Finns den höga säkerheten även för de mobila tjänsterna och har användarna förtroende fullt ut för dessa? Finns inte användarnas förtroende för säkerheten hos de nya mobila tjänsterna kommer de troligtvis inte heller användas. Vi ämnar därför i denna uppsats utreda om säkerheten i en mobil betalningstjänst motsvarar den som finns när den utförs på en dator i hemmet och har detta i slutändan användarnas förtroende? Syftet med detta arbete är att undersöka vilket förtroende användarna har för säkerheten hos mobila betalningstjänster samt om dessa tjänster uppfyller samma säkerhetskrav som när de används via normal datoranvändning. Studien påbörjades med en genomgång av befintlig litteratur inom säkerheten för mobilt Internet samt Internetanvändande vid hemdatorn. Sedan genomfördes intervjuer av personer med stor kunskap kring säkerheten hos mobilt Internet. För att få reda på användarnas förtroende kring mobila betaltjänster genomförde vi sedan en webbaserad surveyundersökning varvid en fokusgrupps-undersökning användes till hjälp gällande framtagningen av frågorna. Utfallen från intervjuerna samt surveyundersökningen analyserades sedan tillsammans med utvald teori. Våra resultat visar att majoriteten av respondenterna inte känner förtroende för säkerheten hos mobila betalningstjänster. De flesta anser att det inte är lika säkert att surfa via mobilen som via datorn i hemmet. Däremot kan hälften av individerna i populationen tänka sig att betala över Internet med mobiltelefonen och en betydande del kan även tänka sig att utföra finansiella affärer med hjälp av mobiltelefonen. Vi anser också att en mobiltelefon inte når upp till samma säkerhetsnivå som hos en stationär dator med fast Internet. / The mobile technology is under constant development and the mobile phone today has many other functions besides just talking. The demand for new mobile services is constantly getting stronger since the mobile phone becomes more and more powerful. Among these services is the possibility to perform transactions of money. With this we mean using the mobile phone to pay bills and other services that is connected to a user’s assets. The transaction of money of course requires high security. What do the consumers know about the security surrounding these kinds of services? Today many payments and transactions that involve money takes place over the Internet from the home computer and the banks that offers these services claims that this is safe. But what do they say about the security surrounding their mobile alternatives? Does the necessary security exist for these mobile services and does it have the consumers trust? If the users do not trust the security surrounding the mobile service, they will probably not use them. We will therefore with this thesis try to investigate if the security that surrounds the mobile payment services is equivalent to when the services is used on a home computer and if the services has the users trust? The purpose with this thesis is to investigate the users trust regarding mobile payment services and if these services fulfil the same security demands as when they are used normally at the home computer. The study began with a review of existing theories regarding the security for mobile Internet and Internet usage on the home computer. Thereafter interviews took place with experts having great knowledge regarding mobile Internet security. We then performed a web-based survey to get information about the users trust for the security surrounding mobile payment services. We used a focus group with the aim of helping us selecting relevant questions for the survey. The results from the interviews and the survey study were then analyzed with the chosen theory. On the basis of our survey we can draw the conclusion that the majority of respondents do not trust the security that surrounds mobile payment services. The majority is of the opinion that it is not as safe to use mobile Internet services as to use the corresponding service from the computer at home. However half of the population could very well consider paying bills with the mobile phone and a large part of the respondents would also like to use financial transactions with this kind of media. We also conclude that a mobile phone does not reach the security standard of a home computer.

Doctor Legum - LLD / The Member States of the Southern African Customs Union (SACU) have set as their objectives, amongst others, the facilitation of cross-border movement of goods between the territories of the Member States and the promotion of the integration of Member States into the global economy through enhanced trade and investment. Different approaches to the recognition and enforcement of foreign judgments by Member States and the risk of non-enforcement may lead to legal uncertainty and increased transaction cost for prospective traders, which ultimately act as non-tariff barriers to trade in the region. Trade is critical to Southern Africa, and the ideal is that barriers to trade, of which uncertainty concerning the recognition and enforcement of foreign judgments among Member States is one, should be removed. Certainty, predictability, security of transactions, effective remedies and cost are important considerations in investment decision-making; and clear rules for allocating international jurisdiction and providing definite and expedited means of enforcing foreign judgments will facilitate intraregional as well as interregional trade. In addition to trade facilitation, a harmonised recognition and enforcement regime will consolidate economic and political integration in the SACU. An effective scheme for the mutual recognition and enforcement of civil judgments has been regarded as a feature of any economic integration initiative likely to achieve significant integration. While the harmonisation of the rules on the recognition and enforcement of foreign judgments has been given priority in other regional economic communities, in particularly the European Union, any similar effort to harmonise the rules on recognition and enforcement of Member States have been conspicuously absent in the SACU – a situation which needs to receive immediate attention. The thesis considers the approaches followed by the European Union with the Brussels Regime, the federal system of the United States of America under the ‘full faith and credit clause’; the inter-state recognition scheme under the Australia and New Zealand Trans-Tasman judicial system; as well as the convention-approach of the Latin American States. It finds that the most suitable approach for the SACU is the negotiation and adoption by all SACU Member States of a multilateral convention on the recognition and enforcement of foreign judgments, comparable to the 1971 Convention of the Hague Conference on Private International Law; the EU Brussels I Regulation and the Latin-American Montevideo Convention, as complemented by the La Paz Convention. It is imperative that a proposed convention should not merely duplicate previous efforts, but should be drafted in the light of the legal, political and socio-economic characteristics of the SACU Member States. The current legislative provisions in force in SACU Member States are compared and analysed, and the comparison and analysis form the basis of a proposal for a future instrument on recognition and enforcement of foreign judgments for the region. A recommended draft text for a proposed Convention on the Recognition and Enforcement of Foreign Judgments for the SACU is included. This draft text could form the basis for future negotiations by SACU Member States. / South Africa

People engage with multiple online services and carry out a range of different digital transactions with these services. Registering an account, sharing content in social networks, or requesting products or services online are a few examples of such digital transactions. With every transaction, people take decisions and make disclosures of personal data. Despite the possible benefits of collecting data about a person or a group of people, massive collection and aggregation of personal data carries a series of privacy and security implications which can ultimately result in a threat to people's dignity, their finances, and many other aspects of their lives. For this reason, privacy and transparency enhancing technologies are being developed to help people protect their privacy and personal data online. However, some of these technologies are usually hard to understand, difficult to use, and get in the way of people's momentary goals. The objective of this thesis is to explore, and iteratively improve, the usability and user experience provided by novel privacy and transparency technologies. To this end, it compiles a series of case studies that address identified issues of usable privacy and transparency at four stages of a digital transaction, namely the information, agreement, fulfilment and after-sales stages. These studies contribute with a better understanding of the human-factors and design requirements that are necessary for creating user-friendly tools that can help people to protect their privacy and to control their personal information on the Internet. / People engage with multiple online services and carry out a range of different digital transactions with these services. Registering an account, sharing content in social networks, or requesting products or services online are a few examples of such digital transactions. With every transaction, people take decisions and make disclosures of personal data. Despite the possible benefits of collecting data about a person or a group of people, massive collection and aggregation of personal data carries a series of privacy and security implications which can ultimately result in a threat to people's dignity, their finances, and many other aspects of their lives. For this reason, privacy and transparency enhancing technologies are being developed to help people protect their privacy and personal data online. However, some of these technologies are usually hard to understand, difficult to use, and get in the way of people's momentary goals. The objective of this thesis is to explore, and iteratively improve, the usability and user experience provided by novel privacy and transparency technologies. To this end, it compiles a series of case studies that address identified issues of usable privacy and transparency at four stages of a digital transaction, namely the information, agreement, fulfilment and after-sales stages. These studies contribute with a better understanding of the human-factors and design requirements that are necessary for creating user-friendly tools that can help people to protect their privacy and to control their personal information on the Internet.

This diploma thesis is structured as an expert opinion and deals with business valuation of EKOSPOL a.s. Firstly, financial and strategic analysis are carried out in order to assess the company´s financial health and perspective. Financial plan is created right after using findings provided by value drivers analysis. Finally, income DCF APV valuation method as well as comparable transactions method are both used to assess the final investment value of EKOSPOL a.s.

This master thesis is concerned with the estimation of the market value of equity of Plzeňský Prazdroj, a.s. as at 30 September 2016. The market approach has been selected as the primary valuation approach with the largest impact on the value estimation; specifically the guideline public company method and the comparable transactions method are employed. The income approach based on the DCF Entity method verifies the value conclusion derived from the market approach. The going concern premise is supported by thorough analyses concerning the relevant market; market position of the valued company in relation to its competitors; and its financial health. The thesis concludes a clearly defined and justifiable range of value.

The thesis deals with rules for right reporting of revenues, which result from International accounting standard IAS 18 -- Revenue. There is briefly characterized the harmonization of financial reporting in the introduction. After that follows the development and the history of IFRS. The third part contains the analysis of the standard IAS 18 -- Revenue and standard IAS 11 -- Construction contracts, including three according interpretations. The final section is focused on the research of ten annual reports with a view to explain the observance of IFRS standards in pracitice.

This thesis deals with the business valuation. The main goal of this diploma thesis is to estimate the market value of a company with the purpose of a sale to a potential buyer. The thesis is structured into two parts: theoretical a practical part. The theoretical part describes the methods and process of company valuation. The goal of the practical part is to apply theoretical findings on the specific company and make an estimate of its value. The practical part includes description of the chosen company, strategic and financial analysis and prediction of the business plan. There are three methods used for the company valuation - discounted cash flow in the form of FCFF, the method of accounting value and method of similar transactions.