<p>CEO compensation is a relevant topic in today's society that touches both political and economic questions which are of interest for the whole general public. It affects people indirectly through CEOs actions and how these actions affect company performances. Due to the fact that there is a financial crisis, this thesis has its aim to catch some light over CEO compensation and its relation to company performances, if there is one.</p><p>The purpose was to investigate if we could find a relation between CEO compensation and company performances by using variables which we considered significant for this study. These variables are collected from each company's annual reports and which we have chosen to focus on the two past years 2007 and 2008, as it is the most recent data. For the principle of our thesis a combination of qualitative and quantitative methods was applied, to best suite the purpose. When finding a sustainable and significant result, regressions of different variables from the annual reports were drawn and the outcomes of these were interpreted and analyzed. Our findings show that turnover is the only variable which indicated any significant p-value in the regressions drawn. Of all regressions three show significance and all arerelated to turnover. Given these results we can conclude that the other variables are not related to the CEO compensation in this case study.</p>

CEO compensation is a relevant topic in today's society that touches both political and economic questions which are of interest for the whole general public. It affects people indirectly through CEOs actions and how these actions affect company performances. Due to the fact that there is a financial crisis, this thesis has its aim to catch some light over CEO compensation and its relation to company performances, if there is one. The purpose was to investigate if we could find a relation between CEO compensation and company performances by using variables which we considered significant for this study. These variables are collected from each company's annual reports and which we have chosen to focus on the two past years 2007 and 2008, as it is the most recent data. For the principle of our thesis a combination of qualitative and quantitative methods was applied, to best suite the purpose. When finding a sustainable and significant result, regressions of different variables from the annual reports were drawn and the outcomes of these were interpreted and analyzed. Our findings show that turnover is the only variable which indicated any significant p-value in the regressions drawn. Of all regressions three show significance and all arerelated to turnover. Given these results we can conclude that the other variables are not related to the CEO compensation in this case study.

Thesis (MComm)--Stellenbosch University, 2011. / ENGLISH ABSTRACT: Section 74D of the Income Tax Act No 58 of 1962 (the Act) grants the power of search and seizure to the South African Revenue Service, the basic underlying principle being that the Commissioner has to obtain a warrant from a judge prior to a search and seizure operation. The previous section 74(3) of the Act provided that the Commissioner was allowed himself to authorise and conduct a search and seizure operation without the requirement of a warrant. Section 74D of the Act was recently reviewed and the Tax Administration Bill (the TAB) contains the new provisions on search and seizure that will replace section 74D of the Act. In this assignment, the concept of search and seizure was examined by considering the cases, academic writing and other material on the topic. The objectives were to analyse the development of search and seizure in South African income tax law, to provide a basic understanding of the warranted and warrantless search and seizure provisions of the Act and the TAB, to determine their constitutionality and to determine the remedies available to a taxpayer who has been subject to a search and seizure. It was found that search and seizure has developed from warrantless under the previous section 74(3) of the Act into the requirement of a warrant under section 74D of the Act into a combination of both under the TAB. The concept of an ex parte application was analysed, which was shown to be permissible in certain circumstances under section 74D of the Act, while it is now compulsory in terms of the TAB. It was shown that the TAB closed the lacuna in the Act relating to the validity period of a warrant before it has been executed. It was, however, concluded, regarding whether a warrant expires when exercised or whether the same warrant can be used again to conduct a second search and seizure, that the position is not quite certain in terms of the Act and the TAB. It was found that there is no defined meaning of the reasonable grounds criterion, which is often required to be met in terms of the Act and the TAB, but that anyone that has to comply with the criterion must be satisfied that the grounds in fact exist objectively. The new warrantless search and seizure provisions of the TAB were analysed. It was established that warrantless search and seizure provisions are not uncommon in other statutes, but that the content thereof often differs. The new warrantless provisions were compared to the warrantless search and seizure provisions of, inter alia, the Competition Act No 89 of 1998 (the Competition Act), and it was found that the warrantless TAB provisions are not in all respects as circumscribed as those of the Competition Act and recommendations for counterbalances were made. It was concluded that the warranted search and seizure provisions of the Act and the TAB should be constitutionally valid but that the constitutionality of the new warrantless provisions of the TAB is not beyond doubt. It was furthermore found that the remedies at the disposal of a taxpayer who has been subject to a search and seizure should indeed be sufficient, but that there are no remedies available to a taxpayer to prevent injustice or harm. / AFRIKAANSE OPSOMMING: Artikel 74D van die Inkomstebelastingwet No 58 van 1962, (die Wet) verleen aan die Suid-Afrikaanse Inkomstediens die mag van deursoeking en beslaglegging, die grondliggende beginsel synde dat die Kommissaris ’n lasbrief van ’n regter moet verkry voor die deursoeking en beslaglegging kan plaasvind. Die vorige artikel 74(3) van die Wet het bepaal dat die Kommissaris self ’n deursoeking en beslaglegging kon magtig en uitvoer sonder die vereiste van ’n lasbrief. Artikel 74D van die Wet is onlangs hersien en die nuwe Belastingadministrasie-wetsontwerp (BAW) bevat die nuwe bepalings oor deursoeking en beslaglegging wat artikel 74D van die Wet sal vervang. In hierdie werkstuk is die konsep van deursoeking en beslaglegging ondersoek deur oorweging van die hofsake, akademiese skrywe en ander materiaal oor die onderwerp. Die doelstellings was om die ontwikkeling van deursoeking en beslaglegging in die Suid-Afrikaanse inkomstebelastingreg te ontleed, om ’n basiese begrip van die bepalings in die Wet en die BAW oor deursoeking en beslaglegging met en sonder ’n lasbrief te verskaf, om die grondwetlikheid daarvan te bepaal en om die remedies te bepaal wat beskikbaar is vir ’n belastingpligtige wat onderworpe was aan deursoeking en beslaglegging. Daar is bevind dat deursoeking en beslaglegging ontwikkel het vanaf sonder ’n lasbrief ingevolge die vorige artikel 74(3) van die Wet tot die vereiste van ’n lasbrief ingevolge artikel 74D van die Wet tot die kombinasie van albei ingevolge die BAW. Die konsep van ’n ex parte-aansoek is ontleed, en dit blyk in sekere omstandighede ingevolge artikel 74D van die Wet toelaatbaar te wees, terwyl dit nou ingevolge die BAW verpligtend is. Daar is aangedui dat die BAW die lacuna in die Wet oor die geldigheidsperiode van ’n lasbrief voordat dit uitgevoer is, verwyder het. Daar is egter bevind, rakende die vraag of ’n lasbrief verval wanneer dit uitgevoer word en of dieselfde lasbrief weer gebruik kan word om ’n tweede deursoeking en beslaglegging uit te voer, dat daar nie sekerheid ingevolge die Wet of die BAW bestaan nie. Daar is bevind dat daar geen gedefinieerde betekenis vir die kriterium van redelike gronde is nie, waaraan dikwels ingevolge die Wet en die BAW voldoen moet word, maar dat enigiemand wat aan die kriterium moet voldoen tevrede moet wees dat die gronde inderwaarheid objektief bestaan. Die nuwe bepalings van die BAW oor deursoeking en beslaglegging sonder ’n lasbrief is ondersoek. Daar is vasgestel dat bepalings oor deursoeking en beslaglegging sonder ’n lasbrief nie ongewoon is in ander wette nie, maar dat die inhoud daarvan dikwels verskil. Die nuwe bepalings oor deursoeking en beslaglegging sonder ’n lasbrief is vergelyk met die bepalings oor deursoeking en beslaglegging sonder ’n lasbrief van, inter alia, die Mededingingswet No 89 van 1998 (die Mededingingswet), en daar is bevind dat die BAW-bepalings oor deursoeking en beslaglegging sonder ’n lasbrief nie in alle opsigte so afgebaken is soos dié van die Mededingingswet nie en voorstelle vir teenwigte is gemaak. Die gevolgtrekking is gemaak dat die bepalings oor deursoeking en beslaglegging met ’n lasbrief van die Wet en die BAW grondwetlik geldig behoort te wees, maar dat die grondwetlikheid van die nuwe bepalings van die BAW oor deursoeking en beslaglegging sonder ’n lasbrief nie onweerlegbaar is nie. Daar is verder bevind dat die remedies tot die beskikking van ’n belastingpligtige wat onderworpe was aan deursoeking en beslaglegging inderdaad genoegsaam behoort te wees, maar dat daar geen remedies aan ’n belastingpligtige beskikbaar is om ongeregtigheid of skade te voorkom nie.

Made available in DSpace on 2016-04-26T20:24:19Z (GMT). No. of bitstreams: 1 Rogerio Batista Gabbelini.pdf: 881576 bytes, checksum: 6eeab25bb7db1777889cdcd11c9ff8c2 (MD5) Previous issue date: 2016-03-09 / The theme of this thesis refers to the study of crime of terrorism in light of the Federal Constitution of 1988 with an analysis of the criminalization of express mandates provided for in Article 5, item XLIII which determines the criminal standard editing to typify the crime of terrorism. Composed of six chapters, it presents, in the first, brief study in international law with the various forms that presents terrorism. The second chapter, in turn, presents the criminal constitutional principles in the face of new criminal methods. The third chapter assesses the legal interests emphasizing the aspect of collective protection of these interests and under the perspective of constitutional interpretation, thus providing a correct interpretation of the criminal standard. The draft of the 2012 penal code transacts before the Senate House with classification proposal of terrorism crime in Articles 239, 240, 241 and 242 being what this is all about in the fourth chapter. The fifth chapter analyzes Law 7.170/83, called National Security Law and issued during the military period and its non-responsiveness to existing constitutional principles. The sixth chapter examines the terrorist crime of political boundaries under the aspect of international law, thus presenting the issues of religious and racial intolerance, setting so the consequent violations of the guarantees of fundamental civil rights / O tema desta dissertação refere-se ao estudo do delito de terrorismo à luz da Constituição Federal de 1988, a partir da análise dos mandados expressos de criminalização previstos no artigo 5º, XLIII, que determinam a edição de norma penal para tipificar o delito de terrorismo. Composta por oito capítulos, apresenta, após a Introdução, em seu segundo capítulo, um breve estudo de direito comparado, revelando as diversas formas pelas quais o terrorismo se apresenta. O terceiro capítulo, por sua vez, apresenta os princípios constitucionais penais diante das novas modalidades criminosas. Os bens jurídicos são avaliados no quarto capítulo, que enfatiza o aspecto de proteção coletiva desses bens e a perspectiva da interpretação constitucional, proporcionando assim uma correta interpretação da norma penal. O anteprojeto do código penal de 2012 tramita perante o Senado Federal com proposta de tipificação do delito de terrorismo em seus artigos 239, 240, 241 e 242; este é o assunto tratado no quinto capítulo desta pesquisa. O sexto analisa a Lei nº7.170/83, denominada Lei de Segurança Nacional, editada no período militar, e sua receptividade pelos princípios constitucionais vigentes. Por fim, antecedendo a Conclusão desta pesquisa, são examinadas, no sétimo capítulo, as delimitações políticas do delito de terrorismo sob o aspecto do direito comparado, a partir da análise de questões de intolerância religiosa e racial que configuram violações às garantias dos direitos civis fundamentais

Este trabalho tem como objeto o estudo do regime jurídico do bônus de subscrição e de sua aplicação na prática societária. O instituto, que tem sua origem no direito norteamericano, assumiu contornos próprios com a sua introdução no direito brasileiro por meio da Lei nº 6.404/1976. O bônus de subscrição consiste em um título negociável emitido por companhia aberta ou fechada em regime de capital autorizado e confere ao seu titular o direito de subscrever ações da sociedade emissora nas condições e no prazo estabelecidos quando da emissão do bônus de subscrição. Na primeira parte do trabalho, foi analisada a natureza jurídica de título de crédito e de valor mobiliário do bônus de subscrição e relacionadas as implicações decorrentes dessa categorização. A seguir, foram traçadas as principais características que moldam o objeto do estudo, bem como dos institutos jurídicos que possuem traços de similaridades no contexto do mercado de capitais. A investigação abrangeu, ainda, os aspectos relacionados ao exercício do bônus de subscrição e a tutela jurisdicional pela execução específica cabível em caso de violação do direito incorporado pelo título. Por fim, foi examinada a aplicação do bônus de subscrição na prática societária por meio do estudo de caso concreto em que a utilização do título suscitou questionamento perante a Comissão de Valores Mobiliários e de negócios jurídicos envolvendo a emissão de bônus de subscrição. / This study explores the legal framework of stock purchase warrant and its employment in corporate practice. This institution was originatd in the North American Law and took specific outlines with its introduction in Brazilian law by Act 6.404 of 1976. The stock purchase warrant consists of a negotiable instrument issued by open or closed company subject to authorized capital systematic which gives the holder the right to subscribe company\'s stock under the conditions and term established by its issuance. In the first part of the work, we examined the legal nature of negotiable instument and securities of the stock purchase warrants and related implications arising from such categorization. In the following part, the main features that shape the object of study were outlined, as well as other legal institutions that have similar traces in the capital market context. The study also covered aspects related to the exercise of stock purchase warrants and judicial protection applicable through specific execution in case of violation of the right embodied by the title. Finally, we examined the use of stock purchase warrants in the corporate practice through case brought before the Securities and Exchange Commission and in legal transactions involving the issuance of warrants.

Made available in DSpace on 2016-04-26T20:20:14Z (GMT). No. of bitstreams: 1 Affonso Celso Favoretto.pdf: 1152497 bytes, checksum: a1e0fa064fa57ee198b24a59738aeef4 (MD5) Previous issue date: 2011-05-18 / The context of sexual crimes received important alterations by the Brazilian legislator, which materialized them through law 12.015/2009. The present paper turns around the interpretation of the mentioned transformation, specially focusing on the rape against vulnerable people, innovative penal type that since its advent, cause intense debate in Brazilian doctrine and jurisprudence. The task of interpreting the content of the crime in question only becomes possible because of the constitutional reading, being the penal constitutional principles and criminalization warrants, important tools of which the studious people and Penal Right operators have / O contexto dos crimes sexuais recebeu importantes alterações por parte do legislador pátrio, que as materializou por intermédio da Lei 12.015/2009. O presente trabalho se volta à interpretação das mencionadas transformações, tendo como foco principal o crime de estupro contra vulnerável, tipo penal inovador que desde o seu advento provocou intenso debate na doutrina e jurisprudência pátrias. A tarefa de interpretar o conteúdo do delito em questão somente se torna possível por meio de sua leitura constitucional, sendo os princípios constitucionais penais e os mandados de criminalização importantes ferramentas das quais dispõem os estudiosos e operadores do Direito Penal

<p>This thesis consists of four papers and a summary. The common topic of the included papers are the pricing equations of path-dependent options. Various properties of barrier options and American options are studied, such as convexity of option prices, the size of the continuation region in American option pricing and pricing formulas for turbo warrants. In Paper I we study the effect of model misspecification on barrier option pricing. It turns out that, as in the case of ordinary European and American options, this is closely related to convexity properties of the option prices. We show that barrier option prices are convex under certain conditions on the contract function and on the relation between the risk-free rate of return and the dividend rate. In Paper II a new condition is given to ensure that the early exercise feature in American option pricing has a positive value. We give necessary and sufficient conditions for the American option price to coincide with the corresponding European option price in at least one diffusion model. In Paper III we study parabolic obstacle problems related to American option pricing and in particular the size of the non-coincidence set. The main result is that if the boundary of the set of points where the obstacle is a strict subsolution to the differential equation is C¹-Dini in space and Lipschitz in time, there is a positive distance, which is uniform in space, between the boundary of this set and the boundary of the non-coincidence set. In Paper IV we derive explicit pricing formulas for turbo warrants under the classical Black-Scholes assumptions.</p>

This thesis consists of four papers and a summary. The common topic of the included papers are the pricing equations of path-dependent options. Various properties of barrier options and American options are studied, such as convexity of option prices, the size of the continuation region in American option pricing and pricing formulas for turbo warrants. In Paper I we study the effect of model misspecification on barrier option pricing. It turns out that, as in the case of ordinary European and American options, this is closely related to convexity properties of the option prices. We show that barrier option prices are convex under certain conditions on the contract function and on the relation between the risk-free rate of return and the dividend rate. In Paper II a new condition is given to ensure that the early exercise feature in American option pricing has a positive value. We give necessary and sufficient conditions for the American option price to coincide with the corresponding European option price in at least one diffusion model. In Paper III we study parabolic obstacle problems related to American option pricing and in particular the size of the non-coincidence set. The main result is that if the boundary of the set of points where the obstacle is a strict subsolution to the differential equation is C1-Dini in space and Lipschitz in time, there is a positive distance, which is uniform in space, between the boundary of this set and the boundary of the non-coincidence set. In Paper IV we derive explicit pricing formulas for turbo warrants under the classical Black-Scholes assumptions.

Este trabalho tem como objeto o estudo do regime jurídico do bônus de subscrição e de sua aplicação na prática societária. O instituto, que tem sua origem no direito norteamericano, assumiu contornos próprios com a sua introdução no direito brasileiro por meio da Lei nº 6.404/1976. O bônus de subscrição consiste em um título negociável emitido por companhia aberta ou fechada em regime de capital autorizado e confere ao seu titular o direito de subscrever ações da sociedade emissora nas condições e no prazo estabelecidos quando da emissão do bônus de subscrição. Na primeira parte do trabalho, foi analisada a natureza jurídica de título de crédito e de valor mobiliário do bônus de subscrição e relacionadas as implicações decorrentes dessa categorização. A seguir, foram traçadas as principais características que moldam o objeto do estudo, bem como dos institutos jurídicos que possuem traços de similaridades no contexto do mercado de capitais. A investigação abrangeu, ainda, os aspectos relacionados ao exercício do bônus de subscrição e a tutela jurisdicional pela execução específica cabível em caso de violação do direito incorporado pelo título. Por fim, foi examinada a aplicação do bônus de subscrição na prática societária por meio do estudo de caso concreto em que a utilização do título suscitou questionamento perante a Comissão de Valores Mobiliários e de negócios jurídicos envolvendo a emissão de bônus de subscrição. / This study explores the legal framework of stock purchase warrant and its employment in corporate practice. This institution was originatd in the North American Law and took specific outlines with its introduction in Brazilian law by Act 6.404 of 1976. The stock purchase warrant consists of a negotiable instrument issued by open or closed company subject to authorized capital systematic which gives the holder the right to subscribe company\'s stock under the conditions and term established by its issuance. In the first part of the work, we examined the legal nature of negotiable instument and securities of the stock purchase warrants and related implications arising from such categorization. In the following part, the main features that shape the object of study were outlined, as well as other legal institutions that have similar traces in the capital market context. The study also covered aspects related to the exercise of stock purchase warrants and judicial protection applicable through specific execution in case of violation of the right embodied by the title. Finally, we examined the use of stock purchase warrants in the corporate practice through case brought before the Securities and Exchange Commission and in legal transactions involving the issuance of warrants.

In Peru, there are legal figures that, despite ofbeing abolished, continue having real effects. Such is the case of the "open mortgage”, which survives in our legal system.In this article, in regard to a recent judicial decision by the Peruvian Supreme Court, the author explains the figures of the “open mortgage” and the “ordinary mortgage”, showing their differences and warning of the inadequacy of equating their jurisprudential treatment. / En el Perú, existen figuras legales que, pese a estar derogadas, continúan teniendo efectos en la realidad. Tal es el caso de la “hipoteca sábana”, la cual pervive en nuestro sistema legal.En este artículo, a propósito de una reciente decisión judicial de la Corte Suprema del Perú, el autor explica las figuras de la “hipoteca ordinaria” y de la “hipoteca sábana”, mostrando sus diferencias, y advierte sobre lo inadecuado de equiparar su tratamiento jurisprudencial.