Dissertations / Theses: 'Capital markets law'

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Rumble, Tony Law Faculty of Law UNSW. "Synthetic equity and franked debt: capital markets savings cures." Awarded by:University of New South Wales. School of Law, 1998. http://handle.unsw.edu.au/1959.4/17591.

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Micro-economic reform is a primary objective of modern Australian socio-economic policy. The key outcome targetted by this reform is increased efficiency, measured by a range of factors, including cost reduction, increased savings, and a more facilitative environment for business activity. These benefits are sought by the proponents of reform as part of a push to increase national prosperity, but concerns that social equity is undermined by it are expressed by opponents of that reform. The debate between efficiency and equity is raging in current Australian tax policy, a key site for micro-economic reform. As Government Budget restructuring occurs in Australia, demographic change (eg, the ageing population) undermines the ability of public funded welfare to provide retirement benefits. Responsibility for self-funded retirement is an important contributor to increasing private savings. Investment in growth assets such as corporate stock is increasing in Australia, however concerns about volatility of asset values and yield stimulate the importance of investment risk management techniques. Financial contract innovation utilising financial derivatives is a dominant mechanism for that risk management. Synthetic equity products which are characterised by capital protection and enhanced yield are popular and efficient equity risk management vehicles, and are observed globally, particularly in the North American market. Financial contract innovation, risk management using financial derivatives, and synthetic equity products suffer from an adverse tax regulatory response in Australia, which deprives Australian investors from access to important savings vehicles. The negative Australian tax response stems from anachronistic legislation and jurisprudence, which emphasises tax outcomes based on legal form. The pinnacle of this approach is the tax law insistence on characterisation of financial contracts as either debt or equity, despite some important financial similarities between these two asset types. Since derivatives produce transactions with novel legal forms this approach is unresponsive to innovation. The negative tax result also stems from a perception that the new products are tax arbitrage vehicles, offering tax benefits properly available to investment in stocks, which is thought to be inappropriate when the new products resemble debt positions (particularly when they are capital protected and yield enhanced). The negative tax response reflects administrative concerns about taxpayer equity and revenue leakage. This approach seeks to impose tax linearity by proxy: rather than utilising systemic reform to align the tax treatment of debt and equity, the current strategy simply denies the equity tax benefits to a variety of innovative financial contracts. It deprives Australians of efficiency enhancing savings products, which because of an adverse tax result are unattractive to investors. The weakness of the current approach is illustrated by critical analysis of three key current and proposed tax laws: the ???debt dividend??? rules in sec. 46D Income Tax Assessment Act 1936 (the ???Tax Act???); the 1997 Budget measures (which seek to integrate related stock and derivative positions); and the proposals in the Taxation of Financial Arrangements Issues Paper (which include a market value tax accounting treatment for ???traded equity,??? and propose a denial of the tax benefits for risk managed equity investments). The thesis develops a model for financial analysis of synthetic equity products to verify the efficiency claims made for them. The approach is described as the ???Tax ReValue??? model. The Tax ReValue approach isolates the enhanced investment returns possible for synthetic equity, and the model is tested by application to the leading Australian synthetic equity product, the converting preference share. The conclusions reached are that the converting preference share provides the key benefits of enhanced investment return and lower capital costs to its corporate issuer. This financial efficiency analysis is relied upon to support the assertion that a facilitative tax response to such products is appropriate. The facilitative response can be delivered by a reformulation of the existing tax rules, or by systemic reform. The reformulation of the existing tax rules is articulated by a Rule of Reason, which is proposed in the thesis as the basis for the allocation and retention of the equity tax benefits. To avoid concerns about taxpayer equity and revenue leakage the Rule of Reason proposes a Two Step approach to the allocation of the equity tax benefits to synthetics. The financial analysis is used to quantify non-tax benefits of synthetic equity products, and to predict whether and to what extent the security performs financially like debt or equity. This financial analysis is overlayed by a refined technical legal appraisal of whether the security contains the essential legal ???Badges of Equity.??? The resulting form and substance approach provides a fair and equitable control mechanism for perceived tax arbitrage, whilst facilitating efficient financial contract innovation. The ultimate source of non-linearity in the taxation of investment capital is the differential tax benefits provided to equity and debt. To promote tax linearity the differentiation needs to be removed, and the thesis makes recommendations for systemic reform, particularly concerning the introduction of a system of ???Franked Debt.??? The proposed system of ???Franked Debt??? would align the tax treatment of debt and equity by replacing the corporate interest deduction tax benefit with a lender credit in respect of corporate tax paid. This credit would operate mechanically like the existing shareholder imputation credit. The interface of this domestic tax credit scheme with the taxation of International investment capital, and the problems occasioned by constructive delivery of franking credits to Australian taxpayers via synthetics, are resolved by the design and costings of the new system, which has the potential to be revenue positive.

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Tanskanen, Isabella. "Green Funds : An Analysis of the Product Specific Disclosures of the EU Sustainable Finance Disclosure Regulation 2019/2088." Thesis, Uppsala universitet, Juridiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-444049.

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Sustainability has started to play a greater role on the financial market and a larger number of investors are searching for financial products that contribute to the environment and the sustainable development. However, the numerous definitions of sustainable investments and green funds make the investment decision-making process difficult for investors and allow companies to “greenwash” their products. In order to facilitate the investment process for investors and at the same time contribute to sustainable development, the EU adopted the Sustainable Finance Disclosure Regulation (SFDR) on 10 March 2021 as part of the Union’s sustainable finance strategy. The SFDR introduces a set of harmonized rules for financial market participants regarding their integration of sustainability-related aspects in their investment process, including different product classification levels, such as “light green” and “dark green”. Apart from the fact that the regulation means enhanced transparency, it is possible that the new product classifications will have an impact on the definition of sustainable funds and the environmental, social, governmental (ESG) investment strategies currently used by financial market participants. Additionally, the appropriateness of the new product classes in view of the aims of the SFDR could be discussed. The purpose of this thesis has been to examine the product specific disclosures of the SFDR and their implications on funds integrating sustainability, by using the legal dogmatic methodology and the EU teleological methodology. In order to be classified as an art. 8, or light green, it seems as if it is not enough for a fund to simply integrate ESG aspects into the investment process, rather the fund has to apply several investment strategies that consider ESG. For funds wishing to be considered as an art. 9, or dark green, it appears as if impact investing or sustainability themed investing could be two applicable approaches. Moreover, the sustainable investment-definition provided by the regulation contains explicit criteria, thus making it easier for investors to understand sustainable investments. Furthermore, the increased regulation and reporting requirements might contribute to less greenwashing, which in turn will benefit the UN’s Sustainable Development Goals and the Paris Agreement. However, while the product specific disclosures appear to be aligned with the objectives of the SFDR, there are several uncertainties related to the definitions and classifications that prevent the regulation from fully achieving its goals.
Hållbarhet har kommit att spela en allt större roll på finansmarknaden och allt fler investerare efterfrågar nu finansiella produkter som bidrar till miljön och den hållbara utvecklingen. Men de många definitioner som finns gällande hållbara investeringar och gröna fonder försvårar beslutsprocessen för investerare samt gör det möjligt för företag att använda sig utav ”greenwashing”. För att underlätta investeringsprocessen för investerare och även bidra till den hållbara utvecklingen antog EU den s.k. Förordning om hållbarhetsrelaterade upplysningar som ska lämnas inom den finansiella tjänstesektorn (SFDR) den 10:e mars 2021, vilken utgör en del av Unionens strategi för en hållbarare finansmarknad. SFDR innehåller harmoniserade regler för finansmarknadsaktörer gällande integreringen av hållbarhetsaspekter i investeringsprocessen, inklusive olika produktklassificeringar, såsom ”ljusgröna” och ”mörkgröna” produkter. Förutom att den nya regleringen innebär ökad transparens är det möjligt att de nya produktklassificeringarna kommer att ha en inverkan på definitionen av hållbara fonder samt de investeringsstrategier finansmarknadsaktörer i dagsläget använder sig av för att integrera hållbarhet. Utöver detta kan även produktklassificeringarnas lämplighet diskuteras mot bakgrund av förordningens ändamål. Syftet med detta arbete har varit att undersöka de produktspecifika upplysningskraven i förordningen och dessas inverkan på fonder som beaktar hållbarhetsaspekter, med hjälp av den rättsdogmatiska metoden samt den EU-rättsliga teleologiska metoden. För att klassas som en art. 8, eller ljusgrön fond, förefaller det som att det inte är tillräckligt för en fond att enbart integrera hållbarhet i investeringsprocessen utan snarare måste fonden använda sig utav flera olika hållbarhetsstrategier. För fonder som önskar att bli klassificerade som en art. 9, eller mörkgröna, verkar det istället som att s.k. ”impact” fonder eller tematiska fonder med hållbarhetsfokus är typiska exempel. Utöver detta innehåller förordningen en definition med uttryckliga kriterier gällande vad som är en hållbar investering, vilket underlättar investerares förståelse för hållbara investeringar. Dessutom kan den ökade regleringen och rapporteringskraven bidra till mindre ”greenwashing”, vilket i sin tur gynnar FN:s globala hållbarhetsmål och Parisavtalet. Men samtidigt som produktklassificeringarna tycks vara i linje med SFDR:s mål innehåller både definitionerna och klassificeringarna ett flertal oklarheter som hindrar förordningen från att helt uppnå sina mål.

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Dotto, Bruno di. "Negócios da companhia com ações de sua emissão." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-16032015-112719/.

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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.

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Papadopoulos, Thomas. "Harmonization of takeovers in the internal market : an analysis in the light of EU law." Thesis, University of Oxford, 2010. http://ora.ox.ac.uk/objects/uuid:bc2e64c7-80ff-4707-b3f3-ff9804dd29bc.

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This DPhil thesis analyses the Takeover Bid Directive in the light of EU Law and examines the extent to which this Directive facilitates the exercise of the fundamental freedom of establishment and the free movement of capital in the internal market. Since the Directive is based on the EC Treaty chapter on freedom of establishment (Articles 43 and 44(2)(g) EC Treaty), it should in principle contribute to cross frontier corporate mobility in the internal market through takeover bids; this was the aim of the Commission in its various proposals. Takeover bids and the EC Treaty provisions on freedom of establishment are closely related. The Directive forms part of the EU company law harmonization programme whose weaknesses and limits are also explored. However, the Takeover Bid Directive is an EU company law instrument with strong links to EU capital market law. The initial aims of the EU legislature were to establish an internal market for companies and to achieve market integration in the field of EU company law. However, the Takeover Bid Directive is a compromise and watered down version of a proposal which the Commission envisaged would lead to a more effective pan-European takeover regime than that which actually proved possible. The need for compromise was the result of the very different legal and policy approaches of the Member States in the field of takeover regulation. Some provisions of the Directive are obligatory for all Member States. These provisions include the mandatory bid rule, the squeeze-out right, and the sell-out right. All these obligatory provisions of the Directive are in their present form open to criticism. The two key provisions of the Directive have been made optional for Member States. These are the non-frustration rule, requiring the board to obtain the prior authorization of the general meeting of shareholders before taking any action which could result in the frustration of the bid; and the breakthrough rule, requiring that any restrictions on the transfer of securities or voting rights provided for in the articles of association of the offeree company or in contractual agreements between the offeree company and the holders of its securities or in contractual agreements between holders of the offeree company’s securities shall not apply vis-à-vis the offeror during the time allowed for acceptance of the bid. Nevertheless, Member States, which opt out, are obliged to allow individual companies to opt in. Moreover, a reciprocity rule was also adopted, which allows Member States to permit those companies, which apply these provisions, to opt out again if they are the target of a bidder, which does not itself apply the same takeover provisions. Additionally, the non-frustration and the breakthrough rule are not fully comprehensive and even when a company applies them, it might still be able to evade their application since some corporate and financial structures remain outside the Directive’s scope. Finally, this thesis discusses the extent to which obstacles to cross border takeovers addressed by the Directive, or indeed left intact by the Directive, are to be regarded as restrictions on the right of establishment stricto sensu, or simply as obstacles in practice to making a successful takeover bid. More specifically, it scrutinizes the horizontal direct effect of the EC fundamental freedoms and seeks to analyze the extent to which conduct of the board and articles in the corporate constitution might be said to constitute restrictions on the freedom of establishment and on the free movement of capital.

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Papadima, Raluca. "La convergence en matière de droit applicable aux sociétés cotées de l’Union européenne : qui s'assemble se ressemble." Thesis, Paris 2, 2017. http://www.theses.fr/2017PA020038.

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Les sociétés cotées constituent un monde à part. Il existe environ 5 000 sociétés cotées sur les marchés réglementés des bourses de l’UE. Même si elles représentent moins de 1 % des entreprises européennes, leur capitalisation boursière s’élève à plus de 70 % du PIB. Parce que ces sociétés ont une importance systémique pour l’économie, la compréhension de leur régime juridique s’avère cruciale. Nous traçons d’abord les contours du droit qui leur est applicable, en partant du niveau supranational parce que le droit européen est la plus importante source à la fois de convergence et de divergence. Cette approche nous permet de discuter si le niveau supranational devrait s’investir de nouveaux secteurs ou pousser l’harmonisation dans ceux déjà réglementés et de faire des prédictions quant à la direction probable ou souhaitable des réglementations. Nous analysons ensuite la causalité de la convergence, ce qui fait ressortir trois types de convergence : imposée, par pression et par rapprochement des circonstances factuelles dans lesquelles les sociétés cotées de l’UE exercent leurs activités. Nous concluons qu’il existe à présent une convergence en matière de droit applicable aux sociétés cotées de l’UE en dépit d’une harmonisation seulement partielle opérée au niveau supranational et que cette convergence s’approfondira sous l’impulsion des forces et des facteurs qui en servent de cause. Cette conclusion appuie la systématisation future des droits nationaux en fonction d’une nouvelle summa divisio entre sociétés cotées et sociétés non cotées
Listed companies are a world apart. There are approximately 5 000 companies listed on the regulated markets of the EU stock exchanges. Although they represent less than 1 % of the European businesses, their market capitalization amounts to more than 70 % of GDP. Because they have a systemic importance for the economy, the comprehension of their legal regime is crucial. We first establish the boundaries of the applicable law, starting from the supranational level because EU law represents the most important source of both convergence and divergence. This method allows us to establish if the supranational level should extend to new areas of regulation or push for further the harmonization in the areas already regulated and to make predictions regarding the probable or desirable future directions of the regulations. We then analyze the causality of convergence, which shows three main types of convergence : imposed, by pressure and by approximation of the factual circumstances of the environment in which EU listed companies operate. We conclude that presently there is a convergence of national regulations applicable to EU listed companies despite only partial harmonization at the supranational level and that this convergence will deepen as a result of its forces and factors of causality. This conclusion reinforces the arguments for a reorganization of national laws based on a new summa divisio between listed companies and non-listed companies

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Azevedo, Luís André Negrelli de Moura. "Concentração e dispersão do poder político nas organizações coletivas finalísticas. Regime jurídico da companhia aberta integrante do novo mercado da bolsa de valores: o papel decisivo desempenhado pelos instrumentos jurídicos de dissociação entre representatividade política e participação economica de acionistas no âmbito da companhia." Universidade de São Paulo, 2015. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-17122015-104939/.

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Ao redor do mundo, a maioria das companhias listadas de grande porte tem acionista controlador, à exceção dos EUA e do RU, em que o comando da atividade empresarial é exercido, de fato, pelos administradores. A conformação de controle dominante em cada país resulta de uma série de fatores, muitos deles de ordem jurídica, os quais levam ao surgimento e permanência de uma dessas variantes, ao mesmo tempo em que parecem inibir o desenvolvimento da estrutura alternativa. A gradativa convergência global dos padrões de propriedade acionária a um denominador comum, aparentemente em curso - dos extremos da dispersão e concentração absolutas para o cenário intermediário dos blocos de participação minoritária relevante detidos por investidores institucionais não tem sido acompanhada de transformações significativas nas estruturas de poder de controle interno dominantes em cada país, as quais, em essência, continuam as mesmas. Isso significa que os fatores (jurídicos, especialmente) que levam à predominância de tais estruturas continuam em atuação, não obstante modificações havidas no grau de dispersão do capital com direito a voto de companhias listadas. Este trabalho visa apresentar um conjunto mais específico de fatores jurídicos que, ao mesmo tempo e de modo decisivo, favorecem a proliferação de uma dentre as duas estruturas de controle consideradas (controle acionário ou gerencial) e inibem o desenvolvimento de outra. Trata-se dos instrumentos jurídicos de dissociação entre representatividade política e participação econômica de acionistas, os quais exercem papel central na conformação do regime jurídico das companhias abertas com elevada dispersão do capital votante, integrantes do Novo Mercado da BVSP.
Most of the large listed companies outside USA and UK have a controlling shareholder. The dominant control structure in each country is the result of multiple determinants, many of them arising from the legal system. The gradual convergence of ownership patterns around the world from the extremes of the total concentration and separation of ownership and control to the intermediate scenario of significant blockholdings held by institutional investors - has not been accompanied by a relevant shift in the control structures in listed companies of most of the countries, specially those in the Brazilian Novo Mercado. This Doctorate Thesis presents a specific subset of legal factors contributing for that outcome: the legal instruments separating voting rights from cashflow rights.

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De, Almeida Laranjeira Rodrigo. "Le gouvernement d'entreprise en droit européen et brésilien comparé." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010258.

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Le gouvernement d’entreprise a subi une modification radicale en Europe à partir des années 1990. Le changement est aujourd’hui consolidé et il fait partie du droit des sociétés modernes. Le droit brésilien s’est toujours inspiré des législations européennes. Notre étude pose la question de savoir, à partir d’une vue comparative, si le droit brésilien des sociétés se rattache au gouvernement d’entreprise européen. On se centre en Europe sur le droit allemand, le droit anglais, le droit français et le droit communautaire. Notre analyse dépasse le cœur du gouvernement d’entreprise et inclut des parties qui relèvent du droit des marchés de capitaux et du droit de l’environnement, qui ont évidemment aussi un lien avec le gouvernement d’entreprise et le droit des sociétés. Pour comprendre le cœur du gouvernement d’entreprise, à savoir l’organisation des organes d’administration de la société anonyme cotée sur un marché réglementé, il faut s’appuyer sur l’analyse du traitement juridique de sujets à la fois accessoires et rattachés, comme le régime de la responsabilité des administrateurs. Le gouvernement d’entreprise se partage principalement en gouvernements d’entreprise interne et externe. Le gouvernement d’entreprise interne est celui qui traite l’organisation des organes d’administration, les relations entre les administrateurs et les actionnaires. Il se préoccupe surtout des affaires internes des sociétés anonymes. Le gouvernement d’entreprise externe a plutôt à voir avec la société anonyme et ses relations externes, dans le cadre du droit des marchés de capitaux et du droit de l’environnement. La réglementation brésilienne n’a pas accompagné les évolutions du gouvernement d’entreprise interne, sauf par rapport à certains mécanismes de base, comme la publicité. Il y a une plus grande synchronicité dans le gouvernement d’entreprise externe, qui relève de sujets majoritairement poussés en priorité par un consensus international. Le Brésil devra, en fonction de l’évolution de la déconcentration de la structure de l’actionnariat, s’appuyer sur le droit européen et introduire davantage de concepts du gouvernement d’entreprise moderne
Corporate governance has undergone a radical change in Europe since the 1990s. Change has now consolidated and is part of the company law. Brazilian law has always been inspired by European legislation. Our study asks, from a comparative perspective, if the Brazilian corporate law relates to the European corporate governance. In Europe, we focus on German law, English law, French law and Community law. Our analysis goes beyond the heart of corporate governance and includes parts of capital markets law and environmental law, because they obviously also have a connection with corporate governance and company law. The understanding of the core of corporate governance, which is the organization of administrative bodies of the listed company on a regulated market, depends on the analysis of the legal treatment of incidental subjects, but related, as the regime of liability.Corporate governance is divided into internal corporate governance and external corporate governance. Internal corporate governance deals with the organization of administrative bodies, the relationship between directors and shareholders. It is primarily concerned with the internal affairs of corporations. External corporate governance has rather to do with the corporation and its external relations, under capital markets law and environmental law. Brazilian law did not follow changes in the internal corporate governance, except with respect to certain basic mechanisms such as disclosure. There is a greater synchrony in the external corporate governance, whose main topics are first driven by an international consensus. Brazil will have to measure the evolution of shareholding structure. If the shareholding turns less concentrated, Brazil will have to rely on European law and introduce more modern concepts of corporate governance
Corporate Governance hat einen radikalen Wandel in Europa seit den 1990er Jahren durchgemacht. Der Wandel ist konsolidiert und ist nun Teil des Rechts der modernen Aktiengesellschaften. Brasilianisches Recht wird immer durch die europäische Gesetzgebung inspiriert. Unsere Studie fragt, aus einer vergleichenden Sicht, ob sich das brasilianische Unternehmensrecht auf die europäische Corporate Governance bezieht. Wir konzentrieren uns in Europa auf das deutsche Recht, das englische Recht, das französische Recht und das europäische Recht. Unsere Analyse geht über die Herzen der Unternehmensführung und umfasst Teile, die dem Kapitalmarkt- und dem Umweltrecht angehören, da sie selbstverständlich auch eine Verbindung mit der Corporate Governance und dem Aktienrecht haben. Das Verständnis des Kerns der Unternehmensführung, welcher die Organisation der Verwaltungsorgane der börsennotierten Aktiengesellschaft ist, hängt von der Analyse der rechtlichen Behandlung von Neben-Themen, die aber verwandt sind, ab, wie die Regeln über die Haftung. Corporate Governance ist vor allem in interne und externe Corporate Governance unterteilt. Interne Unternehmensführung beinhaltet die Organisation der Verwaltungsorgane und die Beziehung zwischen Direktoren und Aktionäre. Sie ist in erster Linie die innere Angelegenheit der Konzerne. Die externe Unternehmensführung umfasst eher das Unternehmen und seine externen Beziehungen nach dem Recht der Kapitalmärkte und des Umweltrechts

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Reis, Luís Henrique Vecchio. "The capital structure of portuguese firms within a crisis." Master's thesis, Instituto Superior de Economia e Gestão, 2011. http://hdl.handle.net/10400.5/4565.

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Mestrado em Finanças
In this study we review the theoretical approach behind the capital structure decisions by presenting the ideas of the Modigliani and Miller (1958) Theorem that was based on the perfect capital markets world and with the argument of the law of one price. We show that there are two useful theories in the firm’s financing decision: the Trade‐off theory, which builds on Modigliani and Miller’s original arguments and identifies several relevant factors in determining a firm’s capital structure (such as taxes, costs of financial distress, and agency costs and benefits of debt), and the Pecking Order Theory of Myers and Majluf (1984). Further in this study we describe the evolution of the capital structure of the 16 largest listed non‐financial Portuguese firms (“PSI‐16”) during the recent crisis peaking in 2008. We present a description of the level debt (and net debt) compared to the book value and to the market value of the equity of such firms (debt to equity ratio). We find some evidence consistent with both theories. In particular we find a cautious utilization of debt due to higher risk of bankruptcy (and its costs), but still taking advantage of the interest tax shield (consistent with the trade‐off theory view), and an increase in retained earnings and absence of new issues (consistent with the pecking order theory). We explain that the firms’ financing decision can depend of several factors pointed by the Trade‐off Theory, such as tax advantages of using debt, agency costs and benefits of debt, and costs associated with financial distress. Yet, in times of crisis firms may prefer to use internal rather than external financing mainly because of asymmetry of information.
No presente estudo, fazemos uma revisão da literatura em relação às decisões de estrutura de capital através da apresentação do Teorema de Modigliani e Miller (1958), sendo este baseado num mercado de capitais perfeito com o argumento assente na Lei do Preço Único. Mostramos que existem duas teorias úteis para a decisão de financiamento de uma empresa: a Trade‐off Theory, que está assente sobre os argumentos originais de Modigliani e Miller e identifica vários factores relevantes na determinação da estrutura de capital de uma empresa (como os impostos, os custos de financial distress, custos de agência e benefícios do uso de dívida); e a Pecking Order Theory de Myers e Majluf (1984). Mais além neste estudo, descrevemos a evolução da estrutura de capital das 16 maiores empresas cotadas portuguesas não financeiras (“PSI‐ 16”) durante a recente crise que teve o seu pico em 2008. Apresentamos uma descrição do nível de dívida (e dívida líquida) comparada com o valor contabilístico e o valor de mercado das empresas (rácio debt to equity). Pudemos encontrar alguma evidência consistente com ambas as teorias. Por um lado, as empresas mostram uma certa cautela na utilização de dívida devido ao aumento do risco de falência (e os seus custos), mas ainda tirando vantagem do interest tax shield (consistente com a visão da Trade‐off Theory). Por outro lado, verificamos um aumento dos lucros retidos e nenhuma nova emissão (consistente com a Pecking Order Theory). Concluímos que as decisões de financiamento de uma empresa dependerão de diversos factores apontados pela Tradeoff Theory, como as vantagens fiscais na utilização de dívida, custos de agência e benefícios do uso de dívida, e custos associados com financial distress. Ainda, em tempos de crise as empresas podem preferir usar financiamento interno no lugar de externo, principalmente devido à assimetria de informação.

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Zanotta, Alexandre. "Regulação e auto-regulação no mercado de capitais brasileiro." Pontifícia Universidade Católica de São Paulo, 2005. https://tede2.pucsp.br/handle/handle/9113.

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Made available in DSpace on 2016-04-26T20:30:36Z (GMT). No. of bitstreams: 1 Regulacao e Auto Regulacao no Mercado de Capitais Brasileiro.PDF: 673161 bytes, checksum: 9ab570c96f0d0a0ee56517005213a4f4 (MD5) Previous issue date: 2005-08-08
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This work intends to bring a contribution for the debate about the adequacy of the current regulation system of the Brazilian capital markets and to propose a solution for its enhancement, with the intention to increase the number and the quality of the transactions held in such market, and to make them safer for investors. In this context, it will only be analyzed the aspects of regulation and self-regulation in the segment of the financial system governed by Law nr. 6385/76, as amended, i.e., aspects exclusively related to the national securities market. The purpose hereby proposed is to present and discuss, in a comprehensive manner, the legal aspects related to regulation and self-regulation in the Brazilian capital markets, from the comprehension of the concept of regulation and its related aspects, including its characteristics and limits, as well as the characteristics of the regulatory power in our capital markets, demonstrating that the exercise of regulatory function by the Executive Power is legally valid in the Brazilian juridical system. The topic of self-regulation was analyzed bearing in mind not only its general characteristics, but also its specific characteristics related to the Brazilian capital markets, including the legal rationale for the exercise of self-regulation power by private entities, the relationship between the Brazilian Securities Commission (Comissão de Valores Mobiliários) and mentioned entities, the analysis of the Stock Exchanges activities and the analysis of factual events related to self-regulation in the securities market of Brazil. Thus, the intention hereby was to demonstrate that the safer and more adequate alternative for the development of the Brazilian securities market is a greater balance between regulation and self-regulation, with the increase of the participation of self-regulation in our capital markets.
Este trabalho tem por objetivo trazer uma contribuição para o debate em torno da adequação do atual sistema de regulação do mercado de capitais brasileiro e apontar uma solução para sua melhora, de forma a aumentar o número e a qualidade das operações realizadas em referido mercado e torná-las mais seguras para os investidores. Nesse contexto, somente serão analisados os aspectos da regulação e da auto-regulação no segmento do sistema financeiro disciplinado pela Lei nº 6.385/76, conforme alterada, ou seja, aspectos relativos exclusivamente ao mercado de valores mobiliários nacional. A finalidade aqui proposta é apresentar e discutir, de forma abrangente, os aspectos jurídicos relacionados à regulação e à auto-regulação no mercado de capitais no Brasil, partindo da compreensão do conceito de regulação e dos aspectos a ele relacionados, incluindo suas características e limites, bem como as características do poder regulamentar em nosso mercado de capitais, demonstrando que o exercício de função normativa pelo Poder Executivo é juridicamente válido no ordenamento jurídico brasileiro. O tema da auto-regulação foi analisado tendo em vista não apenas suas características gerais, como também suas características específicas no mercado de capitais brasileiro, incluindo a fundamentação legal do exercício do poder de auto-regulação por entidades privadas, a relação entre a Comissão de Valores Mobiliários e referidas entidades, a análise das atividades das Bolsas de Valores e a análise de casos concretos atuais pertinentes à auto-regulação no mercado de valores mobiliários no Brasil. Assim, pretendeu-se demonstrar que a alternativa mais segura e adequada ao desenvolvimento do mercado de valores mobiliários brasileiro é um maior equilíbrio entre a regulação e a auto-regulação, com o aumento da participação da auto-regulação em nosso mercado de capitais.

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Hornuf, Lars. "Regulatory Competition in European Corporate and Capital Market Law: An Empirical Analysis." Diss., lmu, 2011. http://nbn-resolving.de/urn:nbn:de:bvb:19-131027.

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Sauer, Knut. "Haftung für Falschinformation des Sekundärmarktes /." Frankfurt am Main [u.a.] : Lang, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/391834002.pdf.

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Laranjeira, Rodrigo de Almeida. "Le gouvernement d’entreprise en droit européen et brésilien comparé." Doctoral thesis, Humboldt-Universität zu Berlin, Juristische Fakultät, 2016. http://dx.doi.org/10.18452/17596.

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Corporate Governance hat einen radikalen Wandel in Europa seit den 1990er Jahren durchgemacht. Der Wandel ist konsolidiert und ist nun Teil des Rechts der modernen Aktiengesellschaften. Brasilianisches Recht wird immer durch die europäische Gesetzgebung inspiriert. Unsere Studie fragt, aus einer vergleichenden Sicht, ob sich das brasilianische Unternehmensrecht auf die europäische Corporate Governance bezieht. Wir konzentrieren uns in Europa auf das deutsche Recht, das englische Recht, das französische Recht und das europäische Recht. Unsere Analyse geht über die Herzen der Unternehmensführung und umfasst Teile, die dem Kapitalmarkt- und dem Umweltrecht angehören, da sie selbstverständlich auch eine Verbindung mit der Corporate Governance und dem Aktienrecht haben. Das Verständnis des Kerns der Unternehmensführung, welcher die Organisation der Verwaltungsorgane der börsennotierten Aktiengesellschaft ist, hängt von der Analyse der rechtlichen Behandlung von Neben-Themen, die aber verwandt sind, ab, wie die Regeln über die Haftung.
Corporate governance has undergone a radical change in Europe since the 1990s. Change has now consolidated and is part of the company law. Brazilian law has always been inspired by European legislation. Our study asks, from a comparative perspective, if the Brazilian corporate law relates to the European corporate governance. In Europe, we focus on German law, English law, French law and Community law. Our analysis goes beyond the heart of corporate governance and includes parts of capital markets law and environmental law, because they obviously also have a connection with corporate governance and company law. The understanding of the core of corporate governance, which is the organization of administrative bodies of the listed company on a regulated market, depends on the analysis of the legal treatment of incidental subjects, but related, as the regime of liability.

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Chanthavong, Somvixay. "Corporate Finance and Capital Market Development in Lao People's Democratic Republic." Kyoto University, 2020. http://hdl.handle.net/2433/253519.

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Johnson, Niel. "An analysis of the proposed annual mark-to-market taxation of the capital gains of long-term insurance policyholders." Thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/4640.

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Includes bibliographical references.
This dissertation explores National Treasury's mark-to-market proposal which aims to tax the unrealised capital gains of long-term insurance policyholders on an annual basis. Although the proposal was ultimately rejected it remains under consideration. The mark-to-market proposal is evaluated against its intended purpose. The intended purpose is understood to be the collection by the South African Revenue Service (SARS) of capital gains tax (CGT) which has been 'effectively withheld' from policyholders by the insurer. Having gained an understanding of the mark-to-market proposal and its intended purpose, the proposal will be measured against the following criteria: Does it succeed in recovering capital gains taxes which have been 'effectively withheld' from policyholders? What are the side-effects of the proposal, if any?

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Gheeraert, Laurent. "Financial systems: essays on the cultural determinants and the relevance for economic development." Doctoral thesis, Universite Libre de Bruxelles, 2009. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210212.

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The thesis analyzes macro-economic determinants and roles of financial sector development.

The literature argues that the size and efficiency of both banking systems and financial markets - the two major components of a financial system - matter for economic development. In the same vein, the quality of financial institutions and regulations are instrumental in the construction of a strong financial system.

We study several aspects of financial sector development in relation to three recent phenomena, namely, the rise of Islamic banking and finance, the increasing interest for emerging stock markets, and the growing remittance flows.

This thesis is made up of three essays.

The first essay extends the literature on the determinants of financial sector development, from the angle of culture. We show that, on average, Islamic finance favors the development of the banking sector in Muslim countries. We provide evidence that several countries have indeed been successful in launching a new, Shariah-compliant, banking system, while not harming the existing, conventional, banking sector. Our empirical analysis uses a newly-constructed original database on the size and performance of Islamic deposit banks globally over the period 2000 to 2005.

The second essay focuses on stock markets, in particular, the less-studied emerging equity markets. We confirm traditional literature findings on unconditional stock returns, over a panel of 53 Major and Frontier markets. Mainly, volatility is high, big surprises happen, and return correlations with the rest of the world are low but have been rising over the last decades. In spite of large differences in market size and liquidity, Frontier market returns are qualitatively similar to Major markets', except correlations, which are lower in Frontier markets. At current correlation levels, the latter continue to bring substantial diversification benefits to international investors.

The last essay examines the relationship between remittances and economic growth. It confirms that remittances are important for developing countries as they stimulate domestic investment. It then demonstrates, theoretically and empirically, that improving the access to bank deposit accounts is crucial to channel remittances to more productive uses. This is even more true when the access to international borrowing is costly.

The 2008-2009 financial crisis has propelled the improvement of financial systems to the top of policymakers' agendas. Our work contributes to a better understanding of the importance of finance in economic outcomes. It also brings a novel perspective on the determinants of financial systems./

Notre thèse a pour objet l'étude des déterminants et des rôles macro-économiques des secteurs financiers dans le monde.

Selon la littérature scientifique, la taille et l'efficacité des systèmes bancaires et des marchés financiers - les deux composantes principales d'un système financier - sont importantes pour le développement économique. Il apparaît également que la qualité des institutions et des régulations financières contribuent à la création d'un système financier fort.

Au travers de trois essais, nous examinons plusieurs aspects du développement du secteur financier, qui sont en relation avec trois phénomènes récents; à savoir: la croissance de la finance islamique, l'intérêt grandissant pour les marchés boursiers émergents, et l'augmentation des flux de transferts de fonds des migrants.

Dans le premier essai, nous nous intéressons aux facteurs culturels comme déterminants des secteurs financiers et, en particulier, au rôle de la religion musulmane. Nous montrons que, en moyenne, la finance islamique favorise le développement du secteur bancaire dans les pays musulmans. Plusieurs pays ont en effet réussi à développer un nouveau secteur bancaire compatible avec la Shariah, sans porter ombrage au secteur bancaire non islamique avec lequel il co-existe. Notre analyse empirique est fondée sur une base de données nouvelle et originale. Celle-ci a pour intérêt de fournir des indicateurs de taille et de performance des banques islamiques de dépôt dans le monde, pour la période 2000-2005.

Dans le deuxième essai, nous explorons les rendements inconditionnels obtenus sur les marchés boursiers, en particulier les marchés émergents d'actions. Notre analyse d'un large panel de 53 marchés émergents "Majeurs" et "Frontières" confirme les résultats traditionnellement observés dans la littérature. Ainsi, pour l'essentiel, les deux types de marchés sont volatils et émaillés d'événements extrêmes. De plus, les rendements des marchés émergents sont faiblements corrélés avec ceux du reste du monde, même si ces corrélations ont augmenté au cours des derniers décennies. Malgré d'importantes différences en terme de taille et de liquidité, les rendements sur marchés "Frontières" sont qualitativement similaires à ceux des marchés "Majeurs", à l'exception des corrélations. Ces dernières sont en effet actuellement plus faibles dans les marchés "Frontières", qui continuent dès lors à offrir d'importants bénéfices de diversification aux investisseurs internationaux.

Dans le dernier essai, nous examinons la relation entre les transferts d'argent des migrants et la croissance économique. Nous confirmons l'idée que les transferts de fonds des migrants sont importants pour les pays en voie de développement. Mais surtout, nous démontrons, de manière théorique et empirique, qu'il est crucial de faciliter dans ces pays l'accès aux comptes de dépôt bancaires, afin de transformer une plus grande part des transferts des migrants en investissements productifs. Ceci est d'autant plus vrai quand l'accès aux autres sources de capitaux internationaux est coûteux.

En conclusion, la crise financière de 2008-2009 a fait de l'amélioration des systèmes financiers la priorité de nombreuses politiques économiques. Dans cette perspective, notre travail apporte une contribution à une compréhension plus fine de l'importance de la finance pour l'économie, ainsi qu'une vision novatrice des déterminants des systèmes financiers.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished

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Filho, Celso Roberto Pereira. "Contribuições do direito norte-americano ao sistema de proteção do investidor no mercado de capitais brasileiro." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-14062016-151453/.

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O atual arcabouço normativo de proteção do investidor no mercado de capitais brasileiro teve suas linhas mestras cravadas pela reforma bancária introduzida pelas Leis 4.595, de 31 de dezembro de 1964, e 4.728, de 14 de julho de 1965, pela criação de um regulador especializado em mercado de capitais pela Lei 6.385, de 07 de dezembro de 1976, e pela reforma da legislação das sociedades anônimas introduzida pela Lei 6.404, de 15 de dezembro de 1976. Desde 1976, o arcabouço normativo de proteção do investidor no mercado de capitais brasileiro vem sendo desenvolvido a partir dessas linhas mestras iniciais, incorporando as lições aprendidas com as turbulências e euforias vividas pela economia nacional. Esse arcabouço normativo que aí está desde 1976 foi inspirado por contribuições do direito federal norte-americano, as quais foram conscientemente captadas no Brasil pelo legislador e pela comunidade jurídica nacional. Difundiram-se internacionalmente dos EUA para o Brasil os preceitos da proteção do investidor no mercado de capitais calcados na existência de um órgão regulador do mercado de capitais, na divulgação de informações relevantes para decisões de investimento (disclosure), na regulação funcional dos agentes do mercado de capitais e na vedação de fraudes com valores mobiliários.
The current normative framework for the protection of investors in the Brazilian capital market had its main lines placed by the banking reform introduced by the Laws 4.595, as of December 31, 1964, and 4.728, as of July 14, 1965, by the institution of one regulatory body specialized in the capital market by the Law 6.385, as of December 07, 1976, and by the reform in the legislation on companies introduced by the Law 6.404, as of December 15, 1976. Since 1976, the normative framework for the protection of investors in the Brazilian capital market has been developed based on such original main lines and incorporating the lessons learned with the turbulences and euphoria lived by the national economy. This current normative framework in place since 1976 has been inspired by the contributions of the federal US law and such contributions have been consciously captured in Brazil by the legislator and the national legal community. The following precepts of the protection of investors in the capital market have diffused from the US to Brazil, namely, the existence of one regulatory body in charge of capital markets, the disclosure of information relevant to investment decisions, the functional regulation of the agents of the capital markets and the prohibition of frauds with securities.

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Immelmann, Oliver. "Funktionsprobleme des tschechischen Kapitalmarktrechts im Transformationsprozess der tschechischen Wirtschaft." Berlin : Dissertation.de, 2001. http://catalog.hathitrust.org/api/volumes/oclc/50523796.html.

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Madureira, Maiara. "Limitações à autonomia privada nos estatutos das companhias abertas." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-11022015-130827/.

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Não obstante os empresários tenham autonomia para decidir pela celebração ou não de um contrato e pela determinação de seu conteúdo, tem se verificado, hodiernamente, uma crescente limitação dessa autonomia. As companhias abertas, objeto de análise do presente trabalho, resultantes da celebração de contrato de sociedade, devem observar, além das disposições aplicáveis ao direito contratual e ao direito societário, as regulamentares emanadas pela CVM. Conforme aplicável, devem observar, ainda, as normas decorrentes da autorregulação e imposições decorrentes de contratos celebrados com as entidades administradoras de mercados. Tais regras têm sua razão de ser: surgiram em contextos econômicos, sociais e políticos específicos visando a tutelar determinados valores elencados como primordiais. Assim, o presente trabalho tem por objetivo analisar as limitações à autonomia privada impostas aos empresários na constituição das sociedades anônimas, especificamente no que se refere ao estabelecimento de cláusulas estatutárias de companhias abertas. Para tanto, serão feitas análises sobre autonomia privada e suas limitações e sobre o desenvolvimento das companhias e do mercado de capitais brasileiro, permitindo-se a avaliação de quais interesses e valores foram considerados merecedores de tutela pelo ordenamento jurídico. Com esses fundamentos, será possível compreender a estrutura dos estatutos sociais das companhias abertas e quais as limitações impostas no estabelecimento das cláusulas estatutárias.
Although entrepreneurs have autonomy to celebrate or not a contract and to determine its content, it has been noted a gradually restriction of the mentioned autonomy. The publicly-held companies, object of the present study, originated from the conclusion of association contract, must observe, in addition to the contract law and corporate law provisions, the regulation issued by the Securities Commission. Besides, when applicable, publicly-held companies must be considered in accordance with self-regulation rules and other requirements as stated in listing contracts. The arise of these rules can be explained by the occurrence of specific economic, social and political contexts, which demanded the protection of certain values considered as primaries. Thus, the present dissertation aims to analyse the restrictions of the private autonomy entailed to entrepreneurs in setting up publicly-held companies, specifically when it concerns the establishment of by-laws clauses. For that reason, we will proceed to the analysis of private autonomy and its limitations, as well as the development of Brazilian publicly-held companies and capital markets, in order to examine which interests and values must be protected by judicial and institutional system. With these considerations, we expect to reach a better understading about by-laws framework and which are the restrictions imposed to the establishment of the referred clauses.

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Neves, Heidi Rosa Florencio. "Direito administrativo sancionador e o crime de insider trading." Universidade de São Paulo, 2013. http://www.teses.usp.br/teses/disponiveis/2/2136/tde-18112016-105900/.

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O objeto da dissertação é a regulamentação do uso indevido de informação privilegiada no mercado de capitais. Discute-se no texto qual seria a melhor maneira de reprimir a conduta praticada pelo insider trading, concluindo-se que o sistema ideal seria não mais a dupla repressão como ocorre atualmente, mas sim a separação entre as esferas administrativa e penal. A primeira julgaria as infrações de menor gravidade, deixando apenas as que efetivamente causassem potencialidade lesão grave ao bem jurídico sob a tutela do direito penal. Ante a necessidade de compreensão do contexto em que o delito de uso indevido de informação privilegiada ocorre, o trabalho inicia-se com um breve panorama do mercado de capitais, no qual se trata da formação do mercado de valores mobiliários, das bolsas de valores e das sociedades anônimas. Assim, no primeiro capítulo trata-se da regulamentação do mercado de capitais no Brasil, em especial, das Leis 6.385/1976, a qual regula o mercado de valores mobiliários brasileiro e traz a descrição do tipo penal do crime do insider trading no artigo 27-D, e da Lei 6.404/1976, que regula as sociedades anônimas no Brasil, e trata dos deveres de informar, de lealdade e de guardar sigilo impostos aos administradores das sociedades anônimas de capital aberto. No segundo capítulo, é feita inicialmente uma abordagem do que vem a ser o crime de insider trading e informação privilegiada, mencionando-se quais são argumentos contrários e a favor da repressão da conduta de utilização indevida de informação privilegiada. Na seqüência, faz-se uma breve análise da legislação estrangeira, com destaque para os países Estados Unidos da América, Espanha, Portugal e Itália. O terceiro capítulo trata da regulamentação do crime de insider trading no Brasil, iniciando-se com uma breve análise comparativa entre o tipo penal da legislação pátria e os das legislações estrangeiras estudadas no capítulo anterior. Em seguida, é analisada a tipicidade objetiva e subjetiva do tipo penal, concluindo-se que se trata de crime formal, que não admite tentativa e que se consuma no momento da utilização da 173 informação relevante ainda não divulgada ao mercado, independentemente da obtenção da vantagem indevida. Ainda no terceiro capítulo, trata-se do sujeito ativo e passivo do delito, concluindo-se que, de acordo com a redação do tipo penal, apenas quem tem o dever de manter sigilo pode ser responsabilizado criminalmente no Brasil pelo crime de insider trading, e que o sujeito passivo é a coletividade, a sociedade como um todo. Esse capítulo traz também o debate existente, sobretudo na doutrina estrangeira, de qual seria o bem jurídico tutelado pelo crime em comento. Dentre todas os possíveis bem jurídicos aventados, conclui-se que apenas a igualdade entre os investidores e a confiança no mercado de capitais são dignos de tutela penal e justificam a intervenção dessa esfera do direito. O quarto capítulo trata da relação existente entre o direito penal econômico e o crime de insider trading. Além de tratar das características do direito penal econômico, o capítulo traz críticas à expansão do direito penal moderno e trata da ineficiência da utilização da esfera penal para proteger de forma eficaz os delitos da moderna criminalidade econômica. O quinto e último capítulo trata justamente do título do trabalho: Direito Administrativo Sancionador e o Crime de Insider Trading. Nesse capítulo, explica-se o modelo proposto para sancionar a utilização indevida de informação privilegiada, iniciando-se por tratar da definição de direito administrativo sancionador e sua distinção entre o direito penal. Na seqüência trata-se da possível configuração de bis in idem existente atualmente com a aplicação de sanção administrativa e penal para o mesmo fato, para o mesmo sujeito e com o mesmo fundamento. Trata-se ainda do fortalecimento da CVM como agência reguladora para regulamentar, fiscalizar e punir com eficiência as utilização indevida de informação privilegiada, deixando para o direito penal apenas as infrações capazes de colocar em risco o mercado de capitais. Por fim, são expostas as conclusões do trabalho.
The object of this dissertation is the regulation of the misuse of privileged information in the capital market. It is discussed in the text which would be the best way to repress the conduct practiced by insider trading, concluding that the ideal system would be no more the double repression as currently occurs, but a single repression in administrative or criminal sphere according to the seriousness of the offense. The first would judge the lesser gravity infractions, leaving only those that actually caused any serious injury to the good under the legal protection of criminal law. Before the need to understand the context in which the offense of misuse of privileged information occurs, the dissertation begins with a brief overview of capital markets, in which it comes to the formation of the securities market, stock exchange, as well as corporations. Thus, the first chapter deals with (i) the regulation of the capital market in Brazil, in particular regarding Law 6.385/1976, which regulates the securities market of Brazil and contains a description of the type of criminal offense of insider trading, and (ii) the Federal Act 6.404/1976, which regulates corporations in Brazil and provides the duties to inform, loyalty and confidentiality imposed on directors of stock companies. In the second chapter, it is initially provided an approach of the concept of the insider trading crime, mentioning what are the arguments against and in favor of its repression. Subsequently, there is a brief analysis of foreign law, particularly the legislation of the United States of America, Spain, Portugal and Italy. The third chapter deals with the regulation of the insider trading crime in Brazil, beginning with a brief comparative analysis of criminal hyphotesis provided by Brazilian law and the foreign legislation analyzed in the previous chapter. Then, it is analysed the objective and subjective elements of the criminal hypothesis, concluding that it is a formal crime, which admits no attempt and that occurs at the time of use of relevant information not yet disclosed to the market, independently of obtaining improper benefit. The fourth chapter deals with the relationship between economic crime and insider trading crime. Besides approaching characteristics of the economic criminal law, the chapter provides critics to the expansion of modern criminal law and deals with the inefficiency of using the criminal sphere to protect society against the crimes of modern economic criminality. The fifth and final chapter deals with the relationship between punitive administrative law and insider trading crime. In this chapter it is explained the model proposed to penalize the misuse of inside information, starting with the definition of punitive administrative law and its distinction from criminal law. Following reference is to the possible configuration of bis in idem currently existing in the application of the criminal and administrative sanction for the same offense, same individual and on the same basis. In addition, it is also discussed the strengthening of the Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Commission) as the regulatory agency authorized to regulate, inspect and punish effectively the misuse of inside information, leaving to the penal sphere only the criminal law offenses that are entitled to put the capital market in risk. Finally, the dissertation conclusions are exposed.

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Wang, Qi, and 王祁. "Disclosure of internal control weaknesses and the capital market valuation of earnings surprise after the Sarbanes-Oxley Act of 2002." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2008. http://hub.hku.hk/bib/B41290550.

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Lau, Mona Ricarda [Verfasser]. "Three essays on the impact of major tax or subsidy reforms on investors, capital markets and society / Mona Ricarda Lau." Berlin : Freie Universität Berlin, 2017. http://d-nb.info/1135608083/34.

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Barth, Marcel. "Schadensberechnung bei Haftung wegen fehlerhafter Kapitalmarktinformation /." Frankfurt am Main [u.a.] : Lang, 2006. http://www.gbv.de/dms/spk/sbb/recht/toc/510940420.pdf.

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Springstube, Woodard R. (Woodard Rex). "Studies in Bank Contagion: Three Regulatory Events." Thesis, University of North Texas, 1998. https://digital.library.unt.edu/ark:/67531/metadc279347/.

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This research describes an analysis, using event-study methodology, of the reaction of the stock returns of a sample, drawn from the one-hundred largest bank holding companies, to certain actions of regulatory agencies. The first part of the analysis examines the reaction of the bank stocks to the closure of the Bank of New England, using cross-sectional variables not previously examined by other investigators. The second event considers the invalidation of interest-rate swap contracts by the British Law Lords, the highest court in Britain. The third case is an examination of the effects of actions taken to enforce the Community Reinvestment Act. All three events have significant abnormal returns in at least one sub-sample and event window. The results of the cross-sectional analysis and the lack of response to later events are consistent with market efficiency in the semi-strong form. The results are also consistent with the hypothesis that regulatory policies that emphasize consistency and banking system safety are desirable.

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Graham, Yao. "Law, state and the internationalisation of agricultural capital in Ghana : a comparison of colonial export production and post-colonial production for the home market." Thesis, University of Warwick, 1993. http://wrap.warwick.ac.uk/2310/.

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Law and State, especially forms of landed property and contract, have played an important mediatory role in the internationalisation of agricultural capital in Ghana. The establishment of cocoa production in Ghana in the late nineteenth and the early part of the twentieth century established the predominance of small holder peasant production in Ghanaian agriculture. The production and export of cocoa also established a specific form of internationalisation of agricultural capital in Ghana. This involved the subsumption of peasant commodity producers within the circuit of international capital. Because capital did not directly control production its relations with the peasantry centred around struggles over both the conditions of labour. in the sphere of production and over the realisation of the value of the peasants' product, in the sphere of circulation. These struggles were moulded by legal forms of landed property controlled by the direct producer and the character of the contractual relationship between peasant and the representatives of capital. The transformation induced by cocoa production included changes in forms of landed property, a process in which the colonial state played an important role. These changes have been a significant influence on the subsequent forms of internationalisation of agricultural capital in the post colonial period. The thesis shows through an analysis of the post colonial sugar and oil palm industries the nature of this influence. It also shows ho«- the shift in the proclaimed objectives of the state from the colonial concern with export agriculture to the "nationalist" post colonial goal of seif reliance came to be co-opted by new forms of international capital and the mediatory role of legal forms, especially contract, in this process of co-optation. This work is based mainly on written primary and secondary sources, complemented by intcrviews with some officials of the some of the institutions covered in the thesis. My secondary sources include unpublished essays and thesis, books, articles, reports, studies by companies, government bodies and similar such published material. Most of the primary material used in the parts of the work that deal with the colonial period conic from the British Public Records Office and the Ghana National Archives in Accra. For the post colonial period a substantial part of the primary information was gathered using personal contacts in various state institutions, particularly the Ministry of finance and Economic Planning, the Attorney General Department and the Ghana Investment Centre.

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Roque, Jorge Manuel Silva Gomes. "Aplicação da Benford's Law à liquidez do mercado financeiro : o caso português." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11385.

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Mestrado em Finanças
Este estudo tem como objectivo aplicar a Lei de Benford à liquidez do mercado de capitais em Portugal, mais concretamente o PSI-20, entre os anos de 2009 e 2012, e aferir se as distribuições obtidas para a amostra seguem ou não a distribuição teórica de Benford. O indicador de liquidez escolhido é o volume de transacções diárias. Os resultados variam conforme o teste estatístico utilizado na análise. Utilizando o teste Z, é possível detectar os desvios estatisticamente significativos nos valores individualmente, para cada posição dos dígitos. Utilizando o teste estatístico do qui-quadrado já é possível avaliar uma distribuição como um todo, para cada posição dos dígitos. Os resultados obtidos permitem afirmar que a amostra não apresenta diferenças estatisticamente significativas no caso do primeiro dígito em relação à distribuição teórica de Benford, ocorrendo o oposto nos casos do segundo, terceiro e quarto dígitos.
This study has the purpose of applying the Benford's Law to the Portuguese stock market liquidity, between the years of 2009 and 2012, and assess whether the obtained distributions follow or not the Benford's theoretical distribution. The liquidity indicator chosen is the daily volume transactions. The results vary according to the statistical tests used in the analysis. Using the Z test it is possible to detect statistically significant deviations in the values individually, for each position of the digits. Using the chi-square test is now possible to evaluate the obtained distributions as a whole, for each position of the digits. The obtained results show that there is no significant statistical difference in the case of the first digit when compared with the Benford's theoretical distribution, while in the cases of the second, third and fourth digits there is significant statistical difference.

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Bouaiche-Zekkouti, Naguin. "Droit financier et concurrence : contribution à l'étude d'une spécificité concurrentielle en matière financière." Thesis, Lyon 3, 2014. http://www.theses.fr/2014LYO30090.

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La notion de « concurrence » est traditionnellement associée au droit de la concurrence, entendu, dans sa vocation restrictive et européenne, comme le corpus gouvernant ententes et abus de position dominante. Si le droit de la concurrence a vocation à saisir les marchés financiers en vertu du droit commun, force est toutefois d’observer que, animé par une spécificité concurrentielle, le droit financier s’est investi lui-même de la mission consistant à assurer ses propres intérêts concurrentiels : sur les marchés financiers, modèles archétypique de concurrence « pure et parfaite », la concurrence s’est développée non pas dans le cadre des règles communes de la concurrence, mais en dehors de ces dernières. C’est de cette « spécificité concurrentielle » du droit financier que la présente recherche, enrichie des apports notables du droit américain, se propose de rendre compte : bouleversant les monopoles traditionnels et favorisant une dynamique de compétition normative le droit financier organise la concurrence sur les marchés financiers d’abord. Sur le modèle du droit commun de la concurrence, le droit financier assure la protection de la compétition, ensuite, la transparence jouant à cet égard un rôle de premier plan. La confrontation du droit financier au principe de concurrence atteste d’une véritable « spécificité concurrentielle » en matière financière. De façon plus globale, l’analyse conduit à remettre en cause les ordres établis, suggérant une clé de compréhension renouvelée autour d’une nouvelle cohérence : le droit financier ne serait in fine pas réductible à une branche du droit de la régulation tourné par l’ouverture à la concurrence via la mise en œuvre de politiques dites de « libéralisation ». Corrélativement, le droit de la concurrence pourrait ne pas être que le droit de la protection de l’ordre concurrentiel sur le marché des biens et services, les « Grandes libertés » étant appelées à compléter un édifice commun voué non seulement à protéger la concurrence, mais également à l’organiser. Au final, et cela ne serait pas le moindre des paradoxes de souligner la spécificité du droit financier tout en relativisant la notion de « droit de la régulation », avec en point de mire un « droit de la régulation économique »
The concept of « Competition » traditionally refers to Antitrust Law, heard in its restrictive and European meaning as governing both Trusts and abuse of dominant position. If Antitrust Law is intended to capture financial markets under common rules, however, it is observed that, animated by a competitive specificity, Financial Law has invested himself the task of ensuring its own competitive interest: financial market, competition archetypal models of « pure and perfect » competition, has not developed in the framework of common rules of competition, but outside them. It is precisely this kind of Financial Law’s « competitive specificity » that this research, enriched by notable contributions of US Law, proposes to report here : contesting classic monopolistic positions that have long characterized the financial infrastructures while sustaining a Law competition dynamic, Financial Law organizes competition in financial markets. More, not only does Financial Law organizes competition, it also protects competition, in the context of the influence of common Antitrust principles and market transparency.Financial Law and the competition principle comparison is rich teaching : it allows to demonstrate Financial Law’s competitive specificity. More broadly, the research led to challenge the « established order », suggesting a renewed key to understanding based on a new consistency: Financial Law would ultimately not be reduced to a branch of « Regulation Law », regulating the entire shot the opening to competition through the implementation of « Liberalization » policies. Correlatively, Antitrust Law may not be only confined in the protection of the competitive order on the goods and services market, « European freedoms of Mouvement » being then asked to complete a common building dedicated not only to protect the competition, but also to organize it. In the end, it would not be the least of paradoxes emphasizing the specificity of Financial Law while relativizing the notion of « Regulation Law », in focus with an « Economic Regulation Law »

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Connor, Timothy C. "Free movement of goods, persons, services and capital within the European Union. Jurisprudential Adjudications by the Court of Justice." Thesis, University of Bradford, 2013. http://hdl.handle.net/10454/6338.

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The published work which forms the basis of this submission by the applicant for the Degree of Doctor of Philosophy represents an extensive research which has extended the boundaries of knowledge and understanding in relation to the jurisprudential adjudications by the Court of Justice concerning the application of the TFEU freedoms of goods, persons, services and capital to national measures. The publications maintain thematic analytical focus on the jurisprudential employment of the EU principles of non discrimination, market access and the rule relating to the ¿selling arrangement¿ that are used as the modus operandi in the acquisition of Treaty free movement rights. The thread is law making; the published work evidences inconsistencies, complexities and confusions in the application by the Court of Justice of the modus operandi used to ensure acquisition of Treaty free movement rights. The research depicts a goods, persons, services and capital jurisprudence which displays a want of thematically consistent underpinning and some doctrinal diversity. It is the purpose of this Submission to exhibit the cohesiveness of the published work under review in the context of the contribution made to the knowledge and understanding of the jurisprudence of goods, persons, services and capital in European Union law.

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Pugh, David. "Essays in computational economics." Thesis, University of Edinburgh, 2014. http://hdl.handle.net/1842/9882.

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The focus of my PhD research has been on the acquisition of computational modeling and simulation methods used in both theoretical and applied Economics. My first chapter provides an interactive review of finite-difference methods for solving systems of ordinary differential equations (ODEs) commonly encountered in economic applications using Python. The methods surveyed in this chapter, as well as the accompanying code and IPython lab notebooks should be of interest to any researcher interested in applying finite-difference methods for solving ODEs to economic problems. My second chapter is an empirical analysis of the evolution of the distribution of bank size in the U.S. This paper assesses the statistical support for Zipf's Law (i.e., a power law, or Pareto, distribution with a scaling exponent of α = 2) as an appropriate model for the upper tail of the distribution of U.S. banks. Using detailed balance sheet data for all FDIC regulated banks for the years 1992 through 2011, I find significant departures from Zipf's Law for most measures of bank size inmost years. Although Zipf's Law can be statistically rejected, a power law distribution with α of roughly 1.9 statistically outperforms other plausible heavy-tailed alternative distributions. In my final chapter, which is based on joint work with Dr. David Comerford, I apply computational methods to model the relationship between per capita income and city size. A well-known result from the urban economics literature is that a monopolistically competitive market structure combined with internal increasing returns to scale can be used to generate log-linear relations between income and population. I extend this theoretical framework to allow for a variable elasticity of substitution between factors of production in a manner similar to Zhelobodko et al. (2012). Using data on Metropolitan Statistical Areas (MSAs) in the U.S. I find evidence that supports what Zhelobodko et al. (2012) refer to as "increasing relative love for variety (RLV)." Increasing RLV generates procompetitive effects as market size increases which means that IRS, whilst important for small to medium sized cities, are exhausted as cities become large. This has important policy implications as it suggests that focusing intervention on creating scale for small populations is potentially much more valuable than further investments to increase market size in the largest population centers.

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Connor, Timothy Charles. "Free movement of goods, persons, services and capital within the European Union : jurisprudential adjudications by the Court of Justice." Thesis, University of Bradford, 2013. http://hdl.handle.net/10454/6338.

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The published work which forms the basis of this submission by the applicant for the Degree of Doctor of Philosophy represents an extensive research which has extended the boundaries of knowledge and understanding in relation to the jurisprudential adjudications by the Court of Justice concerning the application of the TFEU freedoms of goods, persons, services and capital to national measures. The publications maintain thematic analytical focus on the jurisprudential employment of the EU principles of non discrimination, market access and the rule relating to the 'selling arrangement' that are used as the modus operandi in the acquisition of Treaty free movement rights. The thread is law making; the published work evidences inconsistencies, complexities and confusions in the application by the Court of Justice of the modus operandi used to ensure acquisition of Treaty free movement rights. The research depicts a goods, persons, services and capital jurisprudence which displays a want of thematically consistent underpinning and some doctrinal diversity. It is the purpose of this Submission to exhibit the cohesiveness of the published work under review in the context of the contribution made to the knowledge and understanding of the jurisprudence of goods, persons, services and capital in European Union law.

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Mabeu, Marie Christelle. "Institutions and Immutable Causes of Human Capital." Thesis, Université d'Ottawa / University of Ottawa, 2020. http://hdl.handle.net/10393/40683.

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My doctoral thesis examines the broad question of whether appropriately designed institutions and policies can address the short- and long-term consequences of determinants of human capital which are "immutable'' by nature or are perceived as such. I consider three different types of immutable determinants of human capital: male versus female biology; colonization; and traditional norms of gender roles. In Chapter 1, I examine whether, and how, change in political regime type affects excess male infant mortality. Analyzing data on more than 3 million live births from sub-Saharan African countries, I exploit within-mother variation in political regime type to find that excess male infant mortality significantly decreases following a transition to democracy. I identify competitiveness of executive recruitment, constraints on the chief executive, and political participation as the features of democracy that matter most. Examining causal mechanisms, I find that democracy fosters the provision of health inputs, including maternal education, tetanus immunization, breastfeeding, and normal birth weight, all of which have stronger health benefits for boys than for girls, despite being found to be ex-ante "gender-neutral'' in my setting. In Chapter 2, I examine how colonial reproductive laws interact with market incentives to shape long-term fertility behavior in Africa. Exploiting the arbitrary division of ancestral ethnic homelands and the resulting discontinuity in institutions across the British-French colonial borders, I find that women in former British areas are more likely to delay sexual debut and marriage, and have fewer children. However, these effects disappear in areas close to sea, where market access and the opportunity cost of childbearing appear to be high irrespective of the colonizer identity. This heterogeneous impact of colonial origins extends to measures of local economic development and household welfare. Examining causal mechanisms, I argue that the fertility effect of colonial origins is directly linked to colonial population policies and reproductive laws and their impact on the use of modern methods of birth control. I find little evidence that the fertility effect of British colonization operates through education or income. While British colonization is linked to higher female education levels, this occurs mainly close to the sea while the fertility effects do not. Again, while income levels differ, the fertility gap between British and French colonies opened prior to 1980, while the income gap opened-up after 1990. This chapter highlights the heterogeneous nature of the colonial origins of comparative fertility behavior and economic development, and implies that economic incentives may overcome historical determinism. In Chapter 3, I examine the interplay between legal origins and pre-colonial cultural norms of gender roles in determining female economic empowerment in sub-Saharan Africa. Taking advantage of the arbitrary division of ancestral ethnic homelands across countries with different legal origins, I directly compare women among the same ethnic group living in civil law countries and common law countries. I find that women in common law countries are significantly more educated, are more likely to work in the professional sector, and are less likely to marry at young age. However, these effects are either absent or significantly lower in settings where ancestral cultural norms do not promote women's rights and empowerment. In particular, I find little effect in bride price societies, patrilocal societies, and societies where women were not involved in agriculture in the past.

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Makwiramiti, Anthony Munyaradzi. "The implementation of the new capital accord (BASEL II) : a comparative study of South Africa, Switzerland, Brazil and the United States." Thesis, Rhodes University, 2009. http://hdl.handle.net/10962/d1002717.

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The international banking environment has become potentially riskier because of the recent developments in financial services and products which have changed the way banks do their day to day business. Imposing minimum capital adequacy regulations is one way of fostering stability in the global banking system. A number of countries have started to implement the new capital adequacy rules (Basel II) following the worldwide consensus among central bankers that bank‟s capital levels should be regulated to enhance global financial stability. In this study, through the comparative analysis of the general implementation issues it was established that emerging countries apply all Basel II rules uniformly across all the banking institutions that operate in their territories. Developed countries apply these rules only to large and internationally active banks and because of the diversity of their banking industries, they also apply domestically modified rules to the domestically based banks. For the successful implementation of Basel II, properly planning, devoting bank resources and making necessary legislative amendments are prerequisites for incorporating Basel II into the regulatory framework for any country. The study concludes that the current global financial turmoil continues to pose a threat to the effectiveness of the Basel II rules which are aimed at achieving global financial stability.

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Azevedo, Cláudia Patrícia Borges de. "Cessão fiduciária de direitos sobre coisas móveis no âmbito do mercado financeiro e de capitais." reponame:Repositório Institucional do BNDES, 2010. https://web.bndes.gov.br/bib/jspui/handle/1408/10799.

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Por meio da adaptação de um velho instituto jurídico, o negócio fiduciário, foi introduzida, no ordenamento jurídico pátrio, a cessão fiduciária de direitos, com vistas a atender a necessidade de garantias mais eficazes para assegurar os negócios empresariais. A cessão fiduciária de direitos sobre coisas móveis, objeto deste trabalho, encontra-se disciplinada no artigo 66-B da Lei n 4.728, de 14/07/1965, introduzido pela Lei n 10.931, de 02/08/2004, e representa um novo mecanismo de garantia aos contratos celebrados no âmbito do mercado financeiro e de capitais.
Bibliografia: p. 188-197.
Inclui notas de rodapé.
Dissertação (mestrado) - Faculdade de Direito da Universidade de São Paulo, Departamento de Direito Comercial, São Paulo, 2010.

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Pinto, Rafael de Carvalho Cayres. "Three essays on labor market institutions and labor turnover in Brazil." reponame:Repositório Institucional do BNDES, 2015. https://web.bndes.gov.br/bib/jspui/handle/1408/7024.

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This thesis consists of three papers about labor market institutions and labor turnover. The first paper deals with the effects of enforcement of labor laws on turnover among formal workers. Examining data from RAIS, the paper discusses a previously undocumented discontinuous reduction in the layoffs at one year tenure. The analysis suggest that this results from the requirement of homologation for termination of those contracts, which works as a firing cost. Firms subject to low inspection frequency respond to stricter enforcement by increasing turnover during the first year, thus avoiding the payment of evaded benefits. The second paper analyses two distortions potentially present in Brazilian labor market institutions: collusion between workers and firms to withdraw funds from unemployment insurance and FGTS, and the incentive for termination of employment contracts before one year, to avoid the homologation. The effect of these distortions on firms' turnover strategy is quantified by a model. The results indicate that both distortions have effects on the distribution of layoffs over the employment duration, but little effect on the overall turnover, productivity and efficiency. The conclusion is that the distortions are relatively unimportant when compared to the selection of suitable employees for the job positions as a driver for turnover rates. In the third and last paper, we assess the impact of these distortions on the turnover and productivity through their influence on incentives for investment in labor relationships. A new model is proposed, in which labor productivity depends on investment in human capital by the worker. The model shows that distortions leading to high turnover decrease the investment in labor relationships. The lower investment, in turn, reduces relationships' values, inducing more turnover. Thus, the existence of rents associated with turnover can reduce investment in human capital and labor productivity.
Esta tese é composta por três artigos sobre instituições do mercado de trabalho e rotatividade da mão-de-obra. O primeiro artigo aborda os efeitos o monitoramento das leis trabalhistas sobre a rotatividade dos trabalhadores formais. A partir dos dados da RAIS, o artigo documenta de forma inédita, uma redução descontínua das demissões quando os contratos completam um ano. A análise sugere que isto se deve a exigência de homologação para a rescisão desses contratos, que funciona como um custo de demissão. Firmas pouco sujeitas a inspeções pelo MTE respondem a aumentos da fiscalização com mais rotatividade durante o primeiro ano, evitando o pagamento de d´dívidas trabalhistas. O segundo artigo analisa duas possíveis distorções presentes nas instituições do mercado de trabalho no Brasil: o conluio entre trabalhador e firma para a apropriação do seguro desemprego e do FGTS; e o t´término dos contratos de trabalho antes de completarem um ano, visando evitar a homologação. O efeito dessas distorções sobre as decisões de demissão e quantificado através de um modelo. Os resultados indicam que as distorções têm efeitos sobre a distribuição das demissões ao longo da duração do emprego, mas com pequeno impacto sobre rotatividade total, produtividade e eficiência. Conclui-se que a principal motivação para a rotatividade e a seleção de trabalhadores adequados. No terceiro artigo, procura-se identificar os efeitos das mesmas distorções sobre os incentivos ao investimento nas relações de trabalho. Elabora-se um novo modelo em que a produtividade depende de investimento em capital humano pelo trabalhador. O modelo evidencia que distorções que induzem a rotatividade diminuem o investimento nos vínculos de emprego. O menor investimento, por sua vez, reduz o valor da relação, induzindo mais rotatividade. Assim, a existência de rendas associadas à rotatividade pode resultar em baixos investimentos em capital humano e produtividade.
Tese (doutorado) - Pontifícia Universidade Católica do Rio de Janeiro. Departamento de Economia, Rio de Janeiro, 2015.
Bibliografia: p. [86]-89.

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Willey, Kim. "Beyond short-termism : effective regulatory and financial industry reform for sustainable long-term investment in publicly listed companies." Thesis, University of Cambridge, 2019. https://www.repository.cam.ac.uk/handle/1810/289708.

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This thesis examines responses to the problem of stock market short-termism ('SMST'). SMST is defined as investors preferring short-term financial returns over potentially more profitable longer-term investment opportunities. Such short-termism may result in serious real-world consequences. Company executives appear to respond to short-term pressures in ways that jeopardize the long-term sustainability of listed companies negatively impacting investors and other stakeholders including employees, customers and the community at large. This thesis provides an original contribution to the academic literature via an in-depth examination of all significant regulatory and financial industry efforts meant to reform SMST in major capital markets after the global financial crisis of 2007-2009. I hypothesize that the extensive discussion of the SMST issue has generated substantial reforms. Based on an analysis of the implemented reforms, I reveal that the anticipated surge of SMST reform has not occurred. I then explore why the widespread SMST discussion has not resulted in greater reform efforts. This examination reveals the complex nature of the SMST problem and the evidentiary issues inherent in viably identifying and measuring the harms of SMST. However, I determine that there is probable cause for concern justifying SMST reform measures. Further, I conclude that SMST issues arise because investors are biased towards short-term returns when calculating risk. This bias is evident in share pricing, meaning that share prices are not a reliable indicator of fundamental corporate value. Based on this conclusion, an original dual pathway for SMST reform is proposed. This dual pathway indicates that SMST reform measures must either: (1) reduce the actual or perceived excessive discounting of future returns by investors (i.e. make share prices better reflective of long-term value); or (2) cut-off the transmission mechanisms of SMST into the listed company (i.e. sever the link between share prices and corporate decision-making). Assessing the reforms against this dual pathway reveals that few of the reforms are conceptually effective. Of the few reforms that are conceptually effective, most are relatively 'light' touch. A 'light' touch approach may not be problematic, however, as such measures are easier to implement than 'hard' law. In the case of regulatory reforms, a 'light' touch approach provides scope for flexibility to minimize the many potential harms associated with 'hard' law measures. Consequently, this thesis concludes that SMST reform is more likely to occur if reformers pursue a 'lighter' touch approach meant to reduce excessive discounting of future returns and 'nudge' capital markets away from their harmful short-termism focus.

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Vail, Morgan. "Marché intérieur et neutralité de l'impôt direct : la construction fiscale européenne revisitée." Thesis, Paris 2, 2011. http://www.theses.fr/2011PA020092/document.

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Le Marché intérieur s’est constitué en vue d’établir une concurrence libre et de répartir les ressources de la manière la plus efficiente possible. Impliquant l’abolition des frontières intérieures, l’action communautaire a conduit à harmoniser ou au moins à rapprocher de nombreux domaines. Même la fiscalité directe, compétence réservée des Etats membres, a fini par être placée sous la surveillance des Traités par le biais des libertés fondamentales et du principe de non-discrimination. Ce dernier a permis une certaine intégration fiscale au niveau européen en vue d’une neutralisation de la fiscalité sur les mouvements de personnes, de biens, de services et de capitaux. Cette oeuvre, essentiellement prétorienne, a cependant montré ses limites au plan de la cohérence de la politique fiscale, le juge ne pouvant faire un choix quant à la forme de neutralité qu’il conviendrait de choisir : neutralité aux importations de capitaux, neutralité aux exportations de capitaux ou une autre. En effet, les Traités établissent indéniablement un objectif de neutralité à destination des Etats. Emanant des textes européens cette neutralité abstraite est fondamentale afin de réaliser les objectifs économiques de l’Union. Cependant, en l’absence d’harmonisation fiscale il est nécessaire de faire un choix pour une forme de neutralité afin de concilier imposition, efficience économique et allocation efficace des ressources. A l’aune des principes qui structurent la construction de l’Europe, il convient désormais de dessiner les contours d’une neutralité fonctionnelle capable de procéder à l’intégration des impôts directs des Etats membres dans un Marché commun
The Internal Market was formed to establish free competition and allocate resources as efficiently as possible. Involving the abolition of internal borders, Community action led to harmonize or at least to bring together many areas. Although direct taxation powers have been reserved by member States, it was placed under the supervision of the Treaties by means of the fundamental freedoms and the principle of non-discrimination. The latter has led to some tax integration at the European level in order to neutralize taxation on the movement of people, goods, services and capital. This work, mainly performed by the ECJ, showed its limits in terms of consistency of fiscal policy, the judge cannot make a choice as to the form of neutrality that should be chosen: capital import neutrality, capital export neutrality or another form of neutrality. Indeed, the EC Treaty establishes an undeniable objective of neutrality toward member States. The abstract neutrality that is emanating from European texts is essential to achieve the economic objectives of the EU. However, in the absence of tax harmonization it is necessary to choose among the different standards of tax neutrality in order to reconcile taxation, economic efficiency and efficient allocation of resources. In the light of the principles that shape the European construction one should now draw the outlines of a functional neutrality able to perform the integration of direct taxes in a Common Market

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董佩蓉. ""對賭協議" 主體合法性研究 =Study on the legitimacy of subjects of a "Valuation Adjustment Mechanism"." Thesis, University of Macau, 2016. http://umaclib3.umac.mo/record=b3570021.

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Laga, Vojtěch. "Moderní typy derivátů a jejich reflexe v platném právu." Master's thesis, 2011. http://www.nusl.cz/ntk/nusl-313211.

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Abstract/ Modern Types of Derivatives and its Reflection in the Positive Law The purpose of my thesis is to provide an introduction to modern types of derivatives and analyze its regulation in the positive law of the Czech Republic. The reason for my research is an absence of literature on modern types of derivatives in the Czech language, as well as the fact that the legal nature of derivatives remains still unclear. The thesis is composed of four chapters. Chapter One provides an introduction into derivatives in general. It deals with the notion of derivatives and classifies them as an innovative instrument of the capital market. It also tries to analyze various definitions of derivatives, and although it concludes that there is no ideal, all-encompassing definition of derivatives, existing definitions usually give fairly good idea about what the derivatives are. Chapter One further deals with the regulation of derivatives in the Czech law (importantly, its tries to rebut an opinion that derivatives fall under the regulation of hazardous activities), it focuses on economic function of derivatives (namely hedging and speculation), it explains and justifies the division of derivatives into "classic" and "modern" or "exotic" derivatives, and finally it describes the main types of classic derivatives and its...

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Riutort, Julio César. "Essays in international corporate finance." Thesis, 2011. http://hdl.handle.net/2152/ETD-UT-2011-05-3435.

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This dissertation consists of three essays in international corporate finance. It studies the impact of aggregate conditions and the institutional environment on the behavior of publicly traded firms from a broad sample of countries. In the first essay I argue that when credit constraints are widespread, as may be the case in countries with poor investor protection, we should not necessarily expect small firms´ investment to be more sensitive to monetary contractions or negative aggregate shocks. A simple model of investment with credit constraints shows that for this pattern to occur we need a high enough level of investor protection. The empirical evidence is broadly consistent with the hypothesis. In periods of tight credit conditions, small firms from countries with high creditor protection contract their investment rate more than large firms, while there is no significant difference in the investment contraction of small and large firms in from low creditor protection countries. In the second essay I explore to what extent the effect of legal origin on payout policy, ownership concentration, and valuation has been stable through time. The results suggest that previously established results should be taken with caution, and cast doubts on their strength. In particular, it appears that corporate characteristics are converging across countries, and legal origin is not longer an important determinant of them. In the final essay I study to what extent capital raising in international markets is related to firms´ ability to react to financial shocks. I provide a complete descriptive picture of the main patterns in the use of international financing between 1990 and 2009,study how issuers and non-issuers grow during financial crises, and how their growth is related to the aggregate conditions in the economy and their past financing behavior. Firms that raise capital internationally have a lower correlation with the local GDP growth, and grow more during local financial crises; however this relationship depends on the overall degree of development of the country and is highly dependent on the determinants of the issuance decision. The descriptive analysis show that international capital raising is pervasive in most countries, but the firms doing so differ depending on the development of their country of origin.
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Carbacho-Burgos, Andres. "Capital, conditionality, and free markets the International Monetary Fund, the World Bank, and the effects of the neoliberal transformation in Latin America and the Caribbean /." 2000. http://catalog.hathitrust.org/api/volumes/oclc/51954662.html.

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Illmann, Erik. "Reforma režimu prospektu." Master's thesis, 2016. http://www.nusl.cz/ntk/nusl-352009.

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in English This diploma thesis explores the ongoing reform of the prospectus regime in the European Union. On 30 November 2015, the European Commission presented a proposal for a new regulation, which is to replace the current so-called Prospectus Directive. The primary aim of this thesis is determine the shortcomings of the current prospectus regime and to critically analyze the proposal in order to determine, whether it addresses these shortcomings and whether it improves the prospectus regime in general. The thesis consists of three main parts: the first introduces the prospectus, its characteristics and current regulation in the EU; the second explores and analyses the proposal itself and makes conclusions on the proposed changes; the third and final part explores the topic of prospectus liability and conflict-of-law rules. Based on the conducted research I arrive at the conclusion that the biggest issues of the current prospectus regime are the high costs connect to the preparation of a prospectus, inflexible disclosure requirements for certain types of issuers, ineffective retail investor protection and diverging implementation of the Prospectus Directive across EU member states. While the European Commission's proposal addresses most of these shortcomings and certainly represents an...

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Zmysłowska, Magdalena. "Rezygnacja ze statusu spółki giełdowej a ochrona interesów akcjonariuszy mniejszościowych." Doctoral thesis, 2016.

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Streszczenie rozprawy doktorskiej:Rezygnacja ze statusu spółki giełdowej a ochrona interesów akcjonariuszy mniejszościowychPrzedmiotem rozprawy doktorskiej jest rezygnacja ze statusu spółki giełdowej (określanej również mianem delistingu). Należy podkreślić, że zarówno uzyskanie, jak i utrata statusu spółki giełdowej bezpośrednio wpływa na zasady ładu korporacyjnego obowiązującego w spółce. Zasady uzyskania statusu spółki giełdowej oraz funkcjonowania spółek giełdowych na rynku kapitałowym zostały zharmonizowane na poziomie Unii Europejskiej. Z kolei, wymogi prawne stawiane w przypadku delistingu są ustalane odrębnie przez poszczególne państwa członkowskie. Jednym z celem pracy jest określenie przyczyn i skutków rezygnacji ze statusu spółki giełdowej. Stawiam tezę, że podstawową przyczyną dobrowolnej rezygnacji ze statusu spółki giełdowej jest ujemny bilans korzyści w stosunku do kosztów związanych z faktem notowania akcji spółki na rynku regulowanym. Może on wynikać z dwóch podstawowych przyczyn: (i) spadku korzyści osiąganych przez spółkę lub jej akcjonariuszy większościowych z faktu utrzymywania statusu spółki giełdowej; lub (ii) wzrostu kosztów związanych z posiadanym statusem spółki giełdowej.Ponadto, w procesie rezygnacji ze statusu spółki giełdowej może dojść do konfliktu interesów pomiędzy większościowymi i mniejszościowymi akcjonariuszami spółki. Potencjalna kolizja ich interesów stanowi uwidocznienie konfliktu wartości podlegających ochronie. Te wartości to przede wszystkim: (i) interes gospodarczy spółki rozumiany jako możliwość podjęcia przez spółkę swobodnej decyzji o rezygnacji ze statusu spółki giełdowej; oraz (ii) interes akcjonariuszy mniejszościowych rozumiany jako stworzenie mechanizmów prawnych gwarantujących, że delisting zostanie przeprowadzony w sposób nienaruszający ich interesów. W konsekwencji, zasady rezygnacji ze statusu spółki giełdowej ustalane przez prawodawców w poszczególnych państwach członkowskich UE mają na celu zarządzenie potencjalnym konfliktem wartości. Przedstawienie przyczyn, skutków i wartości chronionych przez instytucję delistingu służy realizacji drugiego z celów pracy, tj. wskazaniu, w jaki sposób polski ustawodawca ukształtował zasady rezygnacji ze statusu spółki giełdowej w kontekście wyboru wartości chronionych przez polskie przepisy. W mojej ocenie, obowiązująca regulacja delistingu ma na celu przede wszystkim interesy akcjonariuszy mniejszościowych, a nie interes gospodarczy spółki. W związku z tym, w pracy zdecydowano się omówić mechanizmy prawne przewidziane przez ustawodawcę w przypadku procesu rezygnacji ze statusu spółki publicznej i dokonać ich oceny. Za zasadne uznano również zidentyfikowanie i przeanalizowanie podstawowych problemów prawnych związanych z przeprowadzaniem procesu rezygnacji ze statusu spółki publicznej, z uwzględnieniem przewidzianych przez polskiego ustawodawcę mechanizmów ochrony akcjonariuszy mniejszościowych.
Summary of Ph.D. dissertation:Protection of minority shareholders in the case of resignation of listed company status The subject of this dissertation is the resignation from a status of a listed company (also known as delisting). It should be emphasized that obtaining or losing the status of a listed company has a direct influence on the principles of corporate governance applicable in the company, including mutual relations between its shareholders. The EU has standardized the rules for obtaining listed company status. However, the legal requirements for the reverse process, known as delisting, are still determined separately by the individual member states.One of the aims of this work is to identify the reasons for, and consequences of, delisting. I argue that the main reason for a voluntary resignation of listed company status is the negative balance of benefits in relation to costs associated with the listing of a company's shares on a regulated market. This imbalance may result from two types of changes (i) a decrease in the benefits of the company or its majority shareholders from listed company status; or (ii) an increase in the costs associated with a status of a listed company,In addition, during the process of delisting, conflicts of interest between majority and minority shareholders may arise. The potential conflicts of interest elucidate the different values protected by national legislators in their framing of delisting regulations. These values are primarily: (i) the economic interest of a company, understood as the company’s ability to take an independent decision to delist itself; and (ii) the interests of minority shareholders, understood as the creation of legal mechanisms ensuring that delisting is carried out in a manner that does not undermine their interests. Consequently, the rules for delisting determined by legislators in individual EU member states aim to manage potential conflicts of values.Analysis of the reasons, consequences and values protected by delisting rules serves to realize of the second objective of this work. That is indicating how the Polish legislator has set the rules for delisting in the context of values prioritized by Polish law. In my opinion, the existing delisting regulation is primarily aimed at protection of the interests of minority shareholders rather than the economic interests of the company. Therefore, it was decided to discuss the legal mechanisms envisaged by the legislator in the case of the delisting and assessing them. It was also reasonable to identify and analyze the basic legal issues related to the process of delisting, taking into account the minority shareholder protection mechanisms provided for by the Polish legislature.

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Chen, Yi-Ting, and 陳怡婷. "Research on Capital Market Speak up System and Whistleblower Protection Law." Thesis, 2019. http://ndltd.ncl.edu.tw/handle/7uz222.

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El-Torgoman, Sameh Y. "The dispute settlement system in the Egyptian capital market and economic development /." Thesis, 1997. http://wwwlib.umi.com/cr/stanford/fullcit?p9810068.

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Jackowska, Izabela. "Odpowiedzialność administracyjnoprawna uczestników rynku kapitałowego." Doctoral thesis, 2019. https://depotuw.ceon.pl/handle/item/3253.

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Rozwój prawodawstwa w sferze administracyjnoprawnej regulacji rynku kapitałowego nakierowany jest obecnie na rozszerzanie uprawnień Komisji Nadzoru Finansowego do nakładania na uczestników rynku kapitałowego sankcji administracyjnych, w tym w szczególności rażąco wysokich kar finansowych. Jednocześnie, tej tendencji nie towarzyszy tworzenie odpowiednich regulacji prawnych normujących zasady i przesłanki nakładania na uczestników rynku kapitałowego takich sankcji, gwarantujących zachowanie zasady proporcjonalności pomiędzy wymiarem stosowanej sankcji a naruszeniem prawa oraz odpowiednio ukształtowanego proceduralnie prawa do sądu. Praca ta stanowi próbę teoretycznoprawnego uchwycenia problematyki odpowiedzialności administracyjnoprawnej uczestników rynku kapitałowego, w odniesieniu zarówno do istniejących w doktrynie prawa administracyjnego koncepcji odpowiedzialności i sankcji, jak również nadzoru i właściwych mu środków prawnych. Praca obejmuje pogłębioną analizę przesłanek odpowiedzialności administracyjnoprawnej, jakie mogą być uwzględniane na gruncie obowiązujących przepisów prawa rynku kapitałowego, przy zachowaniu czystości koncepcji odpowiedzialności obiektywnej, ku której wydaje się skłaniać orzecznictwo sądowe odnoszące się do tej problematyki. Punktem wyjścia dla rozważań tej pracy jest problem niedostatecznego uregulowania odpowiedzialności administracyjnoprawnej w prawie rynku kapitałowego i przenikania się kompetencji nadzorczych Komisji Nadzoru Finansowego z instrumentami o charakterze represyjnym, dla których ustawodawca nie stworzył odpowiednich unormowań dotyczących zasad i przesłanek ich nakładania. W pracy poruszony został problem znacznej nieprecyzyjności przepisów regulujących obowiązki uczestników rynku kapitałowego oraz posługiwanie się przez ustawodawcę pojęciami nieostrymi i klauzulami generalnymi, wobec których uzależnienie przypisywalności odpowiedzialności administracyjnoprawnej uczestników rynku kapitałowego jedynie od ściśle rozumianej bezprawności naruszenia wydaje się w sposób szczególny godzić w bezpieczeństwo prawne potencjalnych adresatów tej odpowiedzialności. Tym niedostatkom w sferze materialnoprawnej regulacji odpowiedzialności administracyjnoprawnej w prawie rynku kapitałowego towarzyszy także niedobór gwarancji proceduralnych na poziomie uregulowań procedury administracyjnej i sądowoadministracyjnej, w ramach której rozstrzyga się o tej odpowiedzialności administracyjnoprawnej. Ze względu na potrzebę zagwarantowania stronom postępowań administracyjnych, których przedmiotem jest nałożenie sankcji, odpowiednich standardów sprawiedliwości proceduralnej, procedura administracyjna i sądowoadministracyjna wymaga pewnej rewizji pod kątem przysługujących im gwarancji procesowych oraz możliwości weryfikacji decyzji przypisującej im odpowiedzialność. Wnioski pracy obejmują propozycję rozwiązań powyższych problemów zarówno w warstwie materialnoprawnej, jak i proceduralnej. W ramach propozycji odnoszących się materialnej regulacji odpowiedzialności, najważniejszym wnioskiem pracy jest postulat uwzględniania należytej staranności uczestników rynku kapitałowego w ramach oceny bezprawności naruszenia prawa. W sferze proceduralnej, najistotniejszym wnioskiem pracy jest zaakcentowanie potrzeby sprofesjonalizowania orzecznictwa sądowoadministracyjnego w zakresie spraw dotyczących rynku finansowego, co może zostać osiągnięte poprzez wyodrębnienie sądu właściwego do spraw z tego zakresu i wyposażenie go w odpowiednio szerokie kompetencje orzekania reformatoryjnego. Dopiero uregulowanie zasad przypisywania odpowiedzialności administracyjnoprawnej wobec uczestników rynku kapitałowego na tych dwóch poziomach – materialnoprawnym i proceduralnym – zapewni im odpowiedni poziom bezpieczeństwa podejmowania przez nich aktywności na tym rynku.
The development of the administrative regulation of the capital market is currently focused on expanding the Financial Supervision Authority’s competences to sanction breaches of regulatory obligations committed by capital market’s participants, including in particular severe financial sanctions. However, this tendency is not accompanied by introducing a proper legal regime for the imposition of these sanctions so as to guarantee that the principle of proportionality between the severity of a sanction and the nature of a breach, is respected. This dissertation analyzes the legal concept of the administrative liability of the capital market’s participants. It discusses the views expressed in the administrative law theory regarding the administrative liability and sanctions, as well as supervision and its measures. It examines the grounds of the administrative liability under the capital market regulations as they currently are, in compliance with the concept of strict liability arising from the case law. The dissertation identifies problems connected with the underregulation of administrative liability and interrelations between the supervisory powers of the Financial Supervisory Authority and repressive means, with respect to which the law-maker failed to establish norms governing grounds and principles of imposition. It also addresses the problem of ambiguity of the capital market’s participants’ regulatory obligations. The law-maker uses open-ended terms and general clauses. Therefore, making the liability dependent on the mere infringement of obligations imposed by such norms seems to jeopardize the legal safety of capital market’s participants. Those deficiencies in substantive law are accompanied by inadequate safeguards in administrative and court-administrative procedure. The parties to administrative proceedings, that may lead to the imposition of sanctions for an infringement of the capital market law, should be granted sufficient level of procedural fairness. Thus, the regulation of the administrative and court-administrative proceedings should be amended to increase the scope of procedural guarantees. Moreover, the process of the judicial review imposing sanctions should be reformed. In its conclusion, the dissertation proposes a set of solutions to the identified problems in both substantive and procedural aspects of the administrative liability of the capital market’s participants. With respect to the substantive law, the key postulate is the consideration of a due care of the capital market’s participants when assessing the legality of their actions. With respect to the procedural law, the dissertation advocates an increase of specialization of administrative courts with respect to the financial market law. To this end, the law-maker should consider establishment of a separate administrative court with jurisdiction over financial market cases. Such a court should entitled not only to repeal, but also to alter the Financial Supervisory Authority’s decision. Only once both substantive and procedural principles of imposition of administrative liability are established, the capital market’s participants will achieve an adequate level of protection in conducting their market activities

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Hornuf, Lars [Verfasser]. "Regulatory competition in European corporate and capital market law : an empirical analysis / vorgelegt von Lars Hornuf." 2010. http://d-nb.info/1012851664/34.

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Makwiramiti, Anthony Munyaradzi. "The implementation of the new capital accord (BASEL II) : a comparative study of South Africa, Switzerland, Brazil and the United States /." 2008. http://eprints.ru.ac.za/1607/.

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Patrão, Afonso Nunes de Figueiredo. "Removendo obstáculos ao mercado europeu de garantias imobiliárias: a autonomia conflitual na hipoteca e o reforço da cooperação internacional." Doctoral thesis, 2017. http://hdl.handle.net/10316/29022.

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Tese de doutoramento em Direito, na especialidade de Direito da União Europeia, apresentada à Faculdade de Direito da Universidade de Coimbra
O presente trabalho incide sobre a realização do mercado hipotecário europeu, identificando os obstáculos existentes e desenhando propostas para a respectiva superação. Perante dados estatísticos que indiciam uma compartimentação nacional dos mercados de crédito hipotecário (porquanto a hipoteca tem uma importância capital nas relações internas mas, nas transacções internacionais intracomunitárias, a hipoteca associa-se a menos de 1% de todo o crédito concedido), este trabalho começa por justificar a abrangência da constituição internacional da hipoteca no âmbito dos Tratados Europeus, demonstrando que a União Europeia tem, nos seus objectivos, a livre circulação de crédito hipotecário. De seguida, parte-se para a identificação dos obstáculos à aceitação internacional de hipoteca, eventualmente violadores da legalidade comunitária, com o escopo de conhecer detalhadamente o problema e abrir caminho a possíveis soluções. Assim, na Primeira Parte, analisa-se a sujeição necessária da hipoteca e do registo predial à lei da situação da coisa, desenhando os respectivos fundamentos; demonstra-se a disparidade substantiva das leis hipotecárias e tabulares europeias; testemunham-se as dificuldades de execução de uma hipoteca sobre coisa situada noutro Estado-Membro; e sublinha-se a onerosidade de constituição de uma hipoteca em país estrangeiro. Na Segunda Parte, analisam-se criticamente as propostas até agora avançadas para a solução do problema. Designadamente, avalia-se a bondade e operacionalidade da unificação ou harmonização do direito hipotecário; a introdução de uma euro-hipoteca como vigésimo nono regime jurídico; a titularização do crédito hipotecário já concedido; e a mobilização do princípio do país de origem. Esta análise redunda na conclusão de que as sugestões aventadas não cumprem adequadamente o objectivo, razão por que não solucionaram ainda o problema da tese. Na Terceira Parte são materializadas propostas de solução a este problema, em boa parte já indicadas no título da tese. Por um lado, o estabelecimento da autonomia conflitual na hipoteca, que é condicente com o movimento de especialização do direito internacional privado dos direitos reais e com o propósito de integração europeia. Demonstrar-se-á, ainda, que neste domínio, desde que tomadas algumas cautelas, não sobram razões que apontem a necessidade de aplicação da lex rei sitae à hipoteca. Por outro, o reforço da cooperação internacional no domínio da constituição da hipoteca, designadamente entre notários do país de celebração do negócio hipotecário e conservadores do Estado onde o prédio a onerar se situe. Nesta terceira parte, materializam-se sugestões a introduzir em acto jurídico unilateral comunitário que contribuiriam para a minoração dos entraves a este aspecto da liberdade de circulação de capitais. ABSTRACT This dissertation concerns the implementation of a European mortgage market, identifying obstacles to its accomplishment and offering solutions to overcome them. Considering statistical data that indicate national compartmentalisation of mortgage markets (as land security rights are essential for internal credit but, internationally, less than 1% of all international credit involves mortgages), we start by justifying the inclusion of international mortgages within the scope of European Treaties, demonstrating that the European Union objectives include the free movement of land security rights. Next, we identify obstacles to the acceptance, by lenders, of land security rights on immovable property in other Member States. These barriers, potentially contrary to European law, must be correctly understood in order to arrive at accurate solutions. As such, in Part I, we deal with the mandatory submission of land property rights and land registry to lex situs, analysing its purpose; we demonstrate substantial differences in European mortgage and land registry laws; we scrutinise the execution of a mortgage on a plot situated in another Member State; and we highlight the complexity of setting up a mortgage in a foreign country. In Part II, we assess the proposals which have so far been offered as solutions. In particular, we discuss the feasibility of unifying or harmonising mortgage laws; the introduction of Eurohypothec as an additional optional legal regime; the securitisation of granted mortgage loans; and the establishment of the country of origin principle. The analysis concludes that standing proposals do not adequately solve the issue at hand. Solutions are offered in Part III of the dissertation. The first suggestion is to recognise party autonomy in mortgages (conferring the right to choose the applicable law to land security rights), in harmony with the movement of dépeçage of private international law on property rights and with the purpose of European integration. We demonstrate that, provided that adequate precautions are taken, there is no reason for the obligatory application of lex situs. In addition, we advocate strengthening of international cooperation in the field of mortgage constitution — especially between notaries of the country where the contract is concluded and registrars of the Member State where the plot is located. These recommendations are designed to be introduced in a European Regulation, considering that they would be a factor in dismissing barriers on the free movement of capital.
This dissertation concerns the implementation of a European mortgage market, identifying obstacles to its accomplishment and offering solutions to overcome them. Considering statistical data that indicate national compartmentalisation of mortgage markets (as land security rights are essential for internal credit but, internationally, less than 1% of all international credit involves mortgages), we start by justifying the inclusion of international mortgages within the scope of European Treaties, demonstrating that the European Union objectives include the free movement of land security rights. Next, we identify obstacles to the acceptance, by lenders, of land security rights on immovable property in other Member States. These barriers, potentially contrary to European law, must be correctly understood in order to arrive at accurate solutions. As such, in Part I, we deal with the mandatory submission of land property rights and land registry to lex situs, analysing its purpose; we demonstrate substantial differences in European mortgage and land registry laws; we scrutinise the execution of a mortgage on a plot situated in another Member State; and we highlight the complexity of setting up a mortgage in a foreign country. In Part II, we assess the proposals which have so far been offered as solutions. In particular, we discuss the feasibility of unifying or harmonising mortgage laws; the introduction of Eurohypothec as an additional optional legal regime; the securitisation of granted mortgage loans; and the establishment of the country of origin principle. The analysis concludes that standing proposals do not adequately solve the issue at hand. Solutions are offered in Part III of the dissertation. The first suggestion is to recognise party autonomy in mortgages (conferring the right to choose the applicable law to land security rights), in harmony with the movement of dépeçage of private international law on property rights and with the purpose of European integration. We demonstrate that, provided that adequate precautions are taken, there is no reason for the obligatory application of lex situs. In addition, we advocate strengthening of international cooperation in the field of mortgage constitution — especially between notaries of the country where the contract is concluded and registrars of the Member State where the plot is located. These recommendations are designed to be introduced in a European Regulation, considering that they would be a factor in dismissing barriers on the free movement of capital.

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Dybiński, Jacek. "Pojęcie i charakter prawny programu opcji menedżerskich : zagadnienia prywatnoprawne." Praca doktorska, 2011. http://ruj.uj.edu.pl/xmlui/handle/item/31990.

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Izdebski, Paweł. "Administracyjnoprawne środki ochrony konsumentów na rynku kapitałowym w ramach działalności Komisji Nadzoru Finansowego i Prezesa Urzędu Ochrony Konkurencji i Konsumentów." Doctoral thesis, 2019. https://depotuw.ceon.pl/handle/item/3204.

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Zasadniczym przedmiotem rozważań zawartych w ramach rozprawy doktorskiej jest zaprezentowanie oraz analiza administracyjnoprawnych standardów ochrony konsumentów w relacjach z instytucjami świadczącymi usługi maklerskie (firmami inwestycyjnymi) na rynku kapitałowym. Ujęcie tematyczne, będące przedmiotem prowadzonych tutaj badań, stanowi złożone zagadnienie problemowe. Na jego wieloaspektowość mają wpływ co najmniej dwie kwestie natury ogólnej. Po pierwsze, zarówno prawo ochrony konsumentów, którego centralny ośrodek zainteresowań stanowi jednostka, będąca w istocie najsłabszą – pośród pozostałych – kategorią uczestników obrotu gospodarczego, jak też prawo rynku kapitałowego, w zakresie którego mieści się działalność instytucji świadczących usługi maklerskie, stanowią zbiory norm prawnych o niejednorodnym charakterze jurydycznym. Te obszary regulacyjne, w znakomitej większości, bazują co prawda na rozwiązaniach natury administracyjnoprawnej, aczkolwiek stosunkowo dużą ich część wypełniają normy prawa cywilnego. Na domiar tego, dla obszarów tych charakterystyczne są również szczątkowe regulacje natury prawnokarnej, co w ogólnym rozrachunku implikuje konieczność prowadzenia badań zarówno na gruncie prawa publicznego jak i prawa prywatnego. Po drugie, regulacje prawne normujące rynek kapitałowy, w przeciwieństwie do regulacji prawnych odnoszących się do innych segmentów rynku finansowego (takich jak sektor bankowy czy sektor usług płatniczych), nie obejmują explicite swoim zakresem relacji konsumenckiej. Posługują się one natomiast odrębnymi kategoriami uczestników (usługobiorców) sui generis charakterystycznymi dla rynku kapitałowego (np. inwestor, klient firmy inwestycyjnej, uczestnik funduszu inwestycyjnego) i dla tychże kategorii tworzą mechanizmy ochronne. Główna część rozważań zawartych w ramach dysertacji poświęcona została analizie prawnej kompetencji, zadań oraz środków administracyjnoprawnych przysługujących Komisji Nadzoru Finansowego oraz Prezesowi Urzędu Ochrony Konkurencji i Konsumentów, jako tzw. niezależnym organom regulacyjnym. Autor rozprawy, jako fundamentalną tezę przyjął założenie, iż normy o charakterze publicznoprawnym, w szczególności normy prawa administracyjnego, w sposób zdecydowanie bardziej efektywny wypełniają sferę regulacyjną ochrony konsumentów oraz rynku kapitałowego względem uregulowań natury prywatnoprawnej. Świadczy o tym chociażby ograniczenie wolności gospodarczej podmiotów prowadzących działalność maklerską, czy zasada administracyjnego nadzoru nad rynkiem kapitałowym, w której granicach zawiera się szereg funkcji reglamentacyjno-policyjnych administracji publicznej. Ponadto, w obszarze publicznoprawnej ochrony konsumentów strategiczną rolę odgrywają instrumenty administracyjnoprawne wykorzystywane przez organy administracji publicznej, w szczególności Prezesa UOKiK, jako organu władnego do wydawania decyzji administracyjnych w sprawach o uznanie postanowień wzorca umowy za niedozwolone oraz decyzji w sprawach praktyk naruszających zbiorowe interesy konsumentów. Status tychże organów powoduje, że wypełniane przez nie zadania mają charakter działania w interesie publicznym, a co za tym idzie działanie to realizuje potrzeby całego społeczeństwa – w przeciwieństwie do uregulowań natury prywatnoprawnej, których efektywność zauważalna jest wyłącznie na etapie relacji kontraktowej pomiędzy konsumentem a instytucją świadczącą usługę. Tym samym autor pracy przyjął, iż efektywna ochrona konsumentów, w obszarze rynku kapitałowego, może być gwarantowana wyłącznie przy wykorzystaniu instrumentów prawa administracyjnego, którym przyznał rolę wiodącą, jednocześnie dochodząc do wniosków, że instrumenty prawa prywatnego charakteryzują się tutaj małą efektywnością, wobec czego przyznał im wyłącznie funkcję uzupełniającą.
The main subject of deliberations included in this thesis is presentation and analysis of administrative legal standards of consumer protection in relations with institutions providing brokerage services (investment companies) on the capital market. Thematic approach, which is the subject of conducted research, is a complex problematic issue. Its multidimensional nature is influenced by at least two general issues. Firstly, both consumer protection laws with the central centre of interest is an individual, which is in fact the weakest – among the others – category of economic trading participants, and the capital market law, which covers the activities of institutions providing brokerage services, constitute sets of legal standards of a heterogeneous juridical nature. These regulatory areas mostly rely on administrative legal solutions, although a relatively large part of them comply with civil law norms. In addition, these areas are also characterized by fragmentary regulations of a criminal law nature, which in general implies the need to conduct research on the basis of both public and private law. Secondly, regulations governing the capital market, unlike regulations relating to other sectors of the financial market (such as the banking or payment services sector), do not explicitly cover consumer relations. However, they use separate sui generis categories of participants (recipients of services) characteristic for the capital market (e.g. investor, client of an investment company, participant of an investment fund) and for these categories they create protective mechanisms. The main part of deliberations included in this dissertation was devoted to the legal analysis of competences, tasks and administrative legal means vested in the Polish Financial Supervision Authority and the President of the Office of Competition and Consumer Protection, as the so-called independent regulatory bodies. The author of paper, as a fundamental thesis, adopted the assumption that standards of public and legal nature, in particular standards of administrative law, in a much more effective way fill the regulatory sphere of consumer protection and the capital market in relation to regulations of private and legal nature. This is evidenced by e.g. restriction of economic freedom of entities conducting brokerage activities, or the principle of administrative supervision over the capital market, within the limits of which a number of regulatory and police functions of public administration are included. Moreover, in the area of public-private consumer protection, administrative legal instruments used by public administration bodies have a strategic role, in particular the President of the Office of Competition and Consumer Protection, as the body competent to issue administrative decisions in cases of declaring the provisions of the model contract prohibited and decisions in cases of practices infringing collective consumer interests. The status of these bodies means that tasks performed by them have a nature of acting in the public interest, and thus this action meets the needs of the whole society – in contrast to regulations of a private law nature, which effectiveness is noticeable only at the stage of contractual relations between the consumer and institution providing services. Therefore, the author assumed that effective consumer protection in the area of capital market can be guaranteed only with the use of administrative law instruments, to which he gave a leading role, at the same time reaching a conclusion that private law instruments are characterized by low effectiveness, and thus he granted them only a complementary function.

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Glinka, Monika. "Bezpieczeństwo organizacyjne funduszy inwestycyjnych - zagadnienia administracyjnoprawne." Doctoral thesis, 2019. https://depotuw.ceon.pl/handle/item/3517.

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Rozprawa doktorska składa się z pięciu rozdziałów, w których autorka podejmuje próbę identyfikacji wewnętrznych organów i zewnętrznych podmiotów organizacyjnych składających się na bezpieczeństwo otwartych funduszy inwestycyjnych, oraz oceny ich względnego wpływu na niniejsze bezpieczeństwo organizacyjne w tychże funduszach inwestycyjnych w Polsce. W niniejszej rozprawie doktorskiej przyjęto następujące trzy hipotezy robocze: ▪ działalność organizacyjna funduszy inwestycyjnych jest ściśle uregulowana literą prawa w zakresie jego funkcjonowania, jak również kontrolowana poprzez organy wewnętrzne i podmioty zewnętrzne funduszu inwestycyjnego, co należy uznać za jak najbardziej właściwą praktykę ustawodawcy, która, z uwagi na liczne kompetencje tych podmiotów i organów, gwarantuje zwiększone bezpieczeństwo organizacyjne i stabilność funduszy inwestycyjnych; ▪ przepisy prawa unijnego w coraz to większym stopniu wpływają na funkcjonowanie oraz działalność funduszy inwestycyjnych działających na rynku polskim, nakładając coraz więcej restrykcji i obowiązków, które prowadzą do zwiększenia bezpieczeństwa organizacyjnego funduszy inwestycyjnych, oraz ▪ działalność nadzorcza Komisji Nadzoru Finansowego nad funduszami inwestycyjnymi ma charakter bardzo szeroki, jednak słusznym założeniem ustawodawcy jest, aby, w celu bezpieczeństwa organizacyjnego uczestników funduszy inwestycyjnych, jak i samych funduszy, fundusze inwestycyjne podlegały nadzorowi zewnętrznemu w postaci niezależnego organu państwowego - Komisji Nadzoru Finansowego. W pierwszym rozdziale główny nacisk położono na wyjaśnienie podstawowych pojęć i elementów rynku finansowego jako obszaru, w którym fundusze inwestycyjne prowadzą działalność i przedstawiają fundusz inwestycyjny jako uczestnika tego rynku. Rozdział drugi przedstawia problematykę źródeł prawa, które są podstawą funkcjonowania funduszy inwestycyjnych, począwszy od chronologicznego opisu regulacji Unii Europejskiej (dyrektyw UCTIS), kończąc na krajowym systemie prawnym, wskazując postulaty de lege lata. Rozdział trzeci dotyczy zagadnień dotyczących struktury organizacyjnej funduszy inwestycyjnych, w tym podmiotów zewnętrznych i organów wewnętrznych funduszy inwestycyjnych. Rozdział ten zawiera wyczerpujące studium zasad działania i kompetencji towarzystwa funduszy inwestycyjnych, sądu rejestrującego fundusze, depozytariusza i biegłego rewidenta - które są podmiotami zewnętrznymi funduszu inwestycyjnego. Ponadto, dokonano podobnej analizy organów funduszy wewnętrznych, w tym: rady inwestorów, zgromadzenia inwestorów oraz zgromadzenia uczestników. Kolejny, czwarty rozdział poświęcony jest w całości Komisji Nadzoru Finansowego, która jest centralną instytucją nadzorczą w Polsce nad rynkiem finansowym. W niniejszym rozdziale przedstawiono zarys historyczny tej organizacji publicznej, przedstawiono podstawowe funkcje, jakie pełni ona w obszarze rynków finansowych, opisuje jej prawne formy działalności, kompetencje nadzorcze wobec towarzystw funduszy inwestycyjnych, kompetencje nadzorcze w ramach tworzenia i działania fundusze inwestycyjne, a także uprawnienia nadzorcze w kontekście transakcyjnym na rynku finansowym. Ostatni, piąty rozdział ma charakter prawno-porównawczy i został poświęcony regulacji rynku funduszy inwestycyjnych w kraju sąsiednim. Na potrzeby niniejszej rozprawy autorka wybrał państwo - Niemcy i postanowił przeprowadzić analizę prawno-porównawczą niemieckiego systemu funduszy inwestycyjnych i niemieckiego systemu nadzoru nad rynkiem finansowym - Die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Pod koniec tego rozdziału autorka porównuje działania polskich i niemieckich organów nadzorczych oraz dokonuje porównania niemieckich funduszy inwestycyjnych z polskimi funduszami inwestycyjnymi w kontekście szeroko rozumianego „bezpieczeństwa organizacyjnego”, które jest głównym przedmiotem niniejszej rozprawy.
The doctoral dissertation consists of five chapters, in which the author makes an attempt to identify internal as well as external organizational elements of the safety of open investment funds and to assess their relative impact on the organizational safety of these investment funds in Poland. In this PhD thesis, the following three working hypotheses were adopted: - organizational activity of investment funds is strictly regulated by the legal regulations in the scope of its functioning, as well as controlled by internal bodies and external entities of the investment fund, which should be considered as the most appropriate practice of the legislator, which, due to the numerous competences of these entities and bodies, guarantees increased organizational security and stability of investment funds; - European Union law regulations affect the functioning and operation of investment funds providing their business on the Polish market, imposing ever more restrictions and obligations that lead to increased organizational security of investment funds, and - the supervisory activity of the Polish Financial Supervision Authority over investment funds is very wide, however, it is right that investment funds should be subject to external supervision in the form of an independent state authority - the Polish Financial Supervision Authority, for the purpose of organizational security of investment fund participants and the funds themselves. In the first chapter, the main emphasis was placed on explaining the basic concepts and elements of the financial market as an area in which investment funds run their business and presenting the investment fund as a participant in that market . The second chapter presents the issue of sources of law, which are the basis for the functioning of investment funds, starting from the chronological description of European Union regulations (UCTIS Directive), ending with the national legal regime, indicating de lege lata postulate. The third chapter deals with issues concerning the organizational structure of investment funds, including external entities and internal bodies of the investment funds. This chapter provides a comprehensive study of the operating principles and competences of the investment fund society, the court registering the funds, the depositary and the certified auditor - which are the external entities of the investment fund. Moreover, a similar analysis of the internal fund bodies are here made, including the investors' council, the meeting of investors or the assembly of participants. The subsequent, fourth chapter is devoted entirely to the Polish Financial Supervision Authority, which is central supervisory institution in Poland. This chapter presents a historical outline of this public organisation, shows the basic functions that it performs in the area of financial markets, describes its legal forms of its activity, supervisory competences towards investment fund companies, supervisory competences as part of the creation and operation of investment funds, as well as, supervisory powers in the scope of merger, management takeover, transformation, termination and liquidation of the investment funds. The last, fifth chapter is about legal and comparative nature and has been devoted to the regulation of the investment funds market in country - Germany and the organizational security of German investment funds. For the purposes of this dissertation, the author chose the state - Germany and decided to perform a legal-comparative analysis of the German investment fund system and the German system of supervision over the financial market - Die Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). At the end of this chapter, the author compares the operations of the Polish and German supervisory authorities and the comparison of German investment funds with Polish investment funds in the context of broadly understood “organizational security”.

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Dissertations / Theses on the topic 'Capital markets law'

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