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1
HAYASHI, Shuya, and 秀弥 林. "Merger Regulation in the Antimonopoly Law." 名古屋大学大学院法学研究科, 2008. http://hdl.handle.net/2237/10650.
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Dibotelo, Gorata Tlhale. "Merger regulation in Botswana: does the Competition Act 2009 adequately provide for mergers?" Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/4597.
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Moyo, Minenhle. "Employment as a public interest consideration in merger regulation." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/65696.
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Mgwebi, Nondwe. "Labour as a public interest consideration in merger regulation." Diss., University of Pretoria, 2020. http://hdl.handle.net/2263/77417.
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In the South Africa context for merger consideration the issue of labour has always been a pertinent focus and consequential to that the Competition Act, 89 of 1998 as amended (Competition Act) establishes a compulsory merger notification approach. It is therefore necessary to scrutinize the role that labour as a public interest concern has played and is likely to play subsequent to the Competition Act, Public Interest Guidelines and the Competition Amendment Act 18 of 2018 coming into operation.
This paper looks at the number of ground-breaking cases which have been umpired with intervention from several government departments and trade unions and places the focus on how labour issues are assessed in mergers. The cases are fundamental to the application of public interest considerations on proposed mergers and also to specifically determine the impact that labour as a public interest consideration has on what the Competition Act intends to achieve as indicated in its preamble and purpose.
The content and impact of the Guidelines on the assessment of public interest provisions in merger regulation under the Competition Act will be deliberated with reference to how the competition authorities deal with employment as a public interest consideration.
The issue of public interest consideration in mergers is a developing area of our competition law system and this study seeks to demonstrate the importance of labour as public interest consideration in merger regulation and how instrumental labour is to the promotion of competition policies.Mini Dissertation (LLM)--University of Pretoria, 2020.
Mercantile Law
LLM
Unrestricted
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Bernasconi, Christophe. "Eu merger law: quo vadis? : the commission's assessment of oligopolistic dominance under the merger control regulation." Thesis, McGill University, 1997. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=28039.
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This thesis undertakes a critical assessment of a very topical and highly debated question in the development of EU competition law: does the European Merger Control Regulation apply to concentrations that result in collective (or joint respectively oligopolistic) dominance? And, if so, under what conditions?The study suggests that the Merger Control Regulation does, indeed, cover cases of collective dominance. It recommends, however, that a proposed transaction should only be blocked on grounds of collective dominance if it raises substantive doubts that the transaction will create an anti-competitive market structure (like, for example, the Gencor/Lonrho case). Should the doubts not attain the required level, then a two-stage approach is suggested. The first stage would have to screen the proposed transaction as being reasonably capable of guaranteeing a competitive environment (despite the initial doubts as to the collective dominance issue). The second stage would be opened only if the Commission has legitimate reasons to believe that the firms concerned are effectively involved in either concerted practices (Art. 85 EEC Treaty) or in a collective abuse of a dominant position (Art. 86). Interestingly, the Commission seems to have adopted a similar approach in some of the latest border-line cases. After an extensive analysis of the landmark decision Nestle/Perrier, this thesis finds that the described two-stage approach would also have been appropriate in this case.
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Bernasconi, Christophe. "European Union merger law, quo vadis? The Commission's assessment of oligopolistic dominance under the merger control regulation." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp03/MQ37322.pdf.
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Hayashi, Shuya. "Theoretical and Practical Challenges Concerning the Merger Regulation in Japan." 名古屋大学大学院法学研究科, 2009. http://hdl.handle.net/2237/13360.
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Kgapane, Collen Evans. "A comparison of merger regulation in South African and COMESA." Diss., University of Pretoria, 2015. http://hdl.handle.net/2263/53134.
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The preamble of the Competition Act No. 89 of 1998 recognises the injustices of the past which resulted in excessive concentrations of ownership and control within the national economy. The Act further provides as its main objective the regulation of trade practices which affect our national economy. Section 12(1)(a) of the Act prohibits any anti-competitive trade practices which are likely to substantially lessen or prevent competition. The Act defines a merger as a process when one or more firms directly or indirectly acquire or establish direct or indirect control over the whole or part of the business of another firm. The Competition Authorities are enjoined to evaluate mergers before they get approved. This is so because once the merger gets approved without being properly assessed the consequences maybe undesirable and anti-competitive. The concept of merger regulation is problematic and in this dissertation I probe into the South African merger regulation regime and compare it with that of Common Market for Eastern and Southern Africa (COMESA). The dissertation will analyse the regulation of mergers in South Africa and COMESA. The dissertation will also look at the shortcomings of merger regulation of COMESA and South Africa. In conclusion it will be argued that even though South Africa is not a member state of COMESA its merger regulation facilities are more fully advanced compared to that of COMESA. Last but not least, an analysis of how proper regulation of mergers can contribute to good economic growth
will be undertaken.Mini Dissertation (LLM)--University of Pretoria, 2015.
Mercantile Law
LLM
Unrestricted
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Monareng, Katlego Donavin. "Using Competition law to promote broader public interest issues in merger regulation." Diss., University of Pretoria, 2014. http://hdl.handle.net/2263/45991.
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Tavuyanago, Simbarashe. "Public interest considerations and their impact on merger regulation in South Africa." Diss., University of Pretoria, 2014. http://hdl.handle.net/2263/46006.
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Ngilande, Thabani H. "The Significance of merger regulation in ensuring effective and effecient economy in South Africa : with particular reference to horizontal mergers." Diss., University of Pretoria, 2013. http://hdl.handle.net/2263/36812.
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Curfs, Steven Willem. "A comparative analysis of the regulation of mergers in Canada and the European Union /." Thesis, McGill University, 2005. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=82657.
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Merger review has gained in importance in both Canada and the European Union since the enactment of the Competition Act in 1986 and the Merger Regulation in 1989 respectively. The increase in international trade and the globalization of the world economy have forced both jurisdictions to reform the relevant provisions of their Competition law as concerns mergers in order to keep pace with these rapid changes.The thesis offers a thorough description of the current merger review laws in both systems, and the proposed amendments under consideration in Canada and the EU. In the last chapter, the author compares both procedures and comes to the conclusion that, notwithstanding certain differences in objectives and perception, merger regulation in both systems seems to flow along the same lines. Canada does, however, hold a (lonely) special position as far as the 'efficiency defence' is concerned.
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Roos, Michael Nikolaus. "Takeover and merger regulation in the United Kingdom and Germany : a comparative analysis." Thesis, De Montfort University, 1996. http://hdl.handle.net/2086/4171.
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Matjeni, Letlhogonolo Meisie. "The importance of employment as a public interest consideration in merger regulation by." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/77414.
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Zhang, Lusong. "Regulation of foreign mergers and acquisitions involving listed companies in the People's Republic of China." Click to view the E-thesis via HKUTO, 2006. http://sunzi.lib.hku.hk/hkuto/record/B37190507.
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Wood, Steven Michael. "Corporate restructuring, regulation and competitive space : the US department store in the 1990s." Thesis, University of Southampton, 2001. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.343013.
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Petrova, Elena V. "Regulation of takeover bids in Ontario." Thesis, McGill University, 2001. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=33059.
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Takeovers play an important role in the economy as they serve to reallocate economic resources to more efficient uses and replace inefficient management. Unregulated takeover bids pose a threat to the interests of the target company shareholders. The legislature pays special attention to takeover bids to make sure that the bona fide interests of the target company shareholders are duly protected. This is the primary purpose of the takeover bid regulation in Ontario. The regulation is also aimed at ensuring the horizontal equity among target shareholders and the efficient functioning of the capital market. This thesis analyzes the present regulation of takeover bids in Ontario and argues that while the whole system of takeover bid regulation is consistent with the proclaimed purposes, there are two issues that fall out of the coherent structure. The restriction on free transferability of shares and the adoption by boards of directors of shareholder rights plans do not enhance the protection of target company shareholders and do not correspond to the proclaimed purposes.
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Mai, Anh. "Organizing for efficiency : Essays on merger policies, independence of authorities, and technology diffusion." Doctoral thesis, Örebro universitet, Handelshögskolan vid Örebro Universitet, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:oru:diva-58067.
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Institutions are fundamentally sets of rules in a society that help create stability. Organizations are groups of people who may share the same goal. Changes in organizations and institutions will have large effects on the performance of economies. This thesis explores empirical aspects concerning two elements of institutional and organizational design: economic regulations and independent regulatory authorities (IRAs). Essay 1 studies the impact of the 2004 EU merger policy reform on how mergers are reviewed by the European Commission. The EU policy appears to have softened after the reform for unilateral mergers and this may suggest an improvement of merger policy efficiency. Essay 2 compares the merger enforcements in the EU and the US. Our approach is to decompose the differences into policy effects and casemix effects. The EU policy has significantly changed after its 2004 reform. Overall, the results show a convergence between the two policies for dominance mergers after the EU policy reform. Essay 3 constructs an independence index for 109 European IRAs in six different sectors: competition, energy, financial markets, pharmaceuticals, food safety, and telecom. Factor analysis suggests that the heads of the agencies are mostly constrained by four factors: collegial bodies, the judicial system, politics and scope of tasks, and resources. Essay 4 explores a correlation between independence of regulatory authorities and corruption. We find that the authorities in corrupt countries to a large extent rely on collegial bodies but are less tightly controlled by the judicial system, compared with those in “clean” countries. Essay 5 studies the impact of regulation on broadband diffusion speed. The results imply that a strict local loop unbundling policy appears to slow the diffusion speed of fixed broadband. In contrast, a procompetition policy that aims to promote entry has a significant positive impact on the diffusion speed of mobile broadband.
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Zhang, Lusong, and 張露松. "Regulation of foreign mergers and acquisitions involving listed companies in the People's Republic of China." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B37190507.
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Seo, Daigyo. "Three empirical essays on mergers and regulation in the telecommunications industry." Diss., Manhattan, Kan. : Kansas State University, 2007. http://hdl.handle.net/2097/484.
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Galloway, Jonathan. "The three faces of international antitrust, and the paradox for international merger control." Thesis, Connect to e-thesis to view abstract. Move to record for print version, 2007. http://theses.gla.ac.uk/7/.
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Thesis (Ph.D.) - University of Glasgow, 2007.Ph.D. thesis submitted to the School of Law, Faculty of Law, Business and Social Sciences, University of Glasgow, 2007. Includes bibliographical references. Print version also available.
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Hanisch, Alexandra. "The use of defensive measures in hostile takeovers : a comparative study of takeover regulation in the US, the UK, Canada, the EU and Germany." Thesis, McGill University, 2002. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=78216.
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This Master's Thesis is a comparative study of the regulation of defensive measures in hostile takeovers. It consists of two main parts: In the first, the subject is approached from a theoretical point of view. The relevant factors for the regulation of defensive measures are outlined and analysed, followed by a discussion of the different ways of drafting such rules. This part concludes with a proposition concerning the most favourable form and content of a regulation. The second part describes hostile takeover regulation in the US, the UK, Canada, the EU and Germany, showing the diversity in that field of regulation in practice and the underlying reasons. It highlights and assesses the characteristics of each country and its regulation in the light of the considerations made in the first part, and provides an outlook concerning the future development of the regulation of defensive measures in hostile takeovers.
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Zogheib, Jean-Marc. "Essays in industrial organization : competition and regulation in network industries." Electronic Thesis or Diss., Institut polytechnique de Paris, 2019. http://www.theses.fr/2019IPPAT002.
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Dans le premier chapitre de la thèse, je m'intéresse à l'impact de la politique du contrôle des concentrations sur le choix de fusion d'une firme qui peut soit effectuer une fusion nationale, soit effectuer une fusion internationale. Un enseignement du premier chapitre est que la politique du contrôle des concentrations doit prendre en compte les fusions futures qui peuvent être engendrées par une fusion initiale. Par exemple, le scénario d'une sortie du marché étranger par fusion suite à une fusion internationale non profitable. Une politique du contrôle des concentrations trop sévère pourrait en fait agir comme une barrière à la sortie et donc décourager les fusions internationales. Dans le deuxième chapitre la thèse, j'examine l'impact de la compétition entre une firme privée et des firmes publiques sur les prix et l'investissement dans de nouvelles infrastructures.Du fait de fonctions objectifs différentes, la firme privée en monopole choisira le prix de monopole alors que la firme publique nationale choisit un prix permettant des subventions croisées entre zones à bas coûts et zones à coûts élevés. Le prix d’une firme publique locale dépend de la zone où elle est située. En monopole, la firme publique nationale a le niveau de couverture le plus élevé, alors que le niveau de couverture de la firme privée et des firmes publiques locales est identique. En duopole, les prix sont compléments stratégiques pour la firme privée et substituts stratégiques pour les firmes publiques. La compétition amène la firme privée à baisser ses prix, contrairement aux firmes publiques qui peuvent être amenées à les augmenter. Dans le troisième chapitre de la thèse, j'étudie l'impact de la compétition entre deux firmes en prix et en divulgation de données personnelles. Dans un marché biface, il y a les consommateurs d'un côté, et un courtier en données de l'autre. Je démontre que les firmes adoptent deux types de stratégies commerciales qui sont la résultante d'un arbitrage entre l'exploitation des données personnelles, le niveau données personnelles apportées par le consommateur, et la disposition à payer des consommateurs. Si les consommateurs ont une disposition à payer faible, les firmes emploient une stratégie impliquant des prix bas (voire négatifs) et un niveau de divulgation de données élevé. Si les consommateurs ont une disposition à payer élevée, les firmes emploient une stratégie impliquant des prix élevés et un niveau de divulgation de données nul. En single-homing, une fusion augmente le pouvoir de marché et n'a pas d'impact sur le niveau de divulgation de données. Avec le multi-homing, une fusion a pour impact de diminuer les prix et d'augmenter le niveau de divulgation de données si les firmes ne peuvent pas monétiser les données des multi-homersIn the first chapter of the thesis, I study how merger policy affects the choice between in-market and cross-border merging. An insight of the first chapter is that the merger policy should consider subsequent mergers triggered by an initial decision to merge, which here corresponds to the scenario of an exit-by-merger after a failed cross-border merger. In the second chapter of the thesis, I examine the impact of competition between a private firm and public firms on prices and investment in new infrastructures. An insight from this analysis is that due to distinct objective functions, the private firm charges the monopoly price when it is a monopoly, while the national public firm charges a price such that it cross-subsidizes between low-cost and high-cost areas. Local public firms charge prices contingent on the investment cost in their own area. In monopoly, the national public has the largest coverage, whereas the local public firms cover the same areas as the private firm. In mixed duopoly, prices are strategic complements for the private firm and are strategic substitutes for public firms. Competition leads the private firm to set lower prices, while public firms may charge higher prices. In the third chapter of the thesis, I investigate the impact of competition between two firms in prices and information disclosure levels. In a two-sided market, there are consumers on one side, and a monopoly data broker on the other side. An insight from this analysis is that firms adopt two types of business strategies due to a trade-off between the exploitation of consumer information, the level of information provision, and consumer valuations. If consumer valuations are sufficiently low, firms engage in disclosure of consumer information (low-privacy regime) and charge low (even negative) prices. In contrast, if consumer valuations are sufficiently high, firms do not engage in disclosure of consumer information (highprivacy regime) and always charge positive prices. If consumers single-purchase, a merger to monopoly increases market power but is privacy-neutral. With multi-purchasing, a merger to monopoly decreases prices and privacy levels if firms are unable to monetize multi-purchaser information
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Chuang, Kai-Shi. "The impact of investor protection and bank regulation on the shareholder wealth : evidence from merger and acquisition announcements in the banking industry." Thesis, University of Glasgow, 2010. http://theses.gla.ac.uk/2190/.
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This thesis studies the impact of investor protection and bank regulation on the shareholder wealth around merger and acquisition announcements in the banking industry during the period 1995-2005. The analysis is based on 508 targets, 1,424 bidders and 388 combined firms covering over 30 countries. Using the event study methodology, the results show that targets, bidders and combined firms obtain 13.25%, -0.63% and 0.39% cumulative abnormal returns over a 3 day (-1,+1) event window, respectively. In addition, cross-sectional analysis reveals that target cumulative abnormal returns are positively related to investor protection measured as the antidirector rights and rule of law in a target country. The findings also indicate that targets gain more when bank regulation in a target country has more restriction on bank activity, official supervisors have more power to intervene the deals and supervisors have more power to correct the problem in mergers and acquisitions separately. Furthermore, the results show that bidders have lower gains when investor protection in a bidder country measured as rule of law is strong. The results also find that bidders gain less when bank regulation in a bidder country has more restriction on bank activity. However, the findings show that bidders gain more when supervisory authority in a bidder country is more independent. With respect to combined firms, the results find that combined firms obtain higher announcement returns when investor protection measured as the combination of the antidirector rights index in a target and bidder country is strong.
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Askin, Mehmet Devrim. "The Control Of Mergers And Acquisitions In Eu And Turkish Competition Law." Master's thesis, METU, 2006. http://etd.lib.metu.edu.tr/upload/12608101/index.pdf.
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This thesis aims at examining the main motives for mergers and acquisitions with special reference to the effect of globalization on these business strategies and making a comparative analysis of the Turkish merger control rules with that of the EU and the Central and Eastern European Countries so as to evaluate to what extent the Turkish legislation is in harmony with the Community acquis and whether the EU membership process had the same effect on the introduction of merger control rules in Turkey and in these ex-candidate countries.
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Payne, Bridget Áine. "State-Financed Merger and Acquisition Activity in Germany as a Catalyst for Robust Chinese Patent Law Enforcement." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/scripps_theses/1171.
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Germany’s economic dominance in Europe, generous investment incentives, and technical manufacturing prowess has encouraged an influx of Chinese-led inbound activity, concentrated in high-tech sector mergers and acquisitions. A close examination of these M&As yields evidence of systemic Chinese state-financing through both state-owned and private vehicles that likely stems from China’s “Made in China 2025” policy, which hopes to stem capital outflow and to indigenize technological innovation. As Germany braces for what it sees to be continuous attempts by China to take patented German technology through M&As, it worries that Chinese patent law will allow for rampant patent infringement by copycat Chinese entities.
This paper presents an overview of the root causes of China’s heavy economic activity in Germany, as well as an analysis of the legal concerns held by German firms based on a close reading of the Patent Law of the People’s Republic of China and strategic recommendations for German companies hoping to work with or in China.
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Mwemba, Willard. "Do Supra-National Competition Authorities Resolve the Challenges of Cross Border Merger Regulation in Developing and Emerging Economies? The Case of the Common Market for Eastern and Southern Africa." Doctoral thesis, Faculty of Law, 2021. http://hdl.handle.net/11427/32926.
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The case for cross-border merger control and the need for a supranational merger control system has been debated upon and several scholars have written extensively on the subject. What is immediately evident from literature is that it is not easy to regulate such mergers because of the challenges encountered. The challenges are pronounced in developing and emerging economies (DEEs) as arguably they have less experience in the enforcement of merger laws and lack adequate resources for such an exercise. Other challenges identified from publicly available information are the lack of extra territorial application of national competition laws to conduct taking place outside their borders, limited skills and expertise and poor cooperation and coordination arrangements among the jurisdictions involved. Further cross-border merger regulation presents challenges to merging parties too due to their exposure to different national competition laws. The dissertation focuses on whether supra-national competition authorities address the challenges of cross-border merger regulation in DEEs. However, there are a number of supranational competition authorities established by DEEs that generalising the study would be an unrealistic and impractical task to undertake. In view of this, the Common Market for Eastern and Southern Africa (COMESA) was selected as a sample because it is the regional economic community that has recently established a fully operational supra-national competition authority to regulate inter alia, cross border mergers. Further, all COMESA Member States are DEEs which provides to a greater degree a relatively uniform sample.
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Gašpar, Tomáš. "Fúze a akvizice v IVD." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113120.
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The essential goal of the thesis is to confirm or reject the hypothesis that mergers and acquisitions are an effective way how to grow the value of a company, especially in the regulated environment of the Czech healthcare. The theses focuses mainly on human IVD laboratories though the most of the content relates to the healthcare as a whole. On one hand the theses offers a view of the pure theory of M&A's, on the other hand its connection to reality.The basic processes are the definition of the IVD market, analyses of the sources of income in the healthcare in relation to the possibilities of company value growth. At the end of the thesis the hypothesis is verified by a real lab acquisition case.
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Hanzalík, Jan. "Evropské bankovní fúze a jejich projevy." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-9613.
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The thesis reflects current issue of banking M&A in Europe and its consequences in the regulatory and supervisory area. The thesis sets a general topic of M&A into context of the banking industry. It drops the typology of consolidation entities, methods and reasons for consolidation. It examines the regulatory framework with accent on contemporary trends, namely the financial crisis and its impact into the regulatory and supervisory framework.
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Eiler, Lisa Ann. "Accounting disclosure quality and synergy gains : evidence from cross-border mergers and acquisitions /." Thesis, Connect to title online (Scholars' Bank) Connect to title online (ProQuest), 2009. http://hdl.handle.net/1794/10203.
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Junior, Alberto Lucio Barbosa. "Antitruste e Política de Emprego." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-21052017-142046/.
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Tratamos neste trabalho de um tema quase esquecido no direito brasileiro: a inconsistente interação entre antitruste e política de emprego na ação administrativa do CADE. Nesse contexto, o problema que se enfrenta é a falta de transparência do Conselho quanto às razões jurídicas para o abandono de antigas preocupações com nível de emprego no controle de concentrações. A questão que propomos responder é a seguinte: como o CADE deveria justificar seu definitivo distanciamento da regulação do mercado de trabalho? Em resposta, defendemos a tese normativa de que a utilização da análise econômica para justificar o rompimento da interação entre antitruste e política de emprego produziria uma forma de argumentação inaceitável do ponto de vista lógico. Diante da questão posta acima, este trabalho busca oferecer um juízo de valor acerca da plausibilidade de argumentos baseados em teoria econômica eventualmente adotados pelo CADE como justificativa para o abandono de suas preocupações com nível de emprego. Para tanto, tomamos o direito concorrencial como uma forma de discurso produzido por raciocínios práticos, dentro do qual a análise econômica do direito torna-se uma técnica de argumentação consequencialista.This masters thesis deals with an almost forgotten topic in Brazilian competition law: the inconsistency in CADE decision-making as to the interactions between antitrust and employment policy. In this context, we face the problem of lack of transparency regarding the legal reasons for the Council to abandon its concerns with employment level in merger control. The research question to be answered is the following one: how should CADE justify its decision to definitively withdraw from the regulation of labor markets? In response, our claim is that the use of economic analysis to justify the broken interaction between antitrust and employment policy could lead to a form of argumentation logically unacceptable. In view of the question above, this thesis offers a plausibility evaluation of arguments derived from economic theory that CADE may further in support of its decision to give up concerns with employment level. To do so, we take competition law as a discourse produced by practical reasoning, in which the economic analysis of law becomes a technique for consequentialist argumentation.
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Smolíková, Lenka. "Strategická změna v organizaci formou fúze nebo akvizice." Doctoral thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-233721.
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The dissertation’s subject matter is mergers and acquisitions (“M&A”). The reason standing behind the dissertation is the ever growing number of announced M&A transactions around the world. The research shows why M&A are important for the company management and why managers today see them as one of the greatest challenges. The work includes a chapter dedicated to the history of M&A and its current state, which has been affected by the financial crisis. One of the main objectives of the dissertation is to connect the economic and legal views on M&A. The work confronts theoretical knowledge with actual M&A cases. In order to provide a clearer understanding of M&A, cases of both successful and unsuccessful M&A transactions in various industries are described. The dissertation includes a detailed description of the specific stages in the M&A process. It deals with the preparatory stage, due diligence, implementation, and the subsequent integration of the two and more merged companies. The dissertation also provides evaluation of the individual stages’ importance. Special attention is given to the most frequent problems occurring during the entire M&A process: human resources and the integration process. In addition, the dissertation responds to the changes in economic environment that took place between the economic boom, at the beginning of the millennium, and the recession that commenced in autumn 2008. It also shows possible future developments in M&A. The dissertation was based on a review of the existing secondary sources; on primary research in companies with experience in M&A, and on collaboration with the tutor and other experts in the M&A field. On the grounds of secondary sources review, primary research, and discussions with experts, a guide on how to successfully implement an M&A transaction was prepared. The dissertation is to serve for didactic purposes in educating future managers, as a guide for companies’ management which implement M&A transaction, and should provide a basis for further research and scientific work in the M&A field. The dissertation’s conclusion evaluates hypotheses formulated prior to its elaboration.
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Arnold, Malcolm F. "Regulation of mergers by the UK competition authorities : the effects on shareholder value and management motivations for mergers." Thesis, Cranfield University, 2007. http://hdl.handle.net/1826/1785.
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The UK competition authorities are responsible for regulating company mergers that
were originally considered to have adverse effects that were “against the public
interest”, or presently that could result in a “substantial lessening of competition”. The
research in this thesis examines wider economic side effects of this regulatory policy
that fall outside the remit of the competition authorities. Data on 63 merger cases that
were subject to the merger regulatory process by the UK competition authorities
between 1989 and 2002 are studied for effects on two economic aspects, shareholder
value and managers’ motivations to undertake mergers.
Some previous studies have suggested that competition regimes can destroy shareholder
value. The research in this thesis confirms the finding from earlier studies of greater
gains to shareholders in target rather than bidding companies, but does not find
evidence supporting overall loss of shareholder value to target company shareholders
when a merger is prohibited. It finds evidence that when the regulatory regime is stable
and well understood the capital market behaves efficiently in response to new
information. However, for a sub group of the mergers involving companies with a new
regulatory regime, of which industry and the market had little or no experience with
respect to mergers, the capital market operated less efficiently.
A number of studies have also considered the motivation of managers to follow a
merger strategy. Apparently, none has looked at the influence of competition regulation
on merger motives using stock market data and event study techniques. This research
examined data for the stock market’s perceptions of what motivated managers to pursue
their initial merger bid. The findings suggest that Synergy and Hubris dominate as
motivations for mergers and that, unintentionally, competition policy may help to
reduce the number of mergers motivated by Managerialism.
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Bino, Adel. "Essays on the Impact of Antitrust Regulation on Corporate Mergers and Divestitures." ScholarWorks@UNO, 2007. http://scholarworks.uno.edu/td/1074.
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A merger requires at least one of two separate yet equally important sets of negotiations. The first involves merging parties to discuss issues related to the terms of the merger, including target firm's valuation. The second resolves disputes between the merging parties and the government regulatory agency over the potential anticompetitive impact of the merger. In the first essay, I investigate the probability of completing an acquisition deal conditional on the government approval by applying a nested logit model. My results support the findings of Eckbo (1985), Coate, Higgins, and McChesney (1990), and Coate (2005) that mergers that are expected to increase market concentration are more likely to be challenged by the government. Consistent with Officer (2003) and Bates and Lemmon (2003), I find that including target termination fees is significantly positively related to the probability of completion irrespective of whether the deal is challenged or not. However, I document that including target termination fees deters competitive bidding only if the deal was challenged and leads to higher bid premium to the target firm only if the deal was not challenged. Conditional on not being challenged, acquirer's investment opportunities and the relative size of acquirer and target firms are significantly positively related to the probability of completion, while target investment opportunities and the existence of multiple bidders are significantly negatively related to the probability of completion. Conditional on the merger being challenged, acquirer's investment opportunities and the existence of target termination fees are positively related to the probability of completion and only the existence of multiple bidders is negatively related to the probability of completion. In the second essay, I study the impact of asset sales on the firm's focus level, information asymmetry, and operating performance. I find that following a merger facilitating asset sale the firm becomes more diversified, its information asymmetry increases, and its operating performance does not change while following a non merger related asset sale, the firm becomes more focused, its information asymmetry decreases, and its operating performance improves significantly.
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Dong, Hui, and 董慧. "Bank regulation, credit information, and bank cross-border M&As." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2010. http://hub.hku.hk/bib/B45549783.
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Ezrachi, Ariel. "Regulation of cross border mergers and acquisitions : from unilateral to cooperative competition law enforcement." Thesis, University of Oxford, 2002. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.248887.
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Kling, Gerhard. "Mergers during the first and second phase of globalization success, insider trading, and the role of regulation /." [S.l.] : [s.n.], 2004. http://deposit.ddb.de/cgi-bin/dokserv?idn=971836841.
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Nzero, Ignatious. "Corporate Restructurings in Zimbabwe : a Legal Analysis of the Regulation of Corporate Mergers and Acquisitions in Zimbabwe." Thesis, University of Pretoria, 2013. http://hdl.handle.net/2263/53211.
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The Zimbabwean economy rapidly declined over the past two decades. A record
hyperinflationary environment and a collapse of the financial service sector coupled by lack of
external lines of credit created a difficult operating environment for corporate businesses.
Businesses thus either closed down operations or resorted to survival strategies. Corporate
mergers and acquisitions emerged as natural favoured strategies in implementing survival
corporate restructuring transactions. However, the success of such strategies largely depends on
the effectiveness of the merger regulatory framework, that is, its ability to promote beneficial
corporate restructuring transactions on one hand and to maintain the competitive structure of the
market on the other hand.
This research analyses the current merger regulatory framework in Zimbabwe and assesses
whether it is suited to promote beneficial corporate restructuring transactions implemented
through mergers and acquisitions without unnecessarily distorting the competitive structure of
the market. Employing the failing firm doctrine as the focal point, the research identified a
number of shortcomings within the current merger regulatory framework that impacts upon its
ability to effectively promote beneficial corporate mergers and acquisitions without sacrificing
the competitive market structure.
Selected comparative jurisdictions were used to draw various lessons for Zimbabwe. The aim of
the comparative study was not to provide an exhaustive analysis of these jurisdictions but to
identify specific arrears that can be used to develop and suggest an effective merger regulatory
framework for Zimbabwe.
In order to remedy the identified shortcomings inherent within the current Zimbabwean merger
regulatory framework, this thesis proposes a number of amendments to the current Competition
Act [Chapter 7:01] of 1996. These proposed amendments are aimed at bringing clarity,
flexibility and strengthening the merger regulatory framework including the institutions tasked
with such. The research is primarily a legal analysis of the Zimbabwean merger regulating
statute and its implications on any decisions made by the competition authority. As such, the
thesis states the status of legal development in Zimbabwe and the selected comparative
jurisdictions as of 31 July 2013.Thesis (LLD)--University of Pretoria, 2013.
Mercantile Law
LLD
Unrestricted
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Ribeiro, Humberto Nuno Rito. "New business combinations accounting rules and the mergers and aquisitions activity." Thesis, De Montfort University, 2010. http://hdl.handle.net/2086/4404.
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The perennial controversy in business combinations accounting and its dialectic with stakeholders’ interests under the complexity of the Mergers and Acquisitions (M&A) activity is the centrepiece of analysis in this thesis. It is argued here that the accounting regulation should be as neutral as possible for the economic activity, although it is recognised that accounting changes may result in economic effects. In the case of the changes for business combinations accounting in the USA, lobbying was so fierce that in order to achieve the abolition of accounting choice in M&A accounting, it forced the standard-setter to compromise and to change substantially some of its earlier proposals. Such fierce lobbying cast doubts about whether it was effectively possible to mitigate such economic effects, resulting in a possible impact of the accounting changes on the M&A activity. The occurrence of M&A in waves is yet to be fully theorised. Nevertheless, existing literature established relationships between M&A activity and some key economic and financial factors, and has provided several interesting theories and other meaningful contributions for this thesis. It was therefore possible to examine whether the changes in the accounting rules produced any significant impact on the M&A activity. The findings obtained from the testing of the research hypotheses suggest that the new M&A accounting rules did not result in significant impacts on overall M&A activity. Nevertheless, from the study of managers’ perceptions, and from the examination of annual reports of S&P 500 companies, a considerable impact on the financial reporting was found.
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Smith, James William. "Corporate governance deficiencies in the regulation and disclosure of director remuneration in the South African context of mergers and acquisitions." Master's thesis, University of Cape Town, 2014. http://hdl.handle.net/11427/13029.
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Includes bibliographical references.One of the first times the controversy of director remuneration reared its head was during the financial crisis of 2008 which was described as the biggest financial crisis since the Great Depression of the 1930’s. The Organisation for Economic Co-operation and Development (OECD) and the United Nations body United Nations Conference on Trade and Development (UNCTAD) both cited failures in corporate governance, the practices of director remuneration and inadequate regulation and control thereof, as specific causes of the financial crises of 2008. The reason for this is that remuneration systems employed by companies failed to sufficiently align remuneration packages of directors with the strategy, risk appetite and long-terms interests of the company and shareholders4 The controversy arose when even though many companies failed or showed great losses, directors were still paid out excessive bonuses and were considered to be rewarded for failure. This controversy was caused by the failure of corporate governance systems to effectively regulate and enforce company remuneration practices, the adequate disclosure of information regarding director remuneration, and the lack of shareholder input in the determination of director remuneration and bonuses. In addition is the fact that most corporate governance systems are based on a ‘comply or explain’ or ‘apply or explain’ approach which, despite its advantages, renders the application of corporate governance structures voluntary, or at a minimum, non-compliance could be explained away. This dissertation examines a weakness in the corporate governance structures of South Africa regarding the disclosure director remuneration in the context of mergers and acquisitions. The submission is that directors act in their own interests; that they benefit more from mergers and acquisitions than the company and its shareholders vis-à-vis short and long term incentives, contrary to the fiduciary duty owed to the latter; and posits that the current corporate governance system in South Africa, its disclosure requirements, and its application are insufficient.
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Mascré, Guilhem. "Identifying the cellular origin of Merkel Cells and the mechanisms regulating epidermis homeostasis and repair." Doctoral thesis, Universite Libre de Bruxelles, 2013. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209475.
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The skin epidermis ensures critical vital functions: it represents the first line of defense against external aggressions.The Epidermal Proliferative Unit (EPU) and the stochastic model are two opposite theories that have been proposed to explain the homeostasis of the interfollicular epidermis (IFE). During my thesis, we addressed this question. We used two inducible CREER transgenic mouse models (K14CREER and InvCREER) to labeled basal cells of the IFE using the RosaYFP reporter system, allowing us to follow their fate. Using confocal microscopy to analyze the basal YFP positive clones induced, we demonstrated the existence of two distinct basal progenitors. The mathematical modeling of our data set confirmed this observation and clearly demonstrated the existence of a quiescent stem cell (SC) population (targeted by the K14 promoter), which eventually gives rise to a more rapidly proliferating cells, the committed progenitors (CPs, targeted by the Inv promoter) that participate actively to replace the IFE cells lost during the normal turnover of the tissue. By using an independent genetic mouse model (K5tTA tetO-H2BGFP) and by studying the transcriptional profiling of the two basal populations, we confirmed our hypothesis, and thus reconciling the two seemingly opposite EPU and stochastic models. Finally, we challenged the function of the K14 SCs and Inv CPs during IFE wound healing. Conversely to what happens during homeostasis, we observed that SCs are massively proliferating and participating to the repair and maintenance of the damaged area, while CPs are poorly recruited to the wound.
The skin is also a highly sensitive organ, which contains many different receptors specialized in a precise sensation, and richly innervated by somatosensory neurons.
The Merkel Cells (MCs) are mechanoreceptors present in the basal layer of the IFE that have features of both neurons and keratinocytes, and might be implicated in the development of a rare but very aggressive skin tumor. Since their discovery in 1875, many studies claimed the neural crest cells (NCCs) or the epidermal progenitors are at the origin of MC, but no clear evidence has been proposed.
During my thesis, we were also interested in the embryonic origin of the MC. We used different transgenic mouse models to assess the NCC (Wnt1CRE and Pax3CRE RosaYFP) and the epidermal (K14CRE RosaYFP) hypotheses and we finally demonstrated that MC arise from embryonic epidermal progenitors. Using induction of adult epidermis transgenic mouse (K14CREER RosaYFP, K15CREPR RosaYFP), we showed that the epidermis also participates to the renewing of adult MC. Finally, we deleted the Math1 gene in all the MC progenitors (K14CRE Mathfl/fl) of mouse embryos, resulting in the absence of MCs in adult mice, demonstrating the importance of this transcription factor for MCs specification during embryogenesis.
Doctorat en Sciences biomédicales et pharmaceutiques
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Diaz, pines lópez de los mozos Agustín. "Better regulation for convergence of the telecommunications and video industries." Thesis, Université Paris-Saclay (ComUE), 2016. http://www.theses.fr/2016SACLX033.
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La thèse compare des approches de politique publique en France, le Royaume Uni et les Etats Unis sur la convergence des services de télécommunications et de télévision-vidéo et formule des recommandations de politique publique. Elle commence par des changements évidents que la convergence projette sur tout l’écosystème TIC et explique comment elle permet de changer la relation entre les opérateurs de télécom et les fournisseurs de contenu. La thèse propose de nouvelles idées dans plusieurs domaines de connaissance liées à la convergence des télécoms et télévision-vidéo, tels que les effets verticaux, les offres groupées, la neutralité du réseau et le rôle des fournisseurs OTT. D’un côté, elle formule des recommandations très précises sur le traitement futur de ces aspects dans le nouvel environnement convergent et, de l’autre côté, fournit un panorama général qui essaie de capter les tendances les plus importantes du phénomène de convergence.Le chapitre introductif formule la question de recherche et les sous-questions. Il établit également la raison pour laquelle ces questions sont pertinentes ainsi que la méthode à utiliser. Le Chapitre 2 sur les développements historiques, décrit les cadres réglementaires et de la concurrence présents et passés, par rapport à la concurrence dans les télécoms et la télévision-vidéo, dans les trois pays.Le Chapitre 3 sur les effets verticaux fournit une analyse comparée des décisions de régulation et du droit de la concurrence dans les services télévision payante et de la vidéo. Il va au delà de l’analyse des décisions des concentrations et inclut toutes les décisions de régulation et antitrust pertinentes de 1996 à 2015. Même si le chapitre couvre aussi une revue de la théorie économique sur les effets verticaux, appliquée aux marchés de la vidéo, il essaie d’identifier les différentes approches des autorités dans l’application de la théorie économique.Le Chapitre 4 porte sur les offres groupées 3-play et 4-play. La première partie se focalise sur la perception des consommateurs des offres groupées. Le chapitre utilise un modèle de prix hédoniques des offres 3-play et 4-play dans les trois pays. Un effort particulier a été fait pour développer des indicateurs de qualité plus sophistiqués pour le composant télévision payante. La deuxième partie porte sur les incitations des entreprises pour vendre des offres groupées en fonction de leurs indicateurs financiers principaux. Cette partie fournit une analyse préliminaire des incitations des opérateurs à fournir des offres groupées.Le Chapitre 5 sur la neutralité du réseau présente les éléments principaux du débat sur la neutralité du réseau. Un chapitre indépendant sur la neutralité se justifie par: i) la pertinence globale du débat sur la neutralité du réseau, ii) l’importance croissante de la fourniture des services de vidéo sur l’Internet, et iii) la condition de la neutralité du réseau comme lien entres les opérateurs de télécom et les fournisseurs de contenu.Le chapitre 6 regarde un des aspects les plus distinctifs de la convergence des services de télécom et de la vidéo: l’émergence des fournisseurs de vidéo online (over-the-top) qui ne sont pas issus des acteurs traditionnels de l’industrie de la télévision ou de la vidéo. La thèse, comme la plupart des autorités de la concurrence, a une perception positive du rôle des OTT comme moteurs de la concurrence et propose que leur développement soit privilégié. Le chapitre essaie d’identifier les barrières principales pour le développement des OTT.Le chapitre final (chapitre 7) résume les conclusions de la thèse et formule des recommandations de politiques publiques, que les pays sont encouragés à évaluer. Ces recommandations résument le contenu des autres chapitres et rajoutent des détails supplémentaires sur les changements législatifs et institutionnels que seraient nécessaires pour les mettre en oeuvreThis dissertation compares public policy approaches in France, the United Kingdom and the Untied States in relation to convergence between telecommunications and television/video services and puts forward policy recommendations. It starts from the evident changes that convergence is spreading throughout the ICT ecosystem and how it is changing the relationship between telecommunication operators and content providers. The dissertation provides new thinking in a number of areas relating to convergence of telecommunications and television/video services, such as vertical effects, bundling behaviour, network neutrality or the role of OTT video providers. The dissertation aims, on one hand, at formulating very precise recommendation as to how these aspects should be treated in the new convergent environment and, on other hand, at provider a comprehensive view that captures the big picture of the convergence phenomenon.The introductory chapter formulates the research question and sub-questions, why these questions are relevant and the methodology used and Chapter 2 on historical developments describes past and current policy and regulatory frameworks, in relation to competition in telecommunication and television/video services, in the three countriesChapter 3 on vertical effects provides a comparative analysis of competition law and regulatory decision in relation to competition in pay-television/video services. It not only contains merger decisions but also all the relevant regulatory and antitrust decisions between 1996 and 2015. While this chapter also includes to some extent a review of state-of-the-art economic theory on vertical effects, applied to video markets, it aims at identifying the different approaches taken by the authorities in applying economic theory.Chapter 4 addresses bundling of telecommunication and video services, in particular 3-play and 4-play bundles. The first section focuses on customers’ perception of bundled services. This has been modelled through a hedonic price analysis of 3- and 4-play bundles in the three countries. A significant effort has been made to develop more sophisticated quality indicators for this component. The second section focuses on firms’ incentives to sell 3-play communication bundles as a function of their main financial indicators. This section contains a preliminary analysis of operators’ incentives to bundle.Chapter 5 on network neutrality presents the main elements of the network neutrality debate. A standalone chapter on network neutrality is justified based on: i) the global relevance of the network neutrality debate, ii) its importance for the delivery of video services over the Internet and iii) network neutrality’s nature of conceptual link between video and communication services.Chapter 6 examines one of distinctive aspects of convergence of video and telecommunication services: the emergence of online (or over-the-top) video providers which do not come from the traditional television or video industry. This dissertation, as most competition authorities, welcomes the role of OTTs as competition promoters and suggests that the development of these players should be incentivised.The final chapter (Chapter 7) summarises the dissertation’s conclusions and formulates policy recommendations, for countries to consider. These recommendations summarise the content of the rest of the chapters and provide additional details on the legislative and institutional changes that would be needed to implement them
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Racic, Milan A. "The evolution of global airlines : the role of airline mergers, franchises and alliances in the re-development of international air transport regulation." Thesis, McGill University, 1996. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=23964.
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Air transport is by its very nature one of the most international of economic activities. However, until fairly recently, its regulatory framework has been premised on an overriding nationalism developed and maintained on the basis of the following: substantial ownership and effective control provisions found in national legislation and most bilateral air transport agreements; restrictions on cabotage found in national legislation, most bilateral air transport agreements and Article 7 of the Chicago Convention; and the related national restrictions on the right of establishment applicable to national carriers.However, as the international component of the air transport industry has grown in importance, the tenets underlying this restrictive regulatory system are increasingly coming into question. This thesis examines the development of international airline co-operation and integration, namely by way of mergers, franchises and alliances, in the face of the existing regulatory obstacles. It examines the legal impediments to, the form of, and the costs and benefits of each of these integrative methods and their various derivatives. Finally, it traces the regulatory responses to these integrative activities, and explores the possibility and methodology of creating a truly global airline, both in form and in function.
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Mendes, Joana Silva. "Equity research REN - Redes Energéticas Nacionais, SGPS, S.A : a regulation approach based on TOTEX." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16682.
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Mestrado em FinançasEste projeto contém uma avaliação extensa da REN - Redes Energéticas Nacionais S.G.P.S, S.A. Este relatório segue as recomendações do Instituto CFA e considera apenas a informação pública disponível até 9 de fevereiro de 2018. O preço alvo foi obtido através de um método de avaliação absoluto, mais concretamente o método dos Fluxos de Caixa Descontados (DCF) para determinar o valor intrínseco de cada segmento operacional da REN (Transmissão de Eletricidade, Transmissão de Gás Natural, Distribuição de Gás Natural e Outros) e foi usado o Método dos Dividendos Descontados (DDM) para avaliar as operações chilenas e a soma das partes para determinar o valor total da empresa. Foi obtido um preço alvo de €2.76 por cada ação em 2018FA, representando um potencial de crescimento de 15% em relação ao preço de €2.43 a 9 de fevereiro de 2018, suportando a nossa recomendação de COMPRA para a REN, com baixo risco. Para suportar a nossa recomendação, foram também usados métodos complementares de avaliação, como o Fluxo de Caixa Livre para os Acionistas (FCFE), o Modelo dos Dividendos Descontados (DDM) e uma Avaliação de Múltiplos. Foi feita uma análise extra que considera a possibilidade de liquidação do negócio da REN e uma mudança para uma estrutura de regulamentação baseada nos custos totais (TOTEX). Ambas as análises representam um preço alvo mais baixo para a REN: €2.49 para o cenário de liquidação e €2.55 para uma mudança para uma estrutura de regulação baseada no TOTEX, embora ainda modestamente acima do preço atual.
This project contains an extensive valuation of REN - Redes Energéticas Nacionais S.G.P.S, S.A..This equity research report follows the guidelines and recommendations of the CFA Institute and only considers the public information available as at February 9th, 2018. The price target was achieved through an absolute valuation method in a form of a Discounted Cash Flow (DCF) Approach to derive the Enterprise Value of each REN's operational segments (Electricity, NG Transmission, NG Distribution, and Others) and used the Dividend Discount Model (DDM) to value Chilean operations, and then the Sum of the Parts Approach to determine the value of the entire company. A 2018YE price target of €2.76 per common share was reached, implying a 15% upside potential from the February 9th closing price of €2.43, supporting our BUY recommendation for REN, with low risk. To further support our recommendation, complementary valuation methods such as Free Cash Flow to Equity (FCFE), the DDM and a Multiples Valuation were applied. Additional analysis takes into consideration the possibility of a liquidation approach and a switch to a TOTEX regulatory framework. Both analysis account for a lower price target for REN: €2.49 for a liquidation approach and €2.55 as for a move to a TOTEX Framework, though still modestly above the €2.43 closing price.
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Van, Kleeck Vickie A. "A case study of Mercer University's intramural and recreational sports program to assess the inherent and potential risks for implementation of a risk management program." Thesis, Virginia Polytechnic Institute and State University, 1986. http://hdl.handle.net/10919/101331.
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This case study involved a safety and maintenance audit of Mercer University's intramural and recreational sports program. The purpose of the audit was to expose potentially hazardous conditions in the area of supervision, conduct of activities, facilities and equipment. A method of risk reduction in the form of a risk management strategy was implemented to control for potential injury producing conditions to participants. Regular safety inspections, the hiring and training of program supervisors, upgrading of facilities and equipment and a closer relationship between the intramural program and other campus departments were some of the remedial steps taken at Mercer to provide a relatively safe environment.M.S.
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Sunga, Gabriel. "Corporate Tax Inversions: An Event Study on the Impact of Treasury Regulations on Domestic and Foreign M&A Target Firms." Scholarship @ Claremont, 2016. http://scholarship.claremont.edu/cmc_theses/1346.
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This paper utilizes a short-term event study to analyze the stock price reaction of domestic and foreign M&A target firms to the 2014, 2015, and 2016 Treasury regulatory announcements aimed at restricting corporate tax inversions. The results suggest that domestic M&A target firms experience insignificant abnormal returns as a result of the Treasury overlooking tax-favored acquisitions by foreign acquirers of domestic target firms with significant locked out earnings. Meanwhile, foreign M&A target firms experience insignificant abnormal returns associated with the ineffective 2014 and 2015 Treasury regulations and experience significant abnormal returns associated with the highly effective 2016 Treasury regulations. This paper contributes to the existing debate on corporate inversions by highlighting the common techniques used to escape the United States’ tax jurisdiction, as well as shedding light on a hidden inversion alternative that has been largely overlooked by the Treasury’s regulatory actions.
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Carugati, Christophe. "Competition law and economics of big data : a new competition rulebook." Thesis, Paris 2, 2020. http://www.theses.fr/2020PA020003.
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Cette thèse aborde les enjeux du Big Data en droit de la concurrence en trois chapitres. Le chapitre un propose de nouveaux outils économiques pour définir le marché pertinent et le pouvoir de marché dans l’économie axée sur les données. Il soutient la nécessité de réformer le marché pertinent et le pouvoir de marché en considérant de nouveaux outils et un ensemble de facteurs à prendre en compte pour le pouvoir de marché. Le chapitre deux propose de nouvelles analyses économiques et juridiques pour des fusions et pratiques anticoncurrentielles axées sur les données. Il étudie les sujets de premiers plans relatifs à l’intégration de la vie privée dans l’évaluation des fusions et pratiques antitrust, les ententes par algorithmes et les fusions préventives. Il soutient la nécessité d’intégrer la vie privée dans toutes les affaires de fusions et de pratiques anticoncurrentielles liées aux données puisque les données impliquent nécessairement des questions relatives à la vie privée et à la protection des données. Finalement, le chapitre trois propose de réguler l’économie numérique. Il démontre que l’économie est très concentrée et que les marchés ne peuvent pas corriger par eux-mêmes les défaillances du marché. Il analyse les recommandations émanant des rapports commissionnés par les gouvernements (Furman et al, Crémer et al, Schallbruch et al, ACCC report et Stigler report) et il discute et envisage d’autres propositions originalesThis thesis addresses Big Data issues in competition law in three chapters. Chapter one proposes new economic tools to define the relevant market and the market power in the data-driven economy. It argues the need to reform the relevant market and the market power by considering new tools and a menu of key features relevant to the market power. Chapter two proposes new law and economics analysis for data-driven antitrust and merger practices. It considers debated topics related to the integration of privacy in the assessment of antitrust and merger practices, algorithmic collusion and pre-emptive mergers. It argues the need to integrate privacy in any data-driven antitrust and merger practices as data imply necessarily privacy and data protection issues. Finally, chapter three proposes to regulate the digital economy. It demonstrates that the economy is highly concentrated and that the markets cannot correct themselves market failures. It analyzes recommendations from the government reports (Furman et al, Crémer et al, Schallbruch et al, ACCC report, and Stigler report) and It proposes and discusses other original proposals
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Silva, João Miguel Gonçalves da. "Equity research REN - Redes Energéticas Nacionais, SGPS, S.A. : growth in LATAM following Electrogas acquisition." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16927.
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Mestrado em FinançasEste projeto é uma avaliação extensa da REN-Redes Energéticas Nacionais SGPS SA, com uma ênfase especial nas oportunidades de investimento na região da América Latina. Esta avaliação de empresa segue o formato recomendado pelo CFA Institute e apenas foi considerada informação pública até 9 de fevereiro de 2018
This project is an extensive valuation of REN-Redes Energéticas Nacionais SGPS SA, with a special emphasis on growth opportunities in the Latin America region. This equity research follows the CFA Institute format and only public information until 9th February 2018 was considered.
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Gomes, Pedro Miguel Viegas. "Equity research REN - Redes Energéticas Nacionais, SGPS, S.A. : Yields Double Hedge." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16685.
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Mestrado em FinançasEste projeto consiste num relatório de avaliação da REN - Redes Energéticas Nacionais, S.G.P.S., S.A. O relatório contém uma extensiva análise financeira à empresa, com foco na sua estratégia de gestão da dívida, e um entendimento geral do mercado energético em Portugal, na Europa e na América Latina (LATAM). Esta analise resultou num preço alvo de €2.76, representando um potencial de crescimento de 15% face ao preço fecho de €2.43, a 9 de fevereiro de 2018. Adicionalmente, a REN paga aos seus acionistas um dividendo de €0.171 por ação, o que representa uma dividend yield de 6.89%. A avaliação foi obtida com recurso ao método da soma das partes, na qual os negócios em Portugal foram avaliados utilizando o modelo dos free cash flows descontados e a participação da Electrogás do Chile com o modelo dos dividendos descontados e um múltiplo. Como suporte à avaliação, foram utilizados modelos de complementares. O modelo de regulação providencia à empresa uma espécie de natural hedge, tendo em conta que as suas vendas aumentam quando há um aumento da taxa de juro das obrigações portuguesas a 10 anos, compensando a empresa pelo aumento causado nos custos de financiamento. Com uma perspicaz gestão da dívida, a REN melhorou esse hedge, aumentando a proporção de dívida à taxa fixa para mais de 60% protegendo ainda mais o resultado líquido contra o espectável aumento das taxas de juro, criando desse modo o Yields Double Hedge. O relatório é apresentado segundo o formato do CFA Institute.
This project consists of an Equity Research Report on REN - Redes Energéticas Nacionais, S.G.P.S., S.A. It contains a comprehensive financial analysis of the company, with focus on its debt management strategy, and a brief understanding of the energy market in Portugal, Europe and Latin America (LATAM). This analysis resulted in a price target of €2.76, representing a 15% upside potential to the €2.43 closing price at February 9th, 2018. On top of that, REN pays a €0.171 dividend per share, translated in a 6.89% dividend yield. This valuation was obtained using a Sum of the parts approach, in which the businesses in Portugal where valued with the discounted free cash flow model, and the Electrogás share with the dividend discount model and a multiple. Additionally, some complementary approaches were used to support the base case valuation. The regulatory scheme provides to the company a natural hedge, in the sense that its revenues will increase when the 10Y Portuguese Yields increase, compensating the company for the losses due to the increase of the cost of debt. With crucial debt management, REN was able to improve that hedge, by increasing the share of fixed rate debt to above 60% protecting the net income, even more, against the expected increases in Yields, creating in that way the Yields Double Hedge. The report is presented under the CFA Institute Format.
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Delanghe, Marieke. "Réactions des marchés financiers aux annonces de fusions et acquisitions : trois essais empiriques." Thesis, Lille 2, 2013. http://www.theses.fr/2013LIL20007.
Full textAbstract:
Dans les deux premiers articles de cette thèse, nous explorons les réactions des marchés financiers aux annonces de fusions et acquisitions dans deux contextes différents. Nous nous intéressons en premier lieu, à la régulation des marchés de fusions et acquisitions par la Commission Européenne. Nous nous attachons à déterminer si la Commission Européenne présente toujours des comportements protectionnistes depuis la mise en place de la nouvelle régulation en 2004. Nos résultats suggèrent effectivement que la Commission Européenne agissait de façon protectionniste avant 2004 mais que ce phénomène disparait ensuite et même plus tôt, en 2002. Dans le second article de la présente thèse, nous testons la possible extension à long-terme de l’effet de certification dont bénéficient les entreprises lors de l’obtention d’un crédit syndiqué. Nous souhaitons déterminer si la certification bancaire concerne le projet financé spécifiquement ou plutôt la qualité de l’équipe dirigeante de l’entreprise. Pour cela, nous comparons les réactions des investisseurs à l’annonce d’opérations de fusion et acquisition mises en œuvre par des entreprises américaines avant et après l’annonce de l’obtention d’un prêt syndiqué. S’il existe un effet de long-terme de la certification bancaire, les réactions des investisseurs devraient être plus positives après l’octroi du crédit. Nos résultats ne supportent pas cette hypothèse et nous concluons que la certification bancaire concerne plus particulièrement le projet financé en lui-même. Ayant constaté l’importance de la qualité des données pour la réalisation d’études empiriques en finance, nous comparons, dans un troisième article, deux bases de données de fusions et acquisitions : SDC et Zephyr. Il apparait que ces bases présentent des différences notoires tant au niveau de la présentation que du contenu des données qui peuvent, dans certains cas, entrainer des différences de résultats lors d’analyses économétriquesWe study market reactions to mergers and acquisitions (M&A) announcements in different contexts in two papers. First, we explore the regulation of M&A markets by the European Commission. Our aim is to determine whether the European Commission has still protectionist tendencies towards European firms since the implementation of the new regulation in 2004. Our results confirm that the European Commission presented protectionist behaviors before the new regulation was set in place but this phenomenon does not appear anymore after 2004 and even before, from 2002. In the second paper, we test long-term effect of lender certification. We want to determine if lender certification relates to the financed project only or also sends a good signal about the quality of the management team of the firm. We compare market reaction to M&A announcements for operations carried out by US firms before and after the obtaining of a syndicated loan. If there is a long-term effect of lender certification, market reaction to M&A announcements should be more positive after the loan has been granted. Our results do not support this hypothesis and we conclude that lender certification relates to the financed project only. Since we noticed the great importance of data quality in empirical studies in finance, we compare in the third paper, two M&A databases: SDC and Zephyr. It appears that these databases present noticeable differences in the presentation as well as in the content of data provided which may lead, in some cases, to different results in empirical analysis