A tale of two expropriations: Newcrestia and Agrizania

A comparison will be made between the decision of the High Court of Australia in Newcrest Mining (WA) Ltd v The Commonwealth1 (“Newcrest”) and the decisions of the South African Courts in the Agri South Africa line of cases.2 Although the mineral law systems of the two countries differ insofar as historical development and content,3 the simplified facts of the Newcrest and Agri SA decisions and principles of expropriation law are similar enough to draw an interesting comparison between the respective cases. Both cases dealt with the issue of whether the mineral rights/mining rights of private holders were expropriated by legislation which prohibited mining in one way or another. A comparison between the cases shows the approaches towards the issues and what exactly constitutes deprivation and/or acquisition of property for purposes of expropriation and whether deprivation and/or acquisition actually took place.The differences between the mineral law systems of Australia and South Africa (before the enactment of the Mineral and Petroleum Resources Development Act 28 of 2002 (hereafter “MPRDA”)) and the protection afforded against the resumption/expropriation of mineral rights or mining rights will be set as background information for a better understanding of the respective decisions. The facts of the two cases will first be set out and simplified for comparative purposes before the respective decisions are discussed. At the end, a comparison will be made between the decisions and a conclusion reached about the similarity of principles and the correctness of the respective decisions.

Controlling shareholder, expropriations and firm’s leverage decision: Evidence from Chinese Non-tradable share reform

This paper examines the effect of excess control rights on the leverage decisions made by Chinese non-SOEs before and after the Non-tradable share reform (NTS reform). We find that firms with excess control rights have more excess leverage and their controlling shareholders use the resources for tunneling rather than investing in positive NPV projects. We also find that excess leverage in firms with excess control rights decreases and the market reaction to announcements of related party transactions are more positive after NTS reform. This confirms that tunneling by the controlling shareholders actually reduced. We argue that in emerging markets where legal protection for creditors and shareholders is weak, controlling shareholders borrow excess debt to tunnel through inter-corporate loans and related party transactions. Furthermore the privatization of these economies can reduce the controlling shareholders' tunneling activities and associated excess leverage which destroys firm value.

Present status of the Mexican oil "expropriations" 1940.

Mode of access: Internet.

The Impact of Expropriations on the Stock Prices of the Parent Companies: Sell on the rumor, buy on the news?

We measure the impact of warnings of expropriation and of forced divestments of pri- vate property on the stock prices of the parent company. We use a unique database of 116 events in 12 countries from 2005 to 2013. Our results show signi cant negative effects on the stock prices of different kinds of warnings; the largest effect is when the warning takes the form of a transitory permit revocation. In the case of forced divestments, we nd a signi cant negative impact when there is a permanent revocation of a permit. However, nationalizations seem to generate a positive market reaction.

Corporate Governance in China (summary section only)

The negative relationship between economic growth and stock market return is not an anomaly according to evidence documented in many economies. It is argued that future economic growth is largely irrelevant for predicting future equity returns, since long-run equity returns depend mainly on dividend yields and the growth of per share dividends. The economic growth does result in a higher standard of living for consumers, but does not necessarily translate into higher returns for owners of the capital. The divergence in performance between the real sector and stock markets appears to support the above argument. However, this thesis strives to offer an alternative explanation to the apparent divergence within the framework of corporate governance. It argues that weak corporate governance standards in Chinese listed firms exacerbated by poor inventor protection results into a marginalized capital market. Each of the three essays in the thesis addresses one particular aspect of corporate governance on the Chinese stock market in a sequential way through gathering empirical evidence on three distinctive stock market activities. The first essay questions whether significant agency conflicts do exist by building a game on rights issues. It documents significant divergence in interests among shareholders holding different classes of shares. The second essay investigates the level of agency costs by examining value of control through constructing a sample of block transactions. It finds that block transactions that transfer ultimate control entail higher premiums. The third essay looks into possible avenues through which corporate governance standards could be improved by investigating the economic consequences of cross-listing on the Chinese stock market. It finds that, by adopting a higher disclosure standard through cross-listings, firms voluntarily commit themselves to reducing information asymmetry, and consequently command higher valuation than their counterparts.

Um turismo de base comunitária para o Parque Nacional do Itatiaia: estudo sobre conflito socioambiental em unidade de conservação.

O Parque Nacional do Itatiaia, fundado em 1937, é o primeiro Parque Nacional do Brasil e apresenta dois planos distintos em seus espaços Parte Alta e Parte Baixa compreendendo municípios dos estados do Rio de Janeiro e Minas Gerais. O estudo do conflito socioambiental existente no Parque Nacional do Itatiaia (PNI) foi realizado, nesta tese, a partir do processo de ampliação territorial ocorrido nesta Unidade de Conservação, em 1982, que incorporou pequenas propriedades particulares ao território da Parte Alta do PNI sem que o Estado efetivasse as indenizações e as desapropriações territoriais preconizadas pela legislação ambiental brasileira para unidades de conservação de proteção integral (SNUC Lei Federal n. 9.985/2000). A caracterização do PNI foi feita levando-se em consideração as correntes ambientalistas que fundamentaram a criação de áreas protegidas desde o surgimento da primeira unidade de conservação nos Estados Unidos da América, no séc. XIX. As assimetrias identificadas nas relações de poder estabelecidas pelos atores sociais envolvidos na questão fundiária do PNI foram destacadas com base nas contribuições do campo da ecologia política. Nessa perspectiva, o estudo caracterizou a relação das comunidades tradicionais com o meio ambiente e as práticas socioambientais dela decorrentes e identificou alternativas de sustentabilidade socioambiental para enfrentamento dos conflitos fundiários existentes no PNI. A possibilidade de desenvolvimento de práticas produtivas alternativas à agropecuária, como o turismo de base comunitária, por exemplo, que permite a inclusão das famílias residentes no território do PNI até que se conclua o processo de regularização fundiária e a sua consolidação territorial, foi ressaltada com vistas a apontar a construção de um arranjo institucional como estratégia de compatibilização de dois direitos fundamentais garantidos pela Constituição Federal de 1988 (CF/88): o direito ao meio ambiente equilibrado e o direito cultural. Nesse parque, a atividade turística manifesta-se como uma das alternativas viáveis para o enfrentamento dos conflitos sobre a ocupação fundiária, tendo em vista que políticas públicas de turismo têm concebido ações de geração de trabalho e renda, de inclusão social e de sustentabilidade econômica e ambiental. A adoção da metodologia de pesquisa qualitativa, com base na técnica de observação participante, permitiu a imersão do pesquisador na problemática vivenciada por comunidades tradicionais que vivem em UCs e possibilitou a obtenção de dados singulares que auxiliaram na interpretação dos resultados. A partir das análises empreendidas com base no trabalho de campo e nas entrevistas, esta tese reforça a importância da celebração de um arranjo institucional entre o Estado brasileiro, por meio do órgão ambiental, e as famílias residentes nas comunidades da Serra Negra e da Vargem Grande, dentro dos limites territoriais do PNI, como forma de se criar uma alternativa sustentável aos impasses vivenciados pelo Estado brasileiro frente às reivindicações de grupos sociais envolvidos em conflitos socioambientais, não só no PNI, mas em diversas Unidades de Conservação do Brasil.

O paraíso atrasado: a construção do rural no Brasil através do imaginário geográfico

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

Formación y determinación del valor del suelo: confrontación y discrepancias entre mecanismos de mercado y regulaciones administrativas

La determinación del valor del suelo implicado en los procesos de urbanización se mueve en una compleja dialéctica en la que algunos fenómenos de naturaleza morfológica como el modelado del espacio social, o el que se deduce de las determinaciones del planeamiento (aprovechamiento especialmente) se enfrentan a instrumentos de regulación que se rigen por normas de carácter administrativo (urbanísticas y expropiatorias, fiscales, financieras-hipotecarias etc.). En ese marco en el que las discrepancias son frecuentes se pretende analizar las posibles actuaciones encaminadas a influir sobre la formación de ese valor en el sentido de limitar las expectativas de aprovechamiento tradicionalmente vinculadas al sistema urbanístico establecido, destacando al respecto la implantación de criterios de sostenibilidad y participación ciudadana, así como que la utilización de normas administrativas de valoración con la finalidad de reducir tales expectativas y tratar de influir sobre el sistema urbanístico en su conjunto, no se considera suficiente para conseguir el logro de tales objetivos. Añadiendo, respecto del conjunto de normas administrativas de determinación del valor del suelo, que si bien las reglas urbanísticas y expropiatorias establecen actualmente reglas objetivas de valoración, a través de la normativa de valoración destinada a entidades financieras, o de carácter fiscal, se introducen criterios subjetivos que tratan de aproximarse al mercado, incluso en el caso del valor catastral, estructuralmente reglado. Esta separación de criterios ha llevado a un enfrentamiento al que ha venido a dar respuesta la reciente sentencia del Tribunal Supremo de 30 de mayo de 2014, que impone los criterios urbanísticos de consideración de situaciones básicas de suelo, frente a los fiscalmente regulados en relación con la normativa catastral en cuanto a la consideración de suelo urbanizable sin desarrollar, que pasa a ser considerado como en situación rural, siendo por tanto aplicables sobre el mismo las reglas de valoración que la normativa catastral establece para esta categoría de suelo (rústico) que no considera, incluso con la posterior modificación, de junio de 2015, incorporada para adaptarse a la mencionada sentencia, expectativas de aprovechamiento. Pero como se ha señalado, la exclusiva utilización de la normativa urbanística de valoración no se considera suficiente para evitar los efectos que sobre el valor de suelo produce la asignación de tales aprovechamientos, por lo que acuerdo con la actual legislación de suelo, deben asimismo potenciarse actuaciones encaminadas a un desarrollo sostenible así como a la participación ciudadana, la transparencia y el control, con la finalidad de lograr un mayor rigor en la utilización del suelo que ha de traducirse en su valoración. ABSTRACT Determining the land value involved in the urbanisation process implies a complex dialectic in which certain morphological natural phenomena like the modelling of social space or that deduced from planning determinations (especially land use) face regulatory instruments governed by administrative norms (urban planning and expropriator, tax, financial-mortgage etc.). In this context where discrepancies are common, the purpose is to analyse the possible actions geared to influence the formation of that value in the sense of limiting land use expectations traditionally linked to the established urban planning system, highlighting the implementation of sustainability criteria and citizen participation, as well as to consider that the administrative standards of evaluation for reducing said expectations, and trying to influence the urban system as a whole, are not considered sufficient for achieving these objectives. We might add, with respect to the set of administrative norms for determining the land value, that while urban and expropriations norms currently provide objective rules of valuation, subjective criteria are introduced trying to approach the market, including the structurally regulated cadastral value through valuation rules aimed at financial or fiscal institutions. This separation of criteria has led to a confrontation to which the recent ruling of the Supreme Court of May 30, 2014 responds. The aforementioned judgement imposes the urban core criteria for basic land use situations against those fiscally regulated in relation to cadastral regulations regarding the consideration of undeveloped building land, which is considered to be in a rural situation, making it subject to the same rules that cadastral valuation norms established for this category of land use (rustic) which do not consider, even with the subsequent amendment of June 2015, introduced to fit that judgment, use expectations. But as noted, the exclusive use of valuation planning regulations is not considered sufficient to avoid the effects on the land value produced by the allocation of said uses, so that according to the current land use legislation, actions aimed at sustainable development as well as citizen participation, transparency and control, shall be enhanced in order to achieve greater rigor in the use of land which should be translated in their valuation.

Unilever as a "multi-local" multinational 1945-1979

Explores the opportunities and threats to Unilever's global business in 1978 based on the commercial and political challenges faced by three of its subsidiaries, Lever Brothers in the United States, Hindustan Lever in India, and United Africa Company in West Africa. Management faced several problems: criticism of multinational companies, anti-trust legislation, expropriations, and rising competition from international and local rivals. Focuses on developing a new global strategy for a company that placed a premium on a consensual management style and local autonomy.

Projeto de mobilidade urbana: estudo sobre processos de integração com habitação de interesse social nas obras do PAC da COPA 2014 em Natal/RN

The public political investments of urban mobility financed by PAC of Cup 2014 have developed discussions and questions by the civil society in Brazil expecting positive results to the urban infrastructure referring to the possible human rights violation and, specially, rights of habitation related to the removing/expropriation noticed. Natal, capital of Rio Grande do Norte, is into this context, due to the urban mobility project linking North Zone of the city to the Arena das Dunas stadium, financed by the PAC of Cup 2014, named West Structural Corridor, that crosses a field of social interest and proposes almost 400 expropriations. This research analyzes how strategies and mechanisms of integration were presented between the mobility project of West Structural Corridor and the Social Interest Habitation affected by this project. We have as hypothesis those projects financed by PAC of Cup 2014/Urban Mobility to Natal/RN present many problems related to the integration of social interest to the housing project, however the National Politics of Urban Development has planned this integration. As a result we detach 3 strategies in the elaboration process about the integration of those politics: (i) integration between municipal secretaries involved in this project; (ii) urban integration of the city; and (iii) integration of public rules or public politics integrated. For each strategy were presented the main mechanisms used to establish the integration of the project. Those mechanisms, however, in this process of establishment/implementation of the empirical research, presented many contradictions and conflicts that compose problems to the integration between the mobility project and the housing area affected.