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European Union: an instrument for the provision of legal certainty to foreign investors ; La Unión Europea: un instrumento para garantizar la seguridad jurídica a los inversores extranjeros
The article argues that the European Union (EU) can play an important role inproviding legal certainty to foreign investors in the European continent. Inparticular, three elements of the Union's structure make this possible: 1) its legalorder, 2) its group of institutions, and 3) its Court of Justice. The article exploresthese elements in detail, analyzing their relevance to the foreign investmentclimate. It concludes that as a consequence of these elements, the EU canprovide legal certainty to foreign investors by creating transparent, stable andconsistent laws and policies for the regulation of foreign investment, thus grantingmore predictability to the legal environment of EU member countries ; El artículo sostiene que la Unión Europea (UE) puede desempeñar un papelProporcionando seguridad jurídica a los inversores extranjeros en el continente europeo. En particular, tres elementos de la estructura de la Unión lo hacen posible: 1) su2) su grupo de instituciones, y 3) su Tribunal de Justicia. El artículo exploraEstos elementos en detalle, analizando su relevancia para la inversión extranjeraclima. Concluye que, como consecuencia de estos elementos, la UEGarantizar la seguridad jurídica a los inversores extranjeros mediante la creación deLeyes y políticas coherentes para la regulación de la inversión extranjera, otorgandoMás previsibilidad en el entorno jurídico de los países miembros de la UE
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Design of controllers for single-phase investors operating in island mode within a micronetwork ; Diseño de controladores para inversores monofásicos operando en modo isla dentro de una microrred
[ES] This work presents the design and implementation of three controllers: supply-comprehensive control, comprehensive proportionate control plus resonant controller and a new control proposal configured with a pro rata control proportional controller plus resonant controller. The design of these controllers is geared to the operation of investors in island mode in the context of micro-networks, their performance has been validated through simulations results and experimental tests. In particular, the proposed control configuration has an advantage over the other two controllers in avoiding saturation phenomena in systems, which occur when large control signals are presented. In addition to improving the rejection of shocks when the investor feeds linear and non-linear loads. In other words, with the combination of the two controllers, an appropriate solution is achieved to reduce the total harmonic distortion in the output voltage of a single phase investor, when loads are fed in isolation or with the investor disconnected from the grid. Ortega, R.; Carranza, O.; Soda, JC.; García, V.; Hernández, R. (2016). Design of controllers for single-phase inverters operating in island mode within a microgrid. Ibero-American magazine for Automatic and Industrial Informatics. 13 (1): 115-126. https://doi.org/10.1016/j.riai.2015.09.010 Mikati, M., Santos, M., Mrs Armenta, C. (2012). Modelling and Simulation of a Joint Solar and Wind Energy System to analyse its Electricity Network Dependency. Ibero-American magazine for Automatic and Informatics Industrial RIAI, 9 (3), 267-281. doi:10.1016/j.riai.2012.05.010 ; 115 126 13 1 ; [ES] This work presents the design and implementation of three controllers: supply-comprehensive control, comprehensive proportionate control plus resonant controller and a new control proposal configured with a pro rata control proportional controller plus resonant controller. The design of these controllers is geared to the operation of investors in island mode in the context of micro-networks, their ...
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Controvérsias entre estados e investidores transnacionais : reflexöes sobre o acúmulo de casos contra a República Argentina ; Disputes between states and transnational investors : reflections from the cumulus of cases against Argentina
O colapso político-econômico experimentado pela República Argentina no início do século XXI acarretou vastas consequências para o país, sendo as controvérsias com investidores transnacionais, nas instituições internacionais de arbitragem, uma das mais significativas. Este artigo tem como propósito analisar as principais características e o andamento das demandas interpostas contra a República Argentina em tais instâncias. Este estudo parte da premissa de que a análise do acúmulo de processos contra o país lança luz sobre o modo pelo qual as disputas entre Estados e investidores transnacionais se desenvolvem no contexto da globalização ; The political-economic collapse experienced by Argentina in early XXI century led to far-reaching consequences for the country. The disputes initiated by transnational investors in international arbitration institutions are one of the most significant of those consequences. The purpose of this article is to analyze the main features and the course of the claims against Argentina in those institutions. The article departs from the premise that the analysis of the procedures against the country sheds light on the way in which disputes between states and transnational investors thrive in the context of globalization ; Fil: Fernández Alonso, José. Universidad Nacional de Rosario. Facultad de Ciencia Política y Relaciones Internacionales; Argentina
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Gains and Losses among the British Investors in the Sale of Railways to Argentina in 1947-1948 ; Ganancias y pérdidas de los inversores británicos en la venta de los ferrocarriles al Estado argentino en 1947-1948
In 1948 the Argentine Government paid 150 000 000 pounds to buy the railway lines owned by British companies. After 90 years of British presence, the purchase put an end of foreign investments in railways in Argentina. When the companies were wound up, near 100 000 000 pounds in securities, mainly shares, could not be rescued. This paper is concerned with the losses suffered by the shareholders when the price was distributed among them. ; En 1948 el Estado argentino compró los ferrocarriles que pertenecían a compañías británicas por 150 000 000 de libras, poniendo fin a casi 90 años de inversiones extranjeras en ferrocarriles en Argentina. Esa suma, dispuesta la liquidación de las compañías, fue destinada a reembolsar el valor de los títulos a sus tenedores. El presente trabajo analiza la repercusión que dicha liquidación tuvo en el resultado de la inversión, teniendo en cuenta que casi 100 000 000 de libras quedaron sin rescatar, principalmente acciones de las compañías más importantes.
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Un país dos sistemas. Régimen de Competencia en China continental y Hong Kong, ¿cuál es más atractivo para inversionistas extranjeros? ; One country two systems. Competition regime in Mainland China and Hong Kong, which one is more conducive to western-foreign investors?'
La Ordenanza de Libre Competencia de Hong Kong proporciona un marco de legislación de competencia que es más propicio para los inversores extranjeros que China Continental. Esto es esencial porque el marco normativo de regulación de la competencia en Hong Kong tiene características más comunes con la legislación occidental. Lo anterior es complementado si se revisa la historia social, económica, jurídica y política de Hong Kong como consecuencia de la influencia del Reino Unido. En ese sentido, los inversores occidentales en el extranjero van a buscar un marco de regulación de Libre Competencia que le proporcione reglas claras, abiertas y generales. ; Hong Kong´s Competition Ordinance provides a framework of competition legislation that is more conducive to foreign investors than Mainland China. This is essential because HK´s regulatory framework of competition regulation has more common characteristics with western legislation, but also because of HK´s social, economic, legal and political history as a consequence of the United Kingdom influence. In that sense, western-foreign investors will look for a competition framework that provides clear, open and general rules.
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The Constitutional Review of International Investment Agreements and the Protection of the Right to Equal Treatment of Domestic Investors ; La revisión constitucional de los acuerdos internacionales de inversión y la protección del derecho a la igualdad de los inversionistas locales
The present article assesses the role of the Colombian constitutional judge in the protection of the right to equal treatment of domestic investors against the International Investment Agreements (IIA) concluded by Colombia. Globally, IIA have been accused of creating discriminatory treatments against domestic investors by providing foreign investors with more favorable procedural and substantial rights. Even though the Colombian Constitutional Court has always been in charge of conducting the constitutional review of the IIA concluded by Colombia, only recently, in the context of the review of the IIA concluded with France and Israel, the Court used its constitutional powers to address the alleged violation of the right to equal treatment of the local investors as a consequence of the conclusion of IIA. The article analyzes the manner in which the Constitutional Court conducted the constitutional review of the IIA with France and Israel, particularly regarding its decisions to protect the right to equal treatment of domestic investors. The author concludes that the constitutional judge, prompted by the willingness to take part in the modern debate about IIA, may have overlooked the nature and historical context of these treaties and its own case law on the protection of the right to equal treatment. Furthermore, the article shows that the Constitutional Court did not apply its standard of review in a uniform and consist manner with regard to all the provisions of the IIA, and that its decisions create new issues that may become in obstacles for the negotiation and conclusion of IIA by the Colombian government in the future. ; El presente artículo discute el rol del juez constitucional colombiano en la protección del derecho a la igualdad de los inversionistas locales frente a los acuerdos internacionales de inversión (AII) suscritos por Colombia. A nivel global, los AII han sido acusados de crear tratos discriminatorios en contra de los inversionistas locales al otorgar a los inversionistas extranjeros mejores ...
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La gestión de los Proxy Advisors y su impacto en el buen gobierno corporativo
En el mundo actual es importante conciliar la estricta regulación con un eficaz y eficiente buen gobierno corporativo. Este debe responder al mismo tiempo a las legislaciones nacionales, internacionales y a las leyes que regulan a los inversores y, por otra parte, también es necesario que mantenga la necesaria fluidez, flexibilidad y rapidez en la toma de decisiones en un entorno de negocio cada día más competitivo y cambiante. El objetivo de mejorar la información corporativa de la compañía no sólo es clave para ayudar en la toma de decisiones, sino que también contribuye a aportar transparencia y poner en valor la actuación de la organización, desde una perspectiva financiera y no financiera. En este empeño, la Ley de Sociedades de Capital, el Código de Buen Gobierno de las Sociedades Cotizadas, el Código Penal y la Ley de Auditoría han dotado de mayor transparencia a la actividad profesional de los consejeros.
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Participaciones fiduciarias: protección a los inversionistas y comparación de esta con la del mercado de valores y la fiducia de inversión ; Fiduciary holdings: protection to investors and comparison with the protection of stock market and the investment trust
ilustraciones, gráficas, tablas ; Durante los años recientes y en la década pasada, en Colombia, han sido promocionadas como alternativas de inversión las participaciones fiduciarias, con las cuales algunos promotores de proyectos inmobiliarios de índole productiva como complejos hoteleros, centros comerciales y parques empresariales, buscan financiarlos; esto, en contraprestación con los inversionistas, sería adjudicarles una porción de derechos sobre los ingresos producidos por estos, que derivarían, eventualmente, en la generación de rendimientos o pérdidas sobre los mismos. Sin embargo, con el tiempo, se evidenciaron problemáticas socioeconómicas que afectaron a los inversionistas, debido a la poca difusión de información sobre los proyectos emprendidos, la utilización de los dineros captados para ello y, la situación financiera y legal de estos y de sus desarrolladores; temas que atrajeron la atención del gobierno colombiano y de su ente supervisor para estos asuntos, la Superintendencia Financiera de Colombia. Dicha entidad, buscando garantizar los derechos de los inversionistas, profirió su Circular Externa 024 de 2016, reglamentando en específico dicha clase de negocios. Con base en lo anterior, surge como objetivo principal de esta investigación determinar las características e incidencias de dicha reglamentación, en lo atinente a la protección de los inversionistas, comparándola con la de vehículos de inversión similares, como el mercado de valores y la fiducia de inversión. Para ello, se interpreta la normatividad a la luz de los principios de igualdad y de intervención estatal en la economía, concluyendo que esta es idónea para los objetivos perseguidos por el Estado en cuanto a tales negocios. (Texto tomado de la fuente). ; During the recent years and the past decade, in Colombia, the fiduciary holdings have been promoted as an investment alternative, and with this, some promoters of real estate projects of productive nature like hotel complexes, malls and commercial warehouses, are looking to ...
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Imaginaries of "investors", "markets" and "value" in the distribution of money by the financial industry: a case study about credit derivatives ; Los imaginarios de "inversores", "mercados" y "valor" en la distribución del dinero por la industria financiera: un estudio de caso sobre los derivados de...
This text is based on participant observation research as an assistant financial analyst in a multinational asset management company based in France in 2004. The purchase of credit derivatives, based on US mortgages, by the employees of this French multinational on behalf of their clients situated around the world, integrated thousands of people in a series of financial interdependencies, the hierarchies and violence of which were managed by other employees like those observed in the fieldwork. The text hows that the distribution of the money through these practices must be understood as the result of organizational logics within the company and within the commercial network of which the company is part. These professional practices are coordinated globally, from one company to another, and from one jurisdiction to another, through shared imaginaries according to which monetary gains are "value creation" that results from the encounter of "investors" in "efficient markets". These concepts do not only articulate political discourses that were used to justify regulatory changes in the financial industry in the last thirty years, in the US, Europe and many other jurisdictions, but they are also present in the details of the definition of financial formulas, in the methodologies and in the organization of financial companies. For these reasons, professionals also mobilize these discourses to make sense of and to justify their everyday practice. The text shows the difference there is between these professional and bureaucratic practices and the theoretical meanings of the concepts that are used to justify them. In this way, the text contributes to a critique of the regulations and of the organization of the distribution of money by the financial industry, in the global space of its operations. ; Este texto se basa en una investigación por observación participante como asistente al análisis financiero en una multinacional de gestión de fondos de inversión en 2004, en Francia. La compra de derivados de crédito basados ...
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Urbanismo social en Medellin: una aproximacion a partir de la utilizacion estrategica de los derechos
In: Estudios políticos, Heft 45, S. 205-222
ISSN: 0121-5167
Potential market for Colombia in trading with the Caribbean countries ; Mercados potenciales para Colombia en el comercio con países del Caribe
Commercial agreements and free trade treaties –FTT, have facilitated identification of new international markets. The Caribbean countries become potential markets. Which have not been properly taken advantage of. They are great business opportunities for Colombia, especially for companies and investors. This region provides great advantages because of its strategic location for US, European Union, South America, and Asian countries market, by turning into a logistic platform to strengthen its commerce. This research led to release advantages and benefits currently provided by the Caribbean countries, such as stability and security to investors planning to settle either inside or outside Free Zones, create new production centers, with excellent tariff fees and tax on return remittances, thus strengthening Colombian companies competitiveness toward foreign markets. In addition, foreign territories, (French, Dutch, British and American), held in the Caribbean region, facilitate goods exchange with EU countries, and the United States, through tariff preferences granted by CARICOM agreement, and other with important characteristics related to products produced in this region, which serves its expansion and economic development. Therefore, the Caribbean region becomes a potential market for Colombia, specially for suppliers, as a result of imports performed by this region from the rest of the world, which poses a great challenge to improve quality of our products and services, strengthen productive sectors, and increase competitiveness. ; Los acuerdos comerciales y tratados de libre comercio (TLC) han facilitado la identificación de nuevos mercados internacionales. Los países del Caribe se constituyen en mercados potenciales, que no han sido aprovechados adecuadamente. Son grandes las oportunidades de negocios para Colombia, en especial para empresarios e inversionistas. Esta región ofrece ventajas por su ubicación estratégica para los mercados de Estados Unidos, Unión Europea, América del Sur y países asiáticos, convirtiéndose en plataforma logística para fortalecer su comercio.Esta investigación permitió divulgar las ventajas y beneficios que actualmente brindan los países del Caribe, tales como, la estabilidad y seguridad a inversionistas que deseen instalarse dentro o fuera de las Zonas Francas, crear centros productivos con exenciones de derechos arancelarios e impuestos a las remesas de utilidades, fortaleciendo la competitividad de las empresas colombianas hacia los mercados externos. Además, los territorios extranjeros (franceses, holandeses, británicos y americanos) que se encuentran en la región del Caribe, facilitan el intercambio de productos con países de la Unión Europea y Estados Unidos, a través de las preferencias arancelarias otorgadas por el Acuerdo de Caricom y otros con características relevantes con productos originarios de la región, lo que favorece su expansión y desarrollo económico. Por lo tanto, la región del Caribe se convierte en un mercado potencial para Colombia, en especial a proveedores, producto de las importaciones realizadas por la región desde el resto del mundo, lo que constituye un reto para mejorar la calidad de nuestros productos y servicios, fortalecer sectores productivos e incrementar la competitividad.
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Transparency of businesses on the Internet for shareholder and investor confidence: an empirical analysis ; La transparencia de las empresas en internet para la confianza de los accionistas e inversores: un análisis empírico ; A transparência das empresas na internet para a confiança dos acionistas ...
The globalisation of the economy and financial scandals in certain businesses have meant that information on the functioning and government of business has been critical to confidence in it, and for the proper functioning of the capital markets. Information about a business not only reduces the risk to the investor, but also reduces asymmetry in information and increases the transparency of the business in the eyes of all stakeholders, particularly shareholders and investors. The use of the Internet technology allows businesses to make the large volume of information available to interested third parties in any part of the world, at low cost. The most important point is that it allows the confidence which a business has lost to be restored. This work creates and makes an analysis of an index of transparency which is useful to measure the confidence which businesses are transmitting on the Internet. ; La globalización de la economía y los escándalos financieros en algunas empresas han provocado que la información sobre el funcionamiento y el gobierno de las empresas sea crítica para la confianza en estas y para el buen funcionamiento del mercado de capitales. La información sobre las empresas no sólo reduce los riesgos de las inversiones, sino que reduce las asimetrías en la información e incrementa la transparencia de la empresa frente a todos los stakeholders, especialmente accionistas e inversores. El uso de la tecnología de internet permite a las empresas poner a disposición de los terceros interesados, en cualquier parte del mundo, un gran volumen de información, con un bajo coste. Lo más importante es que permite restablecer la confianza perdida en la empresa. En este trabajo se crea y analiza empíricamente un índice de transparencia, útil para medir la confianza que las empresas están transmitiendo a través de internet. ; A globalização da economia e os escândalos financeiros em algumas empresas têm provocado que a informação sobre o funcionamento e o governo das empresas seja crítica para a confiança nas mesmas, e para o bom funcionamento dos mercados de capitais. A informação sobre as empresas não só reduz os riscos dos investimentos, mas também reduz as assimetrias na informação e incrementa a transparência da empresa face a todos os stakeholders, especialmente acionistas e investidores. A utilização da tecnologia da internet permite às empresas pôr a disposição de terceiros interessados, em qualquer parte do mundo, um grande volume de informação, e a baixo custo. O mais importante é que permite restabelecer a confiança perdida na empresa. Neste trabalho cria-se e analisa-se empiricamente um índice de transparência, útil para medir a confiança que as empresas estão transmitindo através da internet.
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Discussing the tension between states' right to regulate and foreign investment protection in recent Colombian cases
Investment Agreements are instruments used by states to attract foreign ventures within their borders and obtain favourable treatment to local investors in counterpart nations. States usually compromise a certain degree of sovereignty in this kind of agreements through the inclusion of legal stability agreements, stabilisation clauses, compensation for expropriation, and fair & equitable treatment provisions. Within the context of this kind of agreements, the legitimate exercise of regulatory powers by states enters in conflict with the protection of foreign investors property rights when it comes to sensitive areas that have a high impact in the public interest, politics and public perception (such as human rights, health, safety, labour standards and the environment). Based on the discussion of two recent paramount cases that involve regulatory actions of the Colombian state and property rights of foreign investors (pharmaceutical ip rights vs public health interests in the first case, consolidated mining titles vs environmental protection in the second case), we identify and criticize the difficulties of defining if a governmental regulatory action is legitimate and non-compensable or if it is subject to compensation as an indirect expropriation, and the high dependence of this matter on the interpretation of arbitral tribunals.
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Regulation and its effects on performance and capital structure. Evidence of the Mexican financial market ; La regulación y sus efectos en el desempeño y la estructura de capital. Evidencia del mercado financiero mexicano ; A regulamentação e seus efeitos sob o desempenho e a estrutura do capital. E...
There is a world trend to reinforce the regulation of financial markets and of public sector enterprises, as a means to protect the interests of the principal. One way to reduce investor exposure is to improve corporate governance practices in businesses which use public funds. This article analyses the following questions in the light of the agency theory: Will best corporate government practices protect investors? Are there differences in the short and long term? Does regulation designed to improve corporate government help to improve and capital structure? In the long- and short-term in the Mexican financial market, and globalization, privileged information and convergence between Mexican businesses and their foreign counterparts seem to have an influence on risk and yield. ; Existe una tendencia mundial a reforzar la regulación de los mercados financieros y de las empresas públicas, con miras a proteger los intereses del principal. Una manera de disminuir la exposición de los inversionistas es mejorarlas prácticas de gobierno corporativo en las empresas que utilizan recursos delpúblico. Este artículo analiza, a la luz de la teoría de la agencia, las siguientescuestiones. ¿Las mejores prácticas de gobierno corporativo protegen a losinversionistas? ¿Existen diferencias en el corto y en el largo plazo? ¿La regulación para mejorar el gobierno corporativo ayuda a mejorar la estructura de capital? En el comportamiento de corto y largo plazo del mercado financieromexicano parece influir la globalización, la información privilegiada y la convergencia entre las empresas nacionales y sus contrapartes extranjeras enmateria de riesgo y rendimiento. ; Há uma tendência mundial no sentido de reforçar a regulamentação dos mercados financeiros e das empresas públicas, procurando proteger os interesses do principal. Um modo de diminuir a exposição dos investidores é melhorar as práticas de governo corporativo nas empresas que utilizam recursos públicos. Este artigo analisa, com base na teoria da agência, as seguintes questões: As melhores práticas de governo corporativo protegem os investidores? Existem diferenças no curto e no longo prazo? A regulamentação para melhorar o governo corporativo ajuda a melhorar a estrutura de capital? A globalização, a informação privilegiada e a convergência entre as empresas nacionais e suas homólogas estrangeiras parecem influir, em termos de risco e rendimento, no comportamento a curto e longo prazo do mercado financeiro mexicano.
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