Título:	Participações minoritárias de investidores institucionais em sociedades concorrentes : implicações competitivas da common ownership no Brasil.
Autor(es):	Fujimoto, Mônica Tiemy
Orientador(es):	Frazão, Ana de Oliveira
Assunto:	Direito concorrencial Direito societário Participações minoritárias Common ownership Investidores institucionais CADE
Data de publicação:	2-jul-2020
Data de defesa:	31-jan-2020
Referência:	FUJIMOTO, Mônica Tiemy. Participações minoritárias de investidores institucionais em sociedades concorrentes : implicações competitivas da common ownership no Brasil. 2020. 134 f. Dissertação (Mestrado em Direito)—Universidade de Brasília, Brasília, 2020.
Abstract:	This paper deals with the possibility of institutional investors with minority shareholding influence the investee companies merely by holding passive shares in competing companies, or the so-called common ownership. The hypothesis has drawn the attention of the international antitrust community since the groundbreaking work published by Azar, Tecu and Schmalz that correlates the massive presence of this type of investor with rising prices in concentrated markets such as aviation and banking. The repercussion of the authors' work was such that several other researches proposed to discuss the subject, besides mobilizing organizations and authorities such as OECD, ICN, the European Commission and the FTC. Thus, in view of the recent emergence of concern with these economic agents in competition law, it is necessary to analyze the rise of this modality of investors in other matters besides antitrust law, such as corporate law and economic sociology, and contextualize its role in classic concepts such as concentration of economic power and efficiency. Therefore, the discussion proposed for this paper will be divided into three main questions. First, who are these economic agents and how can they have such a significant impact on the market? Second, how are minority shareholdings usually addressed by competition law? Finally, how does the Brazilian legal system address the problems raised by such agents and what would be the alternatives to avoid producing the anticompetitive effects pointed out by Azar, Tecu and Schmalz? To answer the three questions, this paper will also be divided into three parts: (i) Part I - Social role of institutional investors in the market; (ii) Part II - Minority interests and their challenges in competition law; (iii) Part III - Active passivity and anticompetitive impacts of institutional investors in Brazil. Based on this analysis, we drafted a proposal to change the way mergers involving institutional investors are submitted and analyzed in CADE, in order to avoid the effects predicted by Azar, Tecu and Schmalz to occur. To this end, we started by qualifying factors that allows minority shareholders to influence the investee companies. Among the qualifiers, we suggest the following categorization: a) Objective influence – related to the political rights of shareholders in society; a.i) decisions that can be taken by simple majority; a.ii) incidence of voting impediment rules; a.iii) use of veto power; a.iv) approval of management accounts and financial statements; b) Subjective influence - related to the social role exercised by the shareholders; b.i) Obstruction and absence of action; b.ii) Indirect influence of managers; b.iii) Use of voice.
Unidade Acadêmica:	Faculdade de Direito (FD)
Informações adicionais:	Dissertação (mestrado)—Universidade de Brasília, Faculdade de Direito, Programa de Pós-Graduação em Direito, 2020.
Programa de pós-graduação:	Programa de Pós-Graduação em Direito
Licença:	A concessão da licença deste item refere-se ao termo de autorização impresso assinado pelo autor com as seguintes condições: Na qualidade de titular dos direitos de autor da publicação, autorizo a Universidade de Brasília e o IBICT a disponibilizar por meio dos sites www.bce.unb.br, www.ibict.br, http://hercules.vtls.com/cgi-bin/ndltd/chameleon?lng=pt&skin=ndltd sem ressarcimento dos direitos autorais, de acordo com a Lei nº 9610/98, o texto integral da obra disponibilizada, conforme permissões assinaladas, para fins de leitura, impressão e/ou download, a título de divulgação da produção científica brasileira, a partir desta data.
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