Report generated by Version mu ti ingua -2024-04-10

Document Tit e: Author:

Our detector is highly uncertain about this document. The writing style and content are not particularly
AI-like.

AI Scan Stats

696 words

50% 67 sentences
67 sentences generated by AI

There is a 50% chance this text was written entire y

by AI.

FAQ
What is GPTZero?
TZero is the eading AI detector for chec ing whether a document was written by a arge anguage mode such as
hat T. TZero detects AI on sentence paragraph and document e e . ur mode was trained on a arge di erse
corpus of human-written and AI-generated text with a focus on ng ish prose. To date TZero has ser ed o er 2.5
mi ion users around the wor d and wor s with o er 100 organi ations in education hiring pub ishing ega and more.

When should I use GPTZero?

ur users ha e seen the use of AI-generated text pro iferate into education certification hiring and recruitment socia
writing p atforms disinformation and beyond. We e created TZero as a too to high ight the possib e use of AI in
writing text. In particu ar we focus on c assifying AI use in prose. era our c assifier is intended to be used to ag s
ituations in which a con ersation can be started for examp e between educators and students to dri e further in uiry a
nd spread awareness of the ris s of using AI in written wor .

Does GPTZero only detect ChatGPT outputs?

o TZero wor s robust y across a range of AI anguage mode s inc uding but not imited to hat T T-4 T-
T-2 a A and AI ser ices based on those mode s.

What are the limitations of the classifier?

The nature of AI-generated content is changing constant y. As such these resu ts shou d not be used to punish students.
We recommend educators to use our behind-the-scene Writing Reports as part of a ho istic assessment of student wor .
There a ways exist edge cases with both instances where AI is c assified as human and human is c assified as AI. Instead
we recommend educators ta e approaches that gi e students the opportunity to demonstrate their understanding in
a contro ed en ironment and craft assignments that cannot be so ed with AI. ur c assifier is not trained to identify
AI-generated text after it has been hea i y modified after generation a though we estimate this is a minority of the
uses for AI-generation at the moment . urrent y our c assifier can sometimes ag other machine-generated or high y p
rocedura text as AI-generated and as such shou d be used on more descripti e portions of text.

I'm an educator who has found AI-generated text by my students. What do I do?
irst y at TZero we don t be ie e that any AI detector is perfect. There a ways exist edge cases with both instances
where AI is c assified as human and human is c assified as AI. onethe ess we recommend that educators can do the
fo owing when they get a positi e detection:

As students to demonstrate their understanding in a contro ed en ironment whether that is through an in-person
assessment or through an editor that can trac their edit history for instance using our Writing Reports through
oog e Docs . hec out our ist of se era recommendations on types of assignments that are di cu t to so e with AI
.
As the student if they can produce artifacts of their writing process whether it is drafts re ision histories or
brainstorming notes. or examp e if the editor they used to write the text has an edit history such as oog e Docs
and it was typed out with se era edits o er a reasonab e period of time it is i e y the student wor is authentic. You can
use TZero s Writing Reports to rep ay the student s writing process and iew signa s that indicate the authenticity
of the wor .
 ee if there is a history of AI-generated text in the student s wor . We recommend oo ing for a ong-term pattern
of AI use as opposed to a sing e instance in order to determine whether the student is using AI.

AI Scanned Document

ur detector is high y uncertain about this document. The writing sty e and content are not particu-
ar y AI- i e.

AI ontent

D ARTA T D DIR IT

Aná ise omparati a ntre pecia urpose Ac uisition ompanies A s e as fertas de Distribuição de Va ores
obi iários on encionais I s ob a Ótica do rdenamento Jurídico Brasi eiro

or

I UVÊA I U IRA D

RI TAD R: JU I AIA VIDA

2024.2

TI Í IA U IV R IDAD ATÓ I A D RI D JA IR

RUA ARQUÊ D Ã VI T 225 - 22451-900

RI D JA IR - BRA I

Aná ise omparati a ntre pecia urpose Ac uisition ompanies A s e as fertas de Distribuição de Va ores
obi iários on encionais I s ob a Ótica do rdenamento Jurídico Brasi eiro

por

I UVÊA I U IRA D

onografia apresentada ao Departamento de Direito da ontifícia Uni ersidade ató ica do Rio de Janeiro
U -Rio para a obtenção do Títu o de Bachare em Direito.

rientador: Jú io aia Vida

2024.2

Agradecimentos

Resumo

e ipe ou êa igueira de. Aná ise omparati a ntre pecia urpose Ac uisition ompanies A s
e as fertas de Distribuição de Va ores obi iários on encionais I s ob a Ótica do rdenamento Jurídico
Brasi eiro. Rio de Janeiro 2024. 64 p. onografia de fina de curso. Departamento de Direito da ontifícia Uni-
ersidade ató ica do Rio de Janeiro - U -Rio.

mercado financeiro e mundo corporati o são ambientes dinâmicos e em constante e o ução sendo cruciais
para o desen o imento econômico g oba . Dentro deste contexto dois mecanismos de captação de recursos de
grande desta ue são: as pecia urpose Ac uisition ompanies A s e as fertas de Distribuição de Va ores
obi iários I s . A popu aridade crescente das A s tem despertado o interesse de in estidores regu adores
e acadêmicos de ido à sua estrutura única e ao impacto no mercado. ste traba ho busca exp orar esses mecanis-
mos ana isar suas diferenças seme hanças antagens e des antagens a ém de a a iar seu pape na democrati a-
ção do acesso ao mercado de capitais. A esco ha de in estigar A s e I s parte da importância crescente deste
instrumento no atua ambiente empresaria . As A s muitas e es chamadas de "companhias de che ue em
branco" oferecem uma a ternati a aos I s tradicionais permitindo ue empresas pri adas se tornem púb icas
de forma mais rápida e com menos obstácu os regu atórios. ompreender as nuances das A s em compara-
ção com os I s torna-se fundamenta para in estidores empreendedores e regu adores. A aná ise deste tema
busca fornecer insights sobre a eficiência do mercado a proteção ao in estidor e as oportunidades de crescimento
econômico. A abordagem metodo ógica inc uirá pes uisa bib iográfica e aná ise documenta combinando a re-
isão de artigos acadêmicos re atórios de mercado e documentos oficiais ue ersem sobre estes mecanismos.

a a ras-cha e: @@@

Abstract

The financia mar et and corporate wor d are dynamic and e er-e o ing en ironments crucia for g oba econom-
ic de e opment. Within this context two prominent capita -raising mechanisms are pecia urpose Ac uisition
ompanies A s and Initia ub ic fferings I s . The growing popu arity of A s has captured the interest
of in estors regu ators and academics due to their structure and mar et impact. This paper see s to exp ore
these mechanisms ana y e their differences simi arities ad antages and disad antages and assess their ro e in
financing companies and democrati ing access to the capita mar et. The choice to in estigate A s and I s
comes from the increasing importance and in uence of this instrument in today s business en ironment. A s
often ca ed “b an chec companies ” offer an a ternati e to traditiona I s enab ing pri ate companies to go
pub ic more uic y and with fewer regu atory hurd es. This phenomenon has profound imp ications for capita
mar ets and in estment strategies ma ing it a ferti e fie d for academic research. Understanding the nuances of
A s compared to I s is important for in estors entrepreneurs and regu ators. This ana ysis aims to pro ide
insights into mar et e ciency in estor protection and economic growth opportunities. This study wi inc ude
bib iographic research and document ana ysis combining the re iew of academic artic es mar et reports and of-
ficia documents to offer a perspecti e on the sustainabi ity and future of A s in the g oba financia context.

Keywords: target company she company Initia ub ic ffering I sponsors b an -chec company oc up

umário

1. Introdução7

1.1. Justificati a da es uisa9

2. undamentos das A s12

2.1. Histórico e o ução15

2.2. Aná ise Jurídica das A s no Brasi 17

2. egis ação Ap icá e : A Reso ução V nº 160 e a Regu ação das fertas úb icas de Distribuição de Va ores
obi iários19

2.4 Desafios Regu atórios2

. undamentos das Distribuições de Va ores obi iários I s 26

.1. Histórico de I s no Brasi 28

.2. Aná ise Jurídica dos I s no Brasi 0

. . egis ação Ap icá e 2

.4 Regu ação pe a V 4

.5. Desafios Regu atórios 6 4.