brazilian investment bond
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O estado brasileiro pode ser proprietário e gestor do sistema financeiro?
A crise financeira de 2008 possibilitou a elaboração de novas propostas, em todo o mundo, sobre o sistema financeiro. Nesse sentido, o presente texto examina se, no Brasil, pode-se aplicar a proposta teórica do jurista português Avelãs Nunes, com vistas a controlar as crises financeiras, de tornar o Estado único proprietário e gestor do sistema financeiro. Para verificar a viabilidade da proposta
... the feasibility of this proposal in the Brazilian state, it investigates whether, in the 1988 ... Trata-se do Social Impact Investment Markets (SIIM), modelo adotado pelos ingleses ... para os investidores; e o Social Impact Bond (SIB), que surge como resposta à crise de 2008 ... -
Identity in Family Firms: A Theoretical Analysis of Incentives and Contracts
We developed a principal-agent model that coherently and parsimoniously explains previous findings from research on executive compensation in family firms. We introduce organizational identification in the model in order to capture the effect of family firms’ distinctive characteristics on the agent’s behavior. After describing the optimal incentive contract under moral hazard, we show that the...
... superior skill or information to make investment decisions ... Usually, the manager is ... these actions parents create a family bond that “transfer a history, identity, and ... O. (2011). Agency relationships in a Brazilian multifamily firm. Family ... Business Review, ... -
Exposição a Risco e Captação em Fundos de Investimento: os Cotistas Monitoram a Alocação de Ativos?
Esse estudo identifica o impacto do risco dos ativos dos fundos de renda fixa e referenciados sobre sua captac¸ ao no mercado brasileiro, explorando a variac¸ao exogena na percepc¸ao de risco de passivos emitidos por bancos (CDBs), causada pela crise financeira internacional que se seguiu `a quebra do banco Lehman Brothers nos EUA, em setembro de 2008. A hipotese central e que a exposic¸ao dos...
... (Risk Exposure and Net Flow in Investment Funds: Do Shareholders Monitor Asset Allocation?) ... net flow of fixed income funds in the Brazilian market, by exploiting the exogenous variation in ... também por GMM-Sys, descrito por Blundell & Bond (1998), em adiçãoà estimação tradicional por ... -
Gestao do ciclo financeiro, rentabilidade e restricoes financeiras/(Cash conversion cycle management, value creation, and financial constraints).
... (1982), Arellano & Bover (1995) e Blundell & Bond (1998). GMM e indicado para utilizacao em paineis ... and company value: Evidences from Brazilian companies listed on BM&F BOVESPA. Journal of ... Decision: Economic Analysis of Investment Projects. Oxford: Routledge ... Blundell, R. & ...
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Uncertainty to slow down advance of corporate debt
... Doubts about the role of the Brazilian Development Bank (BNDES) and the uncertainties ... abroad due to the lack of access to the bond market," said Gilberto Nakayasu, head of ... , we need to evaluate how the companies investment plans will be and if they will eventually fall ...
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O Mercado de Ações no Brasil antes do Índice Bovespa
O trabalho descreve a disponibilidade de indices de mercado de acoes e titulos publicos de renda fixa no periodo de 1950 a 1967, antes da criacao do Ibovespa. Retornos nominais mensais sao calculados, levando `a determinac¸ao do premio historico por risco de mercado, chegando-se `a media mensal de 1,86% ao mes, contra 1,65%ao mes no periodo de janeiro de 1968 a outubro de 2013. Os retornos dos...
... (The Brazilian Stock Market in the Pre-Ibovespa Era) ... Antonio ... availability of equity market and government bond indices for the 1950-1967 period in Brazil, ... http://www.capital-flow-analysis.com/ investment-tutorial/case_1q.html. Em maio de 1960, em ... -
The Equity Premium Puzzle: Analysis in Brazil after the Real Plan
Our paper investigates whether there is evidence of an Equity Premium Puzzle (EPP) in Brazil, applying two different methodologies. The EPP was identified by Mehra and Prescott (1985) since the Consumption Capital Asset Pricing Model (CCAPM), when calibrated with reasonable preference parameters, could not explain high historical average risk premiums in the United States. In our first approach,...
... This decision depends on investment opportunities available and especially on their ... by Mehra and Prescott (1985) for the Brazilian economy. Sampaio (2002) analyzed the ... Conversely, for the risk free one period bond, we have: ... [ ] (5) ... -
Unipar reviews capital structure, issues more debentures
... For example, BNDES [Brazilian Development Bank] has already approved a new ... wants to access the global market with a bond issue, he added. "We have looked at it, and at ... overnight interbank loans used as an investment benchmark in Brazil) plus 2.05% per year, with ...
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Exposicao a risco e captacao em fundos de investimento: Os cotistas monitoram a alocacao de ativos?
(Risk Exposure and Net Flow in Investment Funds: Do Shareholders Monitor Asset Allocation?) ... tambem por GMM-Sys, descrito por Blundell & Bond (1998), em adição a estimação tradicional por ... L. 2011. Persistence of Performance of Brazilian Hedge Funds During the Financial Crisis. Revista ...
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O uso de títulos verdes ('green bonds') na proteção ambiental: uma análise comparativa com a abordagem regulatória de comando e controle
A multidisciplinaridade no trato com o Direito Ambiental é essencial no estudo e na preservação do meio ambiente. Um dos aspectos dessa multidisciplinaridade são as Ciências Econômicas e o papel do mercado financeiro no incentivo de comportamentos sustentáveis ou desestímulo de ações poluidoras. Nesse sentido, os instrumentos econômicos são verdadeiros aliados na busca de produção de bens e serviç
... distortions in international trade and investment 389 390 ... Já no ordenamento jurídico ... Green Bond Principles: Voluntary Process Guidelines for ... 405 FEBRABAN – Brazilian Federation of Banks cebds – Brazilian Business ... -
New Rules For The Brazilian Structured Operations Certificate (COE)
... criteria for evaluation of the relationship between the initial investment in COE and their potential results ... For the purposes of performing ... the underlying assets, the COE can be referenced in price indices, bond indexes, securities indexes, interest rates, exchange rates, securities ...
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Recent Modifications to Brazilian Tax Law: Tax Benefits Related to the Investments in the Infrastructure Sector and Changes in the Financial Market Taxation
... Alterations Brought by MP 517/10 ... Foreign Investment in Bonds and Securities. The income paid by bonds or securities with ... acquirer will take into consideration the cost of acquisition of the bond or security. ... RENUCLEAR. The federal government instituted the ...
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CVPAR engaged by Unigel to explore M&A options
... of construction in Camaari, in the Brazilian state of Bahia. Unigel had previously put its ... tonnes per year and an estimated total investment of R$500 million, the plant was set to start ... the renegotiation.Last week, BNY Mellon, the bond trustee, issued a notice of a possible "default" ...
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Rising risk makes investors seek security of bank deposits
... Another factor is that the Brazilian banking system was liquid and well-capitalized ... rate (CDI) last week, according to investment-comparison platform Yubb. Last year, the average ... shareholders, who subscribed two private bond placements. Daycoval is likely to raise funds ...
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Rising risk makes investors seek security of bank deposits
... Another factor is that the Brazilian banking system was liquid and well-capitalized ... rate (CDI) last week, according to investment-comparison platform Yubb. Last year, the average ... shareholders, who subscribed two private bond placements. Daycoval is likely to raise funds ...
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Notes on United States individual income tax
... , revenue rulings are similar to our Brazilian “soluções de consulta ” ... 2. Gross ... III. Interest on any State or local bond (IRC §103); ... ENSAIOS EM HOMENAGEM AO ... associated with the use of business or investment property. Section 167 of the Internal ...
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Qualidade da auditoria e assimetria informacional: uma análise no período pré e pós-adoção às normas internacionais de contabilidade
O estudo objetiva investigar quais elementos da qualidade da auditoria (QA) contribuem para a redução da assimetria de informação (AI) nas empresas listadas da B, no período pré e pós-adoção das IFRS. Foram estimadas regressões com dados em painel para testar a relação entre a AI e a QA em 82 empresas no período de 2003 a 2016. Os principais resultados são: existe relação significante e negativa
... Quality and Firm-Level Capital Investment. The Accounting Review , v. 81, n. 5, p ... J. The impact of auditor tenure on initial bond" ratings. Advances in Accounting , v. 22, pp. 97\xE2\x80" ... pelas companhias abertas brasileiras, Brazilian Business Review , v. 9, n. 1, p. 1-26, 2012 ... -
Accrual anomaly in the Brazilian capital market.
... Investment analysts follow the reported results to support their estimates or revise ... (1979). On financial contracting: an analysis of bond covenants. Journal of Financial Economics, 7(2), 117-161. doi: ...
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Brazil Removes Restrictions On Pre-Export FInancings
... international liquidity and as international bond markets slow down, Brazil faces an increase of ... been an important source of funding for Brazilian exporters and is regaining popularity. Such ... in cash, converted into a direct investment or an ordinary foreign currency loan. In such ...
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Fator pais e estrutura dinamica de capital nas empresas da America latina.
... structure behavior of publicly traded Brazilian, Chilean and Mexican firms in the period between ... cycles, other factors such as investment grade, GDP growth, exchange rates, level of ... the issue of auto-correlation, the Arellano-Bond estimator is employed to address the concerns of ...
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The Brazilian Structured Operations Certificate (COE)
... that includes several financial products, typically a stock or bond plus a derivative, and allows to offer different investments to the client ... 4,623/2013, the COE is a certificate issued against an initial investment, representative of a single and indivisible set of rights and obligations, ...
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An examination of human resource management practices' influence on organizational commitment and entrenchment.
... to pay attention to the nature of the bond being strengthened. Companies can adopt practices ... of entrenchment: (a) loss of investment (time / money); (b) emotional costs; (c) lack of ... was answered by people from several Brazilian states, totaling 307 respondents, which ...
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An Examination of Human Resource Management Practices' Influence on Organizational Commitment and Entrenchment
This study sought to understand how the employee perceptions of human resource management practices influence both organizational affective commitment and entrenchment. It represents advancement towards discriminant validity of such linkages that develop between individuals and the organizations they work for. A survey of 307 participants was conducted in an Information Technology company in...
... to pay attention to the nature of the bond being strengthened. Companies can adopt practices ... of entrenchment: (a) loss of investment (time / money); (b) emotional costs; (c) lack of ... was answered by people from several Brazilian states, totaling 307 respondents, which ... -
Lower house alters proposal for new class of infrastructure bonds
... the rate to 15% after 720 days of investment ... With the tax incentive focused on the ... Brazilian companies opting to seek funds abroad may use ... of Deputies' initiative to create a new bond class considered the difficulty of mutual funds ...
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Country Factors and Dynamic Capital Structure in Latin American Firms
We develop partial adjustment and duration models to test the relevance of country idiosyncrasies in determining the capital structure of publicly-traded Brazilian, Chilean and Mexican firms. Our data panel, ranging from the 4th quarter of 1996 to the 2nd quarter of 2010, consists of 4403 firm-quarter observations pertaining to 139 firms. Our findings suggest that capital structure dynamics vary...
... capital structure of publicly-traded Brazilian, Chilean and Mexican firms. Our data panel, ... cycles, other factors such as investment grade, GDP growth, exchange rates, level of ... the issue of auto-correlation, the Arellano-Bond estimator is employed to address the concerns of ...