equity market
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(CAPM x Lower Partial Moments in Brazilian and American Markets)/Comparacao CAPM x Modelos Lower Partial Moments nos Mercados Brasileiro e Americano.
... Tal dicotomia ficou conhecida como Equity Premium Puzzle (EPP) ... Catalao and Yoshino (2006) testaram o Equity ... Eles estimaram a Market Line (ML) ja contendo informacoes referentes ao retorno medio do mercado ...
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Structure of Planning and Control Artifacts and their Accuracy in Brazilian Family Businesses.
... and therefore have less predictive controllability, namely the 'market assumptions,' such as inflation, exchange rate variations, wages, and ... result variables, such as revenue, margin, profit, and return on equity, which, despite being impacted by exogenous factors, are also consequences ...
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Selection of a Portfolio of Pairs Based on Cointegration: A Statistical Arbitrage
... 16.38% per year, Sharpe Ratio of 1.34 and low correlation with the market ... Keywords : statistical arbitrage; pairs trading; cointegration; ... which is bellow the long-run equilibrium, and selling (short) the equity which is above it. The pair trade is then closed by reversing the opening ...
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Companies improve liquidity through surge in stock offerings
... offerings window are finding a valuable asset amidst the current market volatility: liquidity. Having a minimum daily trading is key to facilitate ... in the offerings that are still expected to be launched as the equity market gains traction.In the case of the medical products manufacturing ...
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One in five companies that dropped IPO plans is restructuring debt
... nearly 90 companies that moved to go public on the Brazilian stock market between 2021 and 2022 before dropping their plans are now restructuring ... its debt structure and legitimately saw a capitalization via an equity offering."Some of the companies that dropped their IPO plans have heavy ...
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Portfolio selection: Decision-making based on performance persistence/Selecao de carteiras: Escolha entre modelos baseada em persistencia de performance.
... na classificacao de capitalizacao a mercado e razao book to market (2) da base mantida por Kenneth French. (3) Ainda, recorreu-se a mesma ... policies: Exploiting characteristics in the cross-section of equity returns, Review of Financial Studies 22(9): 3411-3447 ... Brown, S. J. & ...
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Os fundos 'quant' e a responsabilidade civil do gestor de recursos
... Cf. Securities and exchange commission. Concept Release on Equity Market Structure. File n: S7-02-10. Release 34-61358. Washington, 14 Jan ...
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Accessing financial reports and corporate events with GetDFPData/Acessando relatorios financeiros e eventos corporativos com GetDFPData.
... access to information is a mandatory quality of a well-functioning market. In Brazil, financial reports of companies traded on B3 (formerly known as ...
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Opening or not capital in Brazil: an practice analysis of perception of financial executives/Abertura ou nao de capital no Brasil: uma analise pratica da percepcao dos executivos financeiros.
... algumas respostas em relacao a percepcao sobre teorias de market timing, static tradeoff theory, e as teorias do ciclo de vida. Mas no ... Lucas, Deborah J., & McDonald, Robert L. 1990. Equity Issues and Stock Price Dynamics. Journal of Finance, 45, 1020-1043 ...
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Preferencias Heterogeneas dos Investidores por Produtos Financeiros Estruturados na China: o Impacto de Caracteristicas Demograficas.
... consumption-investment problems by simulation of artificial market strategies. Management Science, 59(2), 485-503 ... products 'fairly' priced? An analysis of the German market for equity-linked instruments. Journal ofBanking & Finance, 29(12), 2971-2993 ...
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Determinants of the capital structure of small and medium sized Brazilian enterprises.
... capital structure literature investigates the behavior of stock market-listed companies to test the extent to which capital structure theories ... internally generated resources over outside capital, either debt or equity. Additionally, we find that after controlling for profitability and other ...
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Elisão fiscal e valor da firma: evidências do Brasil
This paper investigates the relation between corporate tax avoidance and firm value in Brazil. Although one might expect that tax avoidance activities result in shareholder value generation, alternative theories suggest this is not always the case; implicit agency costs have been recently detected by the literature, may exceed the tax saving benefits, causing shareholder value destruction instead.
... what happens including 323 publicly traded companies in the stock market from 2006 to 2012, totalizing 1,704 firm-year type observations. It was ... (which would be subjected to taxation), through investment in equity interest in a company based in a tax haven (FOLHA DE SÃO PAULO, 2013b) ... -
Effects of Internationalization on Ownership Structure: Evidence from Latin American Firms
We analyze the direct and simultaneous effects of internationalization on the ownership structure of Latin American companies based on agency theory. Using a sample of 425 Latin American firms between 2007 and 2011, which corresponds to 1,776 observations, we use random effects and three-stage least squares panel data regression to test these effects. We find that the hypothesized positive effect
... Greater internationalization via the equity entry mode is associated with lower levels of ownership concentration ... more or less concentrated ownership structure? (b) Do international market entry modes determine the level of ownership concentration? (c) Is there a ... -
Families brace for taxation of funds
... of Brazil (CVM), these portfolios must have at least 67% of the equity in stocks. "But in most families, an average mutual fund [with multiple ... the same vehicle, the fact that it operates in the institutional market with access to lower spreads and brokerage fees, as well as the ...
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Analysis: Possible new director unlikely to create friction in Central Bank
... and approved by the Senate.One of the fears in the financial market was the appointment of a new director who could compete with the current ... His strengths, according to this source, are in DI rate trade and equity market, without a greater expertise in the dollar market.One challenge for ...
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At 70, BNDES consolidates repositioning
... Rocca's calculations. The number includes equity, debt and equity market instruments. In the period, he says, the BNDES had ...
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Influência da comparabilidade dos relatórios financeiros na transferência de informação em torno das externalidades dos anúncios de resultados
O objetivo desta pesquisa foi avaliar a influência da comparabilidade dos relatórios financeiros na transferência de informação, considerando os efeitos das externalidades em torno dos anúncios de resultados das empresas. A comparabilidade foi mensurada com o modelo de similaridades das funções contábeis; a transferência de informação foi mensurada com a técnica de estudo de evento e testada com...
... The results are: (i) comparability may influence market reaction to abnormal trading volume, suggesting that companies’ earnings ... transmission of corporate financial information across borders and equity market linkages. Review of Accounting Studies , v. 1, p. 309-227, 1996 ... -
The Role of Bond Covenants and Short-Term Debt: Evidence from Brazil
This paper examines the role of financial covenants as substitutes for short-term debt and a possible trade off between short-term debt and long-term debt, especially for companies with growth opportunities. Using a sample of 159 corporate bonds issued on the Brazilian Market, we found evidence that: first, financial covenants and short-term debt are substitute tools to minimize agency conflict,...
... Using a sample of 159 corporate bonds issued on the Brazilian Market, we found evidence that: first, financial covenants and short-term debt ... earnings are likely to use covenants relating to shareholder equity. Besides, Demerjian (2007) also showed that covenants related to leverage ... -
The effects of sovereign rating and corporate governance on the capital structure of Latin American companies
This study analyzed the effects of sovereign rating and corporate governance (CG) on the capital structure of Latin American companies. A multilevel regression model was used for 823 companies listed on major Latin American stock exchanges over the period 2004-2018. The results showed that firm level is the most responsible factor for the variation in companies’ capital structure, while country...
... gave rise to three major theories — pecking order, trade-off, and market timing — that have guided empirical studies on the determinants of a ... equity (DE) — calculated by the ratio between total debt and net equity. Also ... -
Corporate Reputation and Bankruptcy Risk.
Introduction ... Relentless competition, market globalization, and an ever-increasing supply of products and services ... Operating margin, net margin, return on assets (ROA), and return on equity (ROE) were used as performance indicators. In addition, the authors ...
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Strategies of portfolio investment with estimates of bull and bear markets/ Estrategias de investimento em portfolios com estimativas de alta e baixa do mercado financeiro.
... e Thorley, S. (2006). Minimum-variance portfolios in the U.S. equity market, Journal of Portfolio Management 33(1): 10-24. URL: ...
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The role of bond covenants and short-term debt: evidence from Brazil.
... earnings are likely to use covenants relating to shareholder equity. Besides, Demerjian (2007) also showed that covenants related to leverage ... However, the Brazilian Corporate Bond Market has its peculiarities. Basically, Brazilian companies can raise funds in ...
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Eficiência regulatória no âmbito econômico-empresarial: um paralelo entre os modelos norte-americano e brasileiro
... transactions? One way is to help avoid situations that lead to market failure. One example of market failure is the existence of monopolies: a ... The equity market alone has a market capitalization of approximately $ 14 trillion ...
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Determinants of Foreign Portfolio and Total Investment to Emerging Economies from 2007 to 2014/ Determinantes do Investimento Estrangeiro em Carteira e Total para Economias Emergentes de 2007 a 2014.
... -toquality or flight-to-liquidity? Evidence from the euro-area bond market. The Review of Financial Studies, 22(3):925-957 ... Bekaert, G. and ey, C. R. (2000). Foreign speculators and emerging equity markets. The Journal of Finance, 55(2):565-613 ... Bekaert, G., Harvey, ...
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Abertura ou Nao de Capital no Brasil: Uma Analise Pratica da Percepcao dos Executivos Financeiros
Este estudo investigou as motivacoes relacionadas a abertura de capital no Brasil, analisadas pelo ponto de vista dos executivos financeiros. Para tanto, foi conduzida uma survey baseada nos estudos de Brau e Fawcett (2006) com113 executivos financeiros. Foram selecionadas empresas que conduziram o IPO do periodo de janeiro de 2004 a dezembro de 2010, e empresas que possuem potencial para abrir o
... for going public was to reduce the cost of capital; (2) general market conditions were crucial to the timing of the IPO; (3) underwriters were ... Lucas, Deborah J., & McDonald, Robert L. 1990. Equity Issues and Stock ... Price Dynamics. Journal of Finance , 45 , ...