Download or read book An Investigation of the Brazilian Capital Market written by James Craig Dodson and published by . This book was released on 1961 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Law Planning and the Development of the Brazilian Capital Market written by David M. Trubek and published by . This book was released on 1971 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Capital Markets in the Development Process written by John H. Welch and published by . This book was released on 1993 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1964, Brazilian policy-makers have actively promoted financial market growth through a combination of more traditional interest rate liberalization schemes (indexing) and the creation of institutions which did not exist or restructuring those which did not function in an efficient way. This book traces the evolution of the Brazilian capital markets before and after the 1964-66 reforms and evaluates their role in economic growth and stability. The main conclusion of the study is that Brazil's experience with financial market development was a qualified success. Although the resulting strong financial market helped Brazil avoid the large capital flight experienced by its neighbors in the Southern Cone, the working relationships which developed over this period have become significant barriers to the achievement of economic growth and stability.

Download or read book Law Planning and the Development of the Brazilian Capital Market written by David Trubek and published by . This book was released on 1975 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Council Women and Corporate Performance in the Brazilian Capital Market written by Clea Beatriz Macagnan and published by Nova Science Publishers. This book was released on 2016 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about the inclusion of women in the council of companies. Specifically, it presents an investigation of whether there is a relationship between the share of economic and financial performance of women measured by the return on assets (ROA) and the Tobin Q ratio. Theoretical analysis (institutional theory) suggests that gender may have both a positive and negative (or neutral) effect on the economic and financial performance of the company. Statistical analysis supports the theoretical position of no effect, positive nor negative. The results are consistent with the explanation that institutions represent values, rules, and norms which evolve over time, and therefore the presence of women on the board can change under different circumstances and at different times. Based on the authors' research, it could not be stated strongly that the presence of women contributes to the economic and financial performance of a company. However, no negative evidence was found either. The result of the study suggests that decisions regarding the appointment of women as board of directors should be based on other perspectives rather than solely basing it on economic and financial performance.

Download or read book Analysis of the Relevance of Information Content of the Value Added Statement in the Brazilian Capital Markets written by Marcio Andre Veras Machado and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The usefulness of financial statements depends, fundamentally, on the degree of relevance of the information they disclose to users. Thus, studies that measure the relevance of accounting information to the users of financial statements are of some importance. One line of research within this subject is in ascertaining the relevance and importance of accounting information for the capital markets: if a particular item of accounting information is minimally reflected in the price of a share, it is because this information has relevance, at least at a certain level of significance, for investors and analysts of the capital markets. This present study aims to analyze the relevance, in the Brazilian capital markets, of the information content of the Value Added Statement (or VAS) - referred to in Brazil as the Demonstração do Valor Adicionado, or DVA. It analyzed the ratio between stock price and Wealth created per share (WCPS), using linear regressions, for the period 2005-2011, for non-financial listed companies included in Melhores & Maiores ('Biggest & Best'), an annual listing published by Exame Magazine in Brazil. As a secondary objective, this article seeks to establish whether WCPS represents a better indication of a company's result than Net profit per share (in this study, referred to as NPPS). The empirical evidence that was found supports the concept that the VAS has relevant information content, because it shows a capacity to explain a variation in the share price of the companies studied. Additionally, the relationship between WCPS and the stock price was shown to be significant, even after the inclusion of the control variables Stockholders' equity per share (which we abbreviate in this study to SEPS) and NPPS. Finally, the evidence found indicates that the market reacts more to WCPS (Wealth created per share) than to NPPS. Thus, the results obtained give some indication that, for the Brazilian capital markets, WCPS may be a better proxy concept for referring to a company's result than NPPS.

Download or read book Anomalies in the brazilian capital markets essays with empirical tests at bovespa written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: O estudo das anomalias existentes no mercado de capitais brasileiro vemganhando força em pesquisas recentes, tanto pela curiosidade de pesquisadorescomo pela necessidade de pessoas do mercado em entender alguns fenômenos quepersistem em ocorrer, mesmo com a disseminação da informação por todo omercado, contrariando os pressupostos da eficiência de mercado. Dentro destecontexto, esta tese se propôs a estudar alguns deles, e também realizarmodificações em modelos já consolidados. Foram feitas aqui três modificações namaneira tradicional de análise de modelos de anomalias, dentro de quatrocapítulos distintos, porém inter-relacionados, além da introdução e da conclusão.O primeiro capítulo se propõe a verificar dois pressupostos básicos de modelosestatísticos, que são a normalidade e a estacionariedade da série de retornos deações no Brasil. O segundo capítulo modifica a metodologia tradicional deformação de carteiras, aplicando uma técnica conhecida como análise de clusterem detrimento das medidas de posição. A terceira parte apresenta umamodificação do modelo de Grinblatt e Moskowitz (2004), analisando os aspectosque seriam importantes para o mercado brasileiro nos retornos futuros das ações. Por fim, é feita uma modificação importante no Modelo de Multifatores de Famae French (1996), incorporando elementos da variância condicional, através damodelagem ARCH e GARCH na equação do modelo. Concluí-se que o mercadobrasileiro apresenta algumas anomalias comuns a outros mercados, e que umamelhoria pode ser realizada nos modelos tradicionais, levando-se em consideraçãocaracterísticas específicas do caso brasileiro.

Download or read book Corporate Governance and Volatility in the Capital Markets written by Pablo Rogers and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2001, with the São Paulo Stock Exchange (Bovespa) creation of the “New Market and Governance Levels I and II”, Brazil became a unique country for corporate governance studies. From this date on it became possible to distinguish, in the same macroeconomic and institutional environment, companies that formally adopt good practices of corporate governance from those that don't. This article objective, considering Brazil as a case study, was to assess the impact of higher levels of governance on the volatility term structure of the stocks. In methodological terms, it were developed two indexes of daily returns in the Brazilian stock market called IEPG-I and IEPG-S, and it was analyzed the volatility term structure with adjustments on the GARCH family models. The results were statistically surprisingly, highlighting: 1) higher levels of governance had positive effect in the reduction of the short and long term volatility; 2) the volatility of the companies with the worst practices of corporate governance seems to be more reactive to the market; 3) the persistence of the volatility of the companies with good practices is higher than that of the companies with worse practices; 4) the convergence speed of the volatility of the companies with good practices is lower than that of the companies with worse practices; and 5) the presence of information asymmetry or leverage effect in companies with worse practices of corporate governance and absence in companies with better practices of governance.

Download or read book The Economics of Stock Futures written by Ney Roberto Ottoni de Brito and published by . This book was released on 1983 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Interest on Equity and Capital Structure in the Brazilian Context written by João Zani and published by . This book was released on 2016 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose - The interest paid on own capital can benefit companies in the Brazilian capital market as it can be considered a business expense and is, therefore, deductible as a corporate tax. The purpose of this paper is to assess the impact of interest on equity (IOE) on capital structure decisions.Design/methodology/approach - The initial sample consisted of 524 publicly traded companies from different industries in the Brazilian capital market that were listed on Bovespa. Companies in the finance, insurance and funds industries were excluded from the sample due to the unique features of these financial intermediaries. Some companies in the initial sample were excluded due to a lack of published data, inactivity during the sample period, etc. Thus, the paper excluded those companies that did not have valid observations or failed to publish them. The final sample included 370 companies and covered the nine-year period from 1998 through 2006.Findings - To this end, the authors identified the main determinants of capital structure and analyzed, through panel data, the relationship of IOE in addition to other determinants of capital structure, such as size, profitability, investment opportunities, risk, sales growth, real interest rate and real exchange rate, in corporate debt. The novel contribution of this study is the inclusion and analysis of the IOE in studies on the determination of capital structure of Brazilian companies. A new capital structure scenario was created when Law No. 9.249/95 required changes in legislation, ceasing the restatement of balance sheets and allowing companies to compensate their stockholders through IOE. Before this change, companies could only benefit from the tax benefits of debt, using debt capital. Now, they can also benefit from the use of equity because, by requiting equity through the IOE, deductions of income tax and social contributions on net income are allowed by tax law because the IOE may be considered a financial expense.Originality/value - The authors were not able to find any other publication of a similar study in a review of the extant empirical literature.

Download or read book Brazilian Market Portfolio written by Cristina Tessari and published by International Monetary Fund. This book was released on 2017-03-10 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, Brazil has achieved substantial progress in capital market development by building a diversified investor base and expanding the menu of available financial instruments. In this context, we evaluated the invested Brazilian market portfolio for a period spanning 2005–15. This is a portfolio of all assets proportionally weighted by their market capitalization, and it is divided in eight broad categories: government bonds, equities, bank funding bonds, corporate bonds, real-estate, agribusiness, private-equity, and credit bonds. While the paper focuses on stylized facts related to market size, composition weighting and changes over time, the estimated market portfolio contains important information for policy makers and market participants alike.

Download or read book Brazilian securities and exchange commission and the main legal instruments used to regulate brazilian capital market written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: As últimas décadas têm se caracterizado pela intervenção estatal na economiamediante a atuação de diversas entidades administrativas reguladoras. A presentedissertação tem por objetivo analisar a estrutura legal da Comissão de ValoresMobiliários (CVM) e os principais instrumentos usados para a regulação do mercado decapitais brasileiro. Seguindo o modelo regulatório norte-americano, a CVM possuidesenho institucional de entidade reguladora independente. A regulação que elaestabelece segue os princípios da política de disclosure. Para cumprir o seu papel, aCVM se vale de instrumentos regulatórios de natureza normativa, executiva e judicante. O estudo sugere que a credibilidade e a eficiência do mercado de capitais brasileirodependem, em grande medida, da capacidade da CVM de conduzir a regulação domercado.

Download or read book Native Capital written by Anne G. Hanley and published by Stanford University Press. This book was released on 2005-09-30 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the contribution of financial market institutions—banks and the stock and bond exchange—to São Paulo's economic modernization at the turn of the twentieth century.

Download or read book An overview of the development of Brazilian capital markets written by Roni Askenazy and published by . This book was released on 1987 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Development of Brazilian Capital Markets written by World Bank : Latin America and Caribbean Region and published by . This book was released on 1994 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Information Asymmetry in Stock Trading Economic and Financial Characteristics and Corporate Governance in the Brazilian Stock Market written by Orleans Silva Martins and published by . This book was released on 2014 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study sought to investigate the relationship between information asymmetry in the stock trading, economic and financial characteristics and corporate governance of listed companies in the Brazilian stock market in 2010 and 2011. To this end, the study relied on a theoretical framework for information asymmetry in the capital market to measure the asymmetry's magnitude based on the intraday stock-trading data of 194 companies. The primary results demonstrated that the informational asymmetry in the stock trading was positively related to the risk, return and liquidity of the shares as well as the cost of equity and the size of the companies. In addition, the asymmetry was negatively related to the abnormal return of shares. During the investigated period, the information asymmetry relationship with the liquidity and size (positive) and the abnormal return (negative) were at odds with previous research. The reasons for our results may be related to specific aspects of the Brazilian market, for example, in the case of abnormal returns, the deceleration of the Bovespa Index (IBovespa) or the reflection of the average return to negotiators without insider information during the period. In case of liquidity and size, the high index of issuance and negotiation of preferred shares may have influenced the results. Thus, this research contributes to the analysis of idiosyncratic characteristics of the capital market of a developing country, such as information asymmetry in stock trading and its association with the economic and financial characteristics and corporate governance of companies in the Brazilian stock market.

Download or read book Corporate Governance and Capital Structure in Brazil written by Alexandre Ripamonti and published by . This book was released on 2016 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose: To study the Brazilian bond and stock markets for testing the stock market development theory of Demirgüc-Kunt and Maksimovic (1996).Originality/gap/relevance/implications: This paper tests the substitution hypothesis of stock market development, from debt to stocks, in a context of improved corporate governance, by analyzing the data with cointegration techniques. The findings show that the rejection of substitution hypothesis, as the bond market has a positive and significant association with stock market improvements. The findings also show that improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle.Key methodological aspects: Positivist research using quantitative methodology. Data from a sample of 171 firms during 20 years, analyzed with cointegration. The null was a negative association between bond and stock markets.Summary of key results: Null rejection, non-consistent to theoretical framework. The results have shown a positive and significant association between stock and debt in an improved corporate governance context.Key considerations/conclusions: Improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary, and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle.