This research examines the determinants of the capital structure of firms introducing a behavioral perspective that has received little attention in the empirical corporate finance literature. Specifically, we investigate a central hypothesis that emerges from a set of recently developed...

This paper investigates the influence of corporate governance quality on market value of 154 Brazilian listed companies in 2002. In order to obtain a proxy for corporate governance quality, a broad governance index was built. The investigation was carried out by different econometric approaches...

A preliminary court injunction based on alleged personal security risks to managers and directors gave Brazilian public companies the option of non-compliance with the most sensitive part of newly mandated compensation disclosure rules. We find, however, no association between state-level crime...

This paper analyzes the evolution and the determinants of firm-level corporate governance practices in Brazil from 1998 to 2004 using a broad corporate governance index. A key contribution is to examine the voluntary adoption of corporate governance guidelines under an almost quot;no listing...

This paper investigates the simultaneous participation of directors in different companies from a sample of 320 Brazilian listed firms in 2001, 2003 and 2005. We identify which firms are connected through a network of directors, which corporate characteristics contribute to this phenomenon, and...

This paper offers solutions to mitigate the problems associated with the endogeneity issues of explanatory variables faced by corporate finance researchers who analyze observational data via regression methods. Such problems may bias the causality inferences between variables, a fundamental goal...

We exploit the exogenous shock to the Brazilian banking system caused by the international turmoil of 2008 and find evidence that the run to systemically important banks is better explained by the perception of a too-big-to-fail policy than by bank fundamentals. We infer that the extra inflow of...

This research investigates the determinants of the capital structure of small and medium enterprises (SMEs) using a unique database that includes over 19,000 Brazilian firms and spans 13 years of data. The econometric analysis employs the System Generalized Method of Moments estimator (GMM-Sys)...

This is a PowerPoint presentation that discusses the corporate governance failures behind major corporate scandals of the earlier 21st century. Initially, it details both Enron and Parmalat cases, considered the most emblematic and richer ones from the 2001-2003 period. For each one, I present...

This is a PowerPoint presentation that debates the role of institutional investors as relevant shareholders on corporate governance in Brazil. The data provides correlational evidence that the presence of some institutional investors such as largest pension funds and the (Brazilian Development...