This study investigates the relationship between debtor punishment and the development of the credit market. We empirically analyze how the level of debtor punishment relates to the credit market expansion. We find evidence that an increase in debtor punishment tends to produce a positive effect...

This paper investigates the effects of the reduction of barriers to trade in the computer technology sector on the Brazilian labor market. We show that the adoption of computers affected labor demand in favor of non-routine tasks, which are complementary to labor, as opposed to routine ones,...

his paper investigates the existence of unqualified opinions with an emphasis of a matter paragraph disclosing uncertainties. We show that depending on institutional characteristics, auditors may be either conservative or aggressive, but there are economies where auditors become moderate. We...

In early 2005 a new bankruptcy law was approved by the Brazilian Congress, taking effect a few months later. The new legislation improved creditor protection and the bankruptcy system's efficiency. This paper tries to shed some light on the empirical consequences of a bankruptcy reform on a...

This article investigates the effects of privatization under Brazil's National Privatization Program during the 1990s on companies' capital structure. Our model suggests that privatized firms increased their market leverage by 10 to 14% on average relative to the level before privatization. The...

This paper examines the relationship between corporate governance level and the bankruptcy law to such debt variables as firms? cost of debt and amount of debt under uncertainty (in the Knight´s sense). First we find that the better the corporate governance and the harsher bankruptcy law, the...

This study investigates the relationship between debtors? punishment and the credit market development. As the main goal we analyze empirically which is the optimal level of the debtors? punishment, providing the highest credit market development. Aligned with earlier theoretical findings from...

A energia elétrica é um bem de consumo essencial tanto para as camadas mais abastadas da população, quanto para os pobres. Num contexto de pressões por elevação de tarifas e por aumento de consumo, o consumidor pobre depara-se com uma situação em que pagar a conta de energia elétrica...

This study has as its main objective to analyze the best bankruptcy procedure considering the conflict of interests between managers, secured creditors and trade creditors. Such trade-off is strictly connected with industry and countries characteristics, which is also relevant to the design of...

As previsões de custos operacionais são utilizadas nos estudos de viabilidade econômica de projetos e nos orçamentos das empresas. Pesquisas realizadas identificaram falhas em orçamentos, sugerindo que 80% das empresas não estão satisfeitas com o processo orçamentário e que mais de 50%...