This paper tests two hypotheses for the overbidding behavior of the banks in the fixed rate tenders conducted by the European Central Bank from January 1999 until June 2000. One hypothesis attributes the overbidding to expectations of a future tightening of monetary policy, while the other...

Raising the public administration's efficiency is, without any doubt, one of the greatest challenges nowadays in Brazil. The State's technical and allocative efficiency dimensions necessarily require efficiency of public agencies in the acquisition of inputs for their production and supply...

This study investigates the determinants of the great difference between winning bids and reserve prices in the transmission electricity sector in Brazil between 1999- 2010, through an econometric approach based on Heckman (1979) that considers the heterogeneous among the winner's and loser's...

This study investigates the determinants of the great difference between winning bids and reserve prices in the transmission electricity sector in Brazil between 1999- 2010, through an econometric approach based on Heckman (1979) that considers the heterogeneous among the winner's and loser’s...

Raising the public administration's efficiency is, without any doubt, one of the greatest challenges nowadays in Brazil. The State's technical and allocative efficiency dimensions necessarily require efficiency of public agencies in the acquisition of inputs for their production and supply...

This paper aims to analyse the information asymmetry as a source of inefficiencies to the Brazilian Power Industry. This article focuses on the currently adopted prices formation model based on operation costs minimization without price bidding. We show that the use of adverse selection, by...

Portuguese Abstract: Este artigo descreve as características gerais da metodologia atual para o despacho econômico e para a formação do Preço de Liquidação de Diferenças (PLD), usado no Setor Elétrico Brasileiro e o compara com características gerais do que poderia ser um sistema de...

O objetivo deste artigo é analisar as recentes fusões e aquisições na siderurgia brasileira e mundial no sentido de verificar se a reestruturação observada resultou em elevação dos lucros do setor. Primeiramente, testamos um modelo teórico proposto por Inderst e Wey (2004) e encontramos...

The reform process that the Brazilian electric industry has been undergoing since the mid 90’s suffered a great inflection after the energy rationing of 2001 and the financial crisis of 2002 that followed it. The privatization programs initiated in the previous decade were suspended, which led...

In this paper, we describe the operation of the foreign exchange (FX) market in Brazil and discuss the relations between prices of derivatives and spot prices. A literature review of interventions in the FX market is done. Then, we study, in a descriptive way, the interventions of the Central...