According to theory, the level of short-selling can predict short-run future returns through two channels. One channel relates to the demand-side of the stock lending market: short-sellers are informed. The other channel relates to the supply-side: short-sellers are restricted. Measuring the...

Testing the effects of short-selling restrictions on asset prices is challenging: shifts in stock lending supply usually are not observed directly. This paper takes advantage of a unique dataset that contains actual shifts in the lending supply curve for several stocks on the Brazilian market....

Secure property rights are considered a key determinant of economic development. However, evaluation of the causal effects of land titling is a difficult task. Since 2004, the Brazilian government, through a program called"Papel Passado,"has issued titles to more than 85,000 families and has the...

This paper investigates the contribution of property rights (land title ownership) to happiness in Brazil by analyzing the household response to an exogenous change in formal ownership status. It uses a quasi-experimental design to analyze a unique dataset based on Papel Passado, a Brazilian...

This paper assesses the effect of property-titling on child labor. Our main contribution is to investigate the potential impact of property rights on child labor supply by analyzing household response regarding the child labor force to exogenous changes in property ownership status. The causal...

One issue that affects the economic and social development of a country is the ability of the judiciary to present itself as a legitimate instance in resolving conflicts that arise in the social, business and economic development. One way to measure this is through legitimacy of the motivations...

This paper compares the market value of microcredit and personal loans to entrepreneurs. Based on primary data collected on a database of loans for entrepreneurs in Brazil, this work used the model of Blattber and Deighton (1996) – a marketing strategy model that applies financial evaluation...

This study examines the ethical conduct of productive microcredit officers, a type of credit that offers small sums to low income customers. In this modality, the microcredit officer performs important work in granting or denying credit in poor communities, and may be exposed to situations of...