This paper analyzes the structure of ownership and control of public Brazilian companies using data from 325 companies listed at the São Paulo Stock Exchange. We show a high degree of ownership concentration. The major shareholder has, on average, 41 percent of the equity capital, while the...

Purpose –The purpose of this paper is to examine the risk-adjusted performance of Brazilian SRI stock funds. Design/methodology/approach - Risk-adjusted performance of 11 Brazilian socially responsible investment (SRI) funds relative to local index funds and matched pairs of funds. Findings...

A Comissão Econômica para a América Latina e o Caribe (Cepal) e o Instituto de Pesquisa Econômica Aplicada (Ipea) mantêm atividades conjuntas desde 1971, abrangendo vários aspectos do estudo do desenvolvimento econômico e social do Brasil, da América Latina e do Caribe. A partir de 2010,...

Este relatório faz uma avaliação da evolução e dos determinantes da estrutura de capitais das empresas brasileiras de forma comparada, com particular ênfase no financiamento externo. Uma das principais conclusões é que os fatores intrínsecos ao país de origem são quase tão...

This study extends the international evidence on initial public offerings (IPOs) and is the first comprehensive analysis examining new issues in the Latin American countries of Brazil, Chile, and Mexico. These countries have been among the best performing markets in the early 1990s and are...

This study examines the kinds of events that cause large shifts in the volatility of emerging stock markets. We first determine when large changes in the volatility of emerging stock market returns occur and then examine global and local events (social, political, and economic) during the...