We estimate optimal target-ranges of capital structure controlling for a series of fi rm-specifi c characteristics and accounting for the serial correlation that arises from the dynamic component of the leverage choice. Then, we empirically examine if firms adjust their leverages toward the...

This paper characterizes the monetary policy in Brazil through a forward-looking Taylor-rule-type reaction function before and after the Real plan, which stabilized inflation in July 1994. The results show that the interest rate response to inflation was greater than one-to-one before...

USA market is the benchmark for empirical finance and considered the closest example of how an efficient market should behave. On the other hand, divergent results from the observed in the USA are often associated with unreliable and due deviations from efficient hypothesis. However, how would...

Portuguese Abstract: Neste artigo investiga-se o que determina o fluxo de recursos para fundos de investimentos brasileiros. Constata-se que investidores são mais atentos ao risco de mercado (beta) ao avaliar fundos, enquanto tendem a atribuir o retorno de fatores como tamanho, valor, momentum,...

This paper investigates local crime's concern effect on confidence in the police using Two Least Square Regressions having as instrumental variable the individual distance to police stations. We explore data from the Confidence in Justice Survey conducted for the period at 2013 to 2014 at state...

The Asset pricing literature has produced hundreds of risk factor candidates aimed at explaining the cross-section of expected excess returns, although risk factors which are in fact capable of providing independent information remains an open question. Appling a sparse model, Kozak, Nagel, and...

The Factor Zoo phenomenon calls for answers as to which risk factors are in fact capable of providing independent information on the cross-section of expected excess returns, while considering that asset-pricing literature has produced hundreds of candidates. In this paper, we propose a new...

This paper investigates local crime's concern effect on confidence in the police using Two Least Square Regressions having as instrumental variable the individual distance to police stations. We explore data from the Confidence in Justice Survey conducted for the period at 2013 to 2014 at state...

This article estimates a forward-looking Taylor-rule-type reaction function exclusively during Greenspan's tenure and shows a considerable loss in both magnitude and significance of the inflation coefficient compared with the extended sample that otherwise includes Volcker's tenure. That fact...

This paper provides new evidence of the short and long-run effects of vocational training (VT) on labor market and educational outcomes, with a particular interest in how school quality may confound estimates. VT schools may differ from regular schools not only in terms of type of training, but...