This paper presents an analysis of the world iron and steel industry from 1950 to 1980. After presenting a technical overview describing the technological possesses in use during that period by the steel, the iron ore and the ferrous scrap industries, we describe and analyse, on economic...

The paper presents results of empirical tests with hybrid nominal exchange rate models for the Brazilian foreign exchange market, using macroeconomic and market microstructure variables. The basic model was originally proposed and tested in the German (DM/US$) and the Japanese (Y/US$) foreign...

The paper makes use of an event study to test the Efficient Market Hypothesis and its variant, the Uncertain Information Hypothesis, for the Brazilian stock market. Previous literature has associated inefficiencies generated by thin markets with investor overreaction or underreaction, thereby...

Recent studies have shown the existence of a relationship between the disclosure of accounting information and economic effects. The disclosure of value-relevant accounting information reduces the information asymmetry on the market and, consequently, the risk of investors making mistakes in...

The paper tests if the theory known as Pecking Order Theory provides empirical explanation for the capital structure of Brazilian firms. According to this theory, the capital structures would result from a hierarchy of financial decisions where internally generated resources would have first...

The paper documents the specification and estimation of an econometric model of the Brazilian stock market (Bovespa) using a GARCH(1,1) model. We used quarterly data for an estimation period spanning from January 1995 to December 2003. The empirical results show that GDP growth, exchange-rate...

The paper reports the result of empirical tests on the validity of Fleuriet's model, also known in Brazil as Advanced or Dynamic Working Capital Analysis. According to some authors, the model, which was introduced in Brazil in the 80's, brought important innovations to working capital analysis...

This paper reports the construction and testing of an econometric model designed to represent a firm's financial statements. More specifically, the paper aims at showing how a firm's financial statements can be empirically explained by means of a simultaneous equations structural model...

The paper's purpose is to determine empirically factors that influence Brazilian firms in their decision to cross-border list their stock. The methodology adopted involves an economic analysis of Brazilian cross-listed firms, characterizing and differentiating them from non cross-listed firms,...

This paper has the purpose of surveying and critically analyzing the effects of accounting procedures which are closely related to groups of companies operating multinationally. These are the methods for translation of financial statements, e.g. the Temporal and the Closing-rate Methods, as far...