We exploit the exogenous shock to the Brazilian banking system caused by the international turmoil of 2008 and find evidence that the run to systemically important banks is better explained by the perception of a too-big-to-fail policy than by bank fundamentals. We infer that the extra inflow of...

This research investigates the determinants of the capital structure of small and medium enterprises (SMEs) using a unique database that includes over 19,000 Brazilian firms and spans 13 years of data. The econometric analysis employs the System Generalized Method of Moments estimator (GMM-Sys)...

This is a PowerPoint presentation that discusses the corporate governance failures behind major corporate scandals of the earlier 21st century. Initially, it details both Enron and Parmalat cases, considered the most emblematic and richer ones from the 2001-2003 period. For each one, I present...

This is a PowerPoint presentation that debates the role of institutional investors as relevant shareholders on corporate governance in Brazil. The data provides correlational evidence that the presence of some institutional investors such as largest pension funds and the (Brazilian Development...

This text is a collection of twelve short essays that aim to discuss several recent issues from the corporate governance literature: 1. Anatomy of a disaster: what are the interrelated causes that generate corporate governance collapses around the world? 2. A matter of principles: returning to...

Spanish Abstract: Esta es una presentación PPT que conecta el campo emergente de la ética conductual con el gobierno corporativo de una manera concisa y práctica. Los puntos clave son los siguientes: 1. Nosotros tenemos la tendencia a sobreestimar nuestra conducta ética; 2. La mayoría de las...

Corporate governance has become a hot topic in Brazil in the past few years, with several events and lectures about the subject taking place nowadays. At these venues, it's possible to identify some common statements about this topic made by market practitioners which have seemed to become...

I investigate the effect of employee satisfaction on corporate performance based on an extensive dataset of 114,004 online reviews of Brazil's 1,000 largest listed and unlisted firms from 2013 to 2018 posted at a local subsidiary of Glassdoor. I find that overall employee satisfaction is...

I investigate the relationship between unethical culture and financial performance based on a text analysis of over 100,000 employee reviews posted at Glassdoor in Brazil. My measure of unethical culture is based on the “two-factor model of ethical culture” developed by Ethical Systems. The...

This is a PPT presentation connecting the emerging field of behavioral ethics to corporate governance in a concise and practical way. Key takeaways are that: 1. We tend to overestimate our ethical behavior; 2. Most of the wrong things are done by good people due to contextual pressures and...