This empirical study is aimed at verifying whether the Brazilian market prices stocks cross-listed as ADRs levels I, II or III in the North American market, that is, whether Brazilian companies issuing ADRs achieve a lower cost of equity in comparison with others that do not. In addition, we...

We have carried out an event study to investigate stock returns associated with the announcement of equity issues by Brazilian firms between 1992 and 2003 in order to determine market reaction before, during, and after the issue announcement. After measuring abnormal returns by OLS, we used ARCH...

O mercado acionário possui papel fundamental no desenvolvimento econômico de empresas e países. Por meio dele é possível que as empresas levantem recursos de capital emitindo ações e debêntures, além de ser uma importante oportunidade de investimento para o mercado. No entanto, o...

Este artigo objetiva elaborar e testar um modelo de precificação de ativos compreendendo índices contábeis que evidenciem o desempenho financeiro das empresas, relacionados à reputação corporativa destas, em conjunto com variáveis macroeconômicas representativas do ambiente em que tais...

O objetivo do trabalho é verificar se o mercado acionário brasileiro precifica favoravelmenteações de empresas listadas em níveis especiais de governança corporativa (Níveis 1 e 2 e Novo Mercado) da BM&FBovespa. A metodologia utiliza regressão linear com dados em painel baseada no CAPM,...

This study aims to analyze the impact of monetary policy on the Brazilian stock market in the period 2001-2012. The approach used is the event study methodology. Several linear regression models were specified in accordance with Bernanke and Kuttner (2005), emphasizing changes in the observed...

This paper reports the results of an empirical study designed to test whether a country's level of corruption negatively influences that country's ability to attract foreign investment. A sample of 110 countries taken from the World Bank and Transparency International databases was used. The...

This paper details efforts at developing and estimating a Vector Autoregressive (VAR) econometric model representative of the financial statements of a firm. Although the model can be generalized to represent the financial statements of any firm, this work was carried out as a case study, where...

Based on the median voter theorem, we propose an econometric model for estimating local demand for public education. We test the hypothesis that public expenditures associated to this sector are induced by the presence of certain factors of social, economic, geographic, and demographic nature....

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...