A systematic review was made of studies regarding the capital structure in Brazil during the period of 1988-2003. The recurring themes relate to the static tradeoff and pecking order in various moments of the economy, the fiscal benefits of indebtedness and interest on privately-owned capital,...

The article analyses the level of financial markets development in a sample of 42 countries and compare such level with economic, international integration and cultural characteristics of these countries. The results show that greater international integration, lower inflation, greater focus on...

This work looks into the dynamics of the competitive structure and strategic positioning of the Brazilian banks. Over the eighteen years covered by the study, we saw periods of strategic instability in this industry and differing structures of strategic groups, with regard to not only their...

This study evaluates the supply of credit for the low-income population in Brazil in two periods – 2002 and 2008. During this period, an ascent of the population from the bottom of the pyramid, which has enlarged their real purchasing power due to the good economic period in Brazil and to the...

This work aims at refining and complementing the analysis of portfolios composed of commercial papers from companies with high Book-to-Market ratio, which were dealt in BOVESPA from 2004 to 2008, through the creation of an one-dimensional variable, called F_total. It synthesizes data from...

This article evaluates whether risk taking decisions of Brazilian hedge funds are influenced by past performance. More specifically, it is evaluated whether changes in funds volatility from one semester to the following are related to performance in terms of returns relative to its peers. The...

The inflationary stabilization recently observed in Brazil brings a lot of changes in all aspects of the country's economic life. In this work we look at the impacts on the stock market, specifically at Bovespa - the São Paulo Stock Exchange. We analyze the leading variables and statistics that...

Does active management add or destroy value? With a sample of 699 with four different main categories: stocks, fixed income, hedge and exchange rate mutual funds we conclude that the active management add value to investors in stocks and hedge funds. But in fixed income mutual funds the evidence...

We study the relationship between the volatility and the price of stocks and the impact that variables such as past volatility, financial gearing, interest rates, stock return and turnover have on the present volatility of these securities. The results show the persistent behavior of volatility...

The main objective of this article is to test the hypothesis that utility preferences that incorporate asymmetric reactions between gains and losses generate better results than the classic Von Neumann-Morgenstern utility functions in the Brazilian market. The asymmetric behavior can be computed...