This paper proposes a model that associates borrower credit risk with the cash flow method to assess the economic value of a consumer credit portfolio. A Monte Carlo simulation applying the method to an illustrative loan reveals that the lending standards of the institution, captured in the...

Purpose: From 2006 to 2016, Brazilian agricultural cooperatives exhibited a sharp increase in sales. Since the operational cycle of these organizations demands a positive net working capital that is usually funded by debt, the authors examine whether this rise in sales was obtained at the cost...

This paper investigates the use of earnings management by cooperatives to avoid reporting losses or earnings decreases. Based on a unique dataset comprising quarterly financial statements reported by 66 Brazilian agricultural cooperatives between 2000 and 2015, our results show that cooperatives...

The dynamics of cryptocurrency prices and on-line search about them during the 2016-2018 period reveals a direct/positive mutual feedback relationship during the bubble formation phase that weakened considerably when the prices started to fall. This behavior is prevalent for Bitcoin and...

The present study examines the influence of investor sentiment on the risk-return relationship in the Brazilian stock market from 2002 to 2015. Using the Consumer Confidence Index as a substitute for the level of investor sentiment, we found that the relationship between conditional variance and...

This paper presents the first evidence that retail investors play a central role in a speculative attack. Investigating the attacks that affected several emerging economies in the second semester of 2018, I document a strong influence of investor attention on the price and risk of the currency...