Financial literacy in Brazil – do knowledge and self-confidence relate with behavior?

Purpose – People are increasingly responsible for making sound financial decisions to foster their financial satisfaction and well-being, which magnifies the importance of financial literacy, and this concept and measurement is still not yet crystallized in the literature, specifically capturing different behavior perceptions. Moreover, there is not a distinction based on different classifications of behavior, such as over or underconfidence, to understand the relation between literacy and decision process. To fill this gap, this paper aims to investigate whether the financial literacy conceptual model proposed applies similarly to every group independently of their previous self-confidence perception. For this purpose and quality control, OECD (2016) data were used with a final sample of 1,487 Brazilian citizens. Quantitative analysis technique using partial least squares structural equations path modeling and differences between groups using multi-group analysis was applied. In line with general studies, when analyzing the financial literacy usual model for the group as a whole, financial knowledge construct positively influences self-confidence, and both together positively affect financial behavior. However, for individuals with low financial knowledge and low self-confidence, as well as for those with too much or too little confidence, the model did not hold. Therefore, self-confidence perception influences the way financial knowledge is used for financial decisions and should be addressed in financial education and training to be more effective. Design/methodology/approach – To operationalize the variables and test the paper’s hypotheses, the authors used the methodology developed in OECD (2016), based on the research instrument’s Brazilian application adapted from the questionnaire developed in OECD (2015), with data initially used and made available by Garber and Koyama (2016). Based on the recommendations of Hair Jr et al. (2017a, 2017b), the authors used partial least squares modeling PLS-PM (SmartPLS 3.2.6) to estimate the structural models. Findings – Concerning structural relationships, the final model showed knowledge with a positive influence on self-confidence, self-confidence with a positive effect on behavior and knowledge with a positive influence on behavior, both directly and, through its relationship with self-confidence, indirectly. This underscores that, for the total sample, the greater people’s knowledge and self-confidence, the better their behavior. The unexpected absence of attitude in the final model, even allowing for potential measurement problems, brings up an important reflection on the mediating effect that the self-control variable may exert between attitude and behavior. A person may believe that saving for the future is important (attitude) but whether they actually save (behavior) may depend on self-control, which is needed to prevent immediate gains from being prioritized in practice. Research limitations/implications – The findings reported so far concern the study’s total sample. However, as expected from the literature review that provides the basis for the sixth and the most important hypothesis, respondents were found to be heterogeneous in terms of knowledge and self-confidence levels. These differences were evaluated by means of multi-group analyses that indicated that the model does not apply to respondents with low knowledge and low self-confidence and to those who are over- and underconfident. This implies inferring that financial education programs may be of little use if they only address technical knowledge development and fail to consider behavioral aspects such as those related to selfconfidence, as this paper points out, and others. This signals the importance of diagnosing people’s profiles to enable developing solutions capable of minimizing the presence of behavioral biases. This need to be studied further. Practical implications – The results imply inferring that financial education programs may be of little use if they only address technical knowledge development and fail to consider behavioral aspects such as those related to self-confidence, as this paper points out, and others. Models must be reviewed in light of natural diferences of cognition and lead to customized financial education. Social implications – This signals the importance of diagnosing people’s profiles to enable developing solutions capable of minimizing the presence of behavioral biases. Therefore, not only training topics in personal finance but also a deeper education program since the kindergarden must be considered. Originality/value – Its practical contribution is to suggest the development of financial education programs that also take account of the potential presence of behavioral biases, which may prevent the misallocation of (scarce) public- and private-sector funds stemming from a limited focus on developing the population’s actual financial knowledge

Análise de fatores que influenciam o valor de mercado de empresas na Inglaterra, na França e na Alemanha. Como os gerentes podem maximizar?

One of the classic issues in business administration is whether managers can maximize profit. Thus, this article aims to identify the causal factors regarding the maximization of companies’ market value to subsidize decision-makers. The sample was extracted from the Capital IQ database and formed of nonfinancial public companies from Germany, France, and England, considering the period from 1999 to 2019, with quarterly frequency. The study finds theoretical support from market-to-book decomposition concepts as in Rhodes-Kropf, Robinson, and Viswanathan (2005), and uses the classical theory decision model with hypotheses proposed by Lindenberg and Ross (1981), Hirschey and Wirchem (1984), Habib and Ljungqvist (2005), Hertzel and Li (2010), and Belenzon (2012). The research adopted a t-1 period lag in the independent variables in relation to the dependent variable to demonstrate the result of actions of independent variables in the dependent variable in subsequent periods. Subsequently, correlation and regression analyses were performed with panel data. The results show that the management of tangible and intangible assets, goodwill, revenue, Ebitda, return on assets, research and development, advertising, Capex, and return on equity contribute to increasing the companies’ market value, and they can be maximized through good management. Therefore, because these variables are manageable, it is possible to infer that managers are in the position to maximize companies’ market value.Una de las preguntas clásicas en la administración de empresas es si los gerentes son realmente maximizadores de ganancias. Así, el presente trabajo tiene como objetivo identificar los factores causales que maximizan el valor de mercado de una empresa para sugerir acciones a los tomadores de decisiones. La muestra se extrajo de la base de datos Capital IQ, empresas públicas no financieras de Alemania, Francia e Inglaterra en el período de 1999 a 2019, con frecuencia trimestral. Como soporte teórico se utilizaron conceptos de la descomposición del market-to-book (valores de mercado contra valores contables) desde la perspectiva de Rhodes-Kropf, Robinson y Viswanathan (2005), y el modelo del proceso de decisión de la teoría clásica, con las hipótesis propuestas por Lindenberg y Ross (1981), Hirschey y Wirchem (1984), Habib y Ljungqvist (2005), Hertzel y Li (2010), y Belenzon (2012). Se consideró un desfase del período t-1 en las variables independientes con relación a la variable dependiente, con el objetivo de demostrar el resultado de las acciones de las variables independientes en la variable dependiente en períodos posteriores. Posteriormente, se realizó análisis de correlación y regresión con datos de panel. Los resultados muestran que la gestión de activos tangibles e intangibles, fondo de comercio, ingresos, Ebitda, retorno sobre activos, investigación y desarrollo, publicidad, Capex y retorno sobre el patrimonio contribuyen al incremento del valor de mercado de las empresas, y constituyen una buena gestión de indicadores para maximizarlos. Por tanto, dado que estas variables son manejables, se concluye que los administradores pueden maximizar el valor de mercado de las empresas.Uma das questões clássicas em administração de empresas é se os gerentes são realmente maximizadores de lucros. Assim, o presente trabalho tem como objetivo identificar os fatores causais que maximizam o valor de mercado de uma empresa, a fim de sugerir ações aos tomadores de decisão. A amostra é extraída da base de dados Capital IQ, de empresas públicas não financeiras de Alemanha, França e Inglaterra, no período de 1999 a 2019, com periodicidade trimestral. Como suporte teórico, foram utilizados conceitos da decomposição do market-to-book sob a óptica de Rhodes-Kropf, Robinson e Viswanathan (2005), bem como o modelo do processo de decisão da teoria clássica, com hipóteses propostas por Lindenberg e Ross (1981), Hirschey e Wirchem (1984), Habib e Ljungqvist (2005), Hertzel e Li (2010), além de Belenzon (2012). Considerou-se uma defasagem do período t-1 nas variáveis independentes em relação à variável dependente visando demonstrar o resultado das ações das primeiras na segunda em períodos subsequentes. Depois, foi feita uma análise de correlação e regressão com dados em painel. Os resultados mostram que a gestão de ativos tangíveis e intangíveis, goodwill, receita, Ebitda, retorno sobre ativos, pesquisa e desenvolvimento, propaganda, Capex e retorno sobre o patrimônio contribuem para o aumento do valor de mercado das empresas, sendo uma boa gestão de indicadores para maximizá-los. Portanto, como essas variáveis são gerenciáveis, conclui-se que os gestores podem aumentar o valor de mercado das empresas

COMPETÊNCIAS ADQUIRIDAS DURANTE OS ANOS DE GRADUAÇÃO: UM ESTUDO DE CASO A PARTIR DAS OPINIÕES DE ALUNOS FORMANDOS DE UM CURSO DE ADMINISTRAÇÃO DE EMPRESAS

Este estudo tem como objetivo identificar e analisar as opiniões dos alunos de uma universidade privada na cidade de São Paulo sobre as competências adquiridas nos cursos de graduação em Administração de Empresas. Foi realizado um estudo de natureza exploratória e descritiva, em uma amostra de 441 alunos do último semestre utilizando- se um questionário estruturado organizado em dois blocos: um destinado à caracterização dos sujeitos e outro composto de 27 itens em uma escala Likert. Os dados foram analisados de forma quantitativa, utilizando-se técnicas da estatística descritiva e multivariada. A análise fatorial permitiu a identificação de quatro fatores correspondentes aos seguintes blocos de competências: social, solução de problemas, técnico-profissional e de comunicação. As freqüências de respostas indicam que, segundo a perspectiva dos alunos, as competências adquiridas (aprendidas) durante o curso de graduação, com índices de concordância mais altos, concentram-se nos fatores 1 (competência social) e 2 (competência solução de problemas). Palavras chave: Competências, ensino, alunos, graduação

Private Equity gera valor ao acionista? Uma análise comparativa de retorno e risco após o IPO.

The vigorous growth of Private Equity Industry in the world generated basic questions; as for example how to explain if companies previously invested by Private Equity generate real returns for its shareholders after the IPO event. Few studies analyzed, however, the risk of these new companies. The contribution of this paper meet specifically this gap with this innovation in the methodological tool. The Wealth Relative Methodology Buy-and-hold was adjusted by its idiosyncratic risk over the public offerings base on the BM&FBovespa between 2004-2014. When risk is not considered, the results suggest a value premium on the management of Private Equity previously invested, with average returns 36% higher than those companies without this kind of management in the first five years post IPO. However, in the presence of risk adjustment, the previous participation of a Private Equity Fund is not significant in the returns anymore. The suggestion of the authors is that other samples, different periods, and past papers run this methodology to check if the previously conclusions still stands up.O crescimento vigoroso da indústria de Private Equity no mundo gerou questões fundamentais, como por exemplo explicar se as empresas abertas previamente investidas por estes gestores geram retornos reais aos seus acionistas, após o evento do IPO. Pouco se analisou, entretanto, sobre o risco dessas novas empresas. A contribuição deste artigo visa suprir especificamente essa lacuna com a inovação na ferramenta metodológica. A metodologia Wealth Relative Buy-and-Hold foi ajustada pelo seu risco idiossincrático, em cima da base de ofertas públicas realizadas na BM&FBovespa entre 2004-2014. Desconsiderando risco, os resultados sugerem o reconhecimento pelo mercado do prêmio de valor da gestão dos fundos nas empresas investidas, com retornos médios 36% superiores aos das empresas não-investidas, nos cinco primeiros anos pós-IPO. Ao incluir o ajustamento pelo risco, a presença de um fundo Private Equity não se mostra mais significante no retorno relativo das ações. A sugestão dos autores é que se testem amostras diferentes, períodos diferentes e artigos passados para verificar se as conclusões de geração de resultado se mantêm

AMBULATÓRIO DE SAÚDE MENTAL: COTIDIANO E RESULTADOS

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Measurement of the inclusive jet cross-section in proton-proton collisions at √s=7 TeV using 4.5 fb−1 of data with the ATLAS detector

The inclusive jet cross-section is measured in proton-proton collisions at a centre-of-mass energy of 7 TeV using a data set corresponding to an integrated luminosity of 4.5 fb−1 collected with the ATLAS detector at the Large Hadron Collider in 2011. Jets are identified using the anti-kt algorithm with radius parameter values of 0.4 and 0.6. The double-differential cross-sections are presented as a function of the jet transverse momentum and the jet rapidity, covering jet transverse momenta from 100 GeV to 2 TeV. Next-to-leading-order QCD calculations corrected for non-perturbative effects and electroweak effects, as well as Monte Carlo simulations with next-to-leading-order matrix elements interfaced to parton showering, are compared to the measured cross-sections. A quantitative comparison of the measured cross-sections to the QCD calculations using several sets of parton distribution functions is performed

Determinantes de estrutura de capital no mercado brasileiro: análise de regressão com painel de dados no período 1999-2003

Este artigo apresenta os resultados de uma investigação sobre os fatores determinantes da estrutura de capital das companhias abertas que atuam no mercado brasileiro. Foi utilizada uma amostra de 91 empresas cobrindo o período de 1999 a 2003. Na realização deste trabalho foi utilizada uma técnica de estimativa mais forte, conjugando Panel Data Dinâmico, que combina dados de corte transversal com séries temporais, com um instrumento de método de momento generalizado. Como proxies de estrutura de capital e alavancagem, foram usados os conceitos contábil e de mercado e seus resultados foram comparados. Em consonância com a literatura da área, foram selecionadas as seguintes variáveis: liquidez corrente, tamanho da empresa, rentabilidade, oportunidade de crescimento, risco de negócio, economia fiscal e crescimento de vendas, tangibilidade, coeficiente de variação e risco de falência. Para os testes, foram utilizados os instrumentos econométricos de GMM e AH. Os resultados econométricos demonstraram-se robustos pelas técnicas utilizadas. Os resultados de análise obtidos foram bastante consistentes com as teorias de Pecking Order e de Trade-off. Esses resultados, também, estão em linha com os observados em estudos similares realizados em diversos países.This article presents the results of an investigation about the determinant factors of the capital structure of publicly held companies that operate in the Brazilian market. The sample group consisted of 91 companies, covering the period from 1999 to 2003. A stronger estimation technique conjugating Dynamic Panel Data, which combines cross-section data with time-series, with a generalized method of moments (GMM) tool was used in the performance of this study. The accounting and market concepts were used as capital structure and leverage proxies, and their results were compared. In conformity with literature from the area, the following variables were selected: current ratio, company size, return, growth opportunity, business risk, fiscal economy and sales growth, tangibility, coefficient of variation and bankruptcy risk. The GMM and AH econometric tools were used for the tests. The econometric results proved robust due to the techniques used. The analysis results obtained were largely consistent with the Pecking Order and Trade-off theories. These results are also in line with the results observed in similar studies carried out in several countries

A self‑employed taxpayer experimental study on trust, power, and tax compliance in eleven countries

The slippery slope framework explains tax compliance along two main dimensions, trust in authorities and power of authorities, which infuence taxpayers’ compliance attitudes. Through frequentist and Bayesian analyses, we investigated the framework’s assumptions on a sample of 2786 self-employed taxpayers from eleven post-communist and non-post-communist countries doing business in fve economic branches. After using scenarios that experimentally manipulated trust and power, our results confrmed the framework’s assumptions regarding the attitudes of the self-employed taxpayers; trust and power fostered intended tax compliance and diminished tax evasion, trust boosted voluntary tax compliance, whereas power increased enforced tax compliance. Additionally, self-employed taxpayers from post-communist countries reported higher intended tax compliance and lower tax evasion than those from non post-communist countries. Our results ofer tax authorities insights into how trust and power may contribute to obtaining and maintaining high tax compliance levels amid global economic challenges, downturns, and increasing tax compliance costs

Minimal information for studies of extracellular vesicles (MISEV2023): From basic to advanced approaches

Extracellular vesicles (EVs), through their complex cargo, can reflect the state of their cell of origin and change the functions and phenotypes of other cells. These features indicate strong biomarker and therapeutic potential and have generated broad interest, as evidenced by the steady year-on-year increase in the numbers of scientific publications about EVs. Important advances have been made in EV metrology and in understanding and applying EV biology. However, hurdles remain to realising the potential of EVs in domains ranging from basic biology to clinical applications due to challenges in EV nomenclature, separation from non-vesicular extracellular particles, characterisation and functional studies. To address the challenges and opportunities in this rapidly evolving field, the International Society for Extracellular Vesicles (ISEV) updates its 'Minimal Information for Studies of Extracellular Vesicles', which was first published in 2014 and then in 2018 as MISEV2014 and MISEV2018, respectively. The goal of the current document, MISEV2023, is to provide researchers with an updated snapshot of available approaches and their advantages and limitations for production, separation and characterisation of EVs from multiple sources, including cell culture, body fluids and solid tissues. In addition to presenting the latest state of the art in basic principles of EV research, this document also covers advanced techniques and approaches that are currently expanding the boundaries of the field. MISEV2023 also includes new sections on EV release and uptake and a brief discussion of in vivo approaches to study EVs. Compiling feedback from ISEV expert task forces and more than 1000 researchers, this document conveys the current state of EV research to facilitate robust scientific discoveries and move the field forward even more rapidly