CAUSALIDADE E ELASTICIDADE NA TRANSMISSÃO DE PREÇO DO BOI GORDO ENTRE REGIÕES DO BRASIL E A BOLSA DE MERCADORIAS & FUTUROS (BM&F)

This study analyzes the transmission elasticity and the price causality of beef, between BM&F and important places in Brazil, seeking data referring to the intensity of price transmission and detecting the existent relations between beef price in these places and in BM&F. Studies in several regions were realized, using daily price data in a period comprehended between 2000 and 2004. The studied cities were Araçatuba (SP), Barretos (SP), Bauru (SP), Presidente Prudente (SP), Noroeste do Paraná (PR), Três Lagoas (MS), Campo Grande (MS), Triângulo Mineiro (MG), Dourados (GO), Goiânia (GO) and Cuiabá (MT). The results of the Dickey-Fuller Augmented (DFA) unit root test show that all price series are integrated of first order, I(1). The results of the Johansen co-integration test suggest that all series are co-integrated. It can be concludedm thus, that the beef markets are spatially integrated , which means that supply and demand shocks in BM&F affect the beef prices in the other markets. Another outcome of this research, resulting from the estimation of an error correction model and the application of the Granger causality test, is that the BM&F Granger-causes the prices in the other regions. Now with the price transmission elasticity verify that its elasticity maintains around 1, turning in some place as elastic as inelastic. Therefore, the results of this research suggest that the Brazilian beef market is efficient, since information has flowed rapidly among the market agents, allowing arbitrage and the Law of One Price to work properly.beef market, causality, price transmission elasticity., Livestock Production/Industries, Demand and Price Analysis,

Análise da significância do rating e outras variáveis na remuneração das debêntures brasileiras

This paper has two main aims:  to conduct a survey of the main characteristics of debentures issued by Brazilian companies in the last ten years and check which variables influenced the determination of debenture coupons.  In order to do so, the information of 1,520 debentures issued in Brazil from 2004 to 2013 was analyzed.  The main findings of the exploratory study were that most of the debentures issued offered neither fixed nor floating charges; that the average security maturity was about six years; that almost all of the securities issued are not convertible into shares; and that the main destination for the funds raised was the lengthening of the company´s indebtedness profile. The analysis of the descriptive statistics of the regression model showed that the debentures linked to the Interbank Deposit paid the highest average yearly coupons (11%), presented the worst grades of credit ratings (ratings) and had the lowest average maturity (6.5 years).  The regression model proposed presented better explanatory power for the coupons of the debentures linked to the IGPM, and for these debentures, the maturity and rating explanatory variables presented statistical significance.Este trabalho possui dois objetivos principais: fazer um levantamento das principais características das debêntures emitidas pelas empresas brasileiras nos últimos dez anos e verificar quais foram as variáveis que influenciaram a determinação dos cupons das debêntures. Para isto, foram analisadas informações de 1.520 debêntures emitidas no Brasil nos anos de 2004 a 2013. As principais constatações do estudo exploratório foram que a maioria das debêntures emitidas não ofereceu garantias reais ou flutuantes; que a maturidade média dos títulos girou em torno de seis anos; que praticamente a totalidade dos títulos emitidos não são conversíveis em ações; e que a principal destinação para os recursos captados foi o alongamento do perfil do endividamento das empresas. A análise das estatísticas descritivas do modelo de regressão mostrou que as debêntures atreladas ao Depósito Interfinanceiro pagaram os maiores cupons anuais médios (11%), apresentaram as piores notas de classificação de crédito (ratings) e tiveram a menor maturidade média (6,5 anos). O modelo de regressão proposto apresentou melhor poder de explicação para os cupons das debêntures atreladas ao IGPM, sendo que para essas debêntures, as variáveis explicativas de maturidade e rating apresentaram significância estatística

UTILIZAÇÃO DE ÍNDICES CONTÁBEIS NA DETERMINAÇÃO DO RATING

Este trabalho tem como objetivo fazer a classificação de rating da Fitch Rating, da Moody’s e Standard & Poor’s (S&P), por meio do uso de índices contábeis e financeiros, e com isso estimar o nível de rating das empresas que não são acompanhadas por essas agências, e possibilitar estimação do nível de rating de companhias que não possuem nenhuma avaliação de crédito. Para isso, foram coletados dados de demonstrativos contábeis do ano de 2009, de empresas brasileiras. A metodologia utilizada foi uma análise descritiva, qualitativa, com base na técnica utilizada, foi feita uma pesquisa bibliográfica, onde o referencial teórico envolveu os seguintes temas: risco de crédito, definição de rating, escalas de rating, modelos de classificação de rating. Para a determinação do rating, foi utilizado o modelo probito ordenado em painel. As variáveis explicativas utilizadas foram o Dummy, indicando se a empresa tem ações que fazem parte do Índice da Bolsa de Valores de São Paulo (Ibovespa), o Ativo Total da empresa, a capacidade de pagamento, o endividamento, a margem operacional e o retorno sobre o ativo. As variáveis que melhor explicam os ratings através do uso de índices contábeis foram o Dummy, que indica a presença da empresa no Ibovespa, o tamanho da empresa e a cobertura de juros

The Influence of the Destination of IPO Capital Resources on the Shares Return

In the IPO process, a prospectus is published that gathers relevant information for investors, including the funds raised destination. This study involved data from the period that covered two important crises for the Brazilian market – Subprime, in 2008, and President Impeachment, in 2016 – that preceded the actual Covid19 Crisis. From a sample of 103 IPOs that occurred between 2006 and 2015, historical series of stock quotes from 2006 to 2017, and using the event study procedure, we verified whether there were differences between the cumulative abnormal returns in the period after the IPO, of two groups of shares. One group was composed of companies that disclosed that the funds raised in the IPO would be used for direct investments (production, technologies, acquisitions, etc.), and the other group was composed of companies that announced that the resources would be applied in other destinations (indebtedness, working capital, credit to clients, etc.). We also seek to explain the behavior of returns accumulated abnormal returns, considering multiple linear regressions based on seven independent variables. The results showed that the announcement of direct investments with the funds raised in the IPO can generate positive abnormal returns in the very short term and showed signs of a relationship between the investment information and the behavior of the abnormal returns accumulated over one year after the IPO

MACROECONOMIC VARIABLES AND FOREIGN CAPITAL FLOWS IN BRAZILIAN STOCK MARKET

The objective of this paper is detect, measure and analyze the relationship between the behavior macroeconomic variables - interest rate, inflation, country risk, oil price and exchange rate - and the behavior of foreign capital flows for investments in Brazilian market. Analyzed data refers to 12 years period between 2004 and 2016. Granger causality tests, variance decomposition analyzes and impulse response functions analysis were performed from a vector auto regression model. Results showed that, contrary to what was pointed out in previous studies, none of the selected variables showed a statistically significant relationship with foreign capital flows. However, interest and exchange rates showed some influence in explaining such flows behavior variance

Investor relations: A bibliometric study in behavioral finance, behavioral economics and behavioral accounting

This study aims to verify the main characteristics of the scientific production on behavioral finance applied to the area of investor relations. Through a bibliometric research carried out in the Scopus database, 121 publications were found, which were analyzed by statistical and graphic techniques. The results indicate a numerically reduced and volatile production of articles on the subject, without robust growth so far. Few documents were found by author, institution, and journal, as well as a small number of connections, concerning citations, among them. This research area is thus largely unexplored within behavioral finance, although academic production in behavioral economics on the use of prospects for selling complex products is proportionally very broad. Bibliographic coupling indicated four main themes, the most relevant being the influence of the different disclosure means of financial information on investor behavior. These results suggest that the subject has not aroused the interest of researchers and that, although relevant, it is still little explored. On the other hand, the results indicate a broad field for further studies. These findings are relevant, since they allow a clear and comprehensive view on a relevant and still little explored theme

CRITICAL THINKING IN VIRTUAL ENVIRONMENTS

In recent years Brazil has been occupying a position of economic prominence in the world, but it is not the same when it comes to quality of education, both at the basic and higher levels. The new generations born in the Digital Age, such as  “Generation Y” or Generation “Z”, have several qualities, but among their deficiencies, they are worried about worshiping technologies that compete with other activities that develop critical thinking, such as reading and problem solving. The critical thinking skill (critical thinking) is emphasized as important for many types of practitioners and has been researched for many years. The general objective of this research was to empirically evaluate the application of Richard Paul's Critical thinking development model in the Moodle virtual environment with students of accounting disciplines. A quasi-experiment was applied in the first semester of 2013 to undergraduate students in administration in the discipline of Business Budget and Comptrollership of a Higher Education Institution in the interior of the state of São Paulo. The critical thinking tool was the Ennis Weir Critical Thinking Essay Test (EWCTET). The main result was that the Richard Paul model did not have a significant effect on the development of critical thinking skills when applied in a mixed approach and through a Moodle virtual learning environment, contrary to previous research. For future research, larger samples are suggested to improve the statistical power of the results and the investigation of forms of control that intensify the students’ time dedicated to asynchronous activities.Nos últimos anos o Brasil vem ocupando uma posição de destaque econômico no mundo, porém não se observa o mesmo quando se trata de qualidade do ensino, tanto em nível básico quanto superior. As novas gerações nascidas na Era Digital, como a denominada “Geração Y” ou mesmo  a “Z” apresentam diversas qualidades, porém dentre suas deficiências, preocupa o fato de adorarem tecnologias que competem com outras atividades que desenvolvem raciocínio critico, como a leitura e solução de problemas. A habilidade de Raciocínio Crítico (Critical Thinking) é enfatizada como importante para diversos tipos de profissionais e pesquisada há muitos anos. O objetivo geral desta pesquisa foi avaliar empiricamente a aplicação do modelo de desenvolvimento de Raciocínio Crítico de Richard Paul no ambiente virtual Moodle em alunos de disciplinas contábeis. Aplicou-se um quase experimento, no primeiro semestre de 2013, em alunos do curso de graduação presencial em Administração na disciplina Orçamento Empresarial e Controladoria de uma Instituição de Ensino Superior do interior do Estado de São Paulo. O instrumento de avaliação de raciocínio crítico foi o Ennis Weir Critical Thinking Essay Test (EWCTET). O principal resultado foi que o modelo de Richard Paul não teve efeito significativo no desenvolvimento de habilidades de raciocínio crítico quando aplicado em uma abordagem mista e via ambiente virtual de aprendizagem Moodle, contrariando pesquisas anteriores. Para futuras pesquisas, sugerem-se amostras maiores que possibilitem melhorar o poder estatístico dos resultados e a investigação de formas de controle que intensifiquem o tempo de dedicação dos alunos nas atividades assíncronas. &nbsp

Behavioural finance: the decoy effect on stock investment decisions

Purpose: This study aims to investigate the occurrence of the decoy effect in stock investment decisions based on fundamental analysis. Design/methodology/approach: In this study, the decoy effect was investigated by applying two questionnaires, one of them with the presence of a decoy alternative, to a set of 224 respondents with knowledge of business fundamentals, simulating investment decisions in stocks of companies listed on the Brazilian Stock Exchange. The data analysis was performed using the Fisher's exact test, Student's t-test and ANOVA. The research also aimed to detect a potential relationship between the variables gender, age, degree and professional experience with the type of decision made. Findings: The results pointed to the occurrence of the decoy effect when analysing the general response data. However, such evidence was not confirmed when the sample was analysed by classes (gender, course, age and professional experience). There is no statistical evidence that the decoy effect influences classes. Originality/value: The recent decoy effect literature is little explored in investment decision-making. This study is unique in examining the decoy effect in investment decisions in the Brazilian context

O mercado acionário brasileiro do novo milênio: um teste de eficiência

According to the Hypothesis of Efficient Market - HME, proposed by Fama (1970), in its weak form, an investor doesn’t get to predict the stock returns based on historical returns and thus doesn’t get abnormal returns in a consistent way. This paper is concerned verifying HME, in the weak form, in the Brazilian stock market by the analysis of fifty more negotiated stocks in BOVESPA since 2000 until 2007. The methodology was used based in the ARIMA models of time series and serial correlation tests of returns to prove or not the random behavior of the stock returns. The results had shown that Brazilian capital market did not evidence characteristics of an efficient market, in the weak form, in the considered period.Segundo a Hipótese de Mercado Eficiente – HME, proposta por Fama (1970), na sua forma fraca, um investidor não consegue prever os retornos das ações baseando-se em uma série histórica dos mesmos e, assim, obter retornos extraordinários de forma consistente. O presente estudo teve como objetivo verificar a HME, na forma fraca, no mercado acionário brasileiro analisando-se os retornos das 50 ações mais negociadas na BOVESPA no período de 2000 a 2007. A metodologia utilizada foi baseada nos modelos ARIMA de séries temporais e nos testes de correlação serial dos retornos, a fim de se comprovar ou não aleatoriedade dos preços. Os resultados mostraram que mercado de ações brasileiro não evidenciou características de um mercado eficiente na forma fraca, no período considerado

ANÁLISE DA EFICIÊNCIA ECONÔMICA DOS PRODUTORES DE LEITE NO ESTADO DE MINAS GERAIS

O aumento da eficiência produtiva e econômica é fator decisivo para a competitividade do setor leiteiro que, produzindo com menor custo, beneficiará toda a cadeia do leite. Dessa maneira, a unidade de produção pode ter, na eficiência produtiva, a condição necessária para a sobrevivência e o crescimento dentro da economia de mercado. Considerado o maior produtor de leite do Brasil, o estado de Minas Gerais exerce importante papel na cadeia agroindustrial do leite O presente trabalho tem por objetivo geral estimar e analisar as eficiências econômicas dos produtores de leite no estado de Minas Gerais. Especificamente pretende-se: estimar as eficiências econômicas dos produtores de leite em Minas Gerais separados por níveis tecnológicos; comparar os escores de eficiência obtidos, por meio do método de fronteira de produção estocástica e por fim, verificar os fatores explicativos das variações nas eficiências. Os dados utilizados nesta pesquisa foram cedidos pela Empresa de Assistência Técnica e Extensão Rural do Estado de Minas Gerais (EMATER¬MG). O período de análise compreendeu os anos agrícolas de 1995/96 a 2001/02. Seiscentos e quatorze fazendas foram pesquisadas, distribuídas em 11 diferentes mesorregioões no estado de Minas Gerais. Os níveis de eficiência econômica dos produtores de leite do estado de Minas Gerais foram estudados adotando-se uma função fronteira de produção estocástica. Como variáveis que explicam a eficiência econômica, recebem destaque as variáveis ligadas ao volume de produção, produtividade e o valor dos animais dos sistemas de produção. O estudo indica que apenas 16,8% dos produtores estudados apresentam níveis de eficiência econômica que os aproximam da fronteira de produção, dessa forma existe uma grande demanda por parte do setor produtivo no que se refere ao uso eficiente de seus recursos.--------------------------------------------The increase in productive and economic efficiency is a decisive factor for competitive of the dairy industry, witch by at producing less cost, and will benefit the entire chain of milk. The pastoralist should be aware of his costs, tailoring them to a reality witch allows the sound management of his enterprise, seeking for a rational use of productive resources from milk activity Thus, the unit of production may have in productive efficiency, a necessary condition for both survival and growth within the market economy. Considered to be the largest milk producer in Brazil, Minas Gerais state pays important role in the agro industrial milk chain. This study aims to estimate and analyze the economic efficiency of the milk producers in the state of Minas Gerais. Specifically seeks to – estimate the economic efficiencies of milk producers in Minas Gerais separated by technological levels, compare the scores of efficiency obtained by means of the stochastic production frontier method and finally, check the factors explaining the variations in efficiencies. The Company Technical Assistance and Rural Extension of state os Minas Gerais (EMATERMG) sold the data used in this research. The period of analyses included the agricultural years from 1995/96 to 2001/02 more than six hundred farms were researched. They were distributed in 11 different regions in the state of Minas Gerais. The levels of economic efficiency of the milk producers in the state of Minas Gerais were studied adopting is a function of production stochastic frontier. As variables that explain the economic efficiency, receive highlighted the variables related to the volume of production, productivity and value of animals in production systems. Already a variable that indicates an inverse relationship with the indices of economic efficiency, spent on veterinary products, can be an indicator of the health of the herds has compromised the efficiency of the properties. The study indicates that only 16.8% of the producers have studied levels of economic efficiency that close to the border of production, thus there is a great demand by the productive sector with regard to efficient use of its resources.Eficiência Econômica, Leite, Minas Gerais, Economic Efficiency, Dairy Activity, Minas Gerais, Livestock Production/Industries,