The growth and size of the Brazilian mutual fund industry

This article describes the evolution of the Brazilian mutual fund industry, its regulatory framework, organization, types of investors and managers, economic environment and its relative growth. It shows the evolution of this industry in Brazil and its idiosyncrasies providing a deeper look into one of the largest emerging market mutual fund industries. It emphasizes the growth of independent managers with more complex assets and sophisticated strategies that resemble international hedge funds. There are many popular and academic explanations for the mutual funds growth, some of which were tested in this article using a time series framework. The results suggest that financial market innovation and market risk are significant variables in explaining growth. Common variables like economic growth, regulation and taxes were not found to be statistically significant. We conclude with a comparison between the evolution of the Brazilian and US mutual fund industries.emerging markets, Brazilian financial market, hedge funds, mutual funds, international asset allocation.

Test of Term Structure Models for Brazil

We apply and test term structure fitting models like polynomial splines, flat forward and Nelson-Siegel to the Brazilian local term structure. They are models used all over the world by authorities and financial markets practitioners but less known locally. These models were tested with a large database with all of then presenting some specification problems. These results are similar to Bliss (1997) for US term structure and showed several limitations to the use of these models in the term structure fitting.Term structure models; monetary policy; interpolation

Calculation of the effective properties of trapezoidal steel sheets

In the present days, thin-walled structural members are getting used more and more in the industrial domain, that’s why the research of these type of elements demands a lot of attention. One special place between these elements, is occupied by the cold-formed trapezoidal steel sheets. The evolution of this domain concluded in appearance of a numerous manufacturers producing trapezoidal steel sheets, for industrial roofing and structure covering. Due to the high competition, the efficiency and accuracy in determining the load carrying capacity of the sheets has a key role. The methods used to achieve these results have to be conformed with the codes and standards of the country where the sheets are going to be in service. The following study researches the behaviour of trapezoidal steel sheets submitted to bending. The main concept of the paper, is to compare the results of the experimental test, performed at Escola Tecnica Superior d’Enginyeria Industrial de Barcelona with the North-American and European design methods. Aspects, that are examined in the paper are the failure mode and the types of buckling modes that appear in the sheeting. There is a complex presentation of the researches that the project is based on, the software analyses performed in different programs: CUFSM, Ansys-Mechanical APDL; tend to reproduce the real scale experimental test. The FEM analysis appears to be a very good scientific tool to identify the behaviour of trapezoidal steel sheets, given the similarities between the model results and the experimental ones. The design methods use different approaches, but converge to affined results.Incomin

Teste de Modelos Estatísticos para a Estrutura a Termo no Brasil

We apply and test term structure fitting models like polynomial splines, flat forward and Nelson-Siegel to the Brazilian local term structure. They are models used all over the world by authorities and financial markets practitioners but less known locally. These models were tested with a large database with all of then presenting some specification problems. These results are similar to Bliss (1997) for US term structure and showed several limitations to the use of these models in the term structure fitting

Teste de Modelos Estatísticos para a Estrutura a Termo no Brasil

We apply and test term structure fitting models like polynomial splines, flat forward and Nelson-Siegel to the Brazilian local term structure. They are models used all over the world by authorities and financial markets practitioners but less known locally. These models were tested with a large database with all of then presenting some specification problems. These results are similar to Bliss (1997) for US term structure and showed several limitations to the use of these models in the term structure fitting

Movimentos da estrutura a termo da taxa de juros brasileira e imunização

This article uses a factor model known as Principal Component Analysis PCA to evaluate the Brazilian local yield curve movements. With the factors obtained we apply a immunization procedure for a local fixed income portfolio and compare this result to a more simple procedure known as duration hedge, which only provides protection for parallel yield curve movements. The application was held with data collected during the Asia crisis

The growth and size of the Brazilian mutual fund industry

This article describes the evolution of the Brazilian mutual fund industry, its regulatory framework, organization, types of investors and managers, economic environment and its relative growth. It shows the evolution of this industry in Brazil and its idiosyncrasies providing a deeper look into one of the largest emerging market mutual fund industries. It emphasizes the growth of independent managers with more complex assets and sophisticated strategies that resemble international hedge funds. There are many popular and academic explanations for the mutual funds growth, some of which were tested in this article using a time series framework. The results suggest that financial market innovation and market risk are significant variables in explaining growth. Common variables like economic growth, regulation and taxes were not found to be statistically significant. We conclude with a comparison between the evolution of the Brazilian and US mutual fund industries

Movimentos da estrutura a termo da taxa de juros brasileira e imunização

This article uses a factor model known as Principal Component Analysis PCA to evaluate the Brazilian local yield curve movements. With the factors obtained we apply a immunization procedure for a local fixed income portfolio and compare this result to a more simple procedure known as duration hedge, which only provides protection for parallel yield curve movements. The application was held with data collected during the Asia crisis