Richard Saito | Getulio Vargas Foundation (Fundação Getulio Vargas) (original) (raw)
Papers by Richard Saito
How to cite Complete issue More information about this article Journal's homepage in redalyc... more How to cite Complete issue More information about this article Journal's homepage in redalyc.org Scientific Information System
The TENG Guide to the Chinese Orchestra, 2019
Os autores agradecem aos Avaliadores Ad Hoc, bem como a todos os participantes do EnANPAD 2003, p... more Os autores agradecem aos Avaliadores Ad Hoc, bem como a todos os participantes do EnANPAD 2003, pelos comentários que contribuíram para a melhoria deste artigo.
We investigate how Brazilian banks react to capital constraints and monitoring assessments placed... more We investigate how Brazilian banks react to capital constraints and monitoring assessments placed by the financial authority. In order to do that, we use empirical models that incorporate the endogenous decision making process on the bank capital structure and risk taking. Our results suggest that the regulatory and supervisory pressures increase the institutions risk aversion by inducing banks to take greater positive adjustments in capital levels and smaller in portfolio risk levels. Moreover our findings show positive coordination between these variables, which is most pronounced in less capitalized banks, indicating a more active capital management by those close to the regulatory capital limit. The overall results support the capital buffer theory.
Recebido em 11/janeiro/2006 Aprovado em 26/junho/2006 O primeiro autor agradece ao CNPq pela bols... more Recebido em 11/janeiro/2006 Aprovado em 26/junho/2006 O primeiro autor agradece ao CNPq pela bolsa SWE-Doutorado-Sanduíche no Exterior durante a pesquisa relatada no artigo. Os autores agradecem aos pareceristas e ao Comitê Editorial da RAUSP pelos comentários, além de aos participantes dos seminários de pesquisa EAESP-FGV e da New York University e ao Professor Heitor Almeida, que contribuíram para a melhoria deste artigo.
Rbgn-revista Brasileira De Gestao De Negocios, 2020
No presente artigo, analisa-se o erro de projeção dos analistas de investimentos do sell-side, de... more No presente artigo, analisa-se o erro de projeção dos analistas de investimentos do sell-side, definido como a diferença entre o consenso das projeções dos analistas e o lucro por ação realizado. As hipóteses são que existem fatores relacionados às características das empresas e de seu ambiente de informação que influenciam de maneira significativa o tamanho do erro de projeção (acurácia) e que existe viés das projeções (viés). Essas hipóteses foram confirmadas. Entretanto, os resultados mostram várias diferenças entre os testes conduzidos em mercados desenvolvidos e aqueles conduzidos no mercado brasileiro. Acredita-se que essas diferenças possam ser explicadas de três maneiras: a capacidade de adicionar valor dos analistas brasileiros em relação a modelos estatísticos de projeção é muito limitada devido à sua falta de habilidade; ou a instabilidade macroeconômica do País é tão grande que domina todos os outros fatores que poderiam influenciar o tamanho do erro de projeção; ou os r...
RAUSP Management Journal, 2018
When a corporation presents a reorganization plan, it expects its creditors to approve the plan. ... more When a corporation presents a reorganization plan, it expects its creditors to approve the plan. This paper provides empirical evidence regarding the likelihood of approval based on reorganization plans for creditors in Brazil that require approval by employees; and by secure and unsecure debtholders. This paper involves a descriptive analysis of the main characteristics of reorganization plans by type of vote. Using a sample of 120 reorganization plans proposed by corporations from 2005 to 2014, we find that the labor class of creditors is likely to approve the reorganization plan even when the plan is rejected; plans with more heterogeneous payment for classes are less likely to
SSRN Electronic Journal, 2005
This paper presents evidence on derivatives usage by Brazilian non-financial firms, using a sampl... more This paper presents evidence on derivatives usage by Brazilian non-financial firms, using a sample of 74 companies. The proportion of firms using derivatives in Brazil is comparable to that of other countries already researched. There are economies of scale for derivatives usage, and managers use derivatives for risk management purposes rather than speculation. Derivatives usage across risk classes in Brazil follows patterns observed internationally: companies use derivatives primarily to manage foreign exchange risk, followed by interest rates and commodities exposures. The main concerns of Brazilian managers are linked to taxation and accounting issues rather than to financial and economic aspects. Derivatives Usage and Risk Management by Non Financial Firms: A Comparison between Brazilian and International Evidence.
SSRN Electronic Journal, 2008
This paper provides a qualitative and in-depth discussion of corporate governance in Brazil. It i... more This paper provides a qualitative and in-depth discussion of corporate governance in Brazil. It is divided into five sections: i) historical perspective and corporate governance landmarks; ii) main recommendations of the two Brazilian codes of best practices; iii) Bovespa's Novo Mercado; iv) current level of compliance of Brazilian firms with main local and international recommendations; and, v) next issues and challenges on corporate governance in Brazil. Based on empirical evidence from recent researches, we draw three mains qualitative conclusions: 1) Brazilian codes of best practices have been useful in educating corporate players on the so-called "good governance practices". However, few companies already adopt most part of their recommendations, and a even smaller number of companies publicly disclose their level of compliance with any code; 2) given the totally voluntary nature of compliance with such codes (not even a "comply or explain" approach is required) the evaluation of the corporate governance quality of local firms is still a challenge to outsiders. 2) given both the outstanding performance of local stock markets and the IPO boom in place from 2004 to 2007, the market didn't really test the quality of corporate governance practices of listed companies, including the practices of companies listed at Novo Mercado, the most requiring listing segments. This should happen in the coming years.
SSRN Electronic Journal, 2011
Despite banks' key role in allowing an efficient resources allocation in the economy, they also i... more Despite banks' key role in allowing an efficient resources allocation in the economy, they also inherently carry a fragility and opacity that may cause instability to the financial system with high costs to society. For those reasons, the banking industry is heavily regulated. Particularly, the capital regulation requires from the banker a minimum participation in the business which is proportional to the risk of the firm's investments, in order to minimize opportunistic behavior and make the bank safer against shocks on the value of its assets. The banker, in turn, generally chooses his stake so as to maintain a safety margin over the regulatory capital limit and, at the same time, meeting the expectations and pressures from the market. Thus, beyond the regulatory constraint, some other factors may influence the combination between the banking structures of capital and investments. We empirically examine the main determinants of the capital buffer management (capital exceeding the minimum required by regulation) for the Brazilian banking industry, in order to test whether banks respond to the previous and new fundamentals of capital regulation. Specifically, those previous fundamentals are defined in the Basel II structure as the three pillars of regulation: Pillar 1, which deals with capital requirement models and banks capital/risk management; Pillar 2, approaching the supervisory monitoring; and Pillar 3, which deals with the market discipline. And the last one has been included in the last version of the Basel Accord following the recent 2008, and it is defined as the banks' capital management cyclical behavior. We structure the empirical problem as a dynamic unbalanced panel with fixed effects on the basis of the capital buffer theory, and estimate the regressions through the system generalized method of moments. The data base consists of quarterly information from banks solo and banking holding companies with commercial portfolios, operating in Brazil in the period between the first quarter of 2001 and the fourth quarter of 2009. We find evidence that regulatory capital requirements may influence banks behavior, since those with more volatile earnings and higher adjustments costs may decide to hold higher capital buffers. We also find that banks may follow a pecking order when deciding their capital levels, and larger banks present lower levels of capital ratios, which may be related to too-big-to-fail issues. Moreover, we provide evidence that: (i) Central Bank supervision exerts positive pressure on bank's decision; (ii) market discipline may play a minor role in driving capital ratios; and (iii) the business cycle has a negative impact on bank's capital cushion, suggesting a pro-cyclical behavior of capital management. The results contribute to the discussion of the implementation in Brazil of the macro-prudential regulatory policies discussed in the Basel Committee.
SSRN Electronic Journal, 2009
Abstract: This study analyzes the wave of Initial Public Offering (IPO) of Brazilian banks from 2... more Abstract: This study analyzes the wave of Initial Public Offering (IPO) of Brazilian banks from 2005 to 2007. The results show that the banks that went public in this period showed ex-ante characteristics different from those of similar banks that remained privately held. Specifically, IPO-banks had greater profitability, larger loans/asset ratio, smaller proportion of non-performing loans and were more capital constrained than banks that remained private. These results show that the wave of bank IPOs cannot be explained simply by the market- ...
ANDERSON, Christopher W. Financial contracting under extreme uncertainty: an analysis of Brazilia... more ANDERSON, Christopher W. Financial contracting under extreme uncertainty: an analysis of Brazilian corporate debentures.
SSRN Electronic Journal, 2008
This paper analyzes the determinants of the differential pricing of equity classes (the so-called... more This paper analyzes the determinants of the differential pricing of equity classes (the so-called dual-class premium [DCP]) in Brazil from 1995 to 2006 with a focus on two specific corporate governance aspects: i) the granting of tag along rights, a mandatory bid rule that extends to minority shareholders the right to sell their shares in case of a control transfer; and ii) the identity of the controlling shareholders, with an emphasis on family control. We examined 87 Brazilian listed firms throughout the period, resulting in a sample of 3,287 observations. We found empirical evidence that changes in Corporate Law decreased (increased) the advantage of voting shares in terms of tag along rights reduced (incremented) DCP. However, we did not find empirical evidence that the voluntary granting of tag along rights altered DCP. We also found evidence suggesting that family control is positively associated with DCP level. Overall, our results indicate that regulations regarding shareholders' rights and the identity of controlling shareholders are the two relevant corporate governance variables for DCP level in environments characterized by concentrated ownership structures.
disclaimer applies. 2Determinants of Differential Pricing of Equity Classes in the Brazilian Equi... more disclaimer applies. 2Determinants of Differential Pricing of Equity Classes in the Brazilian Equity Market We examine the differential pricing of equity classes between voting and non-voting shares in Brazilian listed companies with particular emphasis on privatized companies, and we discuss the role of majority control, liquidity, and governance issues that may influence these differentials over time. We include a brief discussion on the Brazilian corporate law system, its impact on controlling and minority shareholders, and the characteristics of the Brazilian privatization process, before proceeding to the econometric analysis. We find empirical evidence to support that liquidity is a major component for determining this differential pricing over time. Other variables, such as the ratio of non-voting equity to total equity, type of majority control, and changes in regulation signal the high level of agency costs between majority controllers and minority shareholders in explaining...
Revista de Administração, 2008
Neste estudo, investigam-se empiricamente proxies de liquidez baseadas nas caracteristicas das de... more Neste estudo, investigam-se empiricamente proxies de liquidez baseadas nas caracteristicas das debentures das empresas brasileiras, assim como a interacao entre as medidas de liquidez. Essa abordagem foi sugerida por Houweling, Mentink e Vorst (2004), visto que as medidas usuais de liquidez nao sao facilmente construidas para o mercado de corporate bonds (debentures). Foram coletadas 135 emissoes publicas e de suas respectivas transacoes ate 18 meses apos a emissao no periodo de janeiro de 1999 a junho de 2004. O metodo stepwise forward linear do minimo quadrado ordinario foi usado para encontrar as variaveis proxies de liquidez. Testes nao-parametrico e parametrico foram aplicados no estudo. Foram encontrados os seguintes resultados: o tamanho de emissao e determinados tipos de emissores sao proxies de liquidez; controlando os tipos de emissores, as debentures com maior tamanho de emissao sao as mais liquidas; a relacao entre idade e liquidez nao e clara; a diferenca entre precos m...
Revista de Administração, 2008
No presente artigo, analisa-se o erro de projecao dos analistas de investimentos do sell-side, de... more No presente artigo, analisa-se o erro de projecao dos analistas de investimentos do sell-side, definido como a diferenca entre o consenso das projecoes dos analistas e o lucro por acao realizado. As hipoteses sao que existem fatores relacionados as caracteristicas das empresas e de seu ambiente de informacao que influenciam de maneira significativa o tamanho do erro de projecao (acuracia) e que existe vies das projecoes (vies). Essas hipoteses foram confirmadas. Entretanto, os resultados mostram varias diferencas entre os testes conduzidos em mercados desenvolvidos e aqueles conduzidos no mercado brasileiro. Acredita-se que essas diferencas possam ser explicadas de tres maneiras: a capacidade de adicionar valor dos analistas brasileiros em relacao a modelos estatisticos de projecao e muito limitada devido a sua falta de habilidade; ou a instabilidade macroeconomica do Pais e tao grande que domina todos os outros fatores que poderiam influenciar o tamanho do erro de projecao; ou os r...
Corporate bonds have been one of the major sources of medium and long-term financing in Brazil. W... more Corporate bonds have been one of the major sources of medium and long-term financing in Brazil. We analyze how corporate bond covenants have been used to mitigated agency costs between shareholders and bondholders. Our data includes 119 corporate bond indentures issued from 1998 to 2001 and 141 issued from 2002 to 2005 in Brazil. This paper analyzes whether public investors have demanded stricter terms in corporate bond indentures. When comparing to previous studies of Anderson (1999) and of Filgueira and Leal (2001), we found empirical evidence that: more bond issues with no indexed inflation features, but more floating rate interest features to match market needs; no major changes for contingent maturity features; loose covenants with respect to dividend and financing actions; and tighter covenants regarding change in control and/or ownership and negative pledge. There is empirical evidence that the role of sponsor may partially mitigate risks borne by bondholders.
Brazilian Review of Finance
This article examines the major determinants of private and public issues of debt decisions by pu... more This article examines the major determinants of private and public issues of debt decisions by public traded companies on the Sao Paulo exchange. The major findings include that companies with higher fixed assets in proportion to fixed assets and thus subject to higher liquidation costs tend to finance with private issues of debt. In addition, the higher the long-term liabilities, the more likely the company will diversify its debt financing, increasing the public issues of debt. This provide evidence that as the company presents decreasing asymmetric information, public issues of debt is likely to increase. Other factors, such as, economies of scale and other variables to control for asymmetric information seem to be of little significance.
How to cite Complete issue More information about this article Journal's homepage in redalyc... more How to cite Complete issue More information about this article Journal's homepage in redalyc.org Scientific Information System
The TENG Guide to the Chinese Orchestra, 2019
Os autores agradecem aos Avaliadores Ad Hoc, bem como a todos os participantes do EnANPAD 2003, p... more Os autores agradecem aos Avaliadores Ad Hoc, bem como a todos os participantes do EnANPAD 2003, pelos comentários que contribuíram para a melhoria deste artigo.
We investigate how Brazilian banks react to capital constraints and monitoring assessments placed... more We investigate how Brazilian banks react to capital constraints and monitoring assessments placed by the financial authority. In order to do that, we use empirical models that incorporate the endogenous decision making process on the bank capital structure and risk taking. Our results suggest that the regulatory and supervisory pressures increase the institutions risk aversion by inducing banks to take greater positive adjustments in capital levels and smaller in portfolio risk levels. Moreover our findings show positive coordination between these variables, which is most pronounced in less capitalized banks, indicating a more active capital management by those close to the regulatory capital limit. The overall results support the capital buffer theory.
Recebido em 11/janeiro/2006 Aprovado em 26/junho/2006 O primeiro autor agradece ao CNPq pela bols... more Recebido em 11/janeiro/2006 Aprovado em 26/junho/2006 O primeiro autor agradece ao CNPq pela bolsa SWE-Doutorado-Sanduíche no Exterior durante a pesquisa relatada no artigo. Os autores agradecem aos pareceristas e ao Comitê Editorial da RAUSP pelos comentários, além de aos participantes dos seminários de pesquisa EAESP-FGV e da New York University e ao Professor Heitor Almeida, que contribuíram para a melhoria deste artigo.
Rbgn-revista Brasileira De Gestao De Negocios, 2020
No presente artigo, analisa-se o erro de projeção dos analistas de investimentos do sell-side, de... more No presente artigo, analisa-se o erro de projeção dos analistas de investimentos do sell-side, definido como a diferença entre o consenso das projeções dos analistas e o lucro por ação realizado. As hipóteses são que existem fatores relacionados às características das empresas e de seu ambiente de informação que influenciam de maneira significativa o tamanho do erro de projeção (acurácia) e que existe viés das projeções (viés). Essas hipóteses foram confirmadas. Entretanto, os resultados mostram várias diferenças entre os testes conduzidos em mercados desenvolvidos e aqueles conduzidos no mercado brasileiro. Acredita-se que essas diferenças possam ser explicadas de três maneiras: a capacidade de adicionar valor dos analistas brasileiros em relação a modelos estatísticos de projeção é muito limitada devido à sua falta de habilidade; ou a instabilidade macroeconômica do País é tão grande que domina todos os outros fatores que poderiam influenciar o tamanho do erro de projeção; ou os r...
RAUSP Management Journal, 2018
When a corporation presents a reorganization plan, it expects its creditors to approve the plan. ... more When a corporation presents a reorganization plan, it expects its creditors to approve the plan. This paper provides empirical evidence regarding the likelihood of approval based on reorganization plans for creditors in Brazil that require approval by employees; and by secure and unsecure debtholders. This paper involves a descriptive analysis of the main characteristics of reorganization plans by type of vote. Using a sample of 120 reorganization plans proposed by corporations from 2005 to 2014, we find that the labor class of creditors is likely to approve the reorganization plan even when the plan is rejected; plans with more heterogeneous payment for classes are less likely to
SSRN Electronic Journal, 2005
This paper presents evidence on derivatives usage by Brazilian non-financial firms, using a sampl... more This paper presents evidence on derivatives usage by Brazilian non-financial firms, using a sample of 74 companies. The proportion of firms using derivatives in Brazil is comparable to that of other countries already researched. There are economies of scale for derivatives usage, and managers use derivatives for risk management purposes rather than speculation. Derivatives usage across risk classes in Brazil follows patterns observed internationally: companies use derivatives primarily to manage foreign exchange risk, followed by interest rates and commodities exposures. The main concerns of Brazilian managers are linked to taxation and accounting issues rather than to financial and economic aspects. Derivatives Usage and Risk Management by Non Financial Firms: A Comparison between Brazilian and International Evidence.
SSRN Electronic Journal, 2008
This paper provides a qualitative and in-depth discussion of corporate governance in Brazil. It i... more This paper provides a qualitative and in-depth discussion of corporate governance in Brazil. It is divided into five sections: i) historical perspective and corporate governance landmarks; ii) main recommendations of the two Brazilian codes of best practices; iii) Bovespa's Novo Mercado; iv) current level of compliance of Brazilian firms with main local and international recommendations; and, v) next issues and challenges on corporate governance in Brazil. Based on empirical evidence from recent researches, we draw three mains qualitative conclusions: 1) Brazilian codes of best practices have been useful in educating corporate players on the so-called "good governance practices". However, few companies already adopt most part of their recommendations, and a even smaller number of companies publicly disclose their level of compliance with any code; 2) given the totally voluntary nature of compliance with such codes (not even a "comply or explain" approach is required) the evaluation of the corporate governance quality of local firms is still a challenge to outsiders. 2) given both the outstanding performance of local stock markets and the IPO boom in place from 2004 to 2007, the market didn't really test the quality of corporate governance practices of listed companies, including the practices of companies listed at Novo Mercado, the most requiring listing segments. This should happen in the coming years.
SSRN Electronic Journal, 2011
Despite banks' key role in allowing an efficient resources allocation in the economy, they also i... more Despite banks' key role in allowing an efficient resources allocation in the economy, they also inherently carry a fragility and opacity that may cause instability to the financial system with high costs to society. For those reasons, the banking industry is heavily regulated. Particularly, the capital regulation requires from the banker a minimum participation in the business which is proportional to the risk of the firm's investments, in order to minimize opportunistic behavior and make the bank safer against shocks on the value of its assets. The banker, in turn, generally chooses his stake so as to maintain a safety margin over the regulatory capital limit and, at the same time, meeting the expectations and pressures from the market. Thus, beyond the regulatory constraint, some other factors may influence the combination between the banking structures of capital and investments. We empirically examine the main determinants of the capital buffer management (capital exceeding the minimum required by regulation) for the Brazilian banking industry, in order to test whether banks respond to the previous and new fundamentals of capital regulation. Specifically, those previous fundamentals are defined in the Basel II structure as the three pillars of regulation: Pillar 1, which deals with capital requirement models and banks capital/risk management; Pillar 2, approaching the supervisory monitoring; and Pillar 3, which deals with the market discipline. And the last one has been included in the last version of the Basel Accord following the recent 2008, and it is defined as the banks' capital management cyclical behavior. We structure the empirical problem as a dynamic unbalanced panel with fixed effects on the basis of the capital buffer theory, and estimate the regressions through the system generalized method of moments. The data base consists of quarterly information from banks solo and banking holding companies with commercial portfolios, operating in Brazil in the period between the first quarter of 2001 and the fourth quarter of 2009. We find evidence that regulatory capital requirements may influence banks behavior, since those with more volatile earnings and higher adjustments costs may decide to hold higher capital buffers. We also find that banks may follow a pecking order when deciding their capital levels, and larger banks present lower levels of capital ratios, which may be related to too-big-to-fail issues. Moreover, we provide evidence that: (i) Central Bank supervision exerts positive pressure on bank's decision; (ii) market discipline may play a minor role in driving capital ratios; and (iii) the business cycle has a negative impact on bank's capital cushion, suggesting a pro-cyclical behavior of capital management. The results contribute to the discussion of the implementation in Brazil of the macro-prudential regulatory policies discussed in the Basel Committee.
SSRN Electronic Journal, 2009
Abstract: This study analyzes the wave of Initial Public Offering (IPO) of Brazilian banks from 2... more Abstract: This study analyzes the wave of Initial Public Offering (IPO) of Brazilian banks from 2005 to 2007. The results show that the banks that went public in this period showed ex-ante characteristics different from those of similar banks that remained privately held. Specifically, IPO-banks had greater profitability, larger loans/asset ratio, smaller proportion of non-performing loans and were more capital constrained than banks that remained private. These results show that the wave of bank IPOs cannot be explained simply by the market- ...
ANDERSON, Christopher W. Financial contracting under extreme uncertainty: an analysis of Brazilia... more ANDERSON, Christopher W. Financial contracting under extreme uncertainty: an analysis of Brazilian corporate debentures.
SSRN Electronic Journal, 2008
This paper analyzes the determinants of the differential pricing of equity classes (the so-called... more This paper analyzes the determinants of the differential pricing of equity classes (the so-called dual-class premium [DCP]) in Brazil from 1995 to 2006 with a focus on two specific corporate governance aspects: i) the granting of tag along rights, a mandatory bid rule that extends to minority shareholders the right to sell their shares in case of a control transfer; and ii) the identity of the controlling shareholders, with an emphasis on family control. We examined 87 Brazilian listed firms throughout the period, resulting in a sample of 3,287 observations. We found empirical evidence that changes in Corporate Law decreased (increased) the advantage of voting shares in terms of tag along rights reduced (incremented) DCP. However, we did not find empirical evidence that the voluntary granting of tag along rights altered DCP. We also found evidence suggesting that family control is positively associated with DCP level. Overall, our results indicate that regulations regarding shareholders' rights and the identity of controlling shareholders are the two relevant corporate governance variables for DCP level in environments characterized by concentrated ownership structures.
disclaimer applies. 2Determinants of Differential Pricing of Equity Classes in the Brazilian Equi... more disclaimer applies. 2Determinants of Differential Pricing of Equity Classes in the Brazilian Equity Market We examine the differential pricing of equity classes between voting and non-voting shares in Brazilian listed companies with particular emphasis on privatized companies, and we discuss the role of majority control, liquidity, and governance issues that may influence these differentials over time. We include a brief discussion on the Brazilian corporate law system, its impact on controlling and minority shareholders, and the characteristics of the Brazilian privatization process, before proceeding to the econometric analysis. We find empirical evidence to support that liquidity is a major component for determining this differential pricing over time. Other variables, such as the ratio of non-voting equity to total equity, type of majority control, and changes in regulation signal the high level of agency costs between majority controllers and minority shareholders in explaining...
Revista de Administração, 2008
Neste estudo, investigam-se empiricamente proxies de liquidez baseadas nas caracteristicas das de... more Neste estudo, investigam-se empiricamente proxies de liquidez baseadas nas caracteristicas das debentures das empresas brasileiras, assim como a interacao entre as medidas de liquidez. Essa abordagem foi sugerida por Houweling, Mentink e Vorst (2004), visto que as medidas usuais de liquidez nao sao facilmente construidas para o mercado de corporate bonds (debentures). Foram coletadas 135 emissoes publicas e de suas respectivas transacoes ate 18 meses apos a emissao no periodo de janeiro de 1999 a junho de 2004. O metodo stepwise forward linear do minimo quadrado ordinario foi usado para encontrar as variaveis proxies de liquidez. Testes nao-parametrico e parametrico foram aplicados no estudo. Foram encontrados os seguintes resultados: o tamanho de emissao e determinados tipos de emissores sao proxies de liquidez; controlando os tipos de emissores, as debentures com maior tamanho de emissao sao as mais liquidas; a relacao entre idade e liquidez nao e clara; a diferenca entre precos m...
Revista de Administração, 2008
No presente artigo, analisa-se o erro de projecao dos analistas de investimentos do sell-side, de... more No presente artigo, analisa-se o erro de projecao dos analistas de investimentos do sell-side, definido como a diferenca entre o consenso das projecoes dos analistas e o lucro por acao realizado. As hipoteses sao que existem fatores relacionados as caracteristicas das empresas e de seu ambiente de informacao que influenciam de maneira significativa o tamanho do erro de projecao (acuracia) e que existe vies das projecoes (vies). Essas hipoteses foram confirmadas. Entretanto, os resultados mostram varias diferencas entre os testes conduzidos em mercados desenvolvidos e aqueles conduzidos no mercado brasileiro. Acredita-se que essas diferencas possam ser explicadas de tres maneiras: a capacidade de adicionar valor dos analistas brasileiros em relacao a modelos estatisticos de projecao e muito limitada devido a sua falta de habilidade; ou a instabilidade macroeconomica do Pais e tao grande que domina todos os outros fatores que poderiam influenciar o tamanho do erro de projecao; ou os r...
Corporate bonds have been one of the major sources of medium and long-term financing in Brazil. W... more Corporate bonds have been one of the major sources of medium and long-term financing in Brazil. We analyze how corporate bond covenants have been used to mitigated agency costs between shareholders and bondholders. Our data includes 119 corporate bond indentures issued from 1998 to 2001 and 141 issued from 2002 to 2005 in Brazil. This paper analyzes whether public investors have demanded stricter terms in corporate bond indentures. When comparing to previous studies of Anderson (1999) and of Filgueira and Leal (2001), we found empirical evidence that: more bond issues with no indexed inflation features, but more floating rate interest features to match market needs; no major changes for contingent maturity features; loose covenants with respect to dividend and financing actions; and tighter covenants regarding change in control and/or ownership and negative pledge. There is empirical evidence that the role of sponsor may partially mitigate risks borne by bondholders.
Brazilian Review of Finance
This article examines the major determinants of private and public issues of debt decisions by pu... more This article examines the major determinants of private and public issues of debt decisions by public traded companies on the Sao Paulo exchange. The major findings include that companies with higher fixed assets in proportion to fixed assets and thus subject to higher liquidation costs tend to finance with private issues of debt. In addition, the higher the long-term liabilities, the more likely the company will diversify its debt financing, increasing the public issues of debt. This provide evidence that as the company presents decreasing asymmetric information, public issues of debt is likely to increase. Other factors, such as, economies of scale and other variables to control for asymmetric information seem to be of little significance.