Bruno Funchal | FUCAPE Business School (original) (raw)

Papers by Bruno Funchal

Sociedade, Contabilidade e Gestão, 2017

Este estudo tem como principal objetivo identificar se as estratégias de endividamento das compan... more Este estudo tem como principal objetivo identificar se as estratégias de endividamento das companhias brasileiras de capital aberto sofreram alterações significativas após a vigência da nova Lei de Falências no Brasil em 2005. Na pesquisa empírica, adotou-se técnicas regressão para as previsões teóricas da Pecking Order Theory – POT e Trade-off Theory – TOT em relação a seus determinantes, resumidas em Brito e Silva (2005), além de uma adaptação do modelo de Fama e French (2002) de forma a captar os efeitos da implementação da Lei de Falências. Os resultados encontrados indicam a POT como estratégia de endividamento predominante para empresas brasileiras no período analisado. Verifica-se que a POT permanece como orientadora da composição de capital das empresas brasileiras independente da implantação do IFRS. A análise, que exclui os anos posteriores a 2007, indica a mesma relação entre os determinantes da dívida daquela em que 2008 (IFRS já em vigor) está inserida. Esse exercício r...

Base, Feb 10, 2018

In 2006, new maximum levels for the concentration of dioxins (PCDD/F) and dioxin-like PCB (dl-PCB... more In 2006, new maximum levels for the concentration of dioxins (PCDD/F) and dioxin-like PCB (dl-PCB) in food entered into force in the European Union [Regulation (EC) No 199/2006]. The Swiss Confederation decided to adopt these values from the 1 January 2009 on (RS 817.021.23). A previous appraisal showed that beef from extensive production systems in Switzerland may exceed the new maximum level of 4.5 pg WHO 97-TEQ•g-1 fat. In order to identify the reasons of the presence of dioxins (PCDD/F) and dioxin-like PCB in Swiss beef, a detailed survey was conducted on eight farms in 2008. Depending on the production system, on each farm several suckler cows and their calves or fattening bulls and heifers were selected and followed over several months. Samples of soil, milk, forages, concentrates and meat were taken and analyzed according to standard protocols. The sum of PCDD/F and dl-PCBs in soil averaged 1.4 pg WHO 97-TEQ•g-1 dry matter (DM) across all farms. The mean value found in feed samples was 0.25 pg WHO 97-TEQ•g-1 feed (88% DM), which is considerably lower than the legal maximum level of 1.25 pg WHO 97-TEQ•g-1 feed. The mean value of milk from suckler cows was 2.75 pg, and the one of milk from dairy cows was 2 pg WHO 97-TEQ•g-1 fat. Although two individual beef samples (out of 36) slightly exceeded the legal limit of 4.5 pg WHO 97-TEQ•g-1 fat, the mean value of all beef samples was 2.3 pg WHO 97-TEQ•g-1 fat. The results did not allow to establish direct relationships between the presence of contaminants in feeds and milk or beef and they showed that variation in PCDD/F and dl-PCB contamination of meat within the same farm was very high. It can be concluded that the situation in Switzerland seems not to be alarming and that no particular measures have to be taken. Nevertheless farmers should be aware that extensive production coupled with absence of delay between weaning and slaughtering may induce some risk for producing non compliant beef.

Code Regressions in Tables, 3, 4 and 5

README FILE Tables 6, 7 and 8

README FILE Tables 3,4 and 5

Code Regressions in Table 1

Revista Eletrônica do Mestrado Profissional em Administração, 2017

Este trabalho tem como objetivo estudar o impacto do tempo de relacionamento bancário na chance d... more Este trabalho tem como objetivo estudar o impacto do tempo de relacionamento bancário na chance de ser solicitada a renegociação em operações de crédito sem garantia real. A literatura aponta que maior tempo de relacionamento entre o tomador e credor sugere a minimização dos problemas de assimetria de informação e consequente melhoria da gestão contratual. Para alcançar o objetivo proposto pelo estudo, utilizamos dados privados e de acesso restrito de uma instituição financeira localizada no estado do Espírito Santo. O resultado empírico confirma que o aumento do tempo de relacionamento reduz a chance de ser solicitada a renegociação dos termos do contrato.

This study investigates the Dodd-Frank effect on U.S. banks in terms of profitability and growth ... more This study investigates the Dodd-Frank effect on U.S. banks in terms of profitability and growth opportunities. Difference-in-differences models combined with Research Discontinuity sample selection tools show that smaller banks experienced a negative effect in their return on asset ratios and deposit growth after Dodd-Frank implementation. In contrast, there is evidence that the legislation provided growth to larger banks by means of a positive effect in their deposit growth rates. We show that the differences arise in banks with low market power. This study contributes to the existent literature that banking regulations should be based more on business complexity and individual risk profiles rather than merely on the size of banks .

Exemplos da correspondência entre atividades da CBO e a classificação proposta por Spitz-Oener (2... more Exemplos da correspondência entre atividades da CBO e a classificação proposta por Spitz-Oener (2006) Referência Spitz-Oener (2006) Correspondência atividades CBO Nonroutine analytic Não rotineira analítica Reseaching Pesquisar, realizar pesquisas, investigar Analyzing Analisar, examinar, estudar, apreciar Evaluating and planning Avaliar, planejar, orçar, prognosticar, diagnosticar, julgar Nonroutine interactive Não rotineira interativa Negotiating Negociar, conciliar, defender Coordinating Coordenar, mobilizar, reger Teaching or training Ensinar, treinar, difundir conhecimentos, instruir Selling Vender, comercializar Routine cognitive Rotineira cognitiva Calculating Calcular, efetuar, programar, transformar Bookeeping Registrar, cadastrar, protocolar Measuring Mensurar, medir, checar, conferir Routine manual Rotineira manual Operating or controlling machines Operar, distribuir, transportar, beneficiar Equipping machines Equipar, montar Nonroutine manual Não rotineira manual Repairing or renovating Consertar, reformar, reparar Serving or accommodating Servir, acomodar, faxinar, limpar, arrumar Fonte: Spitz-Oener (2006, p. 243). Elaboração dos autores.

Este artigo investiga os efeitos da lei Sarbanes-Oxley (SOX) sobre a agressividade tributaria das... more Este artigo investiga os efeitos da lei Sarbanes-Oxley (SOX) sobre a agressividade tributaria das firmas brasileiras que emitiram American Depositary Receipts (ADRs), no periodo entre 2004 e 2012. O objetivo foi investigar se a melhoria dos controles internos promovidos pela adocao do SOX teria qualquer impacto sobre a propensao a ser mais agressivo. Em um ambiente de melhores controles internos, teriamos informacoes mais confiaveis, restringindo praticas fiscais mais abusivas. Medimos a agressividade tributaria de acordo com a aliquota efetiva de imposto (ETR), a taxa efetiva de imposto em dinheiro de longa duracao (CASH ETR) e a diferenca entre a renda contabil e o rendimento tributavel (BTD). Comparamos as empresas brasileiras listadas com ADRs (grupo de tratamento) em comparacao com suas firmas de peer listadas apenas no Brasil, ou emissores de ADRs de nivel inferior nao sujeitos a SOX (grupo controle). Os resultados indicam que a implementacao de controles internos mais rigor...

Revista de Administração Pública, 2017

Resumo Este artigo tem como objetivo avaliar se os ciclos políticos em conjunto com viés ideológi... more Resumo Este artigo tem como objetivo avaliar se os ciclos políticos em conjunto com viés ideológico impactam significativamente as decisões de alocação de recursos públicos em investimentos de infraestrutura nos estados brasileiros. Para atingir tal objetivo, utilizamos informações em nível estadual de 2003 a 2014 para capturar três ciclos eleitorais. Como abordagem metodológica utilizamos regressão em painel com efeitos fixos, com o objetivo de detectar características estaduais não observáveis e invariantes no tempo. Os resultados encontrados mostram a existência de influência do ciclo eleitoral se considerarmos as diferenças ideológicas interagindo com os ciclos eleitorais. Os resultados apontam que partidos de esquerda e de centro tendem a investir mais em infraestrutura em períodos pré-eleitorais se comparados com partidos de direita. Esse resultado contribui para a literatura evidenciando que ciclos podem ser mais influenciados dependendo do partido que está governando. Foi id...

Revista de Contabilidade e Organizações, 2016

No presente artigo investigamos como a sofisticação dos investidores e o nível de liberdade de en... more No presente artigo investigamos como a sofisticação dos investidores e o nível de liberdade de entrada e saída do fundo se relacionam com os riscos tomados pelos gestores de fundos de investimento em ações no mercado brasileiro. Os resultados mostram que fundos voltados a investidores sofisticados possuem menor risco, indicando possíveis problemas de agência. Por sua vez, fundos fechados possuem risco aumentado, indicando que gestores podem estar aceitando maior risco em troca de maiores retornos no longo prazo. Usamos informações sobre fundos de ações da base Quantum Axis, totalizando 1280 fundos entre os anos de 2008 e 2013. Para mitigar preocupações com a adequação da medida de risco, usamos três medidas de risco distintas amplamente adotadas: VaR (Value at Risk), CVaR (Conditional Value at Risk) e Downside Risk.

SSRN Electronic Journal, 2012

ABSTRACT This work analyzes the optimal allocation of assets over the life cycle of an investor w... more ABSTRACT This work analyzes the optimal allocation of assets over the life cycle of an investor who has the option to invest in his education. We characterize the optimal spending rule for education, and compare the optimal asset allocation of such investors with the optimal portfolios of investors with no extra education. In particular, we are able to describe how the criteria for investing in risky assets change through time as investors acquire additional education. Our main findings are as follows. Investors undergoing the educational process tend to invest proportionally more in risky assets during that period than other investors. After the educational period investments in the risky asset usually decrease. In the working period after the investment in education a negative covariance between the working income and the returns of the risky asset induces the proportional investment of educated agents in the risky asset to be larger than the proportional investment of non-educated agents. For positive covariance, as it increases, the proportion of wealth invested in the risky asset decreases for both agents. Finally, in the retirement period the investments of people who invested in education earlier are not distinguishable from those of non-educated.

Pesquisa e Planejamento Econômico, 2006

da FGV O presente artigo procura estudar a nova Lei de Falências brasileira, seus efeitos sobre a... more da FGV O presente artigo procura estudar a nova Lei de Falências brasileira, seus efeitos sobre a economia e, principalmente, suas conseqüências no desenvolvimento do mercado de crédito. São examinados, através de um modelo teórico simples, os incentivos econômicos associados aos vários aspectos das leis de falências e a algumas características particulares da antiga lei brasileira. Depois dessa discussão teórica, é avaliado, empiricamente, o estágio pré-reforma da Lei de Falências brasileira comparando-a com diversas regiões do mundo. Como resultado, encontramos que a antiga Lei de Falências era extremamente ineficiente, até mesmo quando comparada com regiões de renda per capita mais baixa. Fazendo uso de modelos econométricos é possível verificar que tal ineficiência trazia severas conseqüências para o desenvolvimento do mercado de crédito nacional. Finalmente, analisando os principais aspectos da reforma da Lei de Falências brasileira, concluímos que as mudanças feitas no sistema legal poderão trazer um desenvolvimento significativo do mercado de crédito, expandindo o volume e diminuindo as taxas de juros cobradas às firmas, além de uma melhora na eficiência da economia. * Versão preliminar. Os autores agradecem à Faperj o apoio financeiro. 1. Webb (1991) apresenta esse problema como um caso clássico de dilema dos prisioneiros.

Corporate Governance: An International Review, 2016

This study seeks to examine the effect of changes in corporate governance levels on the choice of... more This study seeks to examine the effect of changes in corporate governance levels on the choice of firms' debt financing in a relevant emerging economy, taking advantage of the Sarbanes-Oxley Act as a natural experiment. Research Findings/Insights: Our empirical method uses an experimental design in which we control for observed and unobserved firm heterogeneity via a difference-indifferences estimator. We show that firms subjected to this new regulation, which raised governance requirements, observed a positive effect on their access to the credit market, increasing their total debt significantly, via long-term and private debt, and reducing the cost of debt, indicating that SOX produced economic gains in this aspect. Theoretical/Academic Implications: The main contribution of the present paper is to measure the corporate governance effects on firms' debt financing policies, isolated from other contemporaneous events. Furthermore, we develop a simple theoretical model to help in the understanding of the main sources of SOX's effects. Finally, the natural experimental approach deals with the endogenous relation between corporate governance and firms' choices on debt financing, and presents an alternative to instrumental variables techniques. Practitioner/Policy Implications: This paper offers insights to policymakers of emerging economies interested in the development of the credit market. Using laws and regulations like the Sarbanes-Oxley Act, we show that it is possible to improve firms' governance, with a positive impact on firms' ability to access credit.

This paper studies the Bankruptcy Law in Latin America, focusing on the Brazilian reform. We star... more This paper studies the Bankruptcy Law in Latin America, focusing on the Brazilian reform. We start with a review of the international literature and its evolution on this subject. Next, we examine the economic incentives associated with several aspects of bankruptcy laws and insolvency procedures in general, as well as the trade-offs involved. After this theoretical discussion, we evaluate empirically the current stage of the quality of insolvency procedures in Latin America using data from Doing Business and World Development Indicators, both from World Bank and International Financial Statistics from IMF. We find that the region is governed by an inefficient law, even when compared with regions of lower per capita income. As theoretical and econometric models predict, this inefficiency has severe consequences for credit markets and the cost of capital. Next, we focus on the recent Brazilian bankruptcy reform, analyzing its main changes and possible effects over the economic enviro...

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The wave of privatization in the 1980s and 1990s increased productivity of many previously state ... more The wave of privatization in the 1980s and 1990s increased productivity of many previously state owned enterprises (SOEs). However, governments often do not have sufficient support to privatize SOEs. We provide evidence that threatening privatization and market competition (entry of new firms) can increase the productivity of SOEs, even though privatization and entry of new firms does not occur. We study productivity at Brazil's state-owned oil company Petrobras. After it lost its legal monopoly Petrobras's total factor productivity increased sharply. These large gains occurred despite the fact that Petrobras faced no immediate de facto competition. The threat of competition and privatization was sufficient to generate large productivity gains. These findings suggest that changing the competitive environment can be a powerful force for improving productivity at state-owned firms.

RAM. Revista de Administração Mackenzie

Purpose: To investigate the impact of the irregularities under analysis and/or judged in the sanc... more Purpose: To investigate the impact of the irregularities under analysis and/or judged in the sanctioning administrative proceedings of the Securities and Exchange Commission on the market value of Brazilian companies. Thus, we used the signaling theory to analyze how stakeholders interpret situations and where the available information is asymmetric and incomplete among market agents. Originality/value: The study was based on the assumption that the conviction within the scope of the regulatory body can negatively affect the company’s reputation and value. Empirical evidence indicates that irregularities affect market sentiment. On the other hand, the company can present a better market value if an effective and efficient corporate governance is established, aligning the interests of stakeholders and management. Design/methodology/approach: Information was collected with quarterly data covering the period from 2010 to 2018. Two hypotheses were tested by means of regression analysis ...

Corporate Governance: The international journal of business in society

Purpose The purpose of this paper is to investigate the relation between corporate governance and... more Purpose The purpose of this paper is to investigate the relation between corporate governance and corporate events’ performance. Firms that engage in corporate events seem to perform at least as bad as similar firms that did not. Based on agency theory, the authors hypothesize that lower corporate performance is associated to differences in governance levels. Design/methodology/approach Bessembinder and Zhang’s (2013) approach to evaluate the performance of corporate events has been expanded by considering unique corporate governance features from Brazilian stock market. Findings The results suggest that after controlling for governance levels, event rms and control rms have similar performance. A number of analyses were performed to rule out alternative explanations. Originality/value The results call attention for the role of agency costs in evaluating corporate events’ performance.