Denis Forte - Academia.edu (original) (raw)

Papers by Denis Forte

Research paper thumbnail of 8 th International Conference On WAY FORWARD IN AMBIGUOUS TIMES -A MANAGEMENT PERSPECTIVE 5 th -6 th May, 2020 SUSHANT SCHOOL OF BUSINESS, ANSAL UNIVERSITY, GURGAON PRESENTS

Diversity and global reach introduce ambiguity to the environment; therefore, opportunities and c... more Diversity and global reach introduce ambiguity to the environment; therefore, opportunities and challenges must be appreciate d from multiple aspects, not just our own personal leadership lens. Whereas the frustration we experience from volatility, unce rtainty, and complexity might leave us feeling overwhelmed and exhausted, ambiguity leads primarily to inefficiency and missed opportunities. Toleration of either will leave us surviving at best. There are a few things we know about ambiguity; it is one of the leading causes of conflict within a business unit, impossible to diagnose from a singular perspective, and its second-and thirdorder effects are capable of dismantling an organization. Managing through uncertainty is a regular occurrence in business today. It is challenging to lead others when one is not clear on the way forward and where there is little information to rely on. Organizations and cultural norms continue to expect leaders to have a proven plan which will lead to a successful end result. That very expectation can promote inaction due to fear of failure. Both leaders and organizations need to adapt their approach to dealing with ambiguity. As a leader it calls for openness, creativity and courage rather than simply waiting for the fog to fade.

Research paper thumbnail of Literacia Fiscal Como Instrumento De Eficiência Do Uso De Recurso Público

Revista Contemporânea

Pesquisas mostram que o Brasil é uma das nações onde os contribuintes mais pagam impostos. Ao mes... more Pesquisas mostram que o Brasil é uma das nações onde os contribuintes mais pagam impostos. Ao mesmo tempo, a sensação de que são recursos desperdiçados é grande. Dantas e Forte (2022) propuseram o conceito de literacia fiscal, uma combinação entre conhecimento e comportamento da área fiscal. Esse estudo verificou que essa literacia fiscal melhora o desempenho das finanças pessoais e empresariais, e por consequência, o bem-estar e uso dos recursos. O objetivo desse ensaio teórico é de propor que esse conceito de literacia fiscal seja aplicado na esfera pública. A análise do sistema tributário federal demonstra um sistema complexo, mas bem estruturado. A tese em questão, é que uma vez que os contribuintes se tornem mais cientes do uso dos recursos públicos na sociedade, os gestores públicos por sua vez tenderiam a se alinhar na eficiência do uso dos recursos, melhorando o bem-estar coletivo. A conclusão do ensaio é que ao se promover a melhoria individual dos agentes, sejam contribuin...

Research paper thumbnail of 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

Gestão & Regionalidade, 2007

This study aims to identify and analyze studentsó pinions from a private university in the city o... more This study aims to identify and analyze studentsó pinions from a private university in the city of São Paulo about acquired competencies on the undergraduate courses in Business Administration. An exploratory and descriptive study was conducted, within a sample of 441 students of the last semester, using a questionnaire organized in two blocks: one for the characterization of the subjects and the other formed on 27 different items in a Likert´s scale. The data was analyzed in a quantitative form, using descriptive statistics and multivariate analysis. The factor analysis helped to identify four factors, related with the following blocks of competencies: social, problem solving, technical-professional and communication. The frequencies of answers indicate that, according to the students, the acquired competencies during the undergraduate course with the higher agreement rate concentrate on factors 1 (social) and 2 (problem solving).

Research paper thumbnail of 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 Competencies Acquired During the Undergraduate Years: A Case Study from the Opinions of Undergraduate Students in Business Administration Course

This study aims to identify and analyze studentsó pinions from a private university in the city o... more This study aims to identify and analyze studentsó pinions from a private university in the city of São Paulo about acquired competencies on the undergraduate courses in Business Administration. An exploratory and descriptive study was conducted, within a sample of 441 students of the last semester, using a questionnaire organized in two blocks: one for the characterization of the subjects and the other formed on 27 different items in a Likert´s scale. The data was analyzed in a quantitative form, using descriptive statistics and multivariate analysis. The factor analysis helped to identify four factors, related with the following blocks of competencies: social, problem solving, technical-professional and communication. The frequencies of answers indicate that, according to the students, the acquired competencies during the undergraduate course with the higher agreement rate concentrate on factors 1 (social) and 2 (problem solving).

Research paper thumbnail of Determinantes de estrutura de capital no mercado brasileiro - análise de regressão com painel de dados no período 1999-2003 (Determinant Factors of Capital Structure in the Brazilian Market – An Analysis of the Regression with Data Covering the Period from 1999 to 2003)

Social Science Research Network, Mar 19, 2007

Research paper thumbnail of Does Bitcoin Behave the Same as an Asset on the Stock Exchange?

The main contribution of this paper seeks to answer the lack of research between the digital mark... more The main contribution of this paper seeks to answer the lack of research between the digital market of cryptocurrencies by the analysis of time series of daily Bitcoin closing, in light of Modern Finance Theory that is based on Market Efficiency Hypothesis (HEM) and Finance Behavioral. The objective of the research is to answer the title question whether bitcoin behaves the same as a stock exchange. This research also helps to answer whether the bitcoin market has a long-term balance between bitcoin and the different quotes in its local currencies. Based on economic statistics tools, using data collected from exchanges in Brazil, United States and Europe. You can see that HEM is also present in the cryptocurrency market. You can see that this theory integrates with Financial Finance, since financial market studies and theories exist before disruptive converged crypto market surgeries suitable for behavioral finance studies. , It could be verified with the tests carried out that Bitcoin behaves similarly to an action inside the stock exchange, which can start other researches to prove its efficiency, its derivatives and its future behaviors.

Research paper thumbnail of Determinants of the Capital Structure of Small and Medium Sized Brazilian Enterprises

Social Science Research Network, Feb 21, 2013

This research investigates the determinants of the capital structure of small and medium enterpri... more This research investigates the determinants of the capital structure of small and medium enterprises (SMEs) using a unique database that includes over 19,000 Brazilian firms and spans 13 years of data. The econometric analysis employs the System Generalized Method of Moments estimator (GMM-Sys) and two strong results emerge: (a) profitability is negatively related to leverage, and (b) asset growth is positively related to leverage. Both results are consistent with the pecking order theory of capital structure and suggest that SMEs tend to finance their expansion with debt only after exhausting their internal resources. Additionally, we find weaker evidence for the following: (a) size is positively related to leverage, which can be interpreted as evidence that larger firms have more access to credit markets; (b) riskier SMEs tend to be less financially leveraged, consistent with the bankruptcy cost arguments from trade-off theories; and (c) the age of the firm is negatively related to financial leverage, suggesting that older SMEs may be slightly more conservative in their financing choices. Finally, the magnitude of the coefficient of lagged leverage shows the high persistence of this variable and is compatible with the hypothesis that SMEs adjust their debt/equity ratio towards a target value, although at a low speed.

Research paper thumbnail of Financial Education Panoram in Brazil Through the Lens of Professors and Students (Panorama Da Educação Financeira No Brasil Pelas Lentes Dos Professores E Alunos)

Social Science Research Network, Apr 2, 2018

Research paper thumbnail of A Federação Russa e a crise ucraniana de 2013-2014

This study seeks to investigate the role performed by the Russian Federation in the Ukrainian cri... more This study seeks to investigate the role performed by the Russian Federation in the Ukrainian crisis that began in November 2013. This event resulted in the emergence of separatist movements and a military offensive led by the Ukrainian government and ultranationalist militias against the regions in the east of the country which demanded greater autonomy from Kiev, as well as the independence of the Crimean peninsula, latter annexed by Russia. In order to investigate the position adopted by the Russian government it is necessary to go beyond the issues regarding this country and Ukraine alone and also study the relationship between Russia and the Western powers in the post-Cold War period. In this sense, this work sought to investigate how the problems arising from the dissolution of the USSR and the continuous expansion of the North Atlantic Treaty Organization (NATO) influenced the Russian foreign policy in the period. Throughout the research, we tried to point out analytical elements that go beyond merely conjunctural analysis, based on the finding that crucial questions which had arisen in the 2013 crisisnotably the political and ethnic-linguistic divisions within the Ukrainian State, as well as the dispute over the tutelage of Crimeawere previously present, requiring an attentive investigation into the geopolitical and sociohistorical variables.

Research paper thumbnail of O Perfil Do Cidadão Brasileiro Versus O Seu Comportamento Financeiro

Revista Contemporânea

O presente artigo objetiva entender o perfil do cidadão brasileiro em relação ao seu comportament... more O presente artigo objetiva entender o perfil do cidadão brasileiro em relação ao seu comportamento financeiro frente à realização dos sonhos, objetivos e alcance da saúde financeira pessoal. Busca-se verificar ações e reações de uma amostragem aleatória com base em um simples questionário que visa demonstrar a realidade de como os respondentes tratam suas finanças pessoais como base fundamental à efetiva concretização dos seus planos, sonhos ou objetivos. Além da pesquisa bibliográfica atual sobre o conceito e ramificações da educação financeira, aborda-se também a metodologia DSOP (Diagnosticar, Sonhar, Orçar e Poupar) como um método de operacionalização da educação e comportamento financeiros de forma mais focada e restrita. Pesquisa descritiva de natureza quantitativa com coleta de dados bibliográfica e por questionário aplicado a uma população amostra não-probabilística por meio da plataforma Google Forms. Os resultados demonstram que, embora 100% dos respondentes afirma ter son...

Research paper thumbnail of Expectativas Racionais e Imprevisibilidade ao Nível das Empresas do S&P 100 na Presença de Quebras Estruturais e Dependências Multifatoriais

CERN European Organization for Nuclear Research - Zenodo, Jul 24, 2014

Aplica-se uma nova abordagem na avaliação do modelo de expectativas racionais ao nível da empresa... more Aplica-se uma nova abordagem na avaliação do modelo de expectativas racionais ao nível da empresa, conduzido em Nasseh e Strauss (2004), Goddard, McMillan e Wilson (2008) e Rivera Rivera, Martin, Marçal e Basso (2012). Aplicam-se procedimentos econométricos de cointegração em painéis não estacionários que identificam quebras estruturais desconhecidas e admitem correlação entre resíduos e fatores comuns componentes do risco sistemático. Computacionalmente, estende-se a rotina de Gutierrez (2010) para admissão de quebras heterogêneas e aumento do poder estatístico. Os resultados são impactantes na análise do modelo de equilíbrio, com evidências mais precisas sobre a aleatoriedade e relação entre preços e fundamentos.

Research paper thumbnail of A self-employed taxpayer experimental study on trust, power, and tax compliance in eleven countries

Financial Innovation

The slippery slope framework explains tax compliance along two main dimensions, trust in authorit... more The slippery slope framework explains tax compliance along two main dimensions, trust in authorities and power of authorities, which influence 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 five economic branches. After using scenarios that experimentally manipulated trust and power, our results confirmed 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 offer tax authorities insights into how trust and power m...

Research paper thumbnail of Efeito Contágio: O Valor Do Bitcoin No Brasil Pode Ser Antecipado Pelo Seu Valor Em Outra Exchange?

Revista Liceu On-Line, Aug 20, 2021

Research paper thumbnail of Análise da estabilidade do beta em três empresas brasileiras após o Plano Real (1995-2000)

Texto para Discussão. V SEMEAD, 2001

Research paper thumbnail of Analysis of factors that influence the companies’ market value in England, France, and Germany. How can managers maximize such value?

Revista de Gestão dos Países de Língua Portuguesa

One of the classic issues in business administration is whether managers can maximize profit. Thu... more 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. Subsequentl...

Research paper thumbnail of Is intangibility a rewarding strategy?A study on European shareholders returns from 1999 to 2019

Revista Brasileira de Administração Científica

Resource Based View (RBV) and Dynamic Capability approach states that the use of resources within... more Resource Based View (RBV) and Dynamic Capability approach states that the use of resources within a company is strategical in creating value. As an innovative methodological contribution, a machine learning technique on behalf a predictive proxy was used for generating the Total Shareholder Return (TSR) trends in the European non-financial companies quarterly base data, from 1999-2019. The panel data analysis results bring new insights. The question is not Tangible or Intangible anymore but the nature of Intangibility that is deterministic for the TSR. Therefore, not only Intangible Assets, but Capital Expenses, Administrative Costs, Advertisement, Research and Development and EBITDA were fundamental to create value to TSR. These results are important for management conclusions, both practical and academic, in order to review the current notion of ‘expenses’ elevating them to a strategical role in value creation in the architectural company’s structure.

Research paper thumbnail of Private Equity gera valor ao acionista? Uma análise comparativa de retorno e risco após o IPO (Does Private Equity Generate Shareholder Value? A Comparative Analysis of the Return after the IPO)

Social Science Research Network, Mar 6, 2017

O crescimento vigoroso da indústria de Private Equity no mundo gerou questões fundamentais, como ... more 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.

Research paper thumbnail of Sustainable Tax Behavior on Future and Current Emerging Markets: The Case of Romania and Brazil

Taxes are an important element in amending the economic, social, and environmental sustainability... more Taxes are an important element in amending the economic, social, and environmental sustainability levels of societies across the world. The chapter brings into discussion the concept of sustainable tax behavior in Romania and Brazil, both connected to the realities of emerging markets. We establish that a tax compliant behavior may be regarded as sustainable tax behavior, since not only it promotes fair taxpaying which finances the quality of living conditions, but it also supports sustainable well-being. With data provided by international organizations and country-specific sources, we analyze the attributes of sustainable tax behavior by addressing aspects like adherence to sustainability principles, sustainability levels, characteristics of tax systems, compliance requirements, and green taxation. As shown by the analyses, both countries have taken steps forward on the way to encouraging sustainable economic activity, with Brazil registering noticeable progress especially in sust...

Research paper thumbnail of A Negociação De Bitcoin É Globalmente Eficiente? Uma Análise Diária Entre Três Exchanges No Período 2017 a 2019

As criptomoedas sao mundialmente negociadas simultaneamente em diversos mercados mundiais. Isso p... more As criptomoedas sao mundialmente negociadas simultaneamente em diversos mercados mundiais. Isso permite comparar em tempo real os precos negociados e a volatilidade implicita nas diferentes localidades. A contribuicao principal desse artigo busca atender a lacuna de estudos entre o mercado digital de criptomoedas pela analise da serie temporal do Bitcoin, a luz da Hipotese de Eficiencia de Mercado e das Financas Comportamentais. Essa pesquisa contribui tambem para responder se no mercado de bitcoin existe equilibrio de longo prazo entre o bitcoin e as diferentes cotacoes em suas moedas locais. Baseando-se em ferramental da estatistica econometrica utilizando os dados coletados em exchanges do Brasil, Estados Unidos e Europa. Pode perceber que a HEM tambem esta presente no mercado de criptomoedas. Pode se ver que essa teoria se integra com as de Financas Comportamentais, ja que estudos e teorias de mercado financeiro existem antes do surgimento do mercado disruptivo de criptomoedas c...

Research paper thumbnail of Accounting and Financial Ratios in Panel Regression: Is There a Spurious Correlation?

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic), 2018

Basically P&L and Balance Sheets have internal consistency and interactions. We argue that the ra... more Basically P&L and Balance Sheets have internal consistency and interactions. We argue that the ratios usually drawn by these financial statements are in consequence endogenous (either by construction or by mathematical properties). This study interprets its consequences in terms if econometric usual tests and its conclusions. By unveiling this methodological issue, other possibilities should arise to overcome this limitations and allow better studies in corporate finance and accounting.

Research paper thumbnail of 8 th International Conference On WAY FORWARD IN AMBIGUOUS TIMES -A MANAGEMENT PERSPECTIVE 5 th -6 th May, 2020 SUSHANT SCHOOL OF BUSINESS, ANSAL UNIVERSITY, GURGAON PRESENTS

Diversity and global reach introduce ambiguity to the environment; therefore, opportunities and c... more Diversity and global reach introduce ambiguity to the environment; therefore, opportunities and challenges must be appreciate d from multiple aspects, not just our own personal leadership lens. Whereas the frustration we experience from volatility, unce rtainty, and complexity might leave us feeling overwhelmed and exhausted, ambiguity leads primarily to inefficiency and missed opportunities. Toleration of either will leave us surviving at best. There are a few things we know about ambiguity; it is one of the leading causes of conflict within a business unit, impossible to diagnose from a singular perspective, and its second-and thirdorder effects are capable of dismantling an organization. Managing through uncertainty is a regular occurrence in business today. It is challenging to lead others when one is not clear on the way forward and where there is little information to rely on. Organizations and cultural norms continue to expect leaders to have a proven plan which will lead to a successful end result. That very expectation can promote inaction due to fear of failure. Both leaders and organizations need to adapt their approach to dealing with ambiguity. As a leader it calls for openness, creativity and courage rather than simply waiting for the fog to fade.

Research paper thumbnail of Literacia Fiscal Como Instrumento De Eficiência Do Uso De Recurso Público

Revista Contemporânea

Pesquisas mostram que o Brasil é uma das nações onde os contribuintes mais pagam impostos. Ao mes... more Pesquisas mostram que o Brasil é uma das nações onde os contribuintes mais pagam impostos. Ao mesmo tempo, a sensação de que são recursos desperdiçados é grande. Dantas e Forte (2022) propuseram o conceito de literacia fiscal, uma combinação entre conhecimento e comportamento da área fiscal. Esse estudo verificou que essa literacia fiscal melhora o desempenho das finanças pessoais e empresariais, e por consequência, o bem-estar e uso dos recursos. O objetivo desse ensaio teórico é de propor que esse conceito de literacia fiscal seja aplicado na esfera pública. A análise do sistema tributário federal demonstra um sistema complexo, mas bem estruturado. A tese em questão, é que uma vez que os contribuintes se tornem mais cientes do uso dos recursos públicos na sociedade, os gestores públicos por sua vez tenderiam a se alinhar na eficiência do uso dos recursos, melhorando o bem-estar coletivo. A conclusão do ensaio é que ao se promover a melhoria individual dos agentes, sejam contribuin...

Research paper thumbnail of 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

Gestão & Regionalidade, 2007

This study aims to identify and analyze studentsó pinions from a private university in the city o... more This study aims to identify and analyze studentsó pinions from a private university in the city of São Paulo about acquired competencies on the undergraduate courses in Business Administration. An exploratory and descriptive study was conducted, within a sample of 441 students of the last semester, using a questionnaire organized in two blocks: one for the characterization of the subjects and the other formed on 27 different items in a Likert´s scale. The data was analyzed in a quantitative form, using descriptive statistics and multivariate analysis. The factor analysis helped to identify four factors, related with the following blocks of competencies: social, problem solving, technical-professional and communication. The frequencies of answers indicate that, according to the students, the acquired competencies during the undergraduate course with the higher agreement rate concentrate on factors 1 (social) and 2 (problem solving).

Research paper thumbnail of 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 Competencies Acquired During the Undergraduate Years: A Case Study from the Opinions of Undergraduate Students in Business Administration Course

This study aims to identify and analyze studentsó pinions from a private university in the city o... more This study aims to identify and analyze studentsó pinions from a private university in the city of São Paulo about acquired competencies on the undergraduate courses in Business Administration. An exploratory and descriptive study was conducted, within a sample of 441 students of the last semester, using a questionnaire organized in two blocks: one for the characterization of the subjects and the other formed on 27 different items in a Likert´s scale. The data was analyzed in a quantitative form, using descriptive statistics and multivariate analysis. The factor analysis helped to identify four factors, related with the following blocks of competencies: social, problem solving, technical-professional and communication. The frequencies of answers indicate that, according to the students, the acquired competencies during the undergraduate course with the higher agreement rate concentrate on factors 1 (social) and 2 (problem solving).

Research paper thumbnail of Determinantes de estrutura de capital no mercado brasileiro - análise de regressão com painel de dados no período 1999-2003 (Determinant Factors of Capital Structure in the Brazilian Market – An Analysis of the Regression with Data Covering the Period from 1999 to 2003)

Social Science Research Network, Mar 19, 2007

Research paper thumbnail of Does Bitcoin Behave the Same as an Asset on the Stock Exchange?

The main contribution of this paper seeks to answer the lack of research between the digital mark... more The main contribution of this paper seeks to answer the lack of research between the digital market of cryptocurrencies by the analysis of time series of daily Bitcoin closing, in light of Modern Finance Theory that is based on Market Efficiency Hypothesis (HEM) and Finance Behavioral. The objective of the research is to answer the title question whether bitcoin behaves the same as a stock exchange. This research also helps to answer whether the bitcoin market has a long-term balance between bitcoin and the different quotes in its local currencies. Based on economic statistics tools, using data collected from exchanges in Brazil, United States and Europe. You can see that HEM is also present in the cryptocurrency market. You can see that this theory integrates with Financial Finance, since financial market studies and theories exist before disruptive converged crypto market surgeries suitable for behavioral finance studies. , It could be verified with the tests carried out that Bitcoin behaves similarly to an action inside the stock exchange, which can start other researches to prove its efficiency, its derivatives and its future behaviors.

Research paper thumbnail of Determinants of the Capital Structure of Small and Medium Sized Brazilian Enterprises

Social Science Research Network, Feb 21, 2013

This research investigates the determinants of the capital structure of small and medium enterpri... more This research investigates the determinants of the capital structure of small and medium enterprises (SMEs) using a unique database that includes over 19,000 Brazilian firms and spans 13 years of data. The econometric analysis employs the System Generalized Method of Moments estimator (GMM-Sys) and two strong results emerge: (a) profitability is negatively related to leverage, and (b) asset growth is positively related to leverage. Both results are consistent with the pecking order theory of capital structure and suggest that SMEs tend to finance their expansion with debt only after exhausting their internal resources. Additionally, we find weaker evidence for the following: (a) size is positively related to leverage, which can be interpreted as evidence that larger firms have more access to credit markets; (b) riskier SMEs tend to be less financially leveraged, consistent with the bankruptcy cost arguments from trade-off theories; and (c) the age of the firm is negatively related to financial leverage, suggesting that older SMEs may be slightly more conservative in their financing choices. Finally, the magnitude of the coefficient of lagged leverage shows the high persistence of this variable and is compatible with the hypothesis that SMEs adjust their debt/equity ratio towards a target value, although at a low speed.

Research paper thumbnail of Financial Education Panoram in Brazil Through the Lens of Professors and Students (Panorama Da Educação Financeira No Brasil Pelas Lentes Dos Professores E Alunos)

Social Science Research Network, Apr 2, 2018

Research paper thumbnail of A Federação Russa e a crise ucraniana de 2013-2014

This study seeks to investigate the role performed by the Russian Federation in the Ukrainian cri... more This study seeks to investigate the role performed by the Russian Federation in the Ukrainian crisis that began in November 2013. This event resulted in the emergence of separatist movements and a military offensive led by the Ukrainian government and ultranationalist militias against the regions in the east of the country which demanded greater autonomy from Kiev, as well as the independence of the Crimean peninsula, latter annexed by Russia. In order to investigate the position adopted by the Russian government it is necessary to go beyond the issues regarding this country and Ukraine alone and also study the relationship between Russia and the Western powers in the post-Cold War period. In this sense, this work sought to investigate how the problems arising from the dissolution of the USSR and the continuous expansion of the North Atlantic Treaty Organization (NATO) influenced the Russian foreign policy in the period. Throughout the research, we tried to point out analytical elements that go beyond merely conjunctural analysis, based on the finding that crucial questions which had arisen in the 2013 crisisnotably the political and ethnic-linguistic divisions within the Ukrainian State, as well as the dispute over the tutelage of Crimeawere previously present, requiring an attentive investigation into the geopolitical and sociohistorical variables.

Research paper thumbnail of O Perfil Do Cidadão Brasileiro Versus O Seu Comportamento Financeiro

Revista Contemporânea

O presente artigo objetiva entender o perfil do cidadão brasileiro em relação ao seu comportament... more O presente artigo objetiva entender o perfil do cidadão brasileiro em relação ao seu comportamento financeiro frente à realização dos sonhos, objetivos e alcance da saúde financeira pessoal. Busca-se verificar ações e reações de uma amostragem aleatória com base em um simples questionário que visa demonstrar a realidade de como os respondentes tratam suas finanças pessoais como base fundamental à efetiva concretização dos seus planos, sonhos ou objetivos. Além da pesquisa bibliográfica atual sobre o conceito e ramificações da educação financeira, aborda-se também a metodologia DSOP (Diagnosticar, Sonhar, Orçar e Poupar) como um método de operacionalização da educação e comportamento financeiros de forma mais focada e restrita. Pesquisa descritiva de natureza quantitativa com coleta de dados bibliográfica e por questionário aplicado a uma população amostra não-probabilística por meio da plataforma Google Forms. Os resultados demonstram que, embora 100% dos respondentes afirma ter son...

Research paper thumbnail of Expectativas Racionais e Imprevisibilidade ao Nível das Empresas do S&P 100 na Presença de Quebras Estruturais e Dependências Multifatoriais

CERN European Organization for Nuclear Research - Zenodo, Jul 24, 2014

Aplica-se uma nova abordagem na avaliação do modelo de expectativas racionais ao nível da empresa... more Aplica-se uma nova abordagem na avaliação do modelo de expectativas racionais ao nível da empresa, conduzido em Nasseh e Strauss (2004), Goddard, McMillan e Wilson (2008) e Rivera Rivera, Martin, Marçal e Basso (2012). Aplicam-se procedimentos econométricos de cointegração em painéis não estacionários que identificam quebras estruturais desconhecidas e admitem correlação entre resíduos e fatores comuns componentes do risco sistemático. Computacionalmente, estende-se a rotina de Gutierrez (2010) para admissão de quebras heterogêneas e aumento do poder estatístico. Os resultados são impactantes na análise do modelo de equilíbrio, com evidências mais precisas sobre a aleatoriedade e relação entre preços e fundamentos.

Research paper thumbnail of A self-employed taxpayer experimental study on trust, power, and tax compliance in eleven countries

Financial Innovation

The slippery slope framework explains tax compliance along two main dimensions, trust in authorit... more The slippery slope framework explains tax compliance along two main dimensions, trust in authorities and power of authorities, which influence 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 five economic branches. After using scenarios that experimentally manipulated trust and power, our results confirmed 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 offer tax authorities insights into how trust and power m...

Research paper thumbnail of Efeito Contágio: O Valor Do Bitcoin No Brasil Pode Ser Antecipado Pelo Seu Valor Em Outra Exchange?

Revista Liceu On-Line, Aug 20, 2021

Research paper thumbnail of Análise da estabilidade do beta em três empresas brasileiras após o Plano Real (1995-2000)

Texto para Discussão. V SEMEAD, 2001

Research paper thumbnail of Analysis of factors that influence the companies’ market value in England, France, and Germany. How can managers maximize such value?

Revista de Gestão dos Países de Língua Portuguesa

One of the classic issues in business administration is whether managers can maximize profit. Thu... more 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. Subsequentl...

Research paper thumbnail of Is intangibility a rewarding strategy?A study on European shareholders returns from 1999 to 2019

Revista Brasileira de Administração Científica

Resource Based View (RBV) and Dynamic Capability approach states that the use of resources within... more Resource Based View (RBV) and Dynamic Capability approach states that the use of resources within a company is strategical in creating value. As an innovative methodological contribution, a machine learning technique on behalf a predictive proxy was used for generating the Total Shareholder Return (TSR) trends in the European non-financial companies quarterly base data, from 1999-2019. The panel data analysis results bring new insights. The question is not Tangible or Intangible anymore but the nature of Intangibility that is deterministic for the TSR. Therefore, not only Intangible Assets, but Capital Expenses, Administrative Costs, Advertisement, Research and Development and EBITDA were fundamental to create value to TSR. These results are important for management conclusions, both practical and academic, in order to review the current notion of ‘expenses’ elevating them to a strategical role in value creation in the architectural company’s structure.

Research paper thumbnail of Private Equity gera valor ao acionista? Uma análise comparativa de retorno e risco após o IPO (Does Private Equity Generate Shareholder Value? A Comparative Analysis of the Return after the IPO)

Social Science Research Network, Mar 6, 2017

O crescimento vigoroso da indústria de Private Equity no mundo gerou questões fundamentais, como ... more 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.

Research paper thumbnail of Sustainable Tax Behavior on Future and Current Emerging Markets: The Case of Romania and Brazil

Taxes are an important element in amending the economic, social, and environmental sustainability... more Taxes are an important element in amending the economic, social, and environmental sustainability levels of societies across the world. The chapter brings into discussion the concept of sustainable tax behavior in Romania and Brazil, both connected to the realities of emerging markets. We establish that a tax compliant behavior may be regarded as sustainable tax behavior, since not only it promotes fair taxpaying which finances the quality of living conditions, but it also supports sustainable well-being. With data provided by international organizations and country-specific sources, we analyze the attributes of sustainable tax behavior by addressing aspects like adherence to sustainability principles, sustainability levels, characteristics of tax systems, compliance requirements, and green taxation. As shown by the analyses, both countries have taken steps forward on the way to encouraging sustainable economic activity, with Brazil registering noticeable progress especially in sust...

Research paper thumbnail of A Negociação De Bitcoin É Globalmente Eficiente? Uma Análise Diária Entre Três Exchanges No Período 2017 a 2019

As criptomoedas sao mundialmente negociadas simultaneamente em diversos mercados mundiais. Isso p... more As criptomoedas sao mundialmente negociadas simultaneamente em diversos mercados mundiais. Isso permite comparar em tempo real os precos negociados e a volatilidade implicita nas diferentes localidades. A contribuicao principal desse artigo busca atender a lacuna de estudos entre o mercado digital de criptomoedas pela analise da serie temporal do Bitcoin, a luz da Hipotese de Eficiencia de Mercado e das Financas Comportamentais. Essa pesquisa contribui tambem para responder se no mercado de bitcoin existe equilibrio de longo prazo entre o bitcoin e as diferentes cotacoes em suas moedas locais. Baseando-se em ferramental da estatistica econometrica utilizando os dados coletados em exchanges do Brasil, Estados Unidos e Europa. Pode perceber que a HEM tambem esta presente no mercado de criptomoedas. Pode se ver que essa teoria se integra com as de Financas Comportamentais, ja que estudos e teorias de mercado financeiro existem antes do surgimento do mercado disruptivo de criptomoedas c...

Research paper thumbnail of Accounting and Financial Ratios in Panel Regression: Is There a Spurious Correlation?

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic), 2018

Basically P&L and Balance Sheets have internal consistency and interactions. We argue that the ra... more Basically P&L and Balance Sheets have internal consistency and interactions. We argue that the ratios usually drawn by these financial statements are in consequence endogenous (either by construction or by mathematical properties). This study interprets its consequences in terms if econometric usual tests and its conclusions. By unveiling this methodological issue, other possibilities should arise to overcome this limitations and allow better studies in corporate finance and accounting.