This research identifies and compares the reasons that lead entrepreneurs to open a startup in Brazil or abroad along six factors: self-realization, financial, independence, innovation, roles, and recognition. Understanding differences between entrepreneurs in distinct settings may help designing better entrepreneurship policies and more effective support for nascent businesses, as well as providing better guidance to investors. Entrepreneurs who own technological startups answered an online questionnaire about the reasons for entrepreneurship through technological startups. Respondents ranked each statement using a Likert scale from (1) completely disagree to (5) completely agree. Of the respondents, 325 were Brazilian and 130 were foreigners. Results show that top-ranked reasons are mostly similar across groups, with four of the top five reasons being common. However, comparatively, they score several reasons differently. These results highlight the different reasons to enterprise between people from different countries, supporting the importance of studying the entrepreneurial phenomenon in emerging economies, which differ substantially from developed ones. They also may help conciliating conflicting results of the reasons to enterprise literature.

Esta pesquisa estudou o período de transição e pós-transição da adoção das Normas Internacionais para Contabilidade (International Financial Reporting Standards – IFRS) no Brasil, com o objetivo de analisar seu efeito em republicação de relatórios financeiros e na emissão de parecer de auditoria com ressalva ou reprovação. Esta pesquisa analisou 613 empresas listadas na BM&FBovespa no período de 2001 a 2016. A análise foi elaborada por meio de um modelo Logit, testando-se as hipóteses de que a adoção das IFRS no Brasil reduzisse tanto a probabilidade de republicação quanto de emissão de parecer com ressalva ou reprovação. Os resultados obtidos indicaram que houve uma redução na probabilidade de pareceres com ressalva ou reprovação tanto no período de transição das IFRS quanto no pós-IFRS, com um efeito mais pronunciado neste último. Os resultados indicam que as IFRS podem ter tido um impacto positivo na qualidade das demonstrações, embora não tão forte quanto o desejado.

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.

We examine the determinants and consequences of firms’ choice not to comply with a new executive compensation disclosure regulation. We exploit a unique feature of Brazilian markets, where a change in the regulation of executive compensation disclosure could arguably lead to personal security‐related costs for executives. This major reform in executive compensation disclosure in Brazil became effective in December 2009. While some firms complied with the change in regulation, other firms explicitly refused to comply fully with the regulation by using a court injunction. After controlling for firm‐specific characteristics and both social and economic inequality measures, we find that the degree of criminality in the state in which the firm is headquartered (a proxy for security‐related costs) and the level of CEO compensation are important determinants of a firm's decision not to fully disclose executive compensation information. We also show that firms which do not fully comply with the regulation face costs in the form of higher bid‐ask spreads, suggesting investors are leery of the decision not to comply with the regulation. We discuss the potential implications of our results in the context of executive compensation disclosure reform.

Estratégia Livre está relacionada a um melhor desempenho quando comparado aos demais de sua classe. Na indústria de fundos norte-americana, estudos anteriores mostram que maior discricionariedade está associada a melhores retornos. Os resultados estão em linha com a literatura estrangeira onde os Fundos Estratégia Livre estão associados a melhor desempenho, porém não se pode afirmar o mesmo quanto ao risco. Foram utilizados dados da base Quantum Axis, no total de 3499 fundos multimercado durante o período de janeiro de 2016 a janeiro de 2019. Desempenho foi mensurado pelo Índice de Sharpe e Sortino, e o risco por VaR, CVaR (Conditional Value at Risk) e Downside Risk.

This study identifies the profiles of technological entrepreneurs. Understanding what drives entrepreneurs can help policy design to incentivize entrepreneurship, support the development of better assistance for nascent businesses, and facilitate the matching between investors' and entrepreneurs' interests. Through the application of an online questionnaire, 325 Brazilian owners of technological startups answered their reasons to enterprise. The data was processed using Ward's hierarchical clustering algorithm, generating four distinct clusters. The first, financial success entrepreneurs, are concerned about financial outcomes of their startups. The new challenges group seeks self-realization, innovation, and independence by means of their enterprises. Leaders are driven by the will to lead and motivate others, relegating other factors. Finally, there are pessimistic entrepreneurs, who rank all reasons lower than other entrepreneurs. These results highlight that even within the class of technological entrepreneurs, from the same country, there are sizeable groups with different factors regarding reasons to enterprise, shedding some light on conflicting results in the entrepreneurial motivation literature.

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Purpose This paper aims to study the dynamics of bitcoin prices in Brazil, a large emerging economy with an unregulated bitcoin market. Design/methodology/approach First, this study tests if the Law of One Price (LOOP) is valid for bitcoin prices in Brazil, conducting tests with data from three Brazilian exchanges. Next, this study documents bitcoin price dynamics in the short run by studying the price discovery mechanism in these exchanges. This study uses Information Share and Component Share, combining the two measures to obtain an Information Leadership Share (ILS) measure. Findings This study finds a common trend within bitcoin prices among a set of exchanges, with cointegration tests between the price series indicating that LOOP is valid in Brazilian markets in the long run. ILS indicated that, for closing prices, the most liquid exchange (Foxbit) leads discovery, whereas the least liquid (Local Bitcoin) lags, with Mercado Bitcoin in the middle both in terms of discovery and liquidity. Finally, this study provides evidence that the price variation in the market that leads price discovery can be used to construct an arbitrage in another exchange. Originality/value This research brings the first evidence of a price discovery mechanism for exchanges in Brazilian Reais. Although LOOP is valid in the long run, price leadership in bitcoin markets potentially create arbitrage opportunities in the short run. This study contributes to the growing literature of bitcoin prices with novel evidence from a large emerging economy.