A corrupção no setor público e privado pode provocar prejuízos sociais e econômicos para países e empresas. No Brasil, a corrupção tem sido bastante discutida, e diversos casos nas esferas públicas e privadas foram observados nos últimos anos. A operação Lava-Jato é um exemplo recente que recebe destaque pela mídia e pela população. Neste caso, a Polícia Federal investiga corrupção e lavagem de dinheiro envolvendo diversos agentes públicos e privados e a empresa Petrobras. Desde o início das investigações em 2014, a petroleira que é uma das principais empresas do Brasil, enfrenta crise econômica, política e moral. Utilizando o modelo de avaliação do Fluxo de Caixa Descontado, em três cenários de projeção com taxas de atratividade distintas, o presente artigo tem como objetivo mensurar o valor da Petrobras após a deflagração dos escândalos de corrupção apontados pela operação Lava-Jato até 2016. A pesquisa encontrou como resultado em todos os três cenários avaliados um valor de empresa reduzido durante o período de projeção e uma recuperação modesta no período residual. Portanto, a corrupção afetou negativamente o valor da Petrobras.
Based on the assumption that seasonal patterns have been identified in stock market assets and also in the context of equity mutual funds, the aim of this research is to investigate the relationship between the seasonality presented by the January effect and the net flow of Brazilian equity funds. The study extends the potential effects of seasonality beyond the return on stock market assets, demonstrating that seasonal patterns can also be observed in Brazilian mutual fund flows. The literature mostly points to common factors related to the performance of equity mutual funds; therefore this study investigates mutual fund flows, demonstrating that different factors influence the decisions of fund investors, including seasonal factors. The study has practical implications for fund managers, as it highlights a set of variables that can be used to anticipate variations in fund flow, reducing their effects on performance and avoiding costs. The results were estimated using panel data regression analysis. The study sample consisted of 1,010 equity funds, covering the period from January of 2004 to June of 2018. It was found that the average net inflow of Brazilian equity mutual funds is higher in January than in other months of the year, which characterizes the existence of a seasonal pattern in their net flows. However, the effect is different between exclusive and non-exclusive funds. As contributions, our findings: (i) provide a better understanding about the factors related to investor decision-making; (ii) point out new aspects in which exclusive and non-exclusive funds differ; and (iii) present factors that influence mutual fund flows.
Nesta carta executiva propomos uma reflexão sobre as Mães Solo e o impacto deste arranjo familiar no desenvolvimento profissional dessas mães e na saúde financeira, afetiva e psicológica dessas famílias.
The cross-market holiday effect refers to “lower trading volume associated with one or more external markets not trading” (Batrinca, Hesse, & Treleaven, 2018, p. 675). Based on this concept, the main purpose of this paper was to test the effect of North American holidays on the volume traded in the Brazilian stock market during trading days in Brazil. We also evaluated the effect of North American holidays on daily stock returns of Brazilian firms. Based on data of 80 Brazilian company’s stocks over the period from January/2009 to December/2021, using ARMA-GARCH models, the main results indicate that the volume traded on the stocks of the sample was lower during North American holidays. On the other hand, for some stocks, their daily returns are higher when it is a holiday in the USA. Such results have implications for the theory of market efficiency, since there could be opportunities for obtaining abnormal returns based on calendar patterns. The main contribution of this paper is to analyze the cross-market holiday effect in the context of Brazilian stocks, expanding the literature on investments in emerging economies and considering trading activities of external markets.
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