Volatilidade dos retornos e governança: um estudo de eventos da crise do subprime

The financial crisis that occurred between the years 2007 and 2008, known as the subprime crisis, has highlighted the governance of companies in Brazil and worldwide. To monitor the financial risk, quantitative tools of risk management were created in the 1990s, after several financial disasters. The market turmoil has also led companies to invest in the development and use of information, which are applied as tools to support process control and decision making. Numerous empirical studies on informational efficiency of the market have been made inside and outside Brazil, revealing whether the prices reflect the information available instantly. The creation of different levels of corporate governance on BOVESPA, in 2000, made the firms had greater impairment in relation to its shareholders with greater transparency in their information. The purpose of this study is to analyze how the subprime financial crisis has affected, between January 2007 and December 2009, the volatility of stock returns in the BM&BOVESPA of companies with greater liquidity at different levels of corporate governance. From studies of time series and through the studies of events, econometric tests were performed by the EVIEWS, and through the results obtained it became evident that the adoption of good practices of corporate governance affect the volatility of returns of companies

Gestão híbrida em cooperativa de crédito: uma análise a partir do interesse, participação, satisfação e expectativa dos cooperados da COOPERUFPA

The globalization of markets has confirmed for the processes of change in organizations both in structure and in management. This dynamic was also observed in credit unions because they are financial institutions and are under the rules of the Brazil´s Financial System. Given the context of organizational changes in the financial capital has played the traditional management reform is urgent. In organizations credit unions, given its dual purpose, because in the same organizational environment and capitalism coexist cooperative whose logics are antagonistic, but can live through the balance between instrumental rationality and substantive rationality in credit unions. Based on this concept a new form of management should be thought to be able to accommodate the demand of cooperative, community, government and the market. Hybridization has been observed in management practices` COOPERUFPA into dimensions financial, social and solidarity participation with a trend in paradigmatic form of hybrid management, in that it directly or indirectly affect the management decisions in the credit union. The hybrid management is a trend that has been setting the basis for societal transformation, so that credit unions promote actions of welfare oriented cooperative members and the community around the same time that attend the dynamics of market globalization. These actions, in the context of hybrid management should be implemented by COOPERUFPA from the sociability of the remains and the wide diffusion of solidarity culture between cooperative partnership as a way to recover their participation in trade relations, financial and the social collective developement. For the members of COOPERUFPA financial interest is evidenced in greater relevance for the social interest given its dominant relationship as "mere customer" of the credit union, however, the proactive participation of the life of the cooperative credit union is one of its expectative among of participation of to share power in decisions by general meetings. This passivity`s cooperator of the COOPERUFPA in defending the ideals overshadowed the spread of cooperative principles and values of cooperation among them. Thus his conception for COOPERUFPA in the financial dimension, social and solidarity democracy, performed transversely. The COOPERUFPA for not developing an education policy for the cooperation among its members, contributed to a process of collective alienation of cooperative ideals, since the cooperative do not understand the reality that surrounds them as members of an organization whose mission is to social and financial sustainability of its members

Análise experimental do efeito da diversificação em carteiras de ações: a relação entre risco e quantidade de ativos sob a ótica da estratégia ingênua

The objective is to analyze the relationship between risk and number of stocks of a portfolio for an individual investor when stocks are chosen by "naive strategy". For this, we carried out an experiment in which individuals select actions to reproduce this relationship. 126 participants were informed that the risk of first choice would be an asset average of all standard deviations of the portfolios consist of a single asset, and the same procedure should be used for portfolios composed of two, three and so on, up to 30 actions . They selected the assets they want in their portfolios without the support of a financial analysis. For comparison we also tested a hypothetical simulation of 126 investors who selected shares the same universe, through a random number generator. Thus, each real participant is compensated for random hypothetical investor facing the same opportunity. Patterns were observed in the portfolios of individual participants, characterizing the curves for the components of the samples. Because these groupings are somewhat arbitrary, it was used a more objective measure of behavior: a simple linear regression for each participant, in order to predict the variance of the portfolio depending on the number of assets. In addition, we conducted a pooled regression on all observations by analyzing cross-section. The result of pattern occurs on average but not for most individuals, many of which effectively "de-diversify" when adding seemingly random bonds. Furthermore, the results are slightly worse using a random number generator. This finding challenges the belief that only a small number of titles is necessary for diversification and shows that there is only applicable to a large sample. The implications are important since many individual investors holding few stocks in their portfolios