Análise da sobre-reação e sub-reação nos ativos de primeira e segunda lina do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

Análise da sobre-reação e sub-reação nos ativos de primeira e segunda linha do mercado acionário brasileiro

The Behavioral Finance develop as it is perceived anomalies in these markets efficient. This fields of study can be grouped into three major groups: heuristic bias, tying the shape and inefficient markets. The present study focuses on issues concerning the heuristics of representativeness and anchoring. This study aimed to identify the then under-reaction and over-reaction, as well as the existence of symmetry in the active first and second line of the Brazilian stock market. For this, it will be use the Fuzzy Logic and the indicators that classify groups studied from the Discriminant Analysis. The highest present, indicator in the period studied, was the Liabilities / Equity, demonstrating the importance of the moment to discriminate the assets to be considered "winners" and "losers." Note that in the MLCX biases over-reaction is concentrated in the period of financial crisis, and in the remaining periods of statistically significant biases, are obtained by sub-reactions. The latter would be in times of moderate levels of uncertainty. In the Small Caps the behavioral responses in 2005 and 2007 occur in reverse to those observed in the Mid-Large Cap. Now in times of crisis would have a marked conservatism while near the end of trading on the Bovespa speaker, accompanied by an increase of negotiations, there is an overreaction by investors. The other heuristics in SMLL occurred at the end of the period studied, this being a under-reaction and the other a over-reaction and the second occurring in a period of financial-economic more positive than the first. As regards the under / over-reactivity in both types, there is detected a predominance of either, which probably be different in the context in MLCX without crisis. For the period in which such phenomena occur in a statistically significant to note that, in most cases, such phenomena occur during the periods for MLCX while in SMLL not only biases are less present as there is no concentration of these at any time . Given the above, it is believed that while detecting the presence of bias behavior at certain times, these do not tend to appear to a specific type or heuristics and while there were some indications of a seasonal pattern in Mid- Large Caps, the same behavior does not seem to be repeated in Small Caps. The tests would then suggest that momentary failures in the Efficient Market Hypothesis when tested in semistrong form as stated by Behavioral Finance. This result confirms the theory by stating that not only rationality, but also human irrationality, is limited because it would act rationally in many circumstances

Indústria cultural e forró eletrônico no Rio Grande do Norte

The present study aimed to understand how and to what extent the electronic forró, currently hegemonic in the music market in the state of Rio Grande do Norte, establishes and maintains relations of domination in the social contexts in which it is produced, transmitted and received. Based, in significant form-content, on the writings of the first generation of theorists of the so-called Frankfurt School (Critical Theory), particularly with Theodor W. Adorno, and systematically using the contributions of the Cultural Studies (from the Centre for Contemporary Cultural Studies of Birmingham) and of the sociology of Pierre Bourdieu, this study aimed to perform, in the fertile intersection of these references, a critical possibility of interpretation of the electronic forró predominantly spread in the state of Rio Grande do Norte. To this end, aiming at a better apprehension of the so-called capital circuits/culture circuits , this study resulted from a qualitative investment of research, based on structured interviews with musicians, entrepreneurs of the sector and music consumers, as well as on the analysis of the themes contained in the official discography of the electronic forró band called Garota Safada (Shameless Girl). As a general empirical conclusion, it was possible to infer that far from the significant presence of domination or mere prevalence of oppositions, there is a relational pluralism of forms of domination and ways of resistances present in the production and consumption of electronic forró, regardless of gender, age, income, education or place of residence. However, the artifices of the cultural industry has been shown to be efficient: from large-scale businessmen to small producers enabled by the so-called open markets . The currentness of the concept of cultural industry is based on the idea that its products are offered systematically (the systematic insistence of everything to everyone) and on the notion that its production primarily meets the administrative criteria of control over the effects on the receiver (capacity of prescription of desires). Thus, the Adornian reflection on the pseudo-individualization leads to the inference that even in some of the most apparent ways of negotiation and/or refusal regarding the consumption of forró, certain behaviors of the cultural industry still prevail both in the very (re)interpretation of the forró and in the choice of other music genres also standardized, rationalized and massified. Therefore, despite the absence of cause-effect relation and the recognition of the popular capacity of re-elaboration and contestation of the media consumption, some world views prevailing in relation to the electronic forró establish or, at least, support some hegemonic ideologies, especially those concerning the life style, consumption and genre relations (fun by all means). Therefore, due the massification of certain songs, some ways of dissemination of values, beliefs and feelings are potentially experienced from the electronic forró. So, it is presumable that in the current advance of the process of semiformation (Halbbildung), the habitus of a part of the youth from the state of Rio Grande do Norte reinforces and is reinforced by the centrality of the trinomial fun, love and sex present in the songs, emphasized in some constructive practices of sense and in certain flows of social significance