Desempenho de analistas sell-side no mercado de ações brasileiro

The purpose of this study was to analyze the behavior of Sell-Side analysts and analysts propose a classification, considering the performance of the price forecasts and recom- mendations (sell-hold-buy) in the Brazilian stock market. For this, the first step was to analyze the consensus of analysts to understand the importance of this collective interven- tion in the market; the second was to analyze the analysts individually to understand how improve their analysis in time. Third was to understand how are the main methods of ranking used in markets. Finally, propose a form of classification that reflects the previous aspects discussed. To investigate the hypotheses proposed in the study were used linear models for panel to capture elements in time. The data of price forecasts and analyst recommendations individually and consensus, in the period 2005-2013 were obtained from Bloomberg R ○ . The main results were: (i) superior performance of consensus recommen- dations, compared with the individual analyzes; (ii) associating the number of analysts issuing recommendations with improved accuracy allows supposing that this number may be associated with increased consensus strength and hence accuracy; (iii) the anchoring effect of the analysts consensus revisions makes his predictions are biased, overvaluating the assets; (iv) analysts need to have greater caution in times of economic turbulence, noting also foreign markets such as the USA. For these may result changes in bias between optimism and pessimism; (v) effects due to changes in bias, as increased pessimism can cause excessive increase in purchase recommendations number. In this case, analysts can should be more cautious in analysis, mainly for consistency between recommendation and the expected price; (vi) the experience of the analyst with the asset economic sector and the asset contributes to the improvement of forecasts, however, the overall experience showed opposite evidence; (vii) the optimism associated with the overall experience, over time, shows a similar behavior to an excess of confidence, which could cause reduction of accuracy; (viii) the conflicting effect of general experience between the accuracy and the observed return shows evidence that, over time, the analyst has effects similar to the endowment bias on assets, which would result in a conflict analysis of recommendations and forecasts ; (ix) despite the focus on fewer sectors contribute to the quality of accuracy, the same does not occur with the focus on assets. So it is possible that analysts may have economies of scale when cover more assets within the same industry; and finally, (x) was possible to develop a proposal for classification analysts to consider both returns and the consistency of these predictions, called Analysis coefficient. This ranking resulted better results, considering the return / standard deviation.

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

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

Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

Avaliação dos impactos do programa bolsa família na renda, na educação e no mercado de trabalho das famílias pobres do Brasil

This study aims to verify the impact of the Bolsa Família Program (BFP) in income and school attendance of poor Brazilian families. It is intended to also check the existence of a possible negative effect of the program on the labor market, titled as sloth effect. For such, microdata from the IBGE Census sample in 2010 were used. Seeking to purge possible selection biases, methodology of Quantilic Treatment Effect (QTE) was applied, in particular the estimator proposed by Firpo (2007), which assumes an exogenous and non-conditional treatment. Moreover, Foster- Greer-Thorbecke (FGT) index was calculated to check if there are fewer households below the poverty line, as well as if the inequality among the poor decreases. Human Opportunity Index (HOI) was also calculated to measure the access of young people / children education. Results showed that BFP has positively influenced the family per capita income and education (number of children aged 5-17 years old attending school). As for the labor market (worked hours and labor income), the program showed a negative effect. Thus, when compared with not benefiting families, those families who receive the BFP have: a) a higher family income (due to the shock of the transfer budget money) b) more children attending school (due to the conditionality imposed by the program); c) less worked hours (due to sloth effect in certain family groups) and d) a lower income from work. All these effects were potentiated separating the sample in the five Brazilian regions, being observed that the BFP strongly influenced the Northeast, showing a greater decrease in income inequality and poverty, and at the same time, achieved a greater negative impact on the labor market

Balanced Scorecard: fatores relevantes de sua implantação na diretoria de mercado de capitais do Banco do Brasil

Este trabalho objetiva determinar que características do corpo funcional da DIMEC (Diretoria de Mercado de Capitais do Banco do Brasil) estão associadas aos principais entraves considerados relevantes pelos funcionários da área durante a implementação do Balanced Scorecard (BSC). Pretende-se salientar como entraves tais como a falta de apoio de Tecnologia de Informação e a falta de hábito dos funcionários em lidar com indicadores não financeiros podem se relacionar com as características de interesse do corpo funcional, tais como nível hierárquico , formação acadêmica e nível de conhecimento da ferramenta BSC , de forma a influenciar na implementação do modelo. Para tanto foi realizada revisão de literatura e estudo de caso no qual figuraram, como instrumentos de coleta de dados, a aplicação de questionários e a entrevista não-estruturada através dos quais funcionários da DIMEC demonstraram as relações entre as variáveis descritas de forma a destacar fatores de relevância para o desenrolar do processo de implantação da ferramenta BSC na referida empresa

Análise de retorno de escala e tamanho do mercado no desempenho de equipes de vendas aplicando análise de envoltória de dados DEA: um estudo em empresa de Telecomunicações no Brasil

This Master s Thesis proposes the application of Data Envelopment Analysis DEA to evaluate the performance of sales teams, based on a study of their coverage areas. Data was collected from the company contracted to distribute the products in the state of Ceará. Analyses of thirteen sales coverage areas were performed considering first the output-oriented constant return to scale method (CCR-O), then this method with assurance region (AR-O-C) and finally the method of variable returns to scale with assurance region (AR-O-V). The method used in the first approach is shown to be inappropriate for this study, since it inconveniently generates zero-valued weights, allowing that an area under evaluation obtain the maximal score by not producing. Using weight restrictions, through the assurance region methods AR-O-C and AR-O-V, decreasing returns to scale are identified, meaning that the improvement in performance is not proportional to the size of the areas being analyzed. Observing data generated by the analysis, a study is carried out, aiming to design improvement goals for the inefficient areas. Complementing this study, GDP data for each area was compared with scores obtained using AR-O-V analysis. The results presented in this work show that DEA is a useful methodology for assessing sales team performance and that it may contribute to improvements on the quality of the management process.