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

Entre o mercado e a construção social: uma análise da experiência da implantação doPRONAF-infraestrutura e PRONAT nos territórios do Mato Grande-RN e sertão do Apodi-RN (1997 - 2010)

Analyzes the development experience in the Territories of Mato Grande and Sertão do Apodi in the state of Rio Grande do Norte, evaluating the actions of the National Program for Strengthening Family Agriculture, specifically the line of infrastructure (PRONAF-INFRA), and the National Program for Sustainable Development of Rural Territories (PRONAT) in these territories. Summarizes the various rural development approaches and takes the theoretical assumptions of territorial development, the concept of constructed territory and market-plan territory, further the cycle model to analyze public policies selected these experiences. Thus, we propose to test the hypothesis that most of the actions implemented would lead to the formation of market-plan territories, in other words, perceived only as a platform for the presentation of projects. The literature and documents, combined with case studies, interviews and direct observation of the meetings of committees, showed that, despite two boards are under the same laws, rules and formal regulations, have clear differences when considering the theory and concepts that were used as reference. The Apodi s territory is closer to a constructed space thus the search for a broader agenda, more autonomous and more appropriate to the reality experienced by local actors. On other hand the Territory of Mato Grande had the characteristics of a market-plan territory more present. As the result, the territory of Sertão do Apodi accesses not only as part of a greater number of policies and funding sources, ensuring a greater and more diverse investment volume than the territory of Mato Grande. Despite these differences, studies have shown that territorial boards surveyed are still far from becoming the main forum for managing the development from conception planning socially constructed. Showed, finally, that territorial development strategy is relevant, but requires a long walk and a deep and continuous learning process to be successfully implemented in rural areas of Northeast Brazil

Educação profissional: a expansão recente do IFRN e a absorção local dos egressos no mercado de trabalho

This study aims to analyze how IFRN s process of interiorization contributes to endogenization of local and territorial development, more precisely in terms of graduates absorption into the labor market, form of inclusion and increase of income and welfare. The research premise is that the policy of interiorization and expansion of professional and technology education, by decentralizing opportunities, create a differential for the educational and professional trajectory of part of the graduates. This training, however, retain a relative connection with the productive potentialities in the coverage territories. This study includes a review of the literature on education and labor market and a discussion about the role of technical and professional formation for the local development versus the logic of the free market, considering the expansion of public spending for this purpose. For this study two sets of information and data have been collected primarily, with qualitative and quantitative nature. The research with qualitative focus, entitled Pesquisa de Avaliação da Expansão (PAEX), is constituted by series of open interviews applied to institutional representatives, with the purpose of knowing aspects of the interiorization repercussion in the local development process. The research designed to quantity analysis, entitled of the Pesquisa de Acompanhamento de Egressos (PAE), have been put in practice by applying online questionnaire with closed questions to IFRN s former students, aiming to know the form of insertion of the graduates in the labor market and the formation capacity of increasing the welfare, among other things. Empirical data and information fully confirmed the hypothesis of this study, for they really demonstrated that the expansion policy decentralizes opportunities and constitutes an important differential for the professional trajectory of a significant portion of the graduates. However, the graduates employability in the labor market in their territories of coverage is below expectations, due to structural problems of the local economy related to scarcity of jobs, difficulty in wage growth and in professional development. Complementarily, it has been observed institutional difficulties related to the recent implantation process of the policy of professional and technical education in the various campuses of the Institution

El mercado de tierras rurales en Paraguay

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El mercado de tierras en México

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El precio de mercado de la tierra desde la perspectiva económica

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Pavimentando el otro sendero: tierras rurales, el mercado y el Estado en América Latina

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A experiência brasileira com instituições financeiras de desenvolvimento

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Retos y respuestas: las políticas laborales y del mercado de trabajo en Costa Rica, Panamá y Uruguay

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El papel de la legislación y la regulación en las políticas de uso eficiente de la energía en la Unión Europea y sus Estados Miembros

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Lineamientos para la regulación del uso eficiente de la energía en Argentina

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Reflexiones sobre los indicadores del mercado de trabajo para el diseño de políticas con un enfoque basado en el género

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Tercer Diálogo Parlamentario Europa-América Latina para la Promoción del Uso Eficiente de la Energía

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Um estudo sobre o mercado acionário: a abordagem tradicional vs. a abordagem complexa

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Economía de mercado, imperfecciones del mercado y función del Estado en el transporte

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