Editorial

ID: 6818

Authors: Adalberto Américo Fischmann.

Source: RAUSP Management Journal, v. 43, n. 3, p. 1-1, July-September, 2008. 1 page(s).

Document type: Editorial (Portuguese)

Relationship in marketing channels as a source of sustainable competitive advantage: a study between furniture factories and exclusive stores

ID: 4411

Authors: Fabiano Larentis, Luiz Antônio Slongo.

Source: RAUSP Management Journal, v. 43, n. 3, p. 209-223, July-September, 2008. 15 page(s).

Keyword: company performance , marketing channels , relationship , strategic marketing , sustainable competitive advantage

Document type: Article (Portuguese) Show Abstract

Relationship between marketing channels members have become a prolific field for the development of cooperative managerial capabilities. Furthermore, to maintain a sustainable competitive advantage based in relationships, it should be difficult to imitate it and substitute it. Therefore, the objective of this study is to verify the influences that the relationship between manufacturers and intermediaries has to the creation and development of sustainable competitive advantage. For this purpose, furniture retailer dealer's perceptions were analyzed in a Brazilian sample, through Structural Modeling Equations, whose theoretical model considered relationship, sustainable competitive advantage and performance dimensions. The results confirm the positive relations between relationships, sustainable competitive advantages and company performance.

Impacts of the support to the transfer of learning on the application of competencies at work: the perception of masters and doctors of the Bank of Brazil

ID: 4412

Authors: Hugo Pena Brandão, Carla Patricia Bahry, Isa Aparecida de Freitas.

Source: RAUSP Management Journal, v. 43, n. 3, p. 224-237, July-September, 2008. 14 page(s).

Keyword: impact of training , professional competencies , support to the transfer of learning

Document type: Article (Portuguese) Show Abstract

The main objective of this paper was to verify the existence of relation between the perception of the masters and doctors of Banco do Brasil concerning the support to the transfer of learning offered by the organization and the application, at work, of competencies that they developed in graduate courses. Semi-structured questionnaire was used for data collection. The sample was composed by 297 employees of the company. Descriptive and factorial analysis, reliability tests, analysis of variance and multiple regression provided the bulk of the statistical data analysis. For analysis of the qualitative data, content analysis techniques were used. The results showed that the perception on the company's psychosocial and material support acted as a predictor of competencies' perceived usage at work. Individual characteristics of the respondents had not acted as predictors of this usage. The results had also indicated that the perception on the support offered by the organization is moderately positive, in a way that it is possible to be improved.

Friends are friends: business is business?

ID: 4413

Authors: Eloisio Moulin de Souza, Agnaldo Garcia.

Source: RAUSP Management Journal, v. 43, n. 3, p. 238-249, July-September, 2008. 12 page(s).

Keyword: friendship , interpersonal relationship , social support

Document type: Article (Portuguese) Show Abstract

This study aimed to examine how male executives of the financial sector conceive friendship in the labor environment and perceive the social support they receive from friends. Ten executives of the financial sector responsible for the strategic area were interviewed seeking information about the influence of friendship at work in the construction of instrumental, emotional and informational support of these executives. The type of research is qualitative and the method used was the case study using the narrative interview technique. Therefore were conducted structured interviews with the executives. The gathered data was analyzed qualitatively. Despite the impersonal and abstract nature attributed to people in the labor environment by some contemporary theoreticians and by organizations, that consider the organizational environment as a neutral place and free from manifestations of a social and affective order, all participants acknowledged the presence of friendship relations in the labor environment. Although, the concept of friendship varies depending on the researched person, but, independent of the concept adopted, all interviewees said that the friendships represents an important source of social support, in its instrumental, emotional and informational forms.

Determinants of the development of fixed income mutual funds in Brazil

ID: 4414

Authors: Robert Aldo Iquiapaza, Francisco Vidal Barbosa, Hudson Fernandes Amaral, Aureliano Angel Bressan.

Source: RAUSP Management Journal, v. 43, n. 3, p. 250-262, July-September, 2008. 13 page(s).

Keyword: econometric models , fixed income funds , M estimators , mutual fund industry , net money flows

Document type: Article (Portuguese) Show Abstract

The aim of this research was to identify the determinants of the development of the fixed income mutual funds in Brazil through the study of net money flows, from February 1995 to September 2004. The data were analyzed by multiple regression analysis of monthly series. Looking for robustness of the results, the classic OLS estimators were compared with restricted M-estimators. The significant determinants were: the excess of return in relation to the savings account rate, the growth of the per capita GDP, the lower interest rates and the less volatility or risk. The introduction of valuation at market prices for fixed income assets, in circumstances of instability in the national and international markets motivated important withdraws in 2002. Furthermore, for investors of exclusive funds were identified indicators of larger sophistication. These results permit to define strategies for managing these institutions.

Credit risk model for corporate portfolios

ID: 4415

Authors: Giovani Antonio Silva Brito, Alexandre Assaf Neto.

Source: RAUSP Management Journal, v. 43, n. 3, p. 263-274, July-September, 2008. 12 page(s).

Keyword: credit portfolio , credit risk model , economic capital , expected loss , Monte Carlo simulation , unexpected loss

Document type: Article (Portuguese) Show Abstract

The credit risk models that became popular in the international banking industry have limited application in Brazil due to the characteristics of its market. The objective of this research is to propose a set of procedures in order to measure the risk of banks' corporate credit portfolios, considering the actual data available in the Brazilian market. In the proposed approach, the losses of the portfolio's companies are modeled individually and then the results are consolidated to obtain the total loss of the portfolio. Using the Monte Carlo simulation, thousands of scenarios are generated in which the future financial situation of the companies belonging to the portfolio is considered. The scenarios generated give rise to possible loss values regarding the companies individually and the portfolio as a whole. The process is illustrated by applying the model to a hypothetical portfolio based on the data of banks' credit portfolios in Brazil. The model generates the loss distribution of the credit portfolio, from which measurements to quantify the risk of the portfolio can be obtained, like the expected loss and unexpected loss, and the economic capital to be allocated by the financial institution can be calculated. The results indicate that the proposed model is an alternative to measure the risk of credit portfolios.

Testing for the informational content in microstructure variables for the exchange rate

ID: 4416

Authors: Antonio Marcos Fonte Guimarães, Benjamin Miranda Tabak.

Source: RAUSP Management Journal, v. 43, n. 3, p. 275-283, July-September, 2008. 9 page(s).

Keyword: exchange rate , informational content , market microstructure

Document type: Article (Portuguese) Show Abstract

This paper aims to answer whether there is information content in microstructure variables to explain changes in the domestic exchange rate. Empirical results show that the informational content is in line with international evidence. Variables such as order flow and negotiated volume in the future market posses incremental content that help explains changes in exchange rates in Brazil. Besides, increases in the volume participation of dealers that participate directly in Central Bank operations are associated to decreases in the exchange rate volatility, which suggests that such operations have been effective in reducing the exchange rate volatility.