Financing by Entrepreneur Capital and Economic Aspects: A Study Conducted in Brazilian Companies Listed on the BM&FBovesp

ID: 51179

Authors: Márcia Figueredo D’Souza, Juliana Ventura Amaral.

Source: Revista de Administração, Contabilidade e Economia da FUNDACE, v. 9, n. 2, p. 1-14, May-August, 2018. 14 page(s).

Keyword: Corporate Governance , Entrepreneurial Capital , Financing , Private Equity , Venture Capital

Document type: Article (Portuguese) Show Abstract

The motivation of the present study was to examine the relationship between entrepreneurial capital and corporate governance indexes, trading volume, number of investors, number of brokerage firms and the equity position of Private Equity and Venture Capital (VC) in the Brazilian companies listed on the BM&F BOVESPA from 2004 to 2012. For this purpose, the empirical approach was to capture the data of Initial Public Offering (IPO), available on the BM&F BOVESPA website. The factor analysis and the logistic regression were also used to analyze the data. The results suggest that the economic variables mentioned corroborate the probability of attracting resources by the entrepreneurial capital. These findings contribute to broadening the debate on the theme and provide the reflection that the funds are presented as potential financing alternatives, which can give companies the opportunity to reduce the cost of third-party capital.

Editorial V. 9, N. 2, 2018

ID: 51176

Authors: Janaina de Moura Engracia Giraldi, Jorge Henrique Caldeira de Oliveira.

Source: Revista de Administração, Contabilidade e Economia da FUNDACE, v. 9, n. 2, p. 1-2, May-August, 2018. 2 page(s).

Document type: Editorial (Portuguese)

Indicators of Capacity to Pay of the States and of the Federal District: Performance Evaluation (2014-2015)

ID: 51180

Authors: Mauricio Corrêa da Silva, Fábia Jaiany Viana de Souza, José Dionísio Gomes da Silva.

Source: Revista de Administração, Contabilidade e Economia da FUNDACE, v. 9, n. 2, p. 15-30, May-August, 2018. 16 page(s).

Keyword: Indicators of capacity to pay , Principal components analysis , Public management , Quantitative metrics

Document type: Article (Portuguese) Show Abstract

The indicators are important management tools for the public administration and a fundamental instrument for the monitoring of the public management by popular movements. The goal of this investigation is to develop a performance index of the States and of the Federal District, in the 2014 and 2015 years, from indicators of the capacity to pay, with the use of Principal Components Analysis. The study uses the strategy of the research of evaluation of results based on the empirical-analytical method (archive/empiricist – database). The results revealed, based on the ranking of the Index of Performance of Capacity to Pay (IDCP), that in 2014, the State of Pará obtained the best performance (more efficient) and that in 2015, it was the State of Rio Grande do Norte. In the last position (worst performance – less efficient), in 2014 was the State of Rio de Janeiro and in 2015, the State of Tocantins.

The Relationship between Traditional Accounting Indicators of Brazilian’s Banks 'Spread Ex-Post'

ID: 51177

Authors: João Guilherme Magalhães Timotio, João Paulo Augusto Eça, Geraldo Alemandro Leite Filho.

Source: Revista de Administração, Contabilidade e Economia da FUNDACE, v. 9, n. 2, p. 31-44, May-August, 2018. 14 page(s).

Keyword: Accounting Indicators , Banking Spread , Banks , Panel Data

Document type: Article (Portuguese) Show Abstract

The present study aimed to identify the relationship between the traditional accounting indicators and the Spread Ex-Post of Brazilian banks. We used annual secondary data from 26 institutions listed on BMF&BOVESPA between 2006 and 2014. The method of analysis was panel data regression. The regression results were significant with a power of explanation of 75%. It was concluded, within the theoretical expectations a priori, that the variables Financial Leverage, Return on Equity, EBITDA Margin and Total Asset were positively related to the Ex-Post Spread. It was also concluded, out of the a priori expectation, by the negative relationship of Third Party Capital and the positive relationship of Bank Efficiency with the Ex-Post Spread. The non-significant coefficients verified, with no effect on the Spread Ex-Post of the data in question, were verified in the Debt Composition, Return on Assets and Current Liquidity variables.

An Investment Strategy Based on the Divergence in MACD Indicator

ID: 51181

Authors: Marcus Vinicius Araujo Martins, Carlos Alberto Rodrigues.

Source: Revista de Administração, Contabilidade e Economia da FUNDACE, v. 9, n. 2, p. 45-59, May-August, 2018. 15 page(s).

Keyword: Divergences , Investments , MACD , Stocks , Technical Analysis

Document type: Article (Portuguese) Show Abstract

This paper presents an investment strategy using the divergence pattern of the Moving Average Convergence - Divergence (MACD) Technical Analysis indicator. This pattern indicates trend reversals, signaling buying and selling times. A strategy based on the MACD indicator has been developed and applied to several historical US stock price series. In addition, the strategy was applied in a stock portfolio composed of the companies with the highest trading volume. These tests considered the period from 2003 to 2013. In most cases, positive and superior returns were obtained in comparison with the main stock market indices from the USA. It can be concluded, therefore, that the divergence pattern of the MACD indicator was efficient in considering reversals of stock price trends in the period considered.

Antecedents of the Control Premium in Brazilian Companies: A Study of Acquisitions in the 21st Century

ID: 51178

Authors: Eduardo Lopes Junqueira, Perla Calil Pongeluppe Wadhy Rebehy, Carlos Alberto G. B. Campello.

Source: Revista de Administração, Contabilidade e Economia da FUNDACE, v. 9, n. 2, p. 60-75, May-August, 2018. 16 page(s).

Keyword: Control Benefits , Control Premium , Evolution of Capital Markets , Mergers and Acquisitions

Document type: Article (English) Show Abstract

In recent decades, studies have demonstrated that corporate governance shareholders of publicly traded companies do not always receive benefits that are proportional to their shareholding. Studies have identified the existence of private benefits of control as a major cause of this distortion. These benefits can be evidenced, for example, in control acquisition operations, in which there is a control premium. Despite the difficulty of measurement, the literature points to some methods for measuring these benefits. The literature also associates variables that influence this control premium, and among which are legislation on capital markets and its effective application and the protection of minority shareholders and corporate governance levels. In turn, the quality and control of these variables affect companies’ levels of external financing and have implications for the development of capital markets and the economy. Empirical evidence has demonstrated that in countries with underdeveloped capital markets, these benefits tend to be high. In Brazil, cross-country studies, such as Dyck and Zingales (2002) and Nenova (2003), found control premiums of 65% and 23%, respectively, for acquisition operations conducted during the 1990s. These authors are references in this field of study and later studies are based on their methodology and their findings (Souza et al, 2014; Ferraro and Rubino, 2017). As considerable changes have occurred in the Brazilian corporate scene, such as the new Brazilian Corporate Law (Nova Lei das S/As) and the introduction of special segments to BOVESPA’s corporate governance, it is necessary to further examine this issue. This work pretend determine the practiced control premium value in the Brazilian market involving publicly traded companies after these changes from 2004 to 2009, through regression analysis. The results demonstrates that the primary variable that relates to the control premium is the share control block, with an inverse relationship between increasing the control premium and the size of the control block acquired. Keywords: