Claudio Felisoni de Angelo

Determinants of FDI in emerging markets: evidence from Brazil

Purpose – The paper aims to evaluate the relative importance of various factors that influenced the flow of foreign direct investment (FDI) into Brazil in recent years. Analysis of empirical data indicates that evolution of the consumer market and strength of consumer sales are more important in explaining capital movements into Brazil than other frequently offered explanations such as exchange rates and country risk.Design/methodology/approach – The paper uses two‐stage least squares regression to estimate the coefficients of a system of simultaneous equations relating FDI flows into Brazil to various influential factors.Findings – The results indicate that internal market growth represented by aggregate consumer sales was a significant determinant of FDI into Brazil. Increase in interest rate on consumer financing was negatively related and the attractiveness of the Brazilian market had no impact on FDI flows during the captioned period.Research limitations/implications – While factors such as inflation...

As decisões de consumo e a heurística da ancoragem: uma análise da racionalidade do processo de escolha

Ha pouca literatura sobre vieses relacionados ao processo de escolha em decisoes de consumo. Um desses vieses e o da ancoragem, isto e, a adocao de um referencial, logico ou nao, que direciona a escolha dos individuos. Este artigo tem por objetivo identificar e analisar os efeitos da ancoragem no processo decisorio dos consumidores em relacao a percepcao e a estimacao dos precos de produtos e servicos. Foi conduzido um experimento com os alunos de graduacao da Faculdade de Economia, Administracao e Contabilidade da Universidade de Sao Paulo. O modelo do experimento envolveu tres grupos de uma mesma populacao. O grupo de calibragem gerou estimativas sobre o preco de produtos e servicos sem nenhuma mencao a âncoras. Os outros dois grupos desenvolveram estimativas apos julgarem uma âncora selecionada a partir da distribuicao das estimativas do grupo de calibragem. Verificou-se que os referenciais com valores menores ancoram mais fortemente a opiniao dos consumidores. Esses resultados trazem relevantes implicacoes para a definicao de politicas de precos nas empresas de varejo brasileiras. Sinteticamente, este trabalho indica que as tecnicas tradicionais de precificacao nao esgotam as possibilidades de politicas de precos.

The effects of the anchoring heuristic on Brazilian consumer decisions: ananalysis of the choice process

The objective of this paper is to analyze how individuals process and evaluate information in order to make choices. The dynamics of the decision-making process give rise to the use of true or false references, which have been given the suggestive name of anchors. Using a method proposed by Jacowitz and Kahneman, this paper analyzes how an arbitrary number presented to an individual is able to alter judgment on the price of a given product or service. The results indicate that complex mental processes condition the evaluation of perfectly defined entities, such as the type of goods or a commonly used service.

The effectiveness of strategic planning: competitiveness in the Brazilian supermarket sector

Abstract This paper considers the relative impact of management strategic planning practices and economic changes on company performance. The paper focuses on the Brazilian supermarket sector during the period 1988–1999. This was a period marked by significant changes in economic and competitive conditions. Using sales figures as indicators of company performance, ANOVA tests were applied. The results derived suggest that variables representing changes in economic conditions and strategic planning were both statistically significant when they were used to explain performance differences among Brazilian supermarket operations. Differences in company management practices were found to play a more important role than changes in the environment. However, the results clearly suggest that management by itself was unable to take advantage of the upward and downward movements in the economy to modify the relative competitive positions of companies operating within the market. This finding challenges the existing literature on strategic planning.

Performance of Brazilian supermarkets: a comparative analysis between large and small store chains

This paper compares the productivity of large and small Brazilian supermarkets from 1994 to 1998. The authors’ findings, based on the application of Data Envelopment Analysis, or DEA, support an initial hypothesis that assumes not only that the productivity of larger supermarkets is much higher, but the production gap between smaller and larger chains is increasing.

Mensuração dos custos econômicos do setor de distribuição de gás canalizado do estado de São Paulo com o emprego do EVA ®: o caso da Comgás

This paper measures total and average economic costs of gas distribution between 2004 and 2008 year through an exploratory approach, which involves the use of Economic Value Added - EVA® framework in the Comgas case. The results reveal it is in diseconomy of scale moment, and provide relevant insights in order to encourage investments assessment and if cost of capital is properly during the next regulatory period.

As compras não planejadas em supermercados: a importância do tempo e da organização da loja na determinação dos gastos

As a result of the many changes that are happening in the Brazilian retail, firms are being forced to pay close attention to their operations. This paper analyses how layout and the time spent inside the stores impact the total expenditure of the consumers, especially those that were not previously planned. Using data from a field research carried out by Programa de Administracao de Varejo (PROVAR) in the second semester of 2001, two models were built: the first with the group of interviewed people who spent more than previously planned and the second with the consumers that spent the same or less than planned. It was possible to observe that the expenditure is very sensible to the time people stay inside the store. In relation to the layout of the products, it was observed that the group that spent less than planned reduced their purchase if complementary goods were put together.

Portfolio management with tail dependence

ABSTRACT Many publications, that treated with Portfolio Management, were devastating for all asset allocation models in the context of portfolios. The elimination of extreme events (asymmetric or tail dependence) during the portfolio construction process can reduce the skills of asset managers to reduce risk through diversification. The copula theory allows us to calculate an alternative to measure the dependence of extreme events in assets through the index lower tail dependence. We check that the strategies with tail dependence overcame Talmud rule, the Markowitz model and the model of Tu and Zhou by simulating 1,000 portfolios with 3, 5, 10 and 20 randomly selected assets from DJIA for the period 03/1990 until 12/2016. We conclude that models of tail dependence and Markowitz had more performance ex-ante than Talmud and the Tu and Zhou model for portfolios with 3, 5, 10 and 20 assets. Tail dependence models overcome Markowitz, in terms of cumulative return, in over 60% of months considered in the analysis. The results indicate that the Talmud rule should be discarded in a context of constructing portfolios with individual stocks ahead strategies with tail dependence.

Personalidade da marca, significado do produto e impulsividade na compra por impulso: um estudo em ambiente de shopping center

This study aims to analyze the influence of product meaning, brand personality and impulsiveness when buying in the mall environment. The research seeks to explain impulse buying taking into account the importance of the individual impulsivity as a significant factor influence on impulse buying and bring a contribution to the inclusion of two theories that hitherto have not been explored jointly in studies of impulse buying: product meaning and brand personality. A descriptive and correlational research was done with quantitative approach. The sample is composed of 317 respondents. The results allowed us to confirm that individuals who are more impulsive tend to make impulse purchases more frequently, that is, they have difficulty controlling their buying impulses. In addition, and as a contribution to this research, products purchased impulsively are those compatible with the image of consumers that reflect who they are. The participants noted that they were attributed personalities to products purchased impulsively. The more the brand personality can identify with the consumer and his lifestyle, more products would be likely to be purchased impulsively.

Estudo do comportamento de compra do frequentador de shopping centers na cidade de São Paulo

Com a reducao de tempo disponivel das pessoas e a crescente inseguranca dos grandes centros urbanos no pais, o shopping center oferece aos consumidores um local de compra em que varias necessidades podem ser atendidas em um mesmo lugar. O objetivo deste artigo foi compreender melhor o comportamento dos frequentadores de shopping centers da cidade de Sao Paulo, investigando a motivacao de ida a esses centros comercias. Trata-se, evidentemente, de uma informacao fundamental para a definicao das ofertas de servicos nesses locais. Ao todo, foram entrevistados 500 consumidores da cidade de Sao Paulo, utilizando-se um questionario com perguntas fechadas. Para a analise dos dados, foi aplicada a tecnica de analise de correspondencia (ANACOR), com o proposito de tratar as variaveis qualitativas representativas das preferencias dos individuos entrevistados.