Elizabeth Krauter

Paradoxos em finanças: teoria moderna versus finanças comportamentais

This study discusses the Behavioral Finance, one of the most important and controversial innovations in finance, that confronts the traditionally accepted paradigm based on the Modern Finance Theory. Initially, a synthesis of potential problems of decision-making is carried through, with examples of some non-rational aspects that make up important paradoxes in finance. After a discussion of the prospect theory, the seminal experiments of Kahneman and Tversky are replicated in a Brazilian sample. Many situations that violate premises of the theory of the expected utility, base of the Modern Finance Theory, are presented. Empirical results show that evidences of many perception biases in decisionmaking are consistent, independently of aspects related with the evolution of the market and the culture or nationality of individuals. The separation between theory and practice in financial decisions suggests the Behavioral Finance as an alternative to explain attitudes of economic agents.

A influência da estrutura de propriedade e controle sobre o valor de mercado corporativo no Brasil

O modelo brasileiro de governanca corporativa e caracterizado pela elevada concentracao na estrutura societaria que, em geral, culmina na sobreposicao da propriedade e da administracao das companhias. Segundo a literatura, o acumulo de acoes pelo(s) controlador(es) pode impactar o desempenho corporativo devido ao efeito-alinhamento (ou incentivo) e ao efeito-entrincheiramento. A principio, a presenca de grandes acionistas estaria associada a beneficios para a organizacao, uma vez que poderia aumentar a eficacia do monitoramento da gestao. Todavia, patamares muito elevados de concentracao acionaria podem permitir que os controladores dominem o processo decisorio da corporacao, o que poderia resultar na expropriacao da riqueza dos acionistas minoritarios. A relevância da estrutura societaria como mecanismo interno dos sistemas de governanca corporativa motivou a realizacao do presente estudo. Este artigo teve como objetivo testar se a concentracao de propriedade e controle influencia o valor de mercado corporativo. Para tanto, foi utilizado um painel nao balanceado para o periodo de 2001 a 2010, composto por 237 empresas brasileiras nao financeiras de capital aberto, que somou 1.199 observacoes. Foram empregados modelos dinâmicos de regressao, estimados pelo Metodo dos Momentos Generalizado Sistemico (MMG-Sis), para mitigar possiveis fontes de endogeneidade como a omissao de variaveis, o efeito-feedback e a simultaneidade. Constatou-se a existencia de relacao quadratica entre concentracao no direito sobre o fluxo de caixa do acionista controlador e o valor de mercado das firmas. Ademais, os resultados indicam que o valor de mercado corrigido das acoes do maior acionista captou o efeito-incentivo, enquanto a concentracao no direito de voto capturou o efeito-entrincheiramento.

Executive Remuneration and Corporate Performance

This paper investigates the existence of a relationship between executives remuneration and corporate performance with respect to financial performance measures: ROE, ROS and sales growth. The results suggest that there is a relationship between: a) bonus and ROE, b) bonus and ROS, c) fringe benefits and ROE, d) fringe benefits and ROS and e) fringe benefits and sales growth.

Internal Strategic Performance Variables as Indicators for the Third Sector

This paper develops a profile of a sample of 648 entities registered with the federal government, as well as identifies financial and non-financial indicators that can better explain how usage frequency can be explained by measures that can predict value and that can be easily obtained. These qualitative indicators can guide donators concerning their priorities, as well as influence administrators behavior. This is a descriptive study that relies on quantitative methods. Some aspects related to existence concerning the sector of practices that aim at efficiency and effectiveness, at quality and innovation, at evaluation and communication of results, are analyzed concerning their relation with the capacity of surpassing the main restrictive fact: the scarcity of funds. Regarding this aspect, the task of personnel management, as well as the obstacles that avoid their qualification, are emphasized.