Jairo Laser Procianoy

A política de dividendos como geradora de economia fiscal e do desenvolvimento do mercado de capitais: uma proposta criativa

Local Brazilian businessmen, normally, complains about every time higher taxes. Due to no tax on dividends and high taxes on capital gains, we suggest an innovative dividend policy by te companies aiming to reduce taxation for investors and to create conditions to develop the Brazilian capital market. Investors will find higher liquidity in the stock markets and, as a consequence, better valuation for their shares. In this paper, we analyze the applicability of our suggestion for dividend policy.

Does the Privatization of State Companies Improve Their Performance? Evidence from the Brazilian Case

Abstract In this study, a number of economic-financial indicators were compared for 59 Brazilian state companies during the years of 1990 to 1997 before and after they were privatized. of these, 43 were federal companies and the rest were from various states. Thirty represented sales of control and the remaining were sales of minority positions in the companies. The tests performed confirmed the results of earlier empirical studies. The companies became more efficient and profitable after the privatization with the best performance concentrated in the subgroups where control was divested which is consistent with the idea that privatization improves the incentives for workers and administrators of the organization.

Brazil: Company partnership models

Abstract This paper is an attempt to discuss economic groups as a way of achieving their governance, growth, financing, and diversification in less-developed capital markets. Company financing in the Brazilian capital market is analyzed, based on research being conducted in Brazil on governance structures. It is shown that there are three basic models: cascade, web, and fan. Characteristics of Brazilian law and the Brazilian stock market make it possible to determine “equity leverage” as a way of maintaining equity control over different companies and as the answer to having more than one public company in the same economic group.

Dividend clientele, new insights, and new questions: the Brazilian case

Este artigo analisa o efeito de clientela em dividendos e a hipotese de sinalizacao no mercado brasileiro de acoes entre 1996 e 2000. Neste periodo, a tributacao sobre dividendos era nula e sobre ganhos de capital variou entre zero e dez por cento. As firmas brasileiras enfrentam dois regimes de informacao, o que nos permite testar a hipotese de sinalizacao. De uma amostra com 394 observacoes, 39% possuem um preco de acao maior no primeiro dia ex-dividend do que no ultimo dia de cum-dividend. O preco de mercado e maior para dividendos nao antecipados, mas mesmo para dividendos pre-anunciados, os precos das acoes sao maiores do que o esperado, o que nao e coerente com a hipotese de clientela. Tambem encontramos evidencias de um volume de contratos positivamente anormal por volta da data nao antecipada de dividendo, o que e coerente com a hipotese de sinalizacao, mas nao se verificou nenhum volume de negociacoes anormal por volta das datas pre-anunciadas de dividendos. Nossos resultados sao inconsistentes com a hipotese de clientela, mas suportam a hipotese de sinalizacao.This paper analyzes the dividend clientele effect and the signaling hypothesis in the Brazilian stock market between 1996 and 2000. During this period, the dividend tax was zero and the capital gains tax varied between zero and 10%. Brazilian firms face two information regimes, which allow us to test the signaling hypothesis. From a sample of 394 observations studied, 39% show a first ex-dividend day stock price higher than the price on the last cum-dividend day. The market price is higher for unanticipated dividends but, even with pre-announced dividends, stock prices are higher than the expected level, which is inconsistent with the clientele hypothesis. We also find evidence of a positive abnormal volume around the unanticipated dividend date, which is consistent with the signaling hypothesis, but no abnormal trading volume around pre-announced dividend dates. Our findings are inconsistent with the clientele hypothesis but provide support for the signaling hypothesis.

OPEN MARKET STOCK REPURCHASES AT SÃO PAULO STOCK EXCHANGE – BOVESPA

This paper examines stock prices reaction to open market repurchases announcements at the Sao Paulo Stock Exchange between May 30, 1997 and October 31, 1998. This institutional scenario is a good testing ground for some theoretical hypotheses about stock repurchases announcements, because during this period there were taxes on capital gains but not on dividends. Using an event study methodology, we examined 110 episodes and found very small abnormal returns. Those results can not be explained by two main competing theoretical explanations. The Cumulative Abnormal Returns pattern found clearly suggests that repurchase announcements affected the behavior of stock prices in ways not described in previous studies.

Reação dos investidores a bonificações e desdobramentos: o caso brasileiro

This paper analyses market reaction to splits - stock splits and stock dividends made by companies traded at the Sao Paulo Stock Exchange. We found positive and significant returns around first day ex. Due to Brazilian characteristics of the capital market and of its economy, signaling, tick size and optimal price range hypothesis seems not to be good explanations, liquidity tests give us mixed signals.

O pacote fiscal de 1995 : estratégias que otimizam os recursos dos investidores

A strategy to the managers use after the tax leqislation changes of the Law no 8.981/95, which increased substantially the taxes on projits and limited the usage of past fosses carry forward.

Ações de empresas brasileiras e suas ADRs: uma nota sobre datas ex-dividend

This work analyses the performance of the Brazilian ADRs and their underlying stocks around the 1o ex-dividend day. The local stocks showed a better performance, on average, than the ADRs on the days preceding the event data. This fact suggests that investors prefer to buy local stocks on this period because they have to pay lower taxes in country-regionplaceBrazil when they receive the dividend. This tendency is reverted on the 1o ex-dividend day, when the ADRs had a better performance than their underlying stocks. The analysis of the prices showed that the ADRs are negotiated with a premium on average.

Restrições financeiras e a decisão de investimento das firmas brasileiras

O estudo objetiva testar a relacao entre restricoes ao credito e investimentos das firmas brasileiras utilizando a estrategia delineada por Almeida e Campello (2007), a qual se mostra robusta as diversas criticas levantadas pela literatura. Os resultados encontrados sugerem que: 1) firmas classificadas como nao restritas, em geral, comportam-se exatamente como preve o modelo neoclassico; e 2) firmas classificadas como restritas comportam-se de maneira consistente com o modelo de Almeida e Campello (2007). Esses resultados diferem substancialmente daqueles evidenciados em estudos anteriores no Brasil e constituem uma evidencia (original) da existencia do efeito multiplicador de credito no nivel de firma.

Clientela em dividendos, novos elementos e novas questões: o caso brasileiro

Este artigo analisa o efeito de clientela em dividendos e a hipotese de sinalizacao no mercado brasileiro de acoes entre 1996 e 2000. Neste periodo, a tributacao sobre dividendos era nula e sobre ganhos de capital variou entre zero e dez por cento. As firmas brasileiras enfrentam dois regimes de informacao, o que nos permite testar a hipotese de sinalizacao. De uma amostra com 394 observacoes, 39% possuem um preco de acao maior no primeiro dia ex-dividend do que no ultimo dia de cum-dividend. O preco de mercado e maior para dividendos nao antecipados, mas mesmo para dividendos pre-anunciados, os precos das acoes sao maiores do que o esperado, o que nao e coerente com a hipotese de clientela. Tambem encontramos evidencias de um volume de contratos positivamente anormal por volta da data nao antecipada de dividendo, o que e coerente com a hipotese de sinalizacao, mas nao se verificou nenhum volume de negociacoes anormal por volta das datas pre-anunciadas de dividendos. Nossos resultados sao inconsistentes com a hipotese de clientela, mas suportam a hipotese de sinalizacao.This paper analyzes the dividend clientele effect and the signaling hypothesis in the Brazilian stock market between 1996 and 2000. During this period, the dividend tax was zero and the capital gains tax varied between zero and 10%. Brazilian firms face two information regimes, which allow us to test the signaling hypothesis. From a sample of 394 observations studied, 39% show a first ex-dividend day stock price higher than the price on the last cum-dividend day. The market price is higher for unanticipated dividends but, even with pre-announced dividends, stock prices are higher than the expected level, which is inconsistent with the clientele hypothesis. We also find evidence of a positive abnormal volume around the unanticipated dividend date, which is consistent with the signaling hypothesis, but no abnormal trading volume around pre-announced dividend dates. Our findings are inconsistent with the clientele hypothesis but provide support for the signaling hypothesis.