Marinês Taffarel

The Brazilian Stock Market - Dimension, Structure, and Main Features

First, a few lines are dedicated to positioning the Brazilian economy after the stabilization in 1994. Following this, a section presents the main institutions of the Brazilian stock market. The next 2 sections present its dimension and structure, respectively. In sequence, a brief discussion of the role of accounting information in determining prices and returns is inserted. The next section deals with corporate governance and highlights the Novo Mercado. Then, some final remarks are added.

The Brazilian common stock market reaction to corporations’ performance

This article aims to evaluate the capability of accounting-financial indicators to explain short run oscillations in the Brazilian common stock prices. This is an event study in which the date of disclosure of accounting information is used as reference. The approach is quantitative and uses multivariate statistical analysis. The sample consists of 24 companies chosen according to participation in the theoretical portfolio of the Sao Paulo Stock Exchange (Bovespa). Analysis is based on daily closing prices of common shares on different dates as dependent variables, and on 16 accounting-financial indicators as independent variables. The period of analysis extends from 1 January 1998 to 31 March 2008, a total of 41 quarters. A meaningful model is established for return of price 30 days after publication on quarter closing price. Such a model accounts for 29% of the variation contained in the dependent variable. Results indicate that accounting-financial indicators are actually important in explaining short run oscillations in the Brazilian common stock prices and confirm that accounting constitutes a valuable source of information for every stakeholder in the market, especially investors.

O impacto da lei de responsabilidade fiscal sobre a gestão financeira municipal: um estudo com os municípios do Paraná [doi: 10.5329/RECADM.20111001005]

O IMPACTO DA RESUMO Este artigo tem por objetivo mensurar e avaliar os reflexos da Lei de Responsabilidade Fiscal (LRF) sobre o espaco de manobra da gestao financeira dos municipios paranaenses extremamente pequenos e dos pequenos. A pesquisa e caracterizada como descritiva e explicativa quanto aos objetivos; bibliografica e documental quanto aos procedimentos; e quantitativa quanto a abordagem do problema. O universo da pesquisa sao os municipios paranaenses com populacao menores que 5 mil habitantes e os com populacao entre 10 e 20 mil habitantes; a amostra e composta pelos municipios que disponibilizaram informacoes junto a base de dados Financas do Brasil -FINBRA/STN. A tecnica estatistica empregada e a regressao linear multipla. Nas analises de regressao foram usadas 22 variaveis explicativas, envolvendo aspectos financeiros e de gestao dos municipios. Conclui-se que o espaco de manobra da gestao financeira tanto nos municipios paranaenses extremamente pequenos como nos pequenos, nao foi reduzido pela LRF, como era esperado; e que os aspectos que mais contribuem para com o espaco de manobra municipal, nos municipios extremamente pequenos estao associados aos gastos com pessoal, e nos pequenos dizem respeito a diferenca entre as receitas e as despesas correntes. Palavras-chave Financas publicas. Gestao financeira municipal. Administracao municipal. ABSTRACT This article seeks to quantify and assess the repercussions of the Law of Fiscal Responsibility (LRF) on the operating space of the financial management of municipalities of Parana extremely small and small. The research is characterized as descriptive and explanatory as to the objectives, literature and documents about the procedures, and on the quantitative approach to the problem. The research is the municipal districts with population less than 5000 inhabitants and those with population between 10 and 20 000 inhabitants, and the sample consists of the municipalities which have provided information to the database Finance of Brazil - FINBRA/STN. The statistical technique used is multiple linear regression. In the regression analysis were used 22 explanatory variables, including aspects and financial management of municipalities. We conclude that the leeway for financial management in both the extremely small municipalities of Parana and in the small, was not reduced by the LRF, as expected, and that the aspects that contribute most to the leeway with municipal municipalities in extremely small are related to personnel expenses, and small refer to the difference between revenue and current expenditure. Keywords Public finances. Municipal financial management. Municipal administration.

O impacto da lei de responsabilidade fiscal sobre a gestão financeira municipal: um estudo com os municípios do paraná

This article seeks to quantify and assess the repercussions of the Law of Fiscal Responsibility (LRF) on the operating space of the financial management of municipalities of Parana extremely small and small. The research is characterized as descriptive and explanatory as to the objectives, literature and documents about the procedures, and on the quantitative approach to the problem. The research is the municipal districts with population less than 5000 inhabitants and those with population between 10 and 20 000 inhabitants, and the sample consists of the municipalities which have provided information to the database Finance of Brazil - FINBRA/STN. The statistical technique used is multiple linear regression. In the regression analysis were used 22 explanatory variables, including aspects and financial management of municipalities. We conclude that the leeway for financial management in both the extremely small municipalities of Parana and in the small, was not reduced by the LRF, as expected, and that the aspects that contribute most to the leeway with municipal municipalities in extremely small are related to personnel expenses, and small refer to the difference between revenue and current expenditure.

Stability of the beta coefficient of electric energy industry

This article is aimed at evaluating the stability of the beta coefficient over time, which is the usual risk indicator of stocks. The research work embraces common (ON) and preferred (PN) stocks of eighteen Brazilian corporations of the energy industry, which are classified as governmental or private ones, and refers to the period from January 1999 to June 2008. Therefore, there are four classes of stocks: governmental common, governmental preferred, private common, and private preferred. A three-stage analysis is developed. In the first stage, a regression analysis is performed to estimate beta coefficients according to the Market Model on the basis of consecutive sixty month periods, with a lag of six months between them. In view of the fact that estimates of betas show an oscillating pattern, additive and multiplicative dummy variables are introduced in the second stage, and new regression analysis is performed by means of the stepwise procedure. In the third stage, a Panel Data Analysis is developed initially by means of the stepwise procedure and then by means of the enter procedure. The results of the first stage show a clear oscillating pattern for the four classes of stocks. In the second stage statistical evidence of the instability of the betas for the four groups of stocks is found, and more unstable beta’s estimates are observed for governmental corporations. The results from the Panel Data Analysis confirm the beta’s capacity to differentiate portfolios and to capture changes in the economic and financial scenario. Key words: risk, stocks, beta coefficient, Brazilian energy industry.