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A geração interna de recursos como fator determinante do investimento em capital fixo realizado por empresas brasileiras de capital aberto ; Internal funds generation as a determinant of brazilian public firms fixed capital investment

Freitas, Barbara Moreira de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 30/08/2006 PT
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46.14%
Em mercados de capitais perfeitos, a decisão de investimento de uma empresa pode ser considerada independente de sua decisão de financiamento, uma vez que recursos externos funcionam como um perfeito substituto para o capital interno. No entanto, em mercados de capitais com imperfeições, tais como custos de transação, custos de falência, problemas de assimetria de informações e problemas de agência, a disponibilidade de capital interno tende a influenciar a decisão de investimento. A insuficiência de recursos internos pode levar empresas a não aproveitarem boas oportunidades de investimento (subinvestimento) e o excesso pode incentivar administradores a investirem em projetos não lucrativos (superinvestimento). Em função de características operacionais, financeiras e administrativas, algumas empresas são mais sujeitas aos impactos de imperfeições de mercados e, por este motivo, seus investimentos devem ser mais sensíveis à geração interna de recursos. O objetivo deste estudo é investigar, no universo de empresas brasileiras de capital aberto, a sensibilidade do investimento em capital fixo - representado pela variação do imobilizado bruto - à geração interna de recursos - representada pelo fluxo de caixa operacional - bem como os fatores (características operacionais...

Formas plurais e assimetrias de informação; Plural forms and information asymmetries

Schnaider, Paula Sarita Bigio
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 01/12/2011 PT
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No presente estudo, salienta-se a necessidade por um referencial teórico destinado à compreensão de um fenômeno empírico recorrente no mundo real: as formas plurais de governança. Mais especificamente, ressalta-se a incapacidade da ECT em explicá-las. Essa limitação, aliada à ausência de um consenso teórico relativo à opção pelas formas plurais, motivaram o desenvolvimento do presente estudo, cujo principal objetivo consiste da exposição de uma nova abordagem relativa ao estudo das formas plurais de governança. Particularmente, pretende-se determinar a influência dos custos de informação quando da configuração dessas formas organizacionais. A abordagem teórica utilizada no presente estudo baseia-se na hipótese de que as firmas selecionariam simultaneamente duas ou mais das três tipologias organizacionais definidas por Williamson (1985) como um instrumento de monitoramento e incentivo, destinado à redução de assimetrias de informação, tanto no âmbito hierárquico quanto naquele contratual. Assim, desenvolve-se um modelo conceitual de decisão, didaticamente segmentado em duas etapas. Na primeira etapa, propõe-se que as formas plurais sejam motivadas pela existência simultânea de vantagens de custos de produção no mercado e de elevados custos de mensuração (BARZEL...

Consumer Protection Laws and Regulations in Deposit and Loan Services : A Cross-Country Analysis with a New Data Set

Ardic, Oya Pinar; Ibrahim, Joyce A.; Mylenko, Nataliya
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
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Consumer protection and financial literacy can contribute to improved efficiency, transparency, competition, and access in retail financial markets by reducing information asymmetries and power imbalances between providers and users of financial services. Financial consumer protection has gained significance in policy debates, especially since the onset of the financial crisis in 2008. This paper presents the results of a survey on consumer protection regulations in 142 countries. The findings indicate that although consumer protection legislation is in place in the majority of countries, these do not necessarily address the issues specific to financial services. There is some evidence that enforcement powers and monitoring capacity are limited in many countries, obstructing the effective implementation of the existing regulations. Furthermore, independent third party dispute resolution mechanisms are not widespread. The paper also compiles comprehensive information on laws and regulations relevant for consumer protection and discusses a number of challenges related to empirical analyses of financial consumer protection to enable cross-country comparison.

Credit Constraints and Investment Behavior in Mexico’s Rural Economy

Love, Inessa; Sanchez, Susana M.
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
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This paper uses two recently completed surveys of individual entrepreneurs (farmers and microentrepreneurs) and registered enterprises (agricultural and nonagricultural) operating in Mexico s rural sector to provide new evidence about the factors influencing the incidence of credit constraints and investment behavior. To measure the incidence of credit constraints, the authors use self-reported information on whether economic agents have a demand for loans, separating formal and informal markets. They define credit constraints as a situation where rural agents report an unsatisfied demand for loans (formal or informal), which originates from rural agents having projects that are too risky or from impediments hindering the ability of rural agents and lenders to reduce information asymmetries. The authors find that the self-reported demand for loans is low. Nevertheless, the incidence of credit constraints is pervasive, especially among individual entrepreneurs. The low use of loans has consequences for the amount of investments that occur in the rural economy...

Entrepreneurship and Development : The Role of Information Asymmetries

Klapper, Leora F.; Love, Inessa
Fonte: World Bank Publicador: World Bank
Tipo: Artigo de Revista Científica
EN_US
Relevância na Pesquisa
66.14%
This article reviews the literature on the relationship between entrepreneurship and economic development and introduces four symposium articles. A common thread is that information asymmetries are important determinants of access to finance in young entrepreneurial firms. Policy recommendations are proposed that would increase the positive role of entrepreneurship in economic development.

Establishing a Sound Credit Reporting System: Perspective from Doing Business

Jiang, Nan; Christ, Catrice; Zand, Yasmin
Fonte: International Finance Corporation, Washington, DC Publicador: International Finance Corporation, Washington, DC
EN_US
Relevância na Pesquisa
46.14%
Credit registries and bureaus essential elements of the financial infrastructure enhance access to financial services. By sharing credit information, they help reduce information asymmetries, increase access to credit for small firms, improve borrower discipline, and support bank supervision and credit risk monitoring. This SmartLesson focuses on the Doing Business Getting Credit Credit Information index, which measures rules and practices affecting the coverage, scope, and accessibility of credit information available through a credit registry or bureau.

Facilitating SME Financing through Improved Credit Reporting

International Committee on Credit Reporting
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Relatório
EN_US
Relevância na Pesquisa
46.24%
The general principles for credit reporting were issued by the World Bank in September 2011. Since then, the World Bank and the international committee on credit reporting (ICCR) have been leading efforts towards the implementation of the general principles worldwide. This report is one of the concrete outputs of the work following the general principles. It addresses one of the most significant problems that limit the ability of most small and medium enterprises (SMEs) around the world to obtain adequate external financing to underpin their productive activities: information asymmetries. Creditors assess the creditworthiness of credit and loan applicants based on two basic criteria: ones financial capacity or ability to repay a loan, and ones willingness to repay the loan. A credit reporting system s (CRS) basic objective is to address information asymmetries, which is crucial for determining repayment capacity and repayment willingness. Credit reporting can therefore be extremely valuable to creditors for enhanced...

La teoría de agencia en el ámbito de los seguros de salud

Vázquez Núñez, Raquel
Fonte: Universidade da Corunha Publicador: Universidade da Corunha
Tipo: Trabalho de Conclusão de Curso
SPA
Relevância na Pesquisa
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Traballo fin de grao (UDC.ECO). ADE. Curso 2014/2015; [Resumen] El propósito de este trabajo es estudiar la teoría de agencia en relación con los seguros de salud, de manera que se reflejen los problemas que causan las asimetrías de información presentes entre principal y agente. Se comienza analizando los antecedentes de la teoría de agencia, tratando de comprender el origen de la misma, para continuar analizando su marco teórico, detallando las asimetrías de información que presenta dicha relación e identificando cuáles son las posibles soluciones que permitan solventar estos problemas. Finalmente se realiza una comparativa entre varios países europeos, sobre las medidas que han tomado para hacer frente a los problemas de agencia que se presentan en sus sistemas de salud nacionales. En dicha comparativa, se aprecia como cada país ha ido modelando la solución más adecuada, teniendo en cuenta las características de sus servicios y la distribución de su población.; [Abstract] The aim of this paper is to analyse the theory of the firm in relation to health insurance, in this way we can reflect some problems that cause information asymmetries. Firstly, an explanation of the theory of the firm’s background is carried out...

Information asymmetries and financial intermediation during the Baring crisis : 1880-1890

Flores, Juan-Huitzi
Fonte: Universidade Carlos III de Madrid Publicador: Universidade Carlos III de Madrid
Tipo: Trabalho em Andamento Formato: application/pdf; text/plain
Publicado em /10/2007 ENG; ENG
Relevância na Pesquisa
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This paper analyses the information structure of European investors on the eve of the Baring crisis in 1890. We argue that financial intermediaries were in a privileged position by having the monopoly of information. This situation led to conflicting interests because business and proper investors’ advice were not always compatible, as they are not even today. Even though spreads in secondary market prices between Argentina’s long-term sovereign bonds and U.K. consols remained stable throughout the 1880s, primary market variables such as underwriting fees or total amounts of “money left on the table” in Argentina’s Initial Public Offerings reflect the deteriorating macroeconomic situation of the country. In fact, this paper suggests that lessons from the Baring crisis can be transferred to contemporaneous crises.

Entrepreneurship and Development : The Role of Information Asymmetries

Klapper, Leora F.; Love, Inessa
Fonte: World Bank Publicador: World Bank
Tipo: Journal Article; Journal Article
EN_US
Relevância na Pesquisa
66.14%
This article reviews the literature on the relationship between entrepreneurship and economic development and introduces four symposium articles. A common thread is that information asymmetries are important determinants of access to finance in young entrepreneurial firms. Policy recommendations are proposed that would increase the positive role of entrepreneurship in economic development.

Financial Inclusion in Brazil : Building on Success

International Monetary Fund; World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
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The development of a far reaching correspondent banking network is one of the key factors behind Brazil's success story in financial inclusion. Between 2005 and 2011, the number of correspondents approximately doubled to more than 160,000. The Central Bank encouraged financial institutions to reach out to more distant consumers and to communities where they had not previously been active, including lower income areas, through partnerships with a variety of retail establishments including some with public ties such as the post office network and lottery agencies. Regulators have gradually reduced restrictions on correspondent banking, such as individual approval processes, in response to early successes with this program. The legal framework also facilitated healthy expansion by putting the onus on regulated institutions to train and monitor their correspondents. This Technical Note (TN) does not include an analysis of the causes underlying Brazil's continued high credit cost but many of the issues discussed here may be contributing factors. These include the lack of savings and related dependence on credit which may reduce price elasticity in credit markets; information asymmetries which add to the cost of credit evaluation and increase risk for lenders; and competition issues (as with mobile payments and the so-called no-surcharge-rule on payment methods). The Aide Memoire for the FSAP mission provides further discussion of these important issues.

Information Diffusion in International Markets

Izquierdo, Alejandro; Morisset, Jacques; Olarreaga, Marcelo
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
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Globalization has been a persistent phenomenon of the post-war period. The gross volume of cross-border capital flows has grown at an average of 25 percent a year, and trade in goods and services has also increased, albeit not as dramatically, but at least twice as fast as world GDP over the past 20 years. Yet, consumers and investors continue to spend and hold a disproportionate share of their assets in local markets-the so-called home-bias has been emphasized by many recent empirical studies. For many researchers, this home bias reflects information asymmetries and the fact that acquiring information across international borders is relatively costly. The main objective of the authors is to identify channels through which information gets disseminated across international markets. They consider three potential channels through which information can affect import and foreign equity purchase decisions in 14 OECD countries. The first channel consists of information spillovers from the commercial to the financial markets and vice-versa. Financial investors and importers share common information...

Does Asymmetric Information Cause the Home Equity Bias?

Bravo-Ortega, Claudio
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
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The home equity bias is one of the many puzzles existing in international finance. This puzzle is characterized by the concentration of domestic equity in any investor's portfolio, which is in contradiction with the benchmark of full diversification in a world mutual fund. Based on Admati's (1985) and Gehrig's (1993) noisy rational expectation models, the author tries to explain the effect of asymmetric information in the home equity bias puzzle. While asymmetric information helps to explain the puzzle for the case of one domestic, and one foreign equity, this result relies on very restrictive assumptions. Using a model with one domestic asset and two foreign assets, the author illustrates that asymmetries of information are also consistent with home equity bias reversals. One proposition generalizes these results. Simulations corroborate the main theoretical predictions of the model presented by the author.

Information Asymmetries and Institutional Investor Mandates

Didier, Tatiana
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
66.28%
The preference among foreign institutional investors for large firms is widely documented. This paper deepens our understanding of international investments by providing evidence that foreign institutional investors with broader investment scopes prefer to invest in firms where they are less prone to information disadvantages than more specialized ones. In other words, there is heterogeneity in how information asymmetries affect investors' portfolio choices. Theoretically, a model with costly information and short-selling constraints shows that the broader the investor's mandate, the smaller the incentives to gather and process costly information. Empirically, an analysis of the mutual fund industry in the United States supports this hypothesis.

Identification Strategy : A Field Experiment on Dynamic Incentives in Rural Credit Markets

Giné, Xavier; Goldberg, Jessica; Yang, Dean
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
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How do borrowers respond to improvements in a lender's ability to punish defaulters? This paper reports the results of a randomized field experiment in rural Malawi that examines the impact of fingerprinting borrowers in a context where a unique identification system is absent. Fingerprinting allows the lender to more effectively use dynamic repayment incentives: withholding future loans from past defaulters while rewarding good borrowers with better loan terms. Consistent with a simple model of borrower heterogeneity and information asymmetries, fingerprinting led to substantially higher repayment rates for borrowers with the highest ex ante default risk, but had no effect for the rest of the borrowers. The change in repayment rates is driven by reductions in adverse selection (smaller loan sizes) and lower moral hazard (for example, less diversion of loan-financed fertilizer from its intended use on the cash crop).

The Heavenly Liquidity Twin : The Increasing Importance of Liquidity Risk

Montes-Negret, Fernando
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Policy Research Working Paper
ENGLISH
Relevância na Pesquisa
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Liquidity and solvency have been called the "heavenly twins" of banking (Goodhart, Charles, 'Liquidity Risk Management', Financial Stability Review -- Special Issue on Liquidity, Banque de France, No. 11, February, 2008). Since these "twins" interact in complex ways, it is difficult -- particularly at times of crisis--to distinguish between them, especially in the presence of information asymmetries (Information asymmetry occurs when one party has more or better information than the other, creating an imbalance of power, giving rise to adverse selection and moral hazard ). An insolvent bank can be liquid or illiquid, and a solvent bank may be at times illiquid. In the latter case, insolvency is not far away, since banking is grounded in information and confidence, and it is confidence which in the end determines liquidity. In other words, liquidity is very much endogenous, determined by the general condition of a bank, as well as the perception of it by the public and market participants. Dealing with liquidity risk is more challenging than dealing with other risks...

Customs, Brokers, and Informal Sectors : A Cameroon Case Study

Cantens, Thomas; Kaminski, Jonathan; Raballand, Gaël; Tchapa, Tchouawou
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
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Based on extensive interviews with informal importers and brokers in Cameroon, this paper explains why customs reform aimed at reducing fraud and corruption may be difficult to achieve. Informal traders and brokers (without licenses) follow various business models and practices, which are product-specific. Overall, what matters first are customs brokers' practices. Information asymmetries mark transactions between brokers and importers and are accompanied by misperceptions of the costs and risks of informal brokers working among informal importers. In a low-governance environment with widespread informal practices, blanket policies should be avoided in order to discourage activities of unprofessional and systematic bribe-taker brokers. It is also essential that customs officials disrupt information asymmetries and better disseminate information to informal importers on customs processes and official costs. Finally, customs should more strongly sanction some informal brokers in order to reduce collusion with some customs officers.

Should Capital Flows Be Regulated? A Look at the Issues and Policies

Islam, Roumeen
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
46.1%
The author argues that externalities in financial markets, implicit and explicit guarantees on financial transactions, and information asymmetries in financial markets that may exacerbate contagion provide a rationale for a government role in managing the risk associated with cross-border capital flows. Governments can complement private sector risk management with measures that help deal with the volatility of capital flows. These measures include those that control the type and volume of capital flows and those that help investors make better investment decisions, and that may reduce herding behavior, such as better information provision. The main instruments that have been tried or recommended since the onset of the recent financial crises can be grouped in several categories. 1) Debt management: The composition, maturity structure, and level of external debt have played an important role in financial crises. High short-term debt relative to liquid assets has been found to be consistently correlated with financial crises in recent times. Governments can affect the level of debt (including private debt) and its composition...

information, asymmetry of information and regulation of the suplemental health market; Informação, assimetria de informações e regulação do mercado de saúde suplementar 10.5007/1518-2924.2006v11nesp1p132

Lima, Clóvis Ricardo Montenegro de; UFSC - Florianópolis - SC
Fonte: Departamento de Ciência da Informação – UFSC Publicador: Departamento de Ciência da Informação – UFSC
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; ; Formato: application/pdf
Publicado em 06/12/2007 POR
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Information is a necessary condition for democracy. The social networks are relevant in today’s cultural development since they are a priviledged means to produce and broadcast information. New technologies make it easier to store and publish files, specially with the Internet. The discussion ethics which aims common agreement between the parties implies the need for a communicative behavior based on rational propositions. Information asymmetries among market players create the need for regulation. The market usually works in an imperfect way, so that very often it is unable to disclosure information about prices and other socially acceptable supply conditions. Health care frameworks are different according to the social-cultural context. The Brazilian private health insurance market has about 2,200 insurers and covers 40 million beneficiaries. ANS (Agência Nacional de Saúde Suplementar), the Brazilian regulatory agency for private health insurance, enforces the Laws n. 9656/98 and 9961/00, which defines the regulatory benchmarks in this market. Information production, organization, consolidation and dissemination are important regulation tools.; A informação é condição para a democracia. As redes sociais são relevantes nas formações culturais atuais...

Information asymmetries, volatility, liquidity, and the Tobin Tax

Danilova, Albina; Julliard, Christian
Fonte: The London School of Economics and Political Science ,SRC Discussion Paper Publicador: The London School of Economics and Political Science ,SRC Discussion Paper
Tipo: Monograph; NonPeerReviewed Formato: application/pdf
Publicado em 04/11/2014 EN; EN
Relevância na Pesquisa
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We develop a tractable model in which trade is generated by asymmetry in agents' information sets. We show that, even if news are not generated by a stochastic volatility process, in the presence of information treatment and/or order processing costs, the (unique) equilibrium price process is characterised by stochastic volatility. The intuition behind this result is simple. In the presence of trading costs and dynamic information, agents strategically choose their trading times. Since new (constant volatility) information is released to the market at trading times, the price process sampled at trading times is not characterised by stochastic volatility. But since trading and calendar times differ, the price process at calendar times is the time change of the price process at trading times – i.e. price movements on the calendar time scale are characterised by stochastic volatility. Our closed form solutions show that: i) volatility is autocorrelated and is a non-linear function of both number and volume of trades; ii) the relative informativeness of numbers and volume of trades depends on the sampling frequency of the data; iii) volatility, the limit order book, and liquidity, in terms of tightness, depth, and resilience, are jointly determined by information asymmetries and trading costs. The model is able to rationalise a large set of empirical evidence about stock market volatility...