O mercado de crédito brasileiro oferta uma quantidade reduzida de crédito a preços elevados, denotando sinais de um resultado não eficiente. Uma das explicações para esse fato é a existência de altos custos de transação no mercado, que acabam por restringir sua dimensão e elevar o custo total. Um estudo que identifique os custos de transação e seus componentes pode auxiliar na avaliação desse resultado, bem como pode contribuir para o entendimento dos aspectos necessários para o seu aprimoramento. O referencial teórico da Economia dos Custos de Transação fornece uma série de ferramentas analíticas que permitem essa avaliação, focando a existência de custos de transação não-nulos. O objetivo deste estudo é justamente analisar os determinantes dos custos de transação e seus efeitos no mercado de crédito brasileiro. Para tanto, é realizada uma revisão da literatura da Economia dos Custos de Transação, de forma a apresentar o instrumental analítico. Além disso, é feita uma caracterização dos mercados de crédito, apontando para as possíveis fontes de custos de transação. Logo após, analisa-se o mercado de crédito brasileiro sob a ótica Economia dos Custos de Transação e realiza-se um exercício econométrico para avaliar qual o impacto dos custos de transação sobre o a oferta de crédito pessoal no Brasil. Como resultado, destaca-se duas fontes principais de custos de transação. A primeira é a elevada assimetria informacional presente nas transações de crédito, que é fruto de sistemas de compartilhamento de informações pouco desenvolvidos. A segunda é a ineficiência do enforcement, por suas características de lentidão, custos elevados e imprevisibilidade. Essas duas fontes apresentam-se como os principais determinantes dos custos de transação que influenciam negativamente a oferta de crédito no Brasil, e, mais especificamente, o nível de concessões de crédito pessoal. Essa hipótese é ratificada pelos resultados do exercício econométrico realizado no estudo. / The Brazilian credit market supplies little volume of credit at elevated prices, which signals nonefficient market results. The existence of high transaction costs in the credit market is one of the issues that are raised to explain these results because they restrain the credit market dimensions and elevate its costs. Therefore their correct identification could help to evaluate the market results and could also to contribute for the comprehension of the aspects which are necessary for its improvement. The Economic of Transaction Costs offers a theoretical referential that allows for this evaluation to take place by focusing on the existence of non-null transaction costs. This study analyses the transaction-cost determinants of the Brazilian credit market. To do so, the Economics of Transaction Cost literature is briefly presented and it is followed by a credit market description. Subsequently the Brazilian credit market is analyzed and an econometric exercise is offered. As a result, two main sources of transaction costs are identified in the market. The first one is the asymmetric information that is current at credit transactions and has its roots at the underdeveloped information sharing systems. The second one is the inefficient enforcement which is said to be slow, costly and unpredictable. Therefore, those two sources are pointed to be the transaction-cost determinants that adversely impact the credit supply in Brazil and, more specifically, the personal credit market. This hypothesis is reaffirmed by the econometric results presented in the study.

A tese investiga três dimensões dos efeitos da adoção mandatória do IFRS para os mercados de crédito no Brasil: 1) para a relevância da informação contábil na perspectiva dos credores; 2) para os termos contratuais de crédito bancário e títulos de dívida; e 3) para a propensão das empresas locais captarem recursos nos mercados de crédito internacionais. As análises contemplam amostras de aproximadamente 6.500 ratings atribuídos por instituições financeiras e agências de risco (Fitch, Standard & Poors e Moody\'s) e 137.000 contratos de crédito bancário e títulos de dívida (debêntures) detidos por 122 grupos econômicos durante o período de 2005 a 2014. A abordagem empírica é construída a partir de um modelo de interação, comparando-se os períodos pré e pós-IFRS e confrontando grupos de adotantes mandatórios e voluntários. Utilizando-se controles relacionados às características do contrato (loan-specific), da empresa (firm-specific) e da instituição financeira concedente do crédito (lender-specific) e a partir de estimações por MQO, MQ2E e regressão logística, os resultados sugerem que os impactos da adoção do IFRS para a relação contratual de crédito exibem considerável heterogeneidade entre as empresas, dependem do tipo de mercado avaliado (crédito bancário x títulos de dívida) e são condicionais aos incentivos das empresas promoverem efetiva melhora na qualidade da informação contábil. Especificamente, a tese encontra que a adoção mandatória do IFRS contribuiu para: (i) aumentar a habilidade dos números contábeis explicarem o rating de crédito das empresas; (ii) reduzir a dispersão das notas de crédito atribuídas por diferentes instituições financeiras; (iii) reduzir o custo do crédito, alongar os prazos de vencimento, aumentar os montantes concedidos e reduzir a probabilidade de exigência de garantia; e (iv) aumentar a propensão das empresas locais captarem recursos nos mercados internacionais. Entretanto, as evidências sugerem que tais efeitos são exclusivos para entidades que possuem incentivos para prover informação contábil de qualidade, suportando que a existência de benefícios econômicos não depende meramente da publicação dos demonstrativos no padrão global, mas sim está condicionada à maneira como as empresas efetivamente adotam os pronunciamentos. Análises adicionais indicam que as consequências econômicas para o mercado de crédito tendem a ser maiores para os títulos de dívida em relação ao crédito bancário e para empresas com piores notas de crédito e maiores reconciliações iniciais entre o GAAP doméstico e o IFRS. Testes de robustez relacionados a variações na especificação da amostra e reduções nas janelas de evento reforçam a validade dos modelos e ajudam a suprimir potenciais preocupações de que os resultados tenham sido provocados por efeitos concorrentes. O estudo reforça a importância do papel informacional das demonstrações financeiras para os contratos de crédito e contrapõe evidências na literatura de que consequências positivas associadas ao IFRS são exclusivas para países que apresentam determinadas características institucionais / The thesis investigates three dimensions of the effects of mandatory IFRS adoption for credit markets in Brazil: 1) to the credit relevance of accounting information; 2) to the contractual terms of bank loans and debt securities; and 3) to the propensity of local firms to raise funds in international credit markets. The analyzes include samples of approximately 6,500 ratings assigned by financial institutions and rating agencies (Fitch, Standard & Poor\'s and Moody\'s) and 137,000 bank loans and debt securities (debentures) contracts held by 122 conglomerates during the 2005-2014 period. The empirical approach is built on an interaction model, comparing the pre- and post-IFRS adopters and confronting mandatory and voluntary groups. After controlling for loan-, firm- and lender-specific determinants of loan terms and using OLS, 2SLS and logistic regression estimates, the results suggest the impact of IFRS adoption for credit markets exhibit considerable heterogeneity between companies, depend on the assessed market (bank loans x debt securities) and are conditional to the companies incentives to effectively improve accounting quality. Specifically, the study finds that the mandatory IFRS adoption has contributed to: (i) increase the ability of accounting numbers to explain credit ratings; (ii) reduce the dispersion of credit scores attributed by different financial institutions; (iii) reduce the cost of credit, lengthen maturities, increase the amounts raised and reduce the likelihood of collateral requirement; and (iv) increase the propensity of local firms to raise funds in international credit markets. However, evidence suggests that these effects are unique to firms that have incentives to increase the quality of accounting information, supporting the existence of economic benefits does not merely depend on the publication of financial statements in the global accounting standard, but is conditional on how companies effectively adopt the pronouncements. Further analyzes indicate that the economic consequences for the credit market tend to be higher for debt securities relative to bank loans and for companies with poorer credit ratings and larger fist-time IFRS reconciliations. Robustness tests related to variations in the specification of the sample and reductions in the event of windows reinforce the validity of the models and help mitigate potential concerns that the results were caused by competing effects. The study reinforces the importance of the informational role of financial statements for lending agreements and contrasts evidence in the literature that positive consequences associated with IFRS are unique to countries with certain institutional features.

Este trabalho tem por objetivo analisar as mudanças na estrutura das cláusulas restritivas presentes nos contratos de dívida das empresas emissoras de debêntures, em função da adoção das Normas Internacionais de Contabilidade (IFRS) no Brasil. Adicionalmente busca-se entender quais os desdobramentos econômicos desta adoção em variáveis destes contratos e nos setores que se utilizam da captação de recursos de terceiros. Para isso, foram investigados contratos de dívida de empresas de capital aberto e fechado que emitiram debêntures entre os anos de 2006 a 2008 e 2011 a 2014 para se analisar os períodos antes e depois da adoção das IFRS. Com a coleta de dados realizada a partir dos contratos foi formada uma base de dados com 126 contratos sendo 78 anteriores à adoção das IFRS e 48 posteriores ao evento. A aplicação das técnicas estatísticas de associação, análise de correspondência e análise de correspondência múltipla demonstrou forte associação entre um maior número de covenants e os períodos posteriores à adoção das normas internacionais de contabilidade. Entretanto este crescimento foi constatado apenas para cláusulas restritivas de segurança e não contábeis, excluindo as cláusulas com números contábeis. Resultados adicionais mostraram que setores mais propensos a fomento governamental como infraestrutura, logística e construção apresentam maior número de cláusulas restritivas, o que indica maior receio de fornecedores de capital. Variáveis adicionais dos contratos como prazo de vencimento do contrato e presença de órgãos reguladores não apresentaram resultados significativos. Posto isso, a tese apresenta resultados de que a implantação das normas internacionais de contabilidade modificou a estrutura dos contratos de dívida, com aumento de cláusulas de segurança e não contábeis e perda proporcional de relevância dos números contábeis nestes contratos. Os achados estão em linha com pesquisas internacionais recentes que identificaram redução da utilização da informação contábil nos mercados de crédito, muito por conta do receio por parte dos credores dos critérios de julgamento permitidos pelas normas internacionais de contabilidade. / This study aims to analyze the changes in the structure of the restrictive clauses in debt agreements of the companies issuing debentures due to the adoption of International Financial Reporting Standards (IFRS) in Brazil. Additionally we seek to understand what are the economic consequences of this adoption on variables and sectors of such contracts that use resources from third parties. To reach this goal we investigated debt contracts of public and private companies and that issued debentures between the years 2006-2008 and 2011-2014 to analyze the periods before and after the adoption of IFRS. With data collection performed from contract was formed a database with 126 contracts being 78 prior to adoption of IFRS and 48 post-event. The application of the statistical techniques correspondence analysis and multiple correspondence analysis showed a strong association between a larger number of covenants and the periods after the adoption of international accounting standards. However this growth was observed only for restrictive covenants security and non-accounting, excluding clauses with accounting numbers. Additional results showed that the most likely sectors to government promotion such as infrastructure, logistics and construction with highest number of restrictive clauses which indicates greater fears of capital providers. Additional variables of contracts as contract maturity and presence of regulators were not significant. That said, the thesis presents results of the implementation of international accounting standards changed the structure of the debt contracts, an increase of security non-accounting covenants and a proportional loss of relevance of accounting numbers in these contracts. The findings are in line with recent international research that identified reduction in the use of accounting information in the credit markets, much due to the fear by creditors of the judging criteria allowed by international accounting standards.

Cette thèse s’intéresse au marché du crédit à Venise au XVIIIe siècle. Une partie importante de la recherche se concentre sur une offre de crédit spécifique au contexte vénitien, qui avait lieux dans les osterie (auberges) et les bastioni de la ville, des entrepôts où le vin était vendu à emporter. Le vin et l’argent étaient deux éléments intrinsèquement liés et trouvaient un point de contact dans l’activité des osti (aubergistes) et des bastioneri. Ces derniers offraient à leurs clients un service original de prêt sur gage. Ils assumaient le double rôle des fournisseurs de biens de consommation de base et de créanciers, devenant ainsi des figures incontournables dans le contexte urbain, en particulier pour les membres des couches les plus pauvres. L’un des éléments les plus intéressants est la manière dont les intérêts sur les prêts étaient perçus, puisque les créanciers tiraient profit du fait qu’un tiers de la valeur totale des crédits était payé en vin. La valeur faible des prêts confirme que ce service s’adressait principalement aux classes les plus fragiles de la société, c’est à dire les principaux protagonistes de ce que nous avons appelé l’économie ‘du mouchoir’. Il s’agissait surtout d’individus pauvres mais pas ‘très pauvres’, ceux qui n’avaient pas de grandes réserves d’argent et qui étaient vulnérables en raison de l’irrégularité de leurs revenus. Les objectifs de la recherche sont principalement au nombre de deux. Le premier consiste à analyser l’activité de crédit des bastioni et des osterie. Le second est de replacer cette organisation dans le contexte urbain, en analysant le marché dans son ensemble et en évaluant les caractéristiques et les variables qui pouvaient influencer la demande. Par conséquent, afin d’avoir une vision plus complète du marché, toutes les omposantes principales de l’offre ont été prises en considération. Outre les bastioni et les osterie mentionnés ci-dessus, les autres activités de prêts ont été analysés et comparés : l’activité des banques juives dans le Ghetto, mais aussi celle des monts-de-piété des villes de la terre ferme vénitienne, des notaires et des prêteurs privés. De cette façon il a été possible d’enquêter sur les relations existantes entre les différents circuits de crédit, et de démontrer qu’ils n’étaient pas en concurrence les uns avec les autres, mais qu’il s’agissait plutôt d’un marché segmenté. La recherche s’adresse aussi bien aux spécialistes de l’histoire vénitienne qu’aux historiens de l’économie dans d’autres contextes, en proposant une nouvelle méthodologie et un cas d’étude qui appellent à la comparaison dans d’autres villes à l’époque moderne. / This thesis analyses the credit market in Venice during the 18th century. An important part of this research focuses on a quite unique credit system, specific to the Venetian context, that was offer through the inns, or osterie, and the bastioni (warehouses where wine was sold) of the city. In 18th century Venice, wine and money were intrinsically linked through the activity of the innkeepers and the bastioneri (the managers of the bastioni), who originally offered their customers a pawnbroking service. They assumed the double roles of suppliers of basic goods and creditors, thereby becoming central economic figures in Venice’s urban context – especially for the members of the poorest classes. One of the most innovative elements of this research lies in the findings regarding the way that interest on loans was collected: creditors benefited from the fact that one-third of the total value of the transaction was paid in wine. The low average value of the loans confirms that this service was mainly aimed at the lower classes of society, the main actors in what has been defined as ‘the handkerchief economy’. Those who benefited the most from this kind of credit arrangement were essentially poor – but not too poor – people, who had only modest reserves of money, and were thus more vulnerable due to the paucity and irregularity of their income. The main objective of this research is twofold: (a) to analyze the credit activity of bastioni and osterie, and (b) to place it in the Venetian urban context. This study analyzed the Venetian credit market as a whole, and then assessed the characteristics and variables that could influence the demand for credit. Moreover, to develop a more complete view of this specific market, all the main components of the credit offer were taken into consideration. In addition to the already mentioned bastioni and osterie, the activities of Jewish bankers in the Ghetto, the monti di pietà situated on the Venetian mainland, as well as those of the notaries and the private lenders, were also analyzed and compared. In this way, it was possible to investigate the existing relationships between the different credit channels, and to determine that they were actually not in competition with one another; rather, it was discovered that they were, in fact, discretely positioned in a distinctly segmented market. This research is relevant to both specialists in Venetian history, and researchers concerned with economic history in other contexts; this study also proposes a new methodology, and a case study, useful for relative comparison by either constituency.

Background: In 2007, the World Bank issued the first green bond in the world together with SEB. The first green corporate bond was issued by Vasakronan in 2013 and thereafter the market has expanded. Green bonds have the same financial characteristics as traditional bonds, the difference lies in the fact that the bond proceeds from green bonds must finance environmentally or climate friendly projects. The green bonds should give investors and issuers incentives to implement sustainable investments or projects. Aim: The purpose of the thesis is to describe and explain investors' motives and incentives for buying green bonds. Completion: The thesis is based on a qualitative method and eight interviews have been conducted. The interviewed persons represent investors. In order to shed light on the nature of green bonds and the market, a literature study has been designed. Conclusion: Prominent motives and driving forces for all investors are the demand from customers, the opportunity to show a sustainable profile and that green bonds often have the same financial characteristics as traditional bonds. / Bakgrund: År 2007 emitterade Världsbanken den första gröna obligationen i världen tillsammans med SEB. Den första gröna företagsobligationen emitterades av Vasakronan år 2013 och därefter har marknaden expanderat. Gröna obligationer har samma finansiella egenskaper som traditionella obligationer, dock ligger skillnaden i att obligationslikviden från gröna obligationer ska finansiera miljö- eller klimatvänliga projekt. De gröna obligationerna ska uppmuntra investerare och emittenter att genomföra hållbara investeringar eller projekt. Syfte: Uppsatsens syfte är att beskriva och förklara investerares motiv och drivkrafter till att köpa gröna obligationer. Genomförande: Uppsatsen baseras på en kvalitativ metod och åtta intervjuer har genomförts. De intervjuade personerna representerar investerare. För att belysa gröna obligationers och marknadens karaktärsdrag har en litteraturstudie utformats. Slutsats: Framträdande motiv och drivkrafter för samtliga investerare är efterfrågan från kunder, möjligheten att visa upp en hållbar profil och att gröna obligationer har ofta samma finansiella egenskaper som traditionella obligationer.

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The thesis deals with the issue of excessive debt of households. In the first part the analysis of development of indebtedness of households was made and it was found out, that consumer loans are the most risky. Consumer loans are associated with the highest ratio of defaulting loans and are the leading cause of bankruptcies of individuals in the Czech Republic. The following chapter analyzes institutional environment of credit market and detects current weaknesses. These weaknesses consist in insufficient oversight of nonbank provider of consumer loans, absence of upper limit of annual percentage rate for consumer credit and credit availability to risk groups of households. Another cause of overindebtedness of households is insufficient financial literacy in Czech Republic. The reduced consumption has been identified as the most significant impact of overindebtedness of households. It is caused by transferring funds from households with a higher propensity to consume to households with a lower propensity to consume. Lower household consumption leads also to lower government revenue collected through the value added tax. Another economic impact we can see for example in increasing poverty of households, increasing criminality, higher government spending on health care or potential political radicalization. The thesis results are proposals of legislative measures that would mitigate the economic impact of overindebtedness of households. These measures lie primarily in the regulation of consumer credit market and greater consumer protection. The specific options are an extension of supervision by the Czech National Bank on nonbank providers of consumer loans, determining the upper limit of annual percentage rate, more thorough application of the legal obligation to examine the ability of borrowers to repay loans. Another option is to reduce the limit of 30 % of paid-up commitments in insolvency law.

The sluggish development of corporate lending has remained the central concern of EU monetary policy makers as it is considered to hinder seriously the resurgence of growth. This paper looks at the development of loans to large corporations vs SMEs in the pre-crisis and post-crisis period and wishes to answer: (i) to which extent do allocated loan volumes actually contribute to Output growth? (ii) which factors determine the development of loans, considering above all loan interest rates? and (iii) what causes differences in loan interest levels across the EA? The results indicate that different loan developments in the EA explain very well differences in output development, loans to SMEs contribute even more to output growth than those for large corporations. Loan development itself is negatively influenced by the interest level which differs significantly across EA members, with small loans in addition always being charged an interest premium over large loans. The capitalization of banks, the size of banks and their internationalization play a role as well. A part of the sluggish growth of loans can be explained by the increasing use of alternative financial instruments by large firms. Interest rates in turn are following the ECB interest rate, - but this link has become looser in the post-crisis period, and long term government bond rates. Different risks faced by banks and different bank structures have become important explanatories of interest rates in the post-crisis period. (author's abstract) / Series: Department of Economics Working Paper Series

Este estudo buscou evidenciar os efeitos da adoção mandatória do IFRS sobre a qualidade das informações contábeis relevantes para a avaliação do risco de crédito das empresas. Neste contexto foram analisados três aspectos de interesse: (1) a capacidade dos números contábeis explicarem os ratings de crédito atribuídos pelas três principais agências de classificação de risco (Moody\'s, S&P e Fitch), (2) a diferença em termos de ganhos informacionais entre países emergentes e desenvolvidos com a adoção mandatória do IFRS, e (3) a identificação de aspectos de governança nacional capazes de explicar tais diferenças. As análises se basearam nos ratings e dados contábeis anuais de 571 empresas domiciliadas em 37 países durante o período de 2005 a 2017, o que constitui uma amostra de 4.683 empresas-anos. Os aspectos 1 e 2 foram testados por meio de comparações entre as qualidades dos ajustes (goodness of fit) de modelos do tipo probit ordenado. O método de reamostragem por bootstrap foi aplicado para testar a significância estatística das diferenças entre os modelos. Para a terceira análise foram estimados modelos de MQO para o teste dos coeficientes de regressão das interações entre a adoção do IFRS e indicadores de governança nacional fornecidos pelo Banco Mundial (WGI). Os resultados sugerem que a adoção mandatória do IFRS aumentou a capacidade dos dados contábeis explicarem as notas de crédito atribuídas pelas agências de rating às empresas. Ademais, foi evidenciado que este efeito é em média mais acentuado em economias emergentes em comparação com as desenvolvidas. Quanto a influência dos aspectos institucionais dos países, os modelos indicaram relação significativa entre os níveis de controle da corrupção, a adoção mandatória do IFRS e a capacidade dos dados contábeis explicarem os ratings de crédito. O estudo reforça a relevância da informação contábil para a análise do risco de crédito das empresas, traz novas contribuições à literatura relacionada aos efeitos da adoção do IFRS e evidencia a influência do ambiente institucional sobre esta relação / This research aims to find evidence about the effects of IFRS mandatory adoption on credit relevant accounting information. In this context three aspects of interest were analyzed: (1) the capability of accounting numbers to explain credit ratings assigned by the big three credit rating agencies (Moody\'s, S&P and Fitch), (2) the difference between emerging and developed markets in terms of informational gains after the mandatory adoption of IFRS, and (3) the identification of national governance aspects that might explain this difference. The analysis was based on credit rating and annual accounting data on 571 companies in 37 countries from 2005 to 2017, resulting in a sample of 4.683 firm-years. Aspects 1 and 2 were tested by comparing ordered probit model\'s goodness of fit. The bootstrap method was applied to test the statistical significance of the difference between models. For the third analysis, OLS models were estimated to test the regression coefficients from interactions between IFRS adoption and country governance indicators provided by the World Bank (WGI). The results suggest that IFRS mandatory adoption increased the capability of accounting information to explain credit ratings assigned by rating agencies. Additionally, evidence points out that this effect is greater on average for companies in emerging markets compared to others in developed markets. Regarding the influence of countries institutional characteristics, models indicated a significant relationship between corruption control levels, IFRS mandatory adoption, and capability of accounting data to explain credit ratings. This study supports the relevance of accounting information to assess credit risk, brings new contributions to existing literature about the effects of IFRS adoption, and provides new evidence related to the influence of institutional environment on this relationship

O objetivo do presente trabalho é avaliar a possibilidade de utilização dos fundos de investimento em direitos creditórios no financiamento de micro e pequenas empresas. O estudo parte da problemática teórica da assimetria de informações e faz um panorama do mercado brasileiro de crédito, com ênfase nas micro e pequenas empresas. A partir da análise da legislação pertinente a esses fundos, nota-se que não existe impedimento legal à constituição de FIDCs que objetivem fomentar os micro pequenos negócios. No final de 2005, cinco fundos de investimento em direitos creditórios para financiamento de micro e pequenas empresas entraram em funcionamento no Brasil. Por meio da análise do desempenho dos fundos em atividade, percebe-se que esta nova modalidade de financiamento se mostra como uma alternativa viável e promissora no provimento de crédito a micro e pequenos empresários, pois além de aumentarem o acesso desse segmento de mercado a empréstimos, o faz a taxas menores do que aquelas praticadas pelas instituições financeiras convencionais. / The purpose of the present study is to evaluate the possibility of financing micro and small enterprises by means of accounts receivables investment funds. The study starts with a review of the asymmetric information problem and makes a review of the Brazilian credit market, with a special emphasis on micro and small enterprises. Analyzing the legislation of those funds, it can be noted that there is no legal impediment to constitute funds with a focus on fomenting micro and small businesses. At the end of 2005, five funds to finance micro and small enterprises were constituted in Brazil. Analyzing the performance of those funds in activity, it can be stated that this new modality of financing is a viable and promising one. It allows the access of this segment to the credit market at smaller rates than those practiced by conventional financial institutions.