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Securitização de crédito e a lei nº 11.101/05 / Securitização and the law n. 11.101/05Hélio Rubens de Oliveira Mendes 21 May 2014 (has links)
O estudo tem por escopo avaliar a conveniência e os impactos da redação do art. 136, §1º, da Lei 11.101/05, que protege as cessões de crédito para veículos de securitização dos efeitos dos artigos 129 e 130 do mesmo normativo, que, respectivamente, tratam dos atos ineficazes e dos atos revogáveis, em relação à massa falida. Isto em um ambiente de ausência de normas que regulem as cessões de crédito em operações de securitização. A análise perpassa a proteção pela normativa competente das relações creditícias, em um cenário já bastante comprometido pela crise financeira, isto é, a hipótese de falência do originador. Em suma, a ideia é entender o balanço entre a circulação do fluxos financeiros, as influências dos riscos no mercado de capitais e a tutela legal das operações a crédito no Brasil. / The study aims to assess the appropriateness and the impact of the article 136, paragraph 1, of the Law no. 11.101/05, which protects credit transfers to securitization vehicles of the effects of articles 129 and 130 of the same Law, which, respectively, deal with ineffective acts and the acts revocable, in relation to the bankruptcy. This in an environment of lack of rules governing the assignment of credit securitization operations. The analysis pervades the protection by competent regulatory credit relations, in a scenario already compromised by the financial crisis: the credit sellers bankruptcy. In short, the idea is to understand the balance between the circulation of financial flows, the influences of the risks on the capital market and legal guardianship of the credit operations in Brazil.
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O mercado de capitais no território brasileiro: ascensão da BM&FBovespa e centralidade financeira de São Paulo (SP) / The capital market in the Brazilian territory: the rise of BM&FBovespa and the financial centrality of São Paulo (SP)Wagner Wendt Nabarro 20 September 2016 (has links)
A metrópole de São Paulo posiciona-se como principal praça financeira do território brasileiro. Nela, situa-se a Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBovespa), que é, atualmente, a única bolsa de valores em operação no país. Avaliando o processo de desenvolvimento do mercado de capitais brasileiro, buscamos entender o surgimento e a transformação das bolsas de valores, discutindo a centralização e a concentração das instituições financeiras no território e suas implicações. Buscamos também entender como se dá o processo de expansão e de internacionalização da bolsa de valores brasileira, observando como São Paulo se insere como participante de peso no mercado financeiro internacional e questionando as consequências da concentração dessas atividades em poucos pontos do território brasileiro, assim como os efeitos da expansão das atividades financeiras no mundo contemporâneo. / The metropolis of São Paulo stands as the main financial center in the Brazilian territory. The São Paulo Stock, Commodities and Futures Exchange is currently the only stock exchange operating in the country. Evaluating the process of development of the Brazilian capital market, we seek to understand the emergence and expansion of the stock exchanges, discussing the centralization and concentration of financial institutions on the territory and its implications. We also intend to understand the process of Brazilian stock exchanges expansion and internationalization. For this, we observe how São Paulo inserts itself as a heavy participant of the international financial markets, questioning the consequences of the concentration of this activity in a few points of the Brazilian territory, and also the effects of the expansion of financial activities in the contemporary world.
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Value relevance do índice de Basileia: o impacto da regulação bancária no mercado de capitais. / Value relevance of the basel index: the impact of banking regulation on the capital markets.Patricia de Oliveira Garcia 02 April 2018 (has links)
O setor bancário é um dos mais importantes na sociedade, pois suas atividades relacionadas ao processo de pagamentos e sua atuação como intermediário financeiro são essenciais no desenvolvimento da economia. No entanto, em razão da natureza de suas operações e dos riscos envolvidos nas mesmas, o setor bancário também é um dos que apresentam regulação mais rígida. Bancos que atuam globalmente recebem influência de regulação em esfera internacional, como por exemplo, o Acordo de Basileia, que versa sobre requerimentos mínimos de capital. A regulação bancária e, por conseguinte, o Acordo de Basileia, podem impactar as atividades dos bancos, sua captação no mercado, suas estratégias e competição. Tal impacto deve ser avaliado tanto pelos próprios bancos, como pelos reguladores, pelo mercado e pela academia. A presente pesquisa avalia o impacto da regulação bancária, em especial o Acordo de Basileia, no mercado de capitais por meio de um estudo de value relevance. Utilizando o modelo de regressão do preço (Price Regression Model - PRM) com dados de bancos dos 27 países membros do Comitê de Basileia, foi avaliado se o índice de Basileia afeta o preço das ações dos bancos. Conclui-se que o índice de Basileia é value relevant para a amostra completa. No entanto, com a retirada dos Estados Unidos da amostra, devido ao alto percentual de participação (51%) na mesma, o índice de Basileia deixou de ser value relevant. Além disso, os resultados mostraram que o índice de Basileia não é value relevant para países considerados code law (amostra completa) e nem para países adotantes do IFRS (amostra completa). / The banking sector is one of the most important in society, because its activities related to the payment process and its role as financial intermediary are essential in the development of the economy. However, because of the nature of its operations and the risks involved in them, the banking sector is also one of the most rigid. And banks that operate globally receive regulatory influence in the international arena, such as the Basle Accord, which deals with minimum capital requirements. Banking regulation, and therefore the Basle Accord, can impact the activities of banks, their capture in the market, their strategies and competition. Such an impact must be assessed by the banks themselves, regulators, the market and academy. The present research evaluates the impact of banking regulation, especially the Basel Accord, on the capital market through a value relevance study. Using the Price Regression Model (PRM) with data from banks of the 27 member countries of the Basel Committee, it was assessed whether the Basel index affects the stock price of banks. We conclude that the Basel index is value relevant for the whole sample. However, with the withdrawal of the United States from the sample, due to the high percentage of participation (51%) in the sample, the Basel index is no longer value relevant. In addition, the results showed that the Basel index is not value relevant for countries considered code law and for adopters of the IFRS (full sample).
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Estudo da precificação no lançamento de títulos de dívida de empresas brasileiras no exterior / A study on the pricing at the issuing of Brazilian international corporate bondsBruna Losada Pereira 19 December 2012 (has links)
O objetivo deste trabalho é estudar a formação do preço dos títulos de dívida corporativa brasileiros emitidos no exterior, essencialmente eurobonds, buscando identificar quais os fatores, além do seu rating, que determinam a formação do spread pelo risco pago por esses títulos no momento de emissão. Busca-se também tecer uma discussão comparativa entre os resultados auferidos pela pesquisa, e os resultados identificados em pesquisas anteriores para dados de debêntures brasileiras domésticas. O estudo foi desenvolvido por meio de regressões lineares múltiplas, que buscam identificar os fatores, levantados através de pesquisa bibliográfica, que influenciam o spread pelo risco no momento de emissão do título. A base de dados foi compilada através dos portais Bloomberg e Cbonds, e de prospectos de emissão, e contou ao final com 103 observações distribuídas em uma janela de 2002 até 2012. Os resultados indicam que os principais fatores determinantes do spread na emissão dos bonds são: a nota de rating da emissão, o desempenho recente do S&P500 e o desempenho do PIB brasileiro em relação ao desempenho do PIB global, no mesmo período. Um resultado interessante identificado é que o índice S&P500 é mais relevante na precificação dos eurobonds brasileiros do que o Ibovespa, o que indica que os investidores, ao decidir investir em um título corporativo brasileiro, possivelmente estão mais interessados no risco desse ativo, especificamente, do que no risco-Brasil genericamente. Outras variáveis foram avaliadas, como maturidade, frequência no pagamento de cupons, volume da emissão, risco-país do Brasil (medido pelo EMBI+ do JPMorgan), desempenho do dólar e Ibovespa. Os resultados da pesquisa, em sua maioria, foram alinhados com os resultados identificados por Paiva (2011) para as debêntures brasileiras emitidas no Brasil, que também encontrou relevância para as variáveis rating e desempenho da economia, entre outras. / This objective of this dissertation is to analyze the pricing of corporate debt securities issued abroad, essentially eurobonds, in order to identify which factors, beyond its rating, that determine the spread for risk paid by these securities at the moment of issue. As secondary objectives, this dissertation also aims to compare, through a qualitative discussion, the conclusions reached by this research, and the results identified in previous research that tested Brazilian domestic bond data. The method applied in the study was multiple linear regression, in order to identify the factors that influence significantly the spread for risk at the time of issue of the bond. The previous literature research that was held indicated which variables should be tested. The database was compiled through Bloomberg, Cbonds portal, and issues prospectus, and the final database was comprised of 103 observations from 2002 to 2012. The results indicate that the main determinants of the spread in the issuance of bonds are: rating of the issue, the recent performance of the S&P500 index and the performance of the Brazilian GDP in relation to the global GDP in the same period. An interesting result was that the S&P500 index is more relevant in the pricing of Brazilian eurobonds than the Bovespa index, which indicates that players, when deciding to invest in a Brazilian bond, are possibly more interested in the risk of this asset, specifically, than in the Brazil risk, overall. Other variables were tested, such as maturity, coupon payment frequency, volume of issue, the spread for Brazilian risk (measured by the JPMorgan EMBI+), dollar performance and Ibovespa. The survey results, in general, were in accordance with the outcomes identified by Paiva (2011) for the debentures issued in Brazil, who also identified the variables for rating and performance of the economy as relevant to the pricing of the debentures, among other results
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Internal capital markets in cross-border mergers and acquisitions; a financial market development perspectiveValk, Floris Joost January 2018 (has links)
Cross-border M&A’s have been gaining momentum in the past decades. As growth opportunities are becoming scarce, more and more multinational corporations seek their expansion opportunities across the border through M&A’s. Whether these cross-border M&A’s add value has been a heavily debated topic. This research takes a value adding perspective by showing the effect of financial market development and capital dependence on the abnormal returns of acquiring firms from the US. Our results show that the effects of financial development and capital dependence are statistically significant, but their financial significance is small.
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Alternativní financování malých a středních podniků / Alternative financing of small and medium-sizes enterprisesVacula, Jan January 2017 (has links)
Alternative financing of small and medium-sized enterprises This thesis analyses whether the legal framework, both present and envisaged, regulating securitisation and crowdfunding is likely to improve the access of small and medium-sized enterprises to financing. The first chapter focuses on securitisation, with a particular focus on securitisation of SME loans. In doing so it evaluates the costs and benefits associated with securitisation, as well as securitised assets and the products of securitisation. The following part describes the mechanism of both a true sale and a synthetic securitisation. The key part of the chapter, however, deals with the legal framework regulating securitisation as well as each individual step of a securitisation transaction, and analyses several issues that may arise under Czech law in relation to securitisation. Next, the proposal for the securitisation regulation, which proposes criteria for qualified securitisations, is introduced. This chapter concludes with an evaluation of the said proposal and presents a level of scepticism as to its intended positive impact on SME financing. The second chapter deals with crowdfunding. After a general introduction into crowdfunding and its various business models, the rest of the chapter focuses on financial crowdfunding, i.e....
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Analýza moderních instrumentů na kapitálových trzích / Analysis of modern instruments on capital marketsMatyáš, Radko January 2009 (has links)
This thesis is focused on some of the new instruments on capital markets -- specifically on Investment Certificates, Warrants, Exchange Traded Funds and Contracts for Difference. It shows fundamental principle of behavior, important specifications and comparison to other investment products. The text further examine overall instruments' offering especially on the European markets and compare trading possibilities of the main brokers in the Czech Republic. The work analyses price changes of the instruments and related underlying assets and examine risk and profitability with respect to the latest global financial crisis.
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Dopady zapojení vybraných subjektů českého kapitálového trhu do projektu TARGET2-Securities / Impacts of participation of selected Czech capital market entities in TARGET2-Securities projectParmová, Adéla January 2015 (has links)
This thesis deals with the current major project of the European Central Bank named TARGET2-Securities. Its main objective is to create a single European settlement system. This responds to the current fragmented nature of the post-trade infrastructure and the increasing regulatory requirements imposed by supranational institutions for stability, security, efficiency and transparency of the European capital markets. The paper first helps to understand the topic in a broader context and presents the meaning, evolution and possibilities of the program TARGET2-Securities. The next section focuses on the access options of the Czech capital market entities. It mainly deals with settlement systems of the Central Securities Depository Prague and settlement centre SVYT at RM-SYSTEM Czech Stock Exchange. It proposes a concrete way how could the settlement participants be offered a new service using the pan-European platform. The work examines the benefits of TARGET2-Securities and applies its advantages and disadvantages to the selected market participants. The entire text is accompanied by simple diagrams, which should help readers better understand the topic.
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Mezinárodní rating a jeho využití pro veřejný sektor / Credit rating and its relevance for public sector entitiesBeníšek, Stanislav January 2011 (has links)
The main focus of this is the use of credit rating by public sector entities and especially by so called sub-soverign entities, i.e. those that are below the central government. Author is primarily trying to understand to what extent credit rating is used by public sector entities globally, what role it plays in their activities, what motivates these entities to seek services of credit rating agencies and ultimately what benefits, if any, credit rating bring to them.
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A relevância da informação contábil para o mercado de capitais brasileiro sob o pressuposto da racionalidade limitada dos investidores / The relevance of accounting information for the Brazilian capital market under the assumption of bounded rationality of investorsBruno Figlioli 18 August 2017 (has links)
A questão se a informação contábil é relevante para o mercado de capitais tem sido investigada, predominantemente, por meio dos pressupostos da Hipótese de Eficiência de Mercado (HEM). Para a HEM, toda informação relevante é refletida nos preços das ações de forma integral e instantânea, a partir da consideração de que as informações são analisadas e interpretadas por indivíduos plenamente racionais. Contudo, a literatura relacionada às áreas de Finanças Comportamentais e de Processos Decisórios tem indicado que os indivíduos, mesmo em condições de interação e de competição, como verificado nos mercados financeiros, são melhor caracterizados como detentores de racionalidade limitada ao tomar decisões. Nesse sentido, o objetivo deste estudo foi examinar a relevância da informação contábil para o mercado de capitais brasileiro sob o pressuposto da racionalidade limitada dos investidores. Para tanto, foram desenvolvidas escalas de complexidade específicas para as ações ordinárias e preferenciais. As escalas foram utilizadas como parâmetros para testar se níveis distintos de incertezas na estimação dos fluxos de caixa futuros estão associados à utilidade da informação contábil para o mercado de capitais. Além disso, no estudo, segregou-se a tomada de decisão nas dimensões dos ganhos e das perdas, tendo como objetivo identificar a relevância da informação contábil, segundo essa classificação. A amostra foi composta por informações de 232 empresas listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBOVESPA) no período de 2000 a 2015. Os resultados encontrados apontaram evidências de uma associação inversa entre os níveis de complexidade na avaliação das empresas e a relevância da informação contábil para os investidores. Foi identificado, também, que os preços das ações tendem a incorporar as informações contábeis relevantes de forma apenas gradual em condições de maiores níveis de incertezas. Esses resultados mostraram-se robustos para a dimensão dos ganhos. Além disso, os resultados obtidos sugerem que as normas contábeis do International Financial Reporting Standard (IFRS) reduziram os níveis de complexidade na avaliação das ações, o que resultou em um aumento da relevância da informação contábil para os investidores. De forma geral, as evidências obtidas corroboram a ideia de que os limites cognitivos dos indivíduos em processar informações pode ser um fator relacionado à magnitude com que os preços das ações refletem as informações contábeis. / The question whether accounting information is relevant to the capital market has been investigated predominantly through the assumptions of the Efficient Market Hypothesis (EMH). For EMH, all relevant information is reflected in stock prices in an integral and instantaneous way, considering that information is analyzed and interpreted by fully rational individuals. However, the literature related to the areas of Behavioral Finance and Decision Making has indicated that individuals, even in conditions of interaction and competition, as verified in financial markets, are better characterized as having limited rationality when making decisions. In this sense, the objective of this study was to examine the relevance of the accounting information to the Brazilian capital market, under the assumption of investors\' bounded rationality. Therefore, specific complexity scales were developed for common and preferred stocks. The scales were used as parameters to test if different levels of uncertainties in the estimation of future cash flows are associated with the usefulness of the accounting information for the capital market. In addition, the study segregated the decision making in gains and losses dimensions, aiming to identify the relevance of accounting information according to this classification. The sample consisted of information of 232 companies listed on the Brazilian Securities, Commodities and Futures Exchange (BM&FBOVESPA), from 2000 to 2015. The findings brought evidence of an inverse association between levels of complexity in the evaluation of the stocks and the relevance of accounting information to investors. It was identified that stock prices tend to incorporate the relevant accounting information only gradually in conditions of higher levels of uncertainties. These results were robust for the gain dimension. Furthermore, the results suggest that the accounting standards of International Financial Reporting Standard (IFRS) reduced complexity levels in stock valuation, which resulted in an increase in the relevance of accounting information for investors. In general, the evidence obtained corroborates with the idea that cognitive limits of individuals in processing information may be a factor related to the magnitude in which stock prices reflect the accounting information.
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