Submitted by Elba Lopes (elba.lopes@fecap.br) on 2016-03-15T18:38:28Z No. of bitstreams: 2 Joao_Burke.pdf: 1956451 bytes, checksum: adadb62fea074a2e87b02a52a5f2328a (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) / Made available in DSpace on 2016-03-15T18:38:28Z (GMT). No. of bitstreams: 2 Joao_Burke.pdf: 1956451 bytes, checksum: adadb62fea074a2e87b02a52a5f2328a (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Previous issue date: 2015-08-18 / The purpose of this thesis is to study the perception and the mitigation of diversifiable risks by angelinvestors in their investments in startups. Such theme is relevant in the entrepreneurship context in Brazil, and in the theoretical body of knowledge on Entrepreneurship and Corporate Finances. Angel investment is growing in Brazil, although only a few studies about risks in such context are found. In order to reach such goals, this thesis presents a chart of risks and relevant mitigation procedures, and proposes relevant classification in accordance with the angel investment phases and prominent risk dominion, as well as an exploratory study with three experienced Brazilian angels, following a semi-structured script whose empirical findings are framed into the relevant theories. Adopted data analysis technique is content analysis.In terms of results, based on fragments extracted from the interviews, angels are mostly concerned with operational risks, followed by market, financial and technological ones. In what refers to the 38 mechanisms of risk mitigation gathered in this thesis, answers point the majority of risk mitigation strategies organized in this thesis isreflected in the experience of the interviewed angels, since 26 mitigation mechanisms are endorsed by three or two of the interviewed angels. Additionally, another 10 mitigation mechanisms out of the 38 are endorsed by one of the interviewed angels; only two out of the mentioned 38 mitigation mechanisms are not adopted by any of the interviewed angels. / O objetivo desse trabalho ?? estudar a percep????o e a mitiga????o de riscos diversific??veis por investidores-anjos em seus investimentos em startups. Tal tem??tica tem relev??ncia no contexto do empreendedorismo no Brasil e no corpo te??rico sobre o empreendedorismo e finan??as. O volume de investimentos de tal natureza cresce no Brasil e, n??o obstante, h?? poucos estudos que versam sobre riscos neste contexto. Visando a atingir tais objetivos, realiza-se quadro resumo de riscos e 38 mecanismos correspondentes de mitiga????o apontados pela literatura, com proposta de classifica????o conforme fases do investimento-anjo e dom??nio de risco preponderante, bem como se efetua estudo explorat??rio com tr??s investidores-anjos brasileiros experientes, seguindo roteiro semiestruturado,cujos dados emp??ricos s??o cruzados com as teorias pertinentes. A t??cnica de an??lise de dados utilizada ?? a an??lise de conte??do. No que se refere aos resultados obtidos, conclui-se que fragmentos dos discursos dos entrevistados revelaram preocupa????es mais frequentemente relacionada aos riscos do dom??nio operacional, seguidos de riscos de mercado, financeiros e tecnol??gicos. No que tange aos 38 mecanismos de mitiga????o agrupados no presente trabalho, as respostas dos anjos apontam que a maioria das estrat??gias de mitiga????o colacionadas neste trabalho ?? corroboradapela pr??ticados anjos entrevistados, pois 26estrat??gias s??o endossadas por tr??s ou dois dos entrevistados. Complementarmente, 10 das 38 formas de mitiga????o s??o endossadas por um dos anjos entrevistados; apenas duas das 38 formas de mitiga????o n??o encontram apelo junto aos entrevistados.

Made available in DSpace on 2015-12-03T18:33:06Z (GMT). No. of bitstreams: 1 Thiago_Borges_Ramalho.pdf: 1079128 bytes, checksum: de1270f3b50f5b1daf3cadce2353d803 (MD5) Previous issue date: 2013-08-28 / The premise of unbounded rationality advocated by the Efficient Market Hypothesis is challenged by the theoretical framework that involves the Behavioral Finance, whose basis, the Prospect Theory by Kahneman and Tversky (1979), questions the Expected Utility Theory, an important element of Neoclassical Economics as basis for decision making. This research aims to replicate the empirical investigation of the seminal article by Kahneman and Tversky (1979) to evaluate the decision-making process of employees (potential investors) of a major national financial institution. The results of this study were compared to those obtained in the original article and the studies led by C??rtes (2008), Cruz, Kimura and Krauter (2003), Rogers et al. (2007), Rogers, Favato and Securato (2008), and Torralvo (2010). The questionnaire adopted was an adaptation of the originally used, so that one could test, in studied sample, the applicability of Prospect Theory, more specifically with regard to Certain, Reflection and Isolation Effects. I also analyzed the differences in the decision making process considering the attributes of the respondents (gender, age, education, occupation, income and financial dependents). The results confirmed the existence of behavioral effects and proved that a large portion of the sample presented significant inconsistency in their choices according to the principles of the Expected Utility Theory, pointing that their decisions were not made under strictly rational behavior. Furthermore, in relation to violations observed, it was not possible to present significant conclusions in concern to the attributes by using regression analysis, suggesting the need of further studies / A premissa de racionalidade ilimitada preconizada pela Hip??tese dos Mercados Eficientes ?? contestada como ferramenta para tomada de decis??es pelo arcabou??o te??rico que envolve as Finan??as Comportamentais, cuja base, a Teoria da Perspectiva de Kahneman e Tversky (1979), questiona o que prediz a Teoria da Utilidade Esperada, importante elemento da Economia Neocl??ssica. A presente pesquisa objetiva replicar a investiga????o emp??rica do artigo seminal de Kahneman e Tversky (1979) para avaliar o processo decis??rio de funcion??rios (potenciais investidores) de uma importante institui????o financeira nacional. Os resultados deste estudo foram comparados aos obtidos no trabalho original e nas pesquisas realizadas por C??rtes (2008), Cruz, Kimura e Krauter (2003), Rogers et al. (2007), Rogers, Favato e Securato (2008) e Torralvo (2010). O question??rio adotado foi uma adapta????o do originalmente utilizado, para que se pudesse testar, na amostra estudada, a aplicabilidade da Teoria da Perspectiva, mais especificamente no que diz respeito aos Efeitos Certeza, Reflex??o e Isolamento. Foram analisadas, ainda, as diferen??as no comportamento frente ?? tomada de decis??es considerando os perfis demogr??ficos dos respondentes (g??nero, idade, forma????o, ocupa????o, renda e dependentes financeiros). Os resultados obtidos confirmaram a presen??a dos efeitos e comprovaram que uma grande parcela do p??blico amostral apresentou efetiva inconsist??ncia em suas escolhas segundo os fundamentos da Teoria da Utilidade Esperada, o que indica que suas decis??es n??o foram tomadas de forma estritamente racional. Al??m disso, em rela????o ??s viola????es observadas, n??o foi poss??vel apresentar conclus??es quanto ??s diferen??as entre os perfis demogr??ficos estudados por meio do modelo econom??trico proposto, apontando a necessidade da realiza????o de novos estudos

Made available in DSpace on 2015-12-03T18:33:07Z (GMT). No. of bitstreams: 1 Virginia_Prestes_Bernardes_Camillo.pdf: 841849 bytes, checksum: 5e36432262fd5944c6116a5c3ad3cbe2 (MD5) Previous issue date: 2014-03-06 / The present work has investigated from the point of view of the financial education, if the university??s students are a potential market for the popularization of equities investment and if the creation of a brokerage office, or something similar, within the educational environment, would be feasible. To achieve the general and specific objectives, it has been done interviews with managers from the educational area, managers from the capital market, and research through a questionnaire survey with students with a higher education and also a review of the literature related to financial education. The results of the research indicated that there are huge student??s interest in learning financial education; the creation of a brokerage office, or similar, within the university area was well received by educational managers as well as capital market managers, with the only requirement to combine financial practice to the theory given by the academy. It is intended that this research provides guidance popularization actions, both by the exchange as well as stockbrokers and investment agents, emphasizing the importance of bringing knowledge about finance to the people so we can have a solid foundation in the country of aware investors / O presente trabalho investigou do ponto de vista da educa????o financeira, se o p??blico universit??rio representa um mercado potencial para a populariza????o do investimento em renda vari??vel e se a cria????o de um escrit??rio de corretora, ou algo semelhante, dentro do ambiente educacional seja vi??vel. Para atingir os objetivos geral e espec??ficos foram realizadas entrevistas com gestores da ??rea de educa????o, gestores do mercado de capitais, pesquisa por meio de question??rio com alunos do ensino superior e revis??o da bibliografia relacionada ?? educa????o financeira. O resultado das pesquisas indicou que h?? claro interesse dos alunos em aprender educa????o financeira; a cria????o de um escrit??rio de corretora, ou similar, dentro de faculdades foi bem recebida tanto por gestores da ??rea educacional quanto do mercado de capitais, tendo como principal requisito aliar a pr??tica financeira ?? teoria ministrada pela academia, evitando-se eventuais conflitos de interesse. Pretende-se que esta pesquisa norteie a????es de populariza????o, tanto por parte da bolsa como tamb??m de corretoras de valores, agentes de investimentos e, finalmente, institui????es de ensino superior, enfatizando a import??ncia de levar conhecimento sobre finan??as ?? popula????o para que possamos ter no pa??s uma s??lida base de investidores conscientes