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1	Persistência na performance de fundos de investimento imobiliário brasileiros entre 2008 e 2012 Guimarães, José Gustavo Macedo 29 May 2013 (has links) Submitted by José Gustavo Macedo Guimarães (jgustavo.guimaraes@gmail.com) on 2013-11-20T19:22:47Z No. of bitstreams: 1 Persistência na performance de fundos de investimento imobiliário brasileiros entre 2008 e 2012.pdf: 666198 bytes, checksum: c6278a2cc62dcc1fb294f8384726a616 (MD5) / Approved for entry into archive by Vitor Souza (vitor.souza@fgv.br) on 2013-12-03T12:38:00Z (GMT) No. of bitstreams: 1 Persistência na performance de fundos de investimento imobiliário brasileiros entre 2008 e 2012.pdf: 666198 bytes, checksum: c6278a2cc62dcc1fb294f8384726a616 (MD5) / Made available in DSpace on 2013-12-16T15:58:24Z (GMT). No. of bitstreams: 1 Persistência na performance de fundos de investimento imobiliário brasileiros entre 2008 e 2012.pdf: 666198 bytes, checksum: c6278a2cc62dcc1fb294f8384726a616 (MD5) Previous issue date: 2013-05-29 / The goal of this study is to evaluate the persistence in performance of real estate investment funds. In order to do that a methodology similar to Carhart (1997) was adopted: portfolios were select accordingly to the fund returns and performance was analyzed over time. Subsequently performance was evaluated through multifactor models. These models were created using indexes based on information from the Brazilian stock market and the IBOVESPA. The results indicate that high past returns real estate investment funds present persistence in their performance. In the case of multifactor models, it is concluded that the data used from the stock market do not mimic these funds. However, when modeling is performed using the IFIX a positive alpha exists for the high profit funds. / O objetivo deste trabalho é avaliar a persistência na performance de fundos de investimento imobiliário. Para isso, adotamos metodologia semelhante à de Carhart (1997): analisamos o desempenho, ao longo do tempo, de carteiras de fundos selecionados segundo seus percentis de retorno. Posteriormente, a performance desses fundos foi avaliada através de modelos multifatores. Para determinação desses modelos, foram criados índices baseados nas informações das ações do mercado brasileiro e do IBOVESPA. Os resultados sugerem que fundos de investimento imobiliário de retorno superior apresentam persistência em seus desempenhos. No caso dos modelos multifatores, conclui-se que os dados utilizados do mercado acionário não representam de forma satisfatória fundos de investimento imobiliário. No entanto, quando a modelagem é feita utilizando-se o IFIX, nota-se alfa positivo para os fundos mais rentáveis. Performance de fundos imobiliários Modelos de performance Análise de fundos imobiliários Economia Finanças Fundos de investimento Investimentos imobiliários
2	Contribution à la compréhension de l'impact des facteurs exogènes de risque sur les PME des pays en développement : le cas de la République Dominicaine. / A Contribution to Understanding the Impact of Exogenous Risk Factors on SMEs in Developing Countries : The Case of the Dominican Republic. / Contribución a la comprensión del impacto de los factores de riesgo exógenos sobre las Mipymes de los países en desarrollo : El Caso de la República Dominicana. Jimenez Romero, Sterling Modesto 24 September 2012 (has links) La plupart des études en gestion sur la performance des entreprises sont centréessur l'explication de la relation entre les facteurs internes ou des caractéristiquesintrinsèques de l'entreprise (niveau d'endettement, diversification des produits, lastratégie concurrentielle, etc.) et son performance. Cette thèse vise à déterminerquels sont les facteurs de risque exogènes qui ont un impact sur la performance desentreprises en République Dominicaine? Ces facteurs, affectent-ils différemment lesmicro, petites et moyennes entreprises en fonction de leur secteur d'activité. Quelest le risque pour chacun des plus représentatifs sous-secteurs des entreprisesDominicaines? Nous avons constaté que les facteurs de risque les plusstatistiquement significatifs sont les dépenses de consommation des ménages, letaux d'intérêt des banques commerciales, l'investissement total, le taux de changede DOP à USD et le déficit de la balance commerciale. La composition etl'importance des facteurs varient considérablement en fonction de la taille desentreprises et le sous-secteur auquel ils appartiennent. Les grandes entreprises sonten moyenne moins risqué que des moyennes, petites et micro entreprises, n’importequel que soit le sous-secteur auquel ils appartiennent. / Many of the management studies on the performance of the company are focusedon explaining the relationship between the internal factors or intrinsic characteristicsof the firm (debt level, diversification of products, competitive strategy, etc.) and itsperformance. This thesis seeks to determine, what are the exogenous risk factorsthat impact the performance of all companies in the Dominican Republic? Thesefactors differentially affect the micro, small and medium enterprises according to theirbusiness sector. What is the risk on each of the most representative sub-sectors ofthe Dominican companies? We found that the most statistically significant riskfactors are the household consumption expenditure, the interest rate of commercialbanks, the total investment, the DOP to USD exchange rate and the deficit on thetrade balance. The composition and importance of the factors significantly variesdepending on the size of the company and the sub-sector to which it belongs. Also,large firms are on average less risky than medium, small and micro regardless of thesub-sector they belong. / Muchos de los estudios de gestión sobre el performance de la empresa se enfocanen explicar la relación que existe entre los factores o características intrínsecas de laempresa (nivel de endeudamiento, diversificación de productos, estrategiacompetitiva, etc.) y el performance de la misma. Esta tesis busca determinar¿cuáles son los factores exógenos de riesgo que impactan el performance de lasempresas de la República Dominicana? Si estos factores afectan de forma diferentea la micro, pequeña y mediana empresa según su actividad empresarial. ¿Cuál es elriesgo que tiene cada uno de los sub-sectores más representativos de las empresasdominicanas? Encontramos que los factores de riesgo estadísticamente mássignificativos son el consumo de los hogares, la tasa de interés de los bancoscomerciales, la inversión total, la tasa de cambio de DOP a USD y el déficit en labalanza comercial. La importancia y composición de los factores varíasignificativamente según el tamaño de la empresa y el sub-sector al que pertenece.También, en promedio, las empresas grandes tienen menos riesgos que lasmedianas, pequeñas y micro sin importar al sub-sector que pertenezcan. PME Risques Facteurs de risques exogènes Risques liés aux secteurs Risques industriels Risques économiques Risques financiers Théorie financière Performance Modèles de performance République Dominicaine Pays en développement Caraïbes Beta d’un secteur Modèles multifactoriels de risque Modèle de panel à effets fixes SMEs Risks Exogenous Risks Factors Sector Risk Industrial Risk Economic Risk Financial Theory Performance Performance Models Dominican Republic Developing Countries Caribbean Sector Betas Multi-factor risk models Fixed Effect Data Panel Model Mipymes Riesgo Factores de Riesgo Exógenos Riesgos Sectoriales Riesgos Industriales Riesgos Económicos Teoría financiera Performance Modelos de Performance República Dominicana Países en Desarrollo Caribe Betas sectoriales Modelos multifactoriales de riesgo Modelo de Datos de panel de efecto fijo 650

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Persistência na performance de fundos de investimento imobiliário brasileiros entre 2008 e 2012