PEC-PG. CNPq / As cooperativas de crédito são regidas pelos mesmos princípios cooperativistas, mas agregam funções financeiras como os bancos tradicionais. A solidariedade na área financeira permite que as cooperativas de crédito levem aos seus cooperados os fundos poupados ou repassando os de desenvolvimento governamental das políticas públicas em forma de crédito. É evidente, no entanto, que nem sempre os “apoios” são devolvidos da mesma maneira como foram recebidos, neste mundo de muita perfeição e de alta competitividade. Assim, integra o elemento estranho no meio onde se imagina seu difícil acesso, a falta de confiança no cumprimento do contrato de crédito contraído pelos credores (cooperados). É conhecido como Risco de Crédito ou de um eventual não pagamento das dívidas contraídas pelos cooperados, o principal fator para processo de Gestão de Risco de Crédito nas instituições cooperativas do mundo. Desse modo, se insere o problema da pesquisa, sendo nova a gestão de risco nas cooperativas de crédito e num mercado assombrado pelas crises financeiras, e com isso se questiona: em que medida ou em que ponto o cumprimento das normas da gestão de risco de crédito nessas instituições vem sendo atendido? Com base nessa preocupação, traçaram-se os objetivos, que apontam em avaliar as práticas de gestão de risco em cooperativas de crédito do Sudoeste do Paraná (PR) de acordo com as resoluções do Conselho Monetário Nacional (CMN). Para isso, tem-se como objetivos específicos: listar as práticas de gestão de risco necessárias para a concessão de crédito; identificar de que forma estão sendo abordadas as práticas de gestão de risco de crédito, considerando-se normas de CMN; verificar qual é o impacto da gestão de risco percebido pelos gestores nas cooperativas de crédito; levantar em termos quantitativos quanto essas cooperativas perdem anualmente em inadimplência (default); comparar as práticas das cooperativas pesquisadas entre si e com as resoluções do CMN. O trabalho se justifica pela importância do processo de gestão de risco para as instituições cooperativas, para a academia e pela contribuição no reforço àquilo que o CMN vem recomendado nas suas resoluções. Para se atingir os resultados pretendidos, foi aplicado um estudo de caso múltiplo nas cooperativas CRESOL, SICOOB e SICREDI/PR, com abordagem qualitativa e quantitativa, em parte com dados secundários e primários. Os dados secundários foram levantados por meio da revisão da literatura referente às áreas de cooperativismo em geral e de crédito, a gestão de risco de crédito e normas e as resoluções do CMN sobre o tema, além de informações nos Relatórios Financeiros das três cooperativas. Os dados primários foram levantados por meio de aplicação de questionário nessas instituições, sendo entrevistados os Gerentes de Crédito, o Assessor Sênior da Controladoria e o Assessor e Supervisor de Crédito. Os dados levantados foram comparados entre as informações dos entrevistados da mesma instituição e depois com as outras, sendo que, na análise dos dados, os nomes das mesmas (instituições) deixaram de ser citadas e foi atribuído o nome de CASO (CASO1, CASO2, e 3 ). Foi identificada uma preocupação com a gestão de risco nessas instituições. Também se percebeu que o crédito só é liberado quando passa por análise de, no mínimo, três pessoas. Existem procedimentos de análise de crédito que seguem todas as alçadas necessárias para que a proposta seja deferida e também são avaliados de acordo com a renda do proponente e as cooperativas singulares são classificadas de acordo com seus patrimônios de Referências (PR) e Patrimônios de Referências exigidas (PRE), para receberem crédito das suas centrais e até para liberarem crédito aos seus cooperados Pessoa Jurídica, caso existam. Mesmo assim, foram localizadas as perdas (prejuízos), algumas mais acentuadas do que outras. Percebe-se que ainda existem reduzidos estudos sobre gestão de risco nas cooperativas de crédito, dada à situação em que se encontravam as mesmas, mas atualmente vale reforçar as pesquisas para conhecer como essas instituições lidam com a gestão de risco de crédito e outros riscos. / Credit unions are governed by the same cooperative principles but add financial functions as traditional banks. Solidarity in the financial area allows credit unions to take to their members or transferring funds spared government development of public policy in the form of credit. But it is not always clear that the "support" are returned the same way they were received, in this world of too much perfection and high competitiveness. Integrates the foreign element in the middle where you think its difficult access, lack of confidence in the fulfillment of the credit agreement contracted by creditors (cooperative). Known as credit risk or a possible non-payment of debts contracted by the cooperatives the main factor for Credit Risk Management process in cooperative institutions in the world. Thus falls the research problem, and new risk management in credit unions and a market haunted by financial crises, and if it asks: To what extent or at what point the compliance of the management of credit risk these institutions has been met? Based on this concern were traced objectives, which aim to assess the practices of risk management in credit unions Southwest of Paraná (PR) according to the resolutions of the National Monetary Council (CMN). For this, one has the following specific objectives: List the risk management practices needed to grant credit; Identify how they are being addressed management practices of credit risk considering CMN standard; Ascertain the impact of the management of risk perceived by managers in credit unions; Rise in quantitative terms as these cooperatives lost annually in default; Compare practices of cooperatives surveyed each other and with the resolutions of the CMN. The work is justified by the importance of the risk management process for cooperative institutions, academia and the contribution to the reinforcement to what the CMN has been recommended in its resolutions. And to achieve the desired results a study of multiple case was applied in cooperative CRESOL, SICOOB and SICREDI / PR, with qualitative and quantitative approach in part with secondary and primary data. The secondary data were collected by reviewing the literature pertaining to the areas of cooperative movement in general and credit risk management and credit standards and CMN resolutions on the topic, also collected in the Financial Reports of the three Credit unions. Primary data were collected through a questionnaire in these institutions, being interviewed Managers of Credit, Senior Advisor of the Comptroller, Assessor and Supervisor of Credit. And the data obtained were compared to the information of the respondents from the same institution and then with the other, in the data analysis of the same names (institutions) are no longer quoted and was assigned the name of CASE (case1 case2 and 3). A concern with risk management in these institutions was identified. Also noticed that credit is only been released when passing by analysis of at least three people. There are procedures for credit analysis that follows all the necessary limits for the proposal to be granted and are evaluated according to the income of the applicant and the individual cooperatives are classified according to their Wealth of References (PR in Portuguese) and Heritage References Required (PRE in Portuguese), to receive credit of their plants and up to release credit to their members Corporations if any. Yet losses were located some steeper others do not. Realize that there are still smaller studies on risk management in credit unions, given the situation they were in the same, but is currently worth strengthen research to know how these institutions deal with the management of credit risk and other risks. / 5000

PEC-PG. CNPq / As cooperativas de crédito são regidas pelos mesmos princípios cooperativistas, mas agregam funções financeiras como os bancos tradicionais. A solidariedade na área financeira permite que as cooperativas de crédito levem aos seus cooperados os fundos poupados ou repassando os de desenvolvimento governamental das políticas públicas em forma de crédito. É evidente, no entanto, que nem sempre os “apoios” são devolvidos da mesma maneira como foram recebidos, neste mundo de muita perfeição e de alta competitividade. Assim, integra o elemento estranho no meio onde se imagina seu difícil acesso, a falta de confiança no cumprimento do contrato de crédito contraído pelos credores (cooperados). É conhecido como Risco de Crédito ou de um eventual não pagamento das dívidas contraídas pelos cooperados, o principal fator para processo de Gestão de Risco de Crédito nas instituições cooperativas do mundo. Desse modo, se insere o problema da pesquisa, sendo nova a gestão de risco nas cooperativas de crédito e num mercado assombrado pelas crises financeiras, e com isso se questiona: em que medida ou em que ponto o cumprimento das normas da gestão de risco de crédito nessas instituições vem sendo atendido? Com base nessa preocupação, traçaram-se os objetivos, que apontam em avaliar as práticas de gestão de risco em cooperativas de crédito do Sudoeste do Paraná (PR) de acordo com as resoluções do Conselho Monetário Nacional (CMN). Para isso, tem-se como objetivos específicos: listar as práticas de gestão de risco necessárias para a concessão de crédito; identificar de que forma estão sendo abordadas as práticas de gestão de risco de crédito, considerando-se normas de CMN; verificar qual é o impacto da gestão de risco percebido pelos gestores nas cooperativas de crédito; levantar em termos quantitativos quanto essas cooperativas perdem anualmente em inadimplência (default); comparar as práticas das cooperativas pesquisadas entre si e com as resoluções do CMN. O trabalho se justifica pela importância do processo de gestão de risco para as instituições cooperativas, para a academia e pela contribuição no reforço àquilo que o CMN vem recomendado nas suas resoluções. Para se atingir os resultados pretendidos, foi aplicado um estudo de caso múltiplo nas cooperativas CRESOL, SICOOB e SICREDI/PR, com abordagem qualitativa e quantitativa, em parte com dados secundários e primários. Os dados secundários foram levantados por meio da revisão da literatura referente às áreas de cooperativismo em geral e de crédito, a gestão de risco de crédito e normas e as resoluções do CMN sobre o tema, além de informações nos Relatórios Financeiros das três cooperativas. Os dados primários foram levantados por meio de aplicação de questionário nessas instituições, sendo entrevistados os Gerentes de Crédito, o Assessor Sênior da Controladoria e o Assessor e Supervisor de Crédito. Os dados levantados foram comparados entre as informações dos entrevistados da mesma instituição e depois com as outras, sendo que, na análise dos dados, os nomes das mesmas (instituições) deixaram de ser citadas e foi atribuído o nome de CASO (CASO1, CASO2, e 3 ). Foi identificada uma preocupação com a gestão de risco nessas instituições. Também se percebeu que o crédito só é liberado quando passa por análise de, no mínimo, três pessoas. Existem procedimentos de análise de crédito que seguem todas as alçadas necessárias para que a proposta seja deferida e também são avaliados de acordo com a renda do proponente e as cooperativas singulares são classificadas de acordo com seus patrimônios de Referências (PR) e Patrimônios de Referências exigidas (PRE), para receberem crédito das suas centrais e até para liberarem crédito aos seus cooperados Pessoa Jurídica, caso existam. Mesmo assim, foram localizadas as perdas (prejuízos), algumas mais acentuadas do que outras. Percebe-se que ainda existem reduzidos estudos sobre gestão de risco nas cooperativas de crédito, dada à situação em que se encontravam as mesmas, mas atualmente vale reforçar as pesquisas para conhecer como essas instituições lidam com a gestão de risco de crédito e outros riscos. / Credit unions are governed by the same cooperative principles but add financial functions as traditional banks. Solidarity in the financial area allows credit unions to take to their members or transferring funds spared government development of public policy in the form of credit. But it is not always clear that the "support" are returned the same way they were received, in this world of too much perfection and high competitiveness. Integrates the foreign element in the middle where you think its difficult access, lack of confidence in the fulfillment of the credit agreement contracted by creditors (cooperative). Known as credit risk or a possible non-payment of debts contracted by the cooperatives the main factor for Credit Risk Management process in cooperative institutions in the world. Thus falls the research problem, and new risk management in credit unions and a market haunted by financial crises, and if it asks: To what extent or at what point the compliance of the management of credit risk these institutions has been met? Based on this concern were traced objectives, which aim to assess the practices of risk management in credit unions Southwest of Paraná (PR) according to the resolutions of the National Monetary Council (CMN). For this, one has the following specific objectives: List the risk management practices needed to grant credit; Identify how they are being addressed management practices of credit risk considering CMN standard; Ascertain the impact of the management of risk perceived by managers in credit unions; Rise in quantitative terms as these cooperatives lost annually in default; Compare practices of cooperatives surveyed each other and with the resolutions of the CMN. The work is justified by the importance of the risk management process for cooperative institutions, academia and the contribution to the reinforcement to what the CMN has been recommended in its resolutions. And to achieve the desired results a study of multiple case was applied in cooperative CRESOL, SICOOB and SICREDI / PR, with qualitative and quantitative approach in part with secondary and primary data. The secondary data were collected by reviewing the literature pertaining to the areas of cooperative movement in general and credit risk management and credit standards and CMN resolutions on the topic, also collected in the Financial Reports of the three Credit unions. Primary data were collected through a questionnaire in these institutions, being interviewed Managers of Credit, Senior Advisor of the Comptroller, Assessor and Supervisor of Credit. And the data obtained were compared to the information of the respondents from the same institution and then with the other, in the data analysis of the same names (institutions) are no longer quoted and was assigned the name of CASE (case1 case2 and 3). A concern with risk management in these institutions was identified. Also noticed that credit is only been released when passing by analysis of at least three people. There are procedures for credit analysis that follows all the necessary limits for the proposal to be granted and are evaluated according to the income of the applicant and the individual cooperatives are classified according to their Wealth of References (PR in Portuguese) and Heritage References Required (PRE in Portuguese), to receive credit of their plants and up to release credit to their members Corporations if any. Yet losses were located some steeper others do not. Realize that there are still smaller studies on risk management in credit unions, given the situation they were in the same, but is currently worth strengthen research to know how these institutions deal with the management of credit risk and other risks. / 5000

This research examines the role that modern portfolio theory (MPT) plays in current South Africa asset management practice in comparison to other portfolio management techniques and security evaluation methods. The purpose of asset management is to pool complementary financial market expertise, in order to generate returns in excess of the market return on the investments of the owners of financial resources that are entrusted to the firm, since the owners of financial resources might not be able to make superior investment decisions on their own. The research presents and discusses the literature pertaining to modern portfolio theory, traditional portfolio theory (fundamental and technical analyses), and behavioural finance theory. The implication of the efficient market hypothesis in relation to all the portfolio management theories is also presented and discussed. In line with a positivist paradigm, the survey research methodology, which combines both qualitative and quantitative aspects, was adopted. The instrument used for data collection was a questionnaire, which was found to be reliable and valid for this research. The questionnaire encompassed the Lickert scale to measure the data. The results of the analysis were interpreted using descriptive statistics. The results of this research suggest that modern portfolio theory does not play a significant role in the management of portfolios and security evaluation in South Africa. South African asset managers regard fundamental analysis as the most significant method of security evaluation in the management of portfolios. Technical analysis and econometric models are regarded as playing a moderate role and complement fundamental analysis whilst behavioural finance models play the least role. This research recommends an integrated portfolio management strategy that incorporates MPT, traditional portfolio theory and behavioural finance models to enhance investor value and protection.

Made available in DSpace on 2015-12-03T18:33:10Z (GMT). No. of bitstreams: 1 Paulo_Sergio_Pereira_da_Rocha_Junior.pdf: 6043436 bytes, checksum: a22f083748370c7d978940b279a5bd88 (MD5) Previous issue date: 2014-08-18 / This paper investigated the ability of the cross listing, through the issuance of ADR (American Depositary Receipt), to change the influence of the institutional environment in discretionary power. Several economic factors are mentioned to justify investments in ADR programs. Moreover, this study seeks to understand if the cross listing is a channel of influence in conservatism. It is an ex-post-facto research that seeks to observe in Brazilian ADRs issuers a behavior more conservative than in the rest of the companies traded on BOVESPA, between the period of 2008 to 2013. The econometric model of Basu (1997) was used to measure the degree of conservatism. This model evaluates whether reported earnings incorporate bad news faster than good news, considering as a proxy for the bad news the negative stock returns. Therefore, we test the relationship of reported earnings with simple stock returns. It was found with the application of the model that there are signs that Brazilian ADRs issuers are more conservative, even when they adopt practices of earnings management (ECKEL, 1981). The results, however, do not show statistical significance / Este trabalho investigou a capacidade que a listagem dupla, por meio da emiss??o de ADR (American Depositary Receipt), tem para alterar a influ??ncia do ambiente institucional no poder discricion??rio. Diversos fatores econ??micos s??o apontados para justificar os investimentos em programas de ADRs. Por outro lado, este estudo objetiva compreender se a listagem dupla ?? um canal de influ??ncia no conservadorismo. Trata-se de pesquisa ex-post-facto que busca observar nas emissoras de ADRs brasileiras um comportamento mais conservador do que o das demais empresas negociadas na BOVESPA, entre o per??odo de 2008 a 2013. Utilizou-se o modelo econom??trico de Basu (1997) para mensurar o grau de conservadorismo. Este modelo avalia se o lucro divulgado incorpora m??s not??cias mais rapidamente do que as boas not??cias, considerando como proxy para as m??s not??cias o retorno negativo das a????es. Com isto, testa-se a rela????o do lucro divulgado com o retorno simples das a????es. Verificou-se com a aplica????o do referido modelo que existem sinais de que as emissoras de ADRs brasileiras s??o mais conservadoras, mesmo quando adotam pr??ticas de gerenciamento de resultados (ECKEL, 1981). Os resultados, no entanto, n??o apresentam signific??ncia estat??stica

Globalisation and financial liberalisation has increased the linkages across countries in recent times. The existence of money market links has important implications for both domestic monetary policy and for investment decisions. This study examines the linkages between South Africa’s money market and selected major international money markets. The objectives of the study are firstly to examine the links between the repo rate of South Africa and the central bank rates of the EU, Japan, UK and US. Secondly, is to compare the influence of domestic and foreign monetary policy decisions on South Africa’s money market. The third objective is to examine the long run relationship between the South African money market and the money markets of its major trading partners. Three estimation techniques are used to examine the different links. Principal components analysis, four tests of cointegration, and stationarity tests of the spreads/risk premium between South Africa’s interest rates and the interest rates of the other countries. All three techniques show that there is no long-run link between South Africa’s central bank rates and the central bank rates of the other countries. This shows that the repo rate does not depend on movements in other central bank rates. Domestic money market interest rates respond strongly to changes in the repo rate whilst showing no dependence on central bank rates of the other countries. This confirms the autonomy of the South African Reserve Bank in carrying out policy objectives. When the risk premium is accounted for under the third technique, evidence of integration is found. This indicates that the risk premium plays a crucial part in the level of integration between South Africa and the countries included in the study.

Por meio da adaptação de um velho instituto jurídico, o negócio fiduciário, foi introduzida, no ordenamento jurídico pátrio, a cessão fiduciária de direitos, com vistas a atender a necessidade de garantias mais eficazes para assegurar os negócios empresariais. A cessão fiduciária de direitos sobre coisas móveis, objeto deste trabalho, encontra-se disciplinada no artigo 66-B da Lei n 4.728, de 14/07/1965, introduzido pela Lei n 10.931, de 02/08/2004, e representa um novo mecanismo de garantia aos contratos celebrados no âmbito do mercado financeiro e de capitais. / Bibliografia: p. 188-197. / Inclui notas de rodapé. / Dissertação (mestrado) - Faculdade de Direito da Universidade de São Paulo, Departamento de Direito Comercial, São Paulo, 2010.

This thesis presents a theoretical analysis of developments in the South African monetary banking sector and money market. In the first section, evolution of the political, social and economic environments over the past few decades are discussed to provide the reader with an idea of some factors responsible for the underdeveloped nature of this market. It has been argued that the domestic political and economic landscape is relatively stable. Nevertheless, factors such as Zimbabwe’s political and ensuing economic turmoil, coupled with numerous financial crises in other developing nations have had negative consequences on domestic financial market development and economic growth. The current state of monetary policy is also analysed, within the economic environment, and various policy considerations have been put forth concerning the inflation targeting policy. The thesis then goes on to scrutinise the statutory and institutional environments within which the monetary banking institutions operate. Recent changes in the regulations governing the operations of these institutions are identified, together with the consequences of such laws on banking institutions and possible amendments have been suggested. In particular, a system of Asset Based Reserve Requirements (ABRR) has been recommended, in place of the current cash reserve requirement, to ensure regulators create a level playing field in the financial sector. The system can also provide authorities with the necessary control required to direct funds to the most desirable sectors of the economy. Development of the interbank market and the effect of reduced banking competition on the efficacy of the South African Reserve Bank’s refinancing operations and inflation targeting policy are also considered. Finally, the thesis analyses some effects of financial development on the South African economy, and whether it is in the best interests of the country to pursue financial reforms with such vigour. While financial development may bring South Africa closer to international standards of best practice, the timing and extent of the reforms will be critical to guarantee success.

Monetary policy in South African is the primary means by which the authorities can influence activity in the overall economy. The South African Reserve Bank accommodates banks through repo transactions for which they charge the repo rate. The most important market in the transmission of the repo rate to the rest of the economy is the interbank market. As such, a detailed discussion of this market is given. In September 200 I the monetary authorities made certain adjustments to the repo system of accommodation, which included changing the repo rate from a floating rate to a fixed rate that would be administratively determined by the MPC. This was done to address certain weaknesses in the floating rate system. This thesis examines and compares the period before and after the adjustments to the repo system, with the aim of determining whether or not the monetary authorities achieved the goals intended from making this change. The repo rate, prime interbank rate, 3-month NCO rate and the prime lending rate are analysed using the Engle-Granger two variable approach and an ECM model to test for causality. It was found that the monetary authorities did not achieve their intended goals as the relationship between the repo rate and the interbank rate was more significant in the first period. Furthermore, the direction of causality the authorities hoped to achieve by implementing the changes were in fact already in place. As such the adjustments to the system changed the transmission mechanism from the one desired by the authorities to one that was not intended. The conclusions reached by this study show that, in terms of the objectives of the monetary authorities, the previous repo system functioned better. / KMBT_363 / Adobe Acrobat 9.54 Paper Capture Plug-in

This diploma thesis is focused on shadow banking and its impact on the financial markets. The first section defines shadow banking and offers an overview of its instruments and activities with focus on the advantages and risks related to securitization, repurchase agreements and money market funds. The second section begins with an overview of systemic risk emerging from shadow banking activities. Substantial part of the thesis is dedicated to measurement of the shadow banking sector size based on methods of Financial Stability Board. The thesis concludes with an overview of current regulatory progress in transforming shadow banking into resilient market-based finance.