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En el capítulo I, se examina el rendimiento de los activos financieros que representan las "mejores ideas" de los gestores de los fondos de inversión. Las inversiones para las que un gestor activo augura un buen rendimiento obtienen mejor retorno de mercado, asi como el resto de inversiones en sus carteras. En el capítulo II, se muestra explicitamente que los gestores que concentran sus carteras en un número reducido de activos, superan reiteradamente sus benchmarks y otros fondos más diversificados. Esta diferencia de rendimiento se puede explicar gracias a las diferencias en la exposición a factores de riesgo valorados por el mercado y al mayor talento de los gestores que se centran en invertir en activos de alta incertidumbre. En el capítulo III, se estudia la información contenida en las transacciones de activos y se muestra que las decisiones recientes de los gestores predicen el rendimiento futuro de las inversiones. Mientras que las compras llevadas a cabo por gestores con una habilidad superior se asocian a un rendimiento futuro anormalmente positivo, los gestores poco hábiles cometen errores de forma sistemática en la selección y en las transacciones de activos. / In Chapter I, we examine the performance of stocks that represent mutual fund managers' "best ideas". The stock that active managers display the most conviction towards ex-ante, significantly outperforms the market, as well as the other stocks in those managers' portfolios. In Chapter II, I explicitly show that managers, who concentrate their portfolios into a small number of stocks, consistently beat their benchmarks and their more diversified peers. This performance gap can be explained by differing portfolio exposures towards priced risk factors as well as stronger abilities of concentrated managers when investing in stocks with high uncertainty of information. In Chapter III, I study the information content of portfolio rebalances by mutual fund managers and show that their recent trading decisions predict future stock returns. While purchases by skilled managers are associated with positive future abnormal performance, unskilled managers systematically commit errors in the selection and trading of stocks.

This thesis consists of three essays. In the first essay, I show that information about dividends implied in derivative markets predicts future dividend growth and thereby improves the forecasts of short-run returns on the aggregate market. In the second essay, we analyze the impact of options trading on the price distribution of the underlying asset. Specifically, we show that S&P 500 futures finish in the proximity of the closest strike price on days when options on S&P 500 futures expire. We document that this effect is mainly driven by the rebalancing of delta hedges of the market maker. In the third essay, we develop a theory of price support in security markets that arises from conflict of interests, and we test our hypothesis in the context of the Spanish mutual fund industry. In particular, we analyze how bank-affiliated mutual funds trade in the stock of the parent bank and show that, consistently with the price support hypothesis, affiliated mutual funds tend to increase their holdings of the parent bank’s stock following a large drop in its price. / Esta tesis consta de tres capítulos. En el primer capítulo, muestro que la información sobre dividendos implícita en los mercados de derivados predice el crecimiento futuro de los dividendos, mejorando así las predicciones de los rendimientos a corto plazo en el mercado agregado. En el segundo capítulo, analizamos el impacto de la compraventa de opciones en la distribución del precio del activo subyacente. En concreto, mostramos que los futuros del S&P 500 terminan en el entorno del precio de ejercicio más próximo en los días en que las opciones sobre los futuros del S&P 500 expiran. Documentamos que este efecto está principalmente motivado por el reajuste de la cobertura delta de los intermediarios. En el tercer capítulo, desarrollamos una teoría de sostenimiento de precios en los mercados de valores motivado por un conflicto de intereses y testamos nuestra hipótesis en el contexto de la industria española de fondos de inversión. En concreto, analizamos cómo los fondos de inversión afiliados a un banco operan las acciones del banco matriz y mostramos que, consecuentemente con la hipótesis del sostenimiento de precios, los fondos de inversión filiales tienden a incrementar sus posiciones en las acciones del banco matriz después de una caída importante de su cotización.

Bakgrund: Var dag ställs människor inför val som har högre eller mindre utsträckning påverkan på dess framtid. En av de vanligaste ekonomiska beslutssituationer människor ställs inför är beslut gällande pensionen. Det svenska pensionssystemet är komplext och särskilt inom premiepensionen ställs individen inför en mängd valmöjligheter. Där kan individen välja egna premiepensionsfonder eller välja att inte göra ett aktivt val och därmed ha kvar förvalsalternativet AP7 Såfa. Samtidigt som kraven är höga på individens beslutsfattande visar beteendeekonomisk forskning att individens förmåga att fatta rationella beslut inte är på den nivå som traditionella ekonomiska teorier utgår ifrån. Den stora mängd valmöjligheter som finns inom premiepensionen förefaller skapa problem och leder till att åtskilliga individer väljer att inte göra något aktivt val. Tidigare forskning visar att ett flertal demografiska faktorer samt individens finansiella förmåga och kännedom om finansiella marknaden påverkar individens beslut gällande pensionen, samt att det finns ett behov av vidare forskning på vad som påverkar individer gällande pensionssparandet. Denna studie ämnar bygga vidare på de tidigare studier som gjorts för att kartlägga vilka egenskaper som leder till att en individ fattar aktiva beslut inom premiepensionssparandet samt koppla de beslut de gör till beteendeekonomiska teorier för att få en djupare förståelse för individens agerande gällande premiepensionsvalet. Med studiens resultat hoppas vi kunna bidra med ökad förståelse för vad som påverkar de val som görs gällande premiepensionen. Syfte: Syftet med denna studie är att undersöka samband mellan en individs egenskaper och om denne gör ett aktivt val gällande premiepensionemn, samt undersöka bakomliggande beteendeekonomiska biases gällande individens val inom premiepensionen. Detta med avsikt att genom en kvantitativ metod skapa ökad förståelse kring varför individer fattar de beslut de gör kring premiepensionssparandet. Genomförande: Denna kvantitativa studie antar en iterativ ansats där studien präglas av en tvärsnittsdesign och data har samlats in genom ett snöbollsurval med hjälp av enkäter. Sammantaget ingår 172 individer i denna studie. Slutsats: Resultatet av studien visar att hur länge en individ har befunnit sig i arbetslivet, inkomstnivån samt om individen investerar i aktier på fritiden har en positiv påverkan på sannolikheten att denne har valt egna fonder till premiepensionen. Resultatet skiljer sig mot vad viss tidigare forskning visat. Studien identifierade även ett antal beteendeekonomiska biases som påverkar individen inom premiepensionsvalet. Resultatet tyder på att de individer som har gjort ett aktivt premiepensionsval påverkas av mentala genvägar när det kommer till att välja premiepensionsfonder. Vidare indikerar resultatet på IV att de som inte gör ett aktivt val påverkas av beteendeekonomiska biases som leder till inaktivitet. / Background: Every day people have to make choices that have a greater or lesser impact on their future. One of the most common financial decision-making situations people face is the decision regarding the pension. The Swedish Pension System is complex and, in particular, within the Premium Pension the individual is faced with a variety of choices. There individuals can choose their own Premium Pension funds or choose not to make an active choice and thus retain the AP7 Såfa. While the demands are high on the individual’s decision-making, behavioral finance research shows that the individual’s ability to make rational decisions is not at the level of traditional economic theories. The wide range of options available within the Premium Pension seems to create problems and leads to the fact that several individuals choose not to make any active choice. Previous research shows that a number of demographic factors, as well as the individual's financial literacy and financial market awareness, influence the individual's decision regarding the pension. Previous research also shows that there is a need for further research on what affects individuals in terms of pension savings. This study aims to build on previous studies to map which characteristics affect an individual to make active decisions in the Premium Pension and to link the decisions they make to behavioral finance theories to gain a deeper understanding of the individual's actions regarding the Premium Pension choice. With the result of the study, we hope to contribute with better understanding of what influences the choices made within the Premium Pension. Purpose: The purpose of this study is to investigate the relationship between an individual's characteristics and if they make an active choice regarding premium pension funds, as well as investigate underlying behavioral finance bias that affect an individual’s choice within the Premium Pension. With the intention, through a quantitative method, to create a better understanding of why individuals make the decisions they make regarding the Premium Pension. Completion/methodology: This quantitative study assumes an iterative approach where the study is characterized by a cross-sectional design and the data has been collected through snowball sampling using surveys. Altogether, 172 people are included in this study. Conclusion: The result of the study shows that how long an individual has been working, the income, and if the individual invests in shares has a positive impact on the probability that the individual has chosen own funds for the premium pension. This differs from what some previous research has shown. The study also identified a number of behavioral biases that affect the individual in the Premium Pension Plan. The result indicates that those individuals who have made active Premium Pension choices are affected by shortcuts when it comes to choosing Premium Pension funds. Furthermore, the result indicates that those who do not make an active choice are affected by behavioral biases that lead to inactivity.

Made available in DSpace on 2009-11-18T19:01:04Z (GMT). No. of bitstreams: 1 ACF189.pdf: 1048760 bytes, checksum: 6056ed3b4b46f5ee586cfd69fdbc22bf (MD5) Previous issue date: 2007 / This research evaluated the quality of the management of Brazilian stock funds on the period from January 1997 to October 2006. The analysis was based on the Modern Portfolio Theory measures of performance. In addition, this research evaluated the relevance of the performance measures The sample with 21 funds was extracted from the 126 largest Brasilian stock options funds because they were the only with quotas on the whole period. The monthly mean rate of return and the following indexes were calculated: total return, mean monthly return, Jensen Index, Treynor Index, Sharpe Index, Sortino Index, Market Timing and the Mean Quadratic Error. The initial analysis showed that the funds in the sample had different objectives and limitations. To make valuable comparisons, the ANBID (National Association of Investment Banks) categories were used to classify the funds. The measured results were ranked. The positions of the funds on the rankings based on the mean monthly return and the indexes of Jensen, Treynor, Sortino and Sharpe were similar. All of the ten ACTIVE funds of this research were above the benchmark (IBOVESPA index) in the measures above. Based on the CAPM, the managers of these funds got superior performance because they might have compiled the available information in a superior way. The six funds belonging to the ANBID classification of INDEXED got the first six positions in the ranking based on the Mean Quadratic Error. None of the researched funds have shown market timing skills to move the beta of their portfolios in the right direction to take the benefit of the market movements, at the significance level of 5%. / Esta pesquisa analisou a qualidade da gestão dos fundos de ações brasileiros através da análise do desempenho obtido por eles no período de janeiro de 1997 a outubro de 2006. A análise foi feita com base na Teoria Moderna das Carteiras. Ela analisou também a aplicação dos critérios de desempenho na medida do desempenho deles. A amostra de 21 fundos foi selecionada do universo composto pelos 126 maiores fundos de aços Brasileiros. Os seguintes critérios de desempenho foram calculados a partir das cotas mensais dos fundos: retorno absoluto, retorno Médio Mensal, Índice de Jensen, Índice de Treynor, Índice de Sharpe, Índice de Sortino, capacidade de prever os movimentos do mercad (Market Timing) e o Erro Quadrático Médio. A análise dos dados começou com a classificação dos fundos de acordo com os tipos ANBID, pois os objetivos e as limitações dos fundos da amostra não eram homogêneos. Posteriormente, os resultados obtidos nas medições de desempenho foram ordenados em rankings e analisados. Dez dos 21 fundos da amostra, todos ativos, tiveram desempenho superior ao mercado (representado pelo IBOVESPA) nos critérios do retorno médio mensal e nos Índices de Jensen, Treynor, Sortino e Sharpe. De acordo com o CAPM, esses gestores devem ter compilado as informações disponíveis de uma forma superior, e por isso, conseguiram um desempenho superior ao mercado. Os seis fundos da categoria IBOVESPA INDEXADO ficaram com as seis primeiras posições na calcificação pelo Erro Quadrático Médio, o que já era esperado, pois a missão desses fundos é reproduzir o retorno do índice. Nenhum dos gestores dos 21 fundos demonstrou ter capacidade de prever o movimento do mercado (Market Timing), ao nível de significância de 5%, e movimentar o beta de sua carteira na direção correta a fim de maximizar o retorno do investidor.

Made available in DSpace on 2009-11-18T19:01:35Z (GMT). No. of bitstreams: 1 Manoel-Aparecido.pdf: 289442 bytes, checksum: a43d4ad1ad996fa4cb5202a13a3475c3 (MD5) Previous issue date: 2005 / This work intends to study the relationship between Brazilian Internal Public Debt mix and Mutual Funds. In the theoretical framework, the discussion about liquidity preference theories implies considering risk averse investors. Portfolio selection is also discussed, particularly Markowitz efficient frontier. Historical data from November of 1999 to December of 2004 of Brazilian Internal Public Debt mix and Mutual Funds portfolio are analyzed. Official goals concerning Public Debt's mix and its actual composition are presented, as well as Mutual Fund preferences as buyers of public debt securities. Time series of three securities (LFT, LTN and NTN-C) in Public Debt mix and Mutual Funds portfolio are compared and a similar behavior is identified. Relevant facts of the macroeconomic context which may have affected Public Debt or Mutual Funds are discussed. Some indications of a possible influence of Mutual Funds upon Public Debt Mix are obtained and hypothesis to be tested in future studies are proposed. / Esta dissertação tem por objetivo estudar a relação entre a composição da Dívida Pública Mobiliária Federal interna - DPMFi e os Fundos de Investimento, que se caracterizam como os principais demandantes de títulos públicos. Discutem-se, no referencial teórico, abordagens teóricas à preferência pela liquidez - que levam a postular o investidor como avesso ao risco - assim como a composição de portfólio, particularmente, a fronteira eficiente de Markowitz. Foram analisados dados históricos da composição da DPMFi do patrimônio de Fundos de Investimento no período de novembro de 1999 a dezembro de 2004. Os objetivos do governo acerca do mix de títulos da dívida pública e os resultados alcançados são delineados, assim como as preferências dos fundos em relação a tais títulos. As séries do montante de três papéis (LFT, LTN e NTN-C) na DPMFi e em poder dos Fundos de Investimento são comparados e comportamentos semelhantes são identificados. Discutem-se fatos relevantes do contexto macroeconômico no período em termos de sua influência sobre o mix da Dívida Pública e dos Fundos de Investimento. Encontram-se indícios de uma possível influência dos Fundos de Investimento sobre o perfil da DPMFi e propõe-se hipóteses para estudos futuros.

Submitted by Frederico Muniz (fredericomuniz@hotmail.com) on 2015-01-30T18:37:17Z No. of bitstreams: 1 Frederico_Rezende_Muniz.pdf: 309522 bytes, checksum: d81a82e2f8a1b4448247a63313cfa2b0 (MD5) / Rejected by JOANA MARTORINI (joana.martorini@fgv.br), reason: Frederico, Seu trabalho foi rejeitado, por gentileza, justificar a página onde consta a dedicatória pois está fora das normas da ABNT. Peço que deixe conforme a página onde consta o resumo, este é o padrão correto. on 2015-02-04T16:25:28Z (GMT) / Submitted by Frederico Muniz (fredericomuniz@hotmail.com) on 2015-02-04T18:24:03Z No. of bitstreams: 1 Frederico_Rezende_Muniz_vf.pdf: 308475 bytes, checksum: 2078a1520dc9cc8be9be3f1540fa7008 (MD5) / Approved for entry into archive by JOANA MARTORINI (joana.martorini@fgv.br) on 2015-02-04T18:35:05Z (GMT) No. of bitstreams: 1 Frederico_Rezende_Muniz_vf.pdf: 308475 bytes, checksum: 2078a1520dc9cc8be9be3f1540fa7008 (MD5) / Made available in DSpace on 2015-02-04T20:32:02Z (GMT). No. of bitstreams: 1 Frederico_Rezende_Muniz_vf.pdf: 308475 bytes, checksum: 2078a1520dc9cc8be9be3f1540fa7008 (MD5) Previous issue date: 2015 / The aim of this study was to investigate the relationship between past performance and fund flows in brazilian funds. Using a unique data set provided by a local fund manager and using a regression model with fixed effects, evidences were found of a positive and statistically significant relationship between past performance and fund flows. In addition, in the most important contribution of this study, it was found that investors with origin in different segments are likely to differ in their behavior while investing in the same funds. The evaluated segments were Institutional, Private Banking, Corporate, External Distribution and Fund of Funds. More sophisticated clients showed a weaker tendency to chase past performance. / Neste trabalho foi estudada a relação entre o desempenho passado e a captação em fundos de investimento no Brasil. A partir de informações contidas em uma base de dados disponibilizada por uma gestora de recursos local e utilizando um modelo de regressão com efeitos fixos, foram encontrados indícios de relação positiva e estatisticamente significativa entre desempenho passado e captação. Adicionalmente, na análise que representa a principal contribuição deste trabalho, foi verificado que existem diferenças significativas no comportamento de investidores de diferentes segmentos que sejam cotistas dos mesmos fundos mútuos. Os segmentos analisados foram o Institucional, Private Banking, Corporate, Distribuidores e Fundo de Fundos. Investidores tidos como mais sofisticados se mostraram menos orientados pelo desempenho histórico em suas decisões de alocação.

Les fonds mutuels sont désormais reconnus comme une possibilité de diversifier des investissements en actions et constituent actuellement une alternative (ou un complément) aux investissements directs en actions. L'industrie des fonds mutuels est désormais présente dans la majorité des pays et a enregistré une croissance spectaculaire au cours des dernières années. En dépit de son importance, cette industrie a fait l'objet de peu de recherches en dehors des Etats-Unis. Notre étude a pour but de combler ce manque. A travers l'utilisation d'une base de données récente fournie par Eurofidai, nous analysons les attributs et la performance des fonds mutuels européens en fondant notre étude sur le cas des fonds d'actions français. Cette thèse de doctorat examine le problème de sélection des investisseurs confrontés à une masse d'information importante qui peut résulter en une certaine confusion lors de l'allocation d'actifs. Afin d'acquérir une meilleure compréhension des fonds mutuels, nous analysons certains facteurs et caractéristiques qui sont susceptibles d'avoir un impact sur leur performance et par conséquent influent sur la prise de décision des investisseurs. Notre étude empirique utilise des données mensuelles entre 1990 et 2009 sur un ensemble de fonds mutuels investis en actions françaises. Les objectifs de la recherche sont au nombre de trois : l'évaluation des performances des fonds mutuels, la détermination des caractéristiques ayant un impact sur ces performances et les explications potentielles de la structure des frais de gestion. Nos résultats révèlent que les fonds français préfèrent les actions à petite taille et book-to-market. Il apparaît que la taille du fonds et sa longévité ont un impact positif sur la performance. Nous montrons également qu'il existe des économies d'échelle dans les familles de fonds. Par exemple, les fonds contenant des titres à faibles capitalisation favorisent les investisseurs en réclamant des frais de gestion plus faibles.. Ce travail de recherche apporte aux chercheurs, analystes et investisseurs des éléments de réponse et permet ainsi à ces derniers d'affiner leur prise de décision relative à l'investissement dans l'industrie des fonds mutuels. / Ever since the investment community first recognized mutual funds as a means for diversification, asset preservation, and asset accumulation, academics and practitioners have conducted many studies designed to ascertain their appeal. The mutual funds are gaining importance worldwide and it has registered a spectacular growth in the entire world. Despite the importance of the mutual fund industry, it has received little academic attention outside the USA. Therefore, our study intends to contribute in filling this gap. Using a new database of Eurofidai, we analyze mutual funds' various aspects in European context with a case of French equity mutual funds. This study has introduced the problem investors have in selecting mutual funds, where the sheer amount of information on mutual funds results in investor confusion. To dispel this confusion and to bring a deeper understanding in mutual funds, we have examined certain factors and characteristics that affect the mutual funds performance and ultimately investors' decisions. This study followed suit by compiling monthly data from 1990 to 2009 for equity mutual funds domestically invested in France. We have three basic research objectives; performance evaluation of equity mutual funds; designating funds' characteristics effecting performance and potential determinants for structuring fund's fees being charged to investors. Our results reveal that French funds prefer smaller stocks and lower book to market ratio. We provide evidence of positive impact of funds' size and age on fund performance. We also found economies of scale in fund families. Funds having small cap holdings favor investors by charging low management fees. This research provides academics, analysts and investors some insight in mutual funds to refine their preferences and some key features to be considered while deciding their investments.

La tentative d'introduction de la finance islamique en droit civil nécessite une démarche analytique comparative entre droit musulman et droit civil. La gestion islamique introduit des contrats inconnus en droit civil : la mudâraba et la wakala. Ces contrats de représentation s'opposent au régime général des FCP en marquant une divergence remarquable avec le régime du mandat en droit civil. L'admission de ces contrats nécessite un aménagement du régime des FCP reposant sur la création d'un comité de représentation des souscripteurs. La qualification du fonds en copropriété par le législateur libanais et français plaît bien à la doctrine islamique. L'analyse du régime de propriété et de copropriété prouve l'absence de divergences fondamentales entre le droit civil et le droit musulman. Cependant, le régime des fonds s'approche de la nature du patrimoine d’affectation d'après la doctrine civiliste. Cette qualification est inadmissible en droit musulman adoptant une théorie personnelle du patrimoine. Notre conceptualisation du régime d'une notion juridique de droit musulman dite de Jiha assure l'admission du patrimoine d'affectation et de la personnalité morale en droit musulman. La gestion islamique renforce la gouvernance du fonds et impose des obligations supplémentaires au gestionnaire. Elle nécessite la présence des organes spécialisés dans le contrôle de la conformité de la gestion au droit musulman, ce qui dégage une structure propre au FCPls inexistante dans la pratique. La gestion islamique aboutit à un « filtrage » des titres financiers. Une première analyse juridique du filtrage islamique élabore ainsi les fondements juridiques de ce filtrage. / Any attempt to introduce lslamic finance in civil law requires an analytical approach comparing Islamic law and civil law. Islamic management services rely on types of contracts, which do not exist in civil law: namely the mudâraba and the wakâla. These agency agreements differ from the general scheme of mutual funds as the exhibit a marked difference with the civil Iaw mandate contract. In order to allow these contracts, the current regime of mutual fonds must be amended by creating a representation committee of subscribers. Classification of the mutual funds by the Lebanese and French legislators as joint ownership sound well to Islamic doctrine. Even a detailed analysis of the ownership and joint ownership regimes proves there is no fundamental difference between civil Jaw and Islamic law in this matter. However, the fund’s ownership regime is close to what is called "special-purpose assets" in the civil law doctrine. This classification is unacceptable in Islamic law, which has a persona! theory of patrimony. Our conceptualization of the regime of a legal concept of Islamic law called Jiha make it possible to acknowledge the notions of special purpose assets and legal personality in Islamic law. Islamic management services put strong requirements on the governance of the funds and additional duties for the agent. Islamic management services require the presence of specialized entities monitoring compliance of management to Islamic law: such specific entity does not exist in practice. Islamic management services then leads to a "screening" of securities. Le1rnl analysis of Islamic screening el a borates the legal basis of this screening.

Made available in DSpace on 2015-05-07T14:27:04Z (GMT). No. of bitstreams: 1 arquivototal.pdf: 736977 bytes, checksum: 93afc01563efc1e50928990554bb04b5 (MD5) Previous issue date: 2011-04-13 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This present dissertation is about the protection of small investors in mutual funds, through socio-economic regulation of the market, including by reason of failures related to asymmetric informations. For this, it was used dialectical approach method and comparative, historical, structural and functional methods of procedure, as well as the documentary and bibliographical techniques of research. Given today's economic and financial globalization, notably marked by increasing financing of economy and the consequent systemic capital, new challenges present to the legal complex and regulatory environment. Besides the active and coordinated brokering of new financial players, new institutional arrangements are also (re)created at the evolution of economic routine, denouncing the urgent need for a unique conformation of protective forces in the inclusive sense. In this context, representative of the current legal and contractual pluralization denoted from the collectivization of resources to further appreciation of the condominium property, while express the development of jusnaturalistic on a new order of the economy, mutual funds may also build in your negotiating arrangement market failures that tend to undermine the image of the small investor. Such as asymmetric informations, covert or incomplete on the contractual process, they are able to makes vulnerable the center of interest which applicate saved resources, creating an adversarial and hierarchical relationship between the latter (principal) and the agent. Thus, in response to this situation, the regulation of relationships between the mutual funds and small investor goes through before a concern with protecting the human figure, according the public interest to compensate possible deficits in social welfare. Relative truths such as the certainty and completeness of the law are then overtaken by the realization of microsystems and the legal and self-regulation of the market, promoting to the small investor the realization of fundamental rights, others resulting from its maximalist consideration as a consumer and others from enforcements of norms of conduct of financial market entities, such as the Comissão de Valores Mobiliários and the Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais. Ultimately, advocates in defense of transparent information, honesty and loyalty contractual, and fair rights and obligations between the contractors, as a guarantee of the investor-consumer rights as well as regulatory protection. / A presente dissertação de mestrado versa sobre a proteção do pequeno investidor de fundos de investimento através da regulação sócio-econômica do mercado, nomeadamente em razão de falhas relacionadas a assimetrias de informações. Para isso, utilizou-se do método de abordagem dialético e dos métodos de procedimento comparativo, histórico, estruturalista e funcionalista, bem como das técnicas de pesquisa bibliográfica e documental. Diante da hodierna globalização econômicofinanceira, notadamente marcada pela crescente financeirização da economia e pela conseqüente desfronterização sistêmica do capital, novos desafios se apresentam para o complexo jurídico-normativo. Além da intermediação ativa e coordenada de novos agentes financeiros, novos arranjos institucionais são também (re)criados perante a evolução da rotina econômica, denunciando a imperiosa necessidade de uma original conformação de forças protetivas no sentido inclusivo. Nesse contexto, representativos da atual pluralização jurídico-contratual denotada a partir da coletivização de recursos para a ulterior valorização do patrimônio condominial, ao passo em que se apressam em fomentar a reascensão de uma ordem jusnaturalista da economia, os fundos de investimento também podem apresentar na construção de seu arranjo negocial falhas de mercado que tendem a debilitar a figura do pequeno investidor. Em sede específica, a exemplo das assimetrias de informações, clandestinas ou incompletas ao processo contratual, são elas capazes de vulnerabilizar o centro de interesse aplicador de recursos poupados, criando uma relação conflituosa e hierárquica entre este último (principal) e o agent. Assim, como resposta a essa conjuntura, a regulação das relações sócio-econômicas entre fundo de investimento e pequeno investidor passa por uma preocupação antes com a proteção da figura humana, à defesa do interesse público em face de eventuais déficits de bem-estar social. Dogmas como o da certeza e da completude do Direito são, então, ultrapassados pela efetivação de microssistemas jurídicos e pela hetero e autorregulação do mercado, promovendo ao pequeno investidor, além da efetivação de direitos revestidos de fundamentalidade, outros decorrentes da sua consideração maximalista enquanto consumidor e dos enforcements das normatizações de conduta de entidades do mercado financeiro como a Comissão de Valores Mobiliários e a Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais. Em última instância, advoga-se em defesa da sinceridade informacional, da honestidade e lealdade contratual e da justa medida entre direitos e deveres dos contratantes, como forma de garantia do direito do investidorconsumidor também como proteção regulatória.