Submitted by Gustavo Silva Araujo (00araujogs@gmail.com) on 2013-12-11T15:36:37Z No. of bitstreams: 1 tese Gustavo Araujo.pdf: 1480340 bytes, checksum: 7f293b1022a44c6056c471633c80981d (MD5) / Approved for entry into archive by ÁUREA CORRÊA DA FONSECA CORRÊA DA FONSECA (aurea.fonseca@fgv.br) on 2013-12-16T12:31:03Z (GMT) No. of bitstreams: 1 tese Gustavo Araujo.pdf: 1480340 bytes, checksum: 7f293b1022a44c6056c471633c80981d (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2013-12-19T16:32:32Z (GMT) No. of bitstreams: 1 tese Gustavo Araujo.pdf: 1480340 bytes, checksum: 7f293b1022a44c6056c471633c80981d (MD5) / Made available in DSpace on 2013-12-19T16:32:47Z (GMT). No. of bitstreams: 1 tese Gustavo Araujo.pdf: 1480340 bytes, checksum: 7f293b1022a44c6056c471633c80981d (MD5) Previous issue date: 2011-03-31 / This thesis is dedicated to studies in finance. The topics are distributed in two subareas, microstructure and asset pricing. There is also an insertion of the study in corporate finance, since we deal with the corporate governance of firms. In the first chapter I estimate the adverse selection cost component embedded in the spreads of Brazilian stocks. I also study the patterns of spreads and adverse selection costs as a function of the size and time of the trade. In chapter two, I implement an extensive research through a series of regressions in order to determine characteristics of the companies that are correlated with the adverse selection component and the spread. In particular, we analyze the relationship between the adverse selection and corporate governance levels. In the third chapter I detect which corporate governance mechanisms cause an opposite relationship between the returns of Brazilian stocks and corporate governance levels, as shown by Carvalhal and Nobili (2011). In this analysis, I emphasize the ownership concentration of Brazilian companies, which is extremely high when compared with more developed countries. / Esta tese se dedica a estudos na área de finanças. Os estudos se subdividem nas subáreas de microestrutura e apreçamento de ativos, mas há uma inserção do trabalho em finanças corporativas, uma vez que trato da governança corporativa das empresas. No primeiro capítulo estimo o coeficiente de assimetria de informação embutido no spread de compra e venda de ações brasileiras. Além disso, verifico se há padrões para esse coeficiente e para o próprio spread em relação ao tamanho da transação e à hora de negociação. No capítulo dois, eu investigo quais características ligadas às empresas têm relação com as variáveis estimadas no capítulo 1, o coeficiente de assimetria de informação embutido no spread de compra e venda de ações brasileiras e o próprio spread. A governança corporativa das empresas é uma das características examinadas. No terceiro capítulo, eu observo quais mecanismos de governança corporativa fazem com que haja uma relação antagônica entre os retornos das ações brasileiras e o índice de governança corporativa, conforme mostrado por Carvalhal e Nobili (2011). Nesta investigação, dou ênfase à concentração acionária das empresas brasileiras que, em comparação com países mais desenvolvidos, é extremamente alta.

Inledning: Huruvida insynsägande påverkar finansiell prestation är ett beforskat område där tidigare studier kommit fram till olika slutsatser. Utifrån agentteorin torde insynsägande ha en positiv påverkan på finansiell prestation, utifrån entrenchment-teorin torde insynsägande påverka finansiell prestation negativt i och med ökad makt. Samtidigt utifrån stewardship-teorin torde det inte finnas en relation mellan insynsägande och finansiell prestation. Syfte: Syftet med uppsatsen är att analysera sambandet mellan insynsägande och finansiell prestation i svenska bolag vilka präglas av en hög förekomst av aktier med skilda röstvärden och en hög ägarkoncentration. Vidare är syftet att teoretiskt förklara de resultat som framkommer i denna uppsats för att redogöra för vilka befintliga teorier inom området som kan appliceras i en svensk kontext. Metod: För analysera sambandet mellan insynsägande och finansiell prestation i svenska bolag har uppsatsen tagit en kvantitativ ansats med ett deduktivt synsätt där teori har testats genom en panelregression innehållande 300 observationer. Slutsats: Uppsatsens resultat påvisar att sambandet mellan insynsägande och finansiell prestation, operationaliserat som Tobin's Q, tar sitt uttryck som ett inverterat U. I spannet 0 till 37,75 procent insynsägande finner vi stöd för en alignment-effekt samtidigt som vi finner stöd för entrenchment-effekten vid nivåer av insynsägande över brytpunkten på 37,75 procent. Vidare finner vi inget stöd för stewardship-teorin. Den brytpunkt som noterats i svenska bolag är lägre än den brytpunkt som påvisats i länder så som USA och Storbritannien. Förklaringen till detta kan vara den höga prevalensen av aktier med skilda röstvärden och den höga ägarkoncentration som präglar svenska företag. / Introduction: Whether Managerial Ownership affects financial performance is an area of research where previous studies have come to different conclusions. Based on Agency Theory, Managerial Ownership should have a positive impact on financial performance, and based on Entrenchment Theory, Managerial Ownership should have a negative impact on financial performance due to increased power. At the same time, based on Stewardship Theory, there should not be a relationship between Managerial Ownership and financial performance. Purpose: The purpose of the essay is to analyze the relationship between Managerial Ownership and financial performance in Swedish companies, which are characterized by a high prevalence dual-class shares and a high ownership concentration. Furthermore, the purpose is to theoretically explain the results that appear in the essay to explain what existing theories in the field that can be applied in a Swedish context. Method: To analyze the relationship between Managerial Ownership and financial performance in Swedish companies, the essay has taken a quantitative and deductive approach where theory has been tested through a panel regression containing 300 observations. Conclusion: The essays results show that the relationship between Managerial Ownership and financial performance, operationalized as Tobin's Q, takes its expression as an inverted U. In the range 0 to 37.75 percent Managerial Ownership we find support for an alignment effect while also finding support for an entrenchment effect at levels of Managerial Ownership above the inflection point of 37.75 percent. Furthermore, we find no support for Stewardship Theory. The inflection point noted in Swedish companies is lower than the inflection points detected in countries such as the US and the UK. The explanation for this may be the high prevalence of dual-class shares and the high ownership concentration that characterizes Swedish companies.