Thesis (doctoral)--Universiteit van Amsterdam, 1997. / Includes bibliographical references (p. 187-193) and index.

The recent massive shift by Americans into investment funds and the attendant rise of a core group of institutional shareholders has transformed the financial market landscape. This dissertation explores the economic and policy implications associated with this shift to intermediated capital markets. The underlying assumption has always been that the growing presence of institutional investors in capital markets would improve the corporate governance of their portfolio companies, thereby reducing managerial agency costs and increasing firm value. My research explains why the reality deviates from that ideal. Using two novel perspectives—tax and antitrust—this dissertation reveals the disruptive effects and market distortions associated with the rise of institutional ownership. Chapter 1 of this dissertation, Common Ownership: A Game Changer in Corporate Compliance, explores the effect of overlapping institutional ownership of public companies by institutional investors on corporate tax avoidance. Leading scholars now recognize that this type of “common ownership” can change company objectives and behavior in a way that may lead to economic distortions. This chapter explores one unexamined peril associated with such common ownership: the effect of this core group of institutional investors on the tax avoidance behavior of their portfolio companies. I show how common ownership can lead to a reduction in those companies’ tax liability by means of a newly recognized phenomenon I call “flooding.” This term describes a practice by which different companies that are owned by the same institutional shareholders simultaneously take aggressive tax positions to reduce their tax obligations. Due to the IRS’s limited audit capacity, this synchronized behavior is likely to overwhelm the agency and substantially reduce the probability that tax noncompliance will be detected and penalized. This outcome runs counter to the classic deterrence theory model (which assumes that the threat of enforcement deters noncompliance) and demonstrates how common ownership changes the way public firms approach legal risks. By revealing the systematic compliance distortion and attendant enforcement challenges that ensue when the same investors “own it all,” this chapter also highlights a hidden social cost of common ownership. Under the domination of common institutional investors, companies can more easily shirk their taxes, reducing U.S. tax revenues by billions. Ironically, many of these same investors proclaim themselves as socially responsible stewards of the companies they own, attracting millions of individual investors who factor Environmental, Social, and Governance (ESG) issues into their investment decisions. Corporate “flooding” affords an instructive example of the weakness of so-called ESG investment model. To mitigate the detrimental effect of common ownership on corporate tax compliance, this chapter proposes a double sanctions regime, whereby institutional investors would be penalized along with their portfolio companies for improper tax avoidance. Such a regime may help restore deterrence and may incentivize institutional investors to keep their social promises. Chapter 2 of this dissertation, The Agency Tax Costs of Mutual Funds, unveils another tax-related pitfall associated with what some scholars term the “separation of ownership from ownership” problem in intermediated markets. In such markets, retail mutual fund investors cede investment and voting decisions to institutional investors who manage the funds. As a result, actions undertaken unilaterally by financial intermediaries dictate the tax liability of passive individual investors. This chapter argues that the tax decisions of institutional investors are often guided by their own tax considerations rather than by the tax considerations of the beneficiaries who own mutual funds through conventional taxable accounts. Due to the pass-through tax rules that govern investment funds, these beneficiaries, unlike the institutional investors (who are compensated based on pre-tax performance), are tax-sensitive. These diverging incentives give rise to a new type of an agency costs problem. These agency tax costs arise from the institutional investors’ trading decisions, corporate stewardship activities, and their preferences in the mergers and acquisitions (M&A) context. I argue that the structure of M&A deals, the method of payment used in such deals, and even the premiums paid to sellers in such deals are distorted because the votes of passive tax-sensitive retail investors are cast by tax-insensitive institutional investors. As a result, institutional investors not only fail to replicate the tax outcomes that tax-sensitive investors could have achieved had they owned stock directly, but they also distort corporate voting outcomes for all stakeholders—even those with unmediated investments. This chapter proposes several options for mitigating agency tax costs, including mandatory separation of funds based on the tax profile of the beneficiaries, heightened tax disclosure by mutual funds, decentralization of votes in mutual fund sponsors, and pass-through voting systems. These alternatives would reduce the agency tax costs of mutual funds without imposing new agency costs on tax-insensitive shareholders who also rely on institutional investors for portfolio management. The agency tax costs problem undermines the traditional assumption that mutual funds and their individual investors have the common goal of maximizing returns. My research reveals that this underlying assumption is flawed, as it overlooks the tax rules that govern investment funds and the way these rules shape the economic incentives of mutual funds managers and advisors. These incentives create a conflict of interest between institutional investors and their tax-sensitive investors, which has been largely overlooked. The analysis of the agency tax costs problem also illuminates the ways in which the rise of financial intermediaries has impacted the tax behavior of public corporations, which in turn, has affected the tax liability of investors in capital markets. While this result has significant implications for market participants and society at large, the paths through which these effects occur and their underlying economic rationales have received little attention. This chapter addresses this scholarly gap by examining the role of corporate governance structures as well as the role of tax law and policy in shaping the tax incentives of the most powerful market actors in the U.S. economy. Chapter 3 of this dissertation, The Corporate Governance Cartel, offers a novel antitrust perspective on a growing phenomenon in capital markets that has accompanied the rise of institutional ownership: institutional investor coalitions. Traditionally, corporate law has regarded such coalitions as desirable, a solution to the well-known collective action problem facing public shareholders. In this chapter, I challenge that view by revealing the anticompetitive risks that investor coalitions pose. This chapter shows how investor coalitions can emerge at the border between firms and markets, affecting not only the intra-firm governance arrangements of the companies held by the coalition members—but capital markets as well. At the firm/market border, cooperation among institutional investors, even around seemingly benign corporate governance issues, provides an opportunity for tacit collusion among these investors in the markets in which they compete. To illustrate this problem, I use an antitrust lens to analyze the collective efforts of institutional investors to restrict the use of dual-class stock in initial public offerings (IPOs). This original account of the coalition against dual-class structures exposes the significant anticompetitive effects that may arise at the IPO juncture when competing buyers of shares in the primary market coordinate their response to a governance term. Since the members of the coalition collectively possess most of the expected market demand for public offerings, their joint efforts can be seen as an exercise of buyer-side power. The exploitation of such power effectively creates a cartel of buyers in the primary market, resulting in two potential economic distortions: (1) abnormal underpricing of dual-class offerings, and (2) suboptimal governance arrangements. Both distortions reveal overlooked perils associated with the massive aggregation of power by institutional investors. In my antitrust analysis of investor coalitions, I also focus on institutional investor consortiums, trade associations that promote governance principles on behalf of their institutional members, which notably are on the rise. In analyzing these consortiums, this chapter draws upon antitrust rules relative to standard-setting organizations and explores how these anticompetitive risks are exacerbated by these investor consortiums. Finally, this chapter proposes immediate regulatory responses aimed at preventing institutional investors from engaging in collective actions that limit competition. The suggested policies represent a means to resolve the delicate tension between the goal of corporate law to encourage collaboration among shareholders and the goal of antitrust law to restrict cooperation among competitors.

O objetivo do presente trabalho é a análise da legislação penal de emergência e, mais especificamente, do regime disciplinar diferenciado, previsto pela Lei nº. 10.792/03, sob o enfoque dos conceitos de eficácia técnico-jurídica, sociológica e, sobretudo, simbólica. Inicialmente, busca-se traçar um quadro das transformações sociais, políticas e econômicas que vêm ocasionando modificações relevantes no sistema penal, na tentativa de utilizá-lo como resposta aos novos problemas político-criminais, contrapondo-o, assim, ao modelo de direito concebido pelo Estado liberal. Em seguida, são examinadas as políticas de segurança pública do governo Fernando Henrique Cardoso, com o intuito de entender como foram pensadas e implementadas tais políticas em um período em que o governo foi constantemente desafiado a se posicionar sobre o crescimento da violência nas grandes cidades brasileiras. Parte-se, então, para a análi/se específica do regime disciplinar diferenciado, explicitando-se, em primeiro lugar, o contexto em que foi criado e, depois, o conteúdo dos dispositivos que permeiam o texto da lei e as decisões judiciais emanadas sobre o tema. Por fim, o trabalho propõe um estudo crítico sobre o impacto, na ordem jurídica, do Direito Penal de emergência e, mais especificamente, do regime disciplinar diferenciado, a partir do estudo de sua eficácia social e simbólica. / The objective of this dissertation is to analyze the criminal law of emergency and, more specifically, the differentiated disciplined regime, according to the Law nº. 10.792/03, focusing on the concepts of juridical, sociological, and, mainly, symbolical efficacy. Firstly, it is pictured the social, political and economical transformations that have been modified significantly the penal system in order to attempt using them as an answer to the new criminal problems, at the same time that they are compared to the principles and rules conceptualized by the liberal State. Secondly, the public securities politics of Fernando Henrique Cardoso are examined with the purpose of understanding how these politics were wondered and implemented in a period that the government was often challenged because of the increasing of violence in Brazilian big cities. Then, it was analyzed specifically the differentiated disciplined regime, showing at first place the context that it was created, and after the content of this law text and judicial decisions related to the subject. In summary, this dissertation proposes a critical study about the impact on justice system of criminal law of emergency and, more specifically of differentiated disciplined regime, from the study of its social and symbolical efficacy

O objetivo do presente trabalho é a análise da legislação penal de emergência e, mais especificamente, do regime disciplinar diferenciado, previsto pela Lei nº. 10.792/03, sob o enfoque dos conceitos de eficácia técnico-jurídica, sociológica e, sobretudo, simbólica. Inicialmente, busca-se traçar um quadro das transformações sociais, políticas e econômicas que vêm ocasionando modificações relevantes no sistema penal, na tentativa de utilizá-lo como resposta aos novos problemas político-criminais, contrapondo-o, assim, ao modelo de direito concebido pelo Estado liberal. Em seguida, são examinadas as políticas de segurança pública do governo Fernando Henrique Cardoso, com o intuito de entender como foram pensadas e implementadas tais políticas em um período em que o governo foi constantemente desafiado a se posicionar sobre o crescimento da violência nas grandes cidades brasileiras. Parte-se, então, para a análi/se específica do regime disciplinar diferenciado, explicitando-se, em primeiro lugar, o contexto em que foi criado e, depois, o conteúdo dos dispositivos que permeiam o texto da lei e as decisões judiciais emanadas sobre o tema. Por fim, o trabalho propõe um estudo crítico sobre o impacto, na ordem jurídica, do Direito Penal de emergência e, mais especificamente, do regime disciplinar diferenciado, a partir do estudo de sua eficácia social e simbólica. / The objective of this dissertation is to analyze the criminal law of emergency and, more specifically, the differentiated disciplined regime, according to the Law nº. 10.792/03, focusing on the concepts of juridical, sociological, and, mainly, symbolical efficacy. Firstly, it is pictured the social, political and economical transformations that have been modified significantly the penal system in order to attempt using them as an answer to the new criminal problems, at the same time that they are compared to the principles and rules conceptualized by the liberal State. Secondly, the public securities politics of Fernando Henrique Cardoso are examined with the purpose of understanding how these politics were wondered and implemented in a period that the government was often challenged because of the increasing of violence in Brazilian big cities. Then, it was analyzed specifically the differentiated disciplined regime, showing at first place the context that it was created, and after the content of this law text and judicial decisions related to the subject. In summary, this dissertation proposes a critical study about the impact on justice system of criminal law of emergency and, more specifically of differentiated disciplined regime, from the study of its social and symbolical efficacy

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-11-18T16:34:14Z No. of bitstreams: 2 ANATOLI DIAS ORLOVAS.pdf: 380790 bytes, checksum: ed39ab77e72e71915d8186a36ca1276b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-11-18T16:34:14Z (GMT). No. of bitstreams: 2 ANATOLI DIAS ORLOVAS.pdf: 380790 bytes, checksum: ed39ab77e72e71915d8186a36ca1276b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-03-28 / The objective of this study is to verify if the use of multiples for valuation of companies during their initial public offering is a good predictor of their stock prices. For this study, 71 IPO???s from the Brazilian market that met the selection criteria were analyzed among 117 IPO???s that were approved by the CVM during the period from 2004 to 2014, using the three valuation multiples with higher incidence of recommendations among the analyzed scientific studies surveyed for the elaboration of this work: Price to Book, Price to Earnings and Enterprise Value to EBITDA. This study has compared the multiples of IPOs with the same multiples of companies belonging to the same sector of activity (peers), in two distinct moments: (i) the day of the IPO's and (ii) the day before of the IPO. The analysis was structured in three models: (i) relating the multiple of the IPO to the mean, median and harmonic mean of this same multiple for their peers, (ii) adding dummies related to the year of IPO in the previous model and (iii) adding variables related to size, leverage and return to the previous model. For all models, MQO regressions were performed. As a result, the work found statistical significance to the multiple Price to Earnings when the mean was used in the Model III, showing significance with the use of the difference of returns. Statistical significance was also founded to the multiple Enterprise Value to EBITDA when the mean was used to the Model I, which show the best adjustments demonstrated by R??, although it did not find statistical significance for the Price to Book multiple. / O trabalho a seguir tem por objetivo analisar se a utiliza????o de m??ltiplos para a avalia????o de empresas no momento de sua abertura de capital ?? um bom previsor para o pre??o das a????es destas empresas. Para este trabalho foram analisados 71 IPO???s do mercado brasileiro que atenderam aos crit??rios de sele????o entre os 117 IPO???s que foram aprovadas pela Comiss??o de Valores Mobili??rios ??? CVM, durante o per??odo de 2004 a 2014, utilizando-se dos tr??s m??ltiplos com maior incid??ncia de recomenda????es entre os estudos pesquisados para a elabora????o deste trabalho: Price to Book, Price to Earnings e Enterprise Value to EBITDA. O trabalho comparou os m??ltiplos dos IPO???s com os mesmos m??ltiplos de empresas pertencentes ao mesmo setor de atua????o (peers), em dois momentos distintos: (i) o dia da estreia do IPO na bolsa e (ii) o dia de negocia????es anterior a esta estreia. As an??lises foram estruturadas em 3 modelos, sendo: (i) relacionando o m??ltiplo do IPO com a m??dia, mediana e m??dia harm??nica deste mesmo m??ltiplo para seus peers, (ii) acrescentando dummies referente ao ano da emiss??o do IPO ao modelo anterior e (iii) acrescentando vari??veis relacionadas ao tamanho, alavancagem e endividamento ao modelo anterior. Para todos os modelos, foram realizadas regress??es MQO. Como resultado, o trabalho encontrou signific??ncia estat??stica para os m??ltiplos Price to Earnings quando utilizada a m??dia para o Modelo III, apresentando signific??ncia com a utiliza????o da diferen??a dos retornos. Encontrou tamb??m signific??ncia estat??stica para o m??ltiplo Enterprise Value to EBITDA, quando utilizada a m??dia para o Modelo I, o qual apresentou melhores ajustes demonstrados pelo R??, embora n??o tenha encontrado signific??ncia estat??stica para o m??ltiplo Price to Book.

Univ., Diss.--Bern, 2006.

Made available in DSpace on 2010-04-20T20:56:58Z (GMT). No. of bitstreams: 3 FredericoAraujoTurolla2005.pdf.jpg: 22630 bytes, checksum: a986c983569fe1e1e598c80d45ea8e7e (MD5) FredericoAraujoTurolla2005.pdf.txt: 260148 bytes, checksum: c447996e2d5fff342713401eb46da8c7 (MD5) FredericoAraujoTurolla2005.pdf: 1695632 bytes, checksum: 7c5530aa3a5fa60ab6aa45feda08576c (MD5) Previous issue date: 2005-09-20T00:00:00Z / This thesis discusses the Brazilian public sector’s currency-linked domestic debt between 1995 and 2004. It argues that the reasons of that debt are not to be found in the goals of optimal debt composition, but rather among the exchange rate policy objectives. The Mexican Tesobonos case offers insights for the Brazilian case, highlighting three major differences, namely the average term of the bonds; the stronger concentration of Mexican debt in international markets; and the importance of non-residents as holders. The Brazilian case was presented in historical perspective, starting with the introduction of the ORTN with dollar-indexation clause by the end of the 60’s. It attempted to follow the development of the Brazilian currency-linked domestic debt from the 60’s onwards. Taking into account that the objectives of that policy instrument are more related to exchange rate policy it was presented a brief survey of the literature on the short-term determinants of the exchange rate, starting with Meese and Rogoff (1983), which had introduced the idea that a random walk is a better forecast to exchange rate than any other model based on macroeconomic fundamentals. It is also presented a review of the literature on foreign exchange intervention, which offers plenty of works devoted on developed countries and scarce contributions on emerging countries. The offering of currency-linked domestic bonds is treated as foreign exchange intervention, in search for its effects on the exchange rate level and volatility. The econometric exercise built a database of the stock of currency-linked domestic on a daily basis, through aggregation of primary auctions of bonds and swaps over the period between 1991 and 2004. The exercise estimated the impact of such debt over foreign currency prices in two periods, namely the administered regime (1995-1999) and the floating period (1999-2004). It was used a Vector Error Correction Model (VECM). Estimated elasticities showed a possible simultaneity bias, which was detected through a Granger causality test. The latter provided evidence of a feedback-type bi-directional causality. Estimations are subject to heteroskedasticity, which was corrected through GARCH modeling. This test showed that the elasticity of the exchange rate with respect to intervention with currency-linked domestic debt was -0.17 in the administered regime and 2.15 in the floating regime. / Esta tese discute a dívida cambial doméstica do setor público brasileiro entre 1995 e 2004. Argumenta-se que a origem dessa dívida não está relacionada à busca de uma composição ótima da dívida pública, mas sim a objetivos de política cambial. O caso dos tesobonos mexicanos é analisado como precedente para o caso brasileiro, ressaltando-se três peculiaridades: o prazo médio dos títulos cambiais; a concentração da dívida pública mexicana no mercado internacional; e a importância dos não-residentes entre os detentores. O caso brasileiro foi apresentado a partir de uma perspectiva histórica, desde a introdução das ORTN com cláusula de correção cambial, no fim dos anos sessenta. Foi realizada uma tentativa de reconstrução da trajetória da dívida mobiliária cambial até o período recente. Levando-se em consideração que os objetivos desse instrumento estão concentrados na política cambial, foi feita uma breve resenha da literatura sobre os determinantes da taxa de câmbio, começando por Meese e Rogoff (1983), que introduziram a idéia de que um passeio aleatório é melhor previsor do câmbio que os modelos baseados em fundamentos macroeconômicos. É feita também uma breve revisão da literatura sobre intervenção no câmbio, que é farta em trabalhos para países desenvolvidos e escassa no que se refere aos países emergentes. A colocação de títulos indexados ao câmbio é tratada como intervenção, avaliando-se seus efeitos sobre a taxa de câmbio e sua volatilidade. No exercício econométrico, foi construída uma base de dados diários de endividamento cambial doméstico, através da agregação dos leilões primários de títulos e de swaps emitidos entre 1991 e 2004. O impacto da dívida cambial sobre o câmbio foi estimado, para os períodos de câmbio administrado (1995-1999) e de câmbio flutuante (1999-2004), através de um Modelo Vetorial de Correção de Erro (VECM). As elasticidades estimadas apresentaram uma possível ocorrência de simultaneidade, que foi detectada através de um teste de causalidade de Granger. Esse teste revelou uma causação bi-direcional de tipo feedback. As estimações estão sujeitas a heterocedasticidade, que foi corrigida através da estimação de um GARCH. Este revelou que a elasticidade do câmbio em relação à intervenção com dívida cambial é de -0,17 no câmbio administrado e de -2,15 no câmbio flutuante.

Made available in DSpace on 2015-12-03T18:33:09Z (GMT). No. of bitstreams: 1 Luciana_Maia_Campos_Machado.pdf: 1574359 bytes, checksum: cabec8c037b6327cf603054ec242e15d (MD5) Previous issue date: 2014-06-24 / When compared to other Brazilian companies traded at BOVESPA, real estate listed companies, in the period 2005-2013, had a sharp drop in market value. In this period, the years of 2006 and 2007 were marked by particularly strong concentration of IPOs in the Brazilian market, and in the same way that other companies, real estate companies turned to the stock market in an unusual high frequency to finance their operations. Specifically in the real estate industry, a high percentage of companies went public in these two years: 60% of all companies in the sector. Studies on the annomalies due to IPOs usually address the undervaluation of the issuing companies, the concentrated emission at hot market times (Market Timing) and the poor performance of stocks and operations of these companies in the long run. Thus, this work aimed to investigate whether there was a relationship between the poor performance of the real estate industry in the Brazilian market and the significant number of IPOs that companies of this sector performed. For this purpose, non-financial companies from all sectors traded at BOVESPA were studied, comparing the market value divided by total assets of the companies that went public in the period with companies that was already traded. Furthermore, the behavior of the same indicator for real estate developers was contrasted with other sectors. In order to isolate any other incident effects on the test variable, different panel data regressions were estimated, controlling for risk, size, profitability, growth, years and sectors. Empirical evidence suggests that the poor performance observed in the real estate developers would be linked to the unusually high incidence of IPOs in the sector in the period, not to any particularities of these companies, directing the results primarily to issues of Market Timing in the IPO market timing, not to any operational difficulties in the real statebusiness. / When compared to other Brazilian companies traded at BOVESPA, real estate listed companies, in the period 2005-2013, had a sharp drop in market value. In this period, the years of 2006 and 2007 were marked by particularly strong concentration of IPOs in the Brazilian market, and in the same way that other companies, real estate companies turned to the stock market in an unusual high frequency to finance their operations. Specifically in the real estate industry, a high percentage of companies went public in these two years: 60% of all companies in the sector. Studies on the annomalies due to IPOs usually address the undervaluation of the issuing companies, the concentrated emission at hot market times (Market Timing) and the poor performance of stocks and operations of these companies in the long run. Thus, this work aimed to investigate whether there was a relationship between the poor performance of the real estate industry in the Brazilian market and the significant number of IPOs that companies of this sector performed. For this purpose, non-financial companies from all sectors traded at BOVESPA were studied, comparing the market value divided by total assets of the companies that went public in the period with companies that was already traded. Furthermore, the behavior of the same indicator for real estate developers was contrasted with other sectors. In order to isolate any other incident effects on the test variable, different panel data regressions were estimated, controlling for risk, size, profitability, growth, years and sectors. Empirical evidence suggests that the poor performance observed in the real estate developers would be linked to the unusually high incidence of IPOs in the sector in the period, not to any particularities of these companies, directing the results primarily to issues of Market Timing in the IPO market timing, not to any operational difficulties in the real statebusiness. / Quando comparadas ??s demais empresas brasileiras de capital aberto negociadas na BOVESPA, as incorporadoras imobili??rias apresentaram, no per??odo de 2005 a 2013, acentuada queda no valor de mercado. Neste intervalo, os anos de 2006 e 2007 foram notadamente marcados por forte concentra????o de IPOs no mercado brasileiro, e da mesma forma que outras empresas, as incorporadoras imobili??rias recorreram com frequ??ncia pouco usual ao mercado acion??rio para financiamento de suas opera????es. Especificamente no setor de incorpora????o imobili??ria, um percentual elevado de empresas abriu capital nestes dois anos: 60% do total de empresas do setor listadas na BOVESPA. Estudos sobre anomalias decorrentes da abertura de capital costumam abordar a subavalia????o das empresas emissoras, a concentra????o das emiss??es em momentos de alta (Market Timing) e o fraco desempenho das a????es e opera????es destas empresas no longo prazo. Assim, esta disserta????o teve como objetivo principal investigar se houve rela????o entre o fraco desempenho do setor de incorpora????o imobili??ria no mercado acion??rio brasileiro com a expressiva quantidade de IPOs que as empresas que comp??em o setor realizaram. Com este objetivo, foram estudadas empresas n??o financeiras de todos os setores negociadas na BOVESPA, comparando-se o valor de mercado sobre ativo total das empresas que abriram capital no per??odo com o de empresas que j?? possu??am capital aberto. Ademais, verificou-se o comportamento do mesmo indicador para incorporadoras imobili??rias, contrastando-as com empresas de outros setores. Com a finalidade de isolar outros efeitos incidentes sobre a vari??vel de teste, diferentes regress??es com dados em painel foram estimadas, controlando-se risco, tamanho, rentabilidade, crescimento, anos e setores. Os resultados encontrados sugerem que, em m??dia, as empresas que recorreram ao mercado acion??rio, realizando IPOs entre 2005 e 2013, iniciaram o per??odo sobrevalorizadas, ou seja, com valor de mercado sobre ativo total superior ??s demais, sendo que esse valor teve forte decr??scimo nos anos seguintes. As evid??ncias emp??ricas sugerem que o fraco desempenho observado nas incorporadoras imobili??rias estaria ligado ?? anormalmente elevada incid??ncia de IPOs no setor no per??odo, e n??o a particularidades destas empresas, direcionando os resultados principalmente para quest??es de Market Timing nos IPOs, e n??o a eventuais dificuldades operacionais no ramo de atividade de incorpora????o imobili??ria.

Indiana University-Purdue University Indianapolis (IUPUI) / indefinitely