This thesis examines the bank efficiency and the impact of the regulatory and supervisory instruments on the efficiency of banks actively performing on the financial markets in the countries of European Union. Our analysis concerns 8-year time period, covering also the period of global financial crisis with the aim to determine possible changes in the relationship regulation versus efficiency. We apply SFA Fourier-flexible model for estimation of profit and cost efficiency scores. Consequently we use GLS panel data estimation in order to test for the regulatory determinants of efficiency, we have specified 6 various models with the focus on different regulatory instruments. Results firstly suggest that high cost efficiency does not necessarily imply high bank profit efficiency. Secondly, we uncovered the negative relation between market concentration, the level of development of financial market and the cost efficiency of foreign banks. Thirdly, we also found evidence supporting the assumption of positive impact of private monitoring and the independence of supervisory authority implying the increasing of transparency in the market. Additionally, we uncovered support for negative effect of activity and diversification restrictions. However, the results concerning the financial crisis period are...

檢視中國的城市化進程與全球城市化研究將為被忽略的地區帶來新的視野 / The examination of urbanization processes in China with the combination of global and world city research are expected to provide new insights to this neglected area. Global city idea had often emerged in contemporary city development plans, mainly indicating rapid modernization efforts via building a so-called global city. The wide-scale embeddedness of this idea suggests that it became the synonym of international competitiveness and prosperity. The best example of that is China with its massive network of cities. Until recently public datas were less accessible regarding the major Chinese cities, sith the reasons behind their growth and properity are still widely unexplored. The goal of this thesis would be to collect data and examine the most relevant segments of a specific Chinese city, namely Shanghai in the context of global city formation and competition. In order to justify or deny the overall achievements of industrial and spatial restructuring, the thesis will rely on the latest datas, including the related theoretical aspects and two short case studies. There are multiple layers of conducting city-related research from which, there are statistically less traceable ones. Thus, the intention of the thesis is to highlight two, internationally relevant and comparable areas, such as the financial industry and the newly upgraded free trade zone. According to the author’s intentions the strengths and the weaknesses of Shanghai as a global city will be empirically tested, while at the same time there will be a strong emphasis on the introduction of world- and global cities’ theoretical background as well. Within that the Chinese global city idea will be distinguished from its Western counterpart and the contraints of current political system will be pointed out in terms of operation or management. The main subject of inquiry would be to learn more about the extent of global city transformation in the city, compared to the general assumptions on an actual global city. Since this thesis has its own limitations both in size and data processing capability, thus it mainly analyzed and used second-hand sources to derive its conclusions. The main purpose of this work would be to contest the aspects of Shanghai’s global citiness.

First chapter describes International Financial Markets. Second chapter describes market fundamental analysis. Third chapter describes market technical analysis and efficient market hypothesis testing. Fourth chapter discusses market psychological analysis. Fifth chapter encompasses other theoretical background to be used in application. Sixth chapter deals with application of fundamental and technical analysis on a tennis betting market having found parallels between the sports betting markets and financial markets.

La libéralisation des taux d’intérêt est une étape importante de la tarification des produits financiers. Dans cette thèse, nous proposons un examen approfondi des progrès de ces réformes financières en Chine continentale et une évaluation de ses impacts éventuels. Sur le plan théorique d’un côté, la démarche analytique de cette recherche vise à combler des lacunes dans la recherche de ce domaine sur les pays émergents, comme la Chine, dans un contexte de la globalisation financière. Partant des fondements théoriques de la libéralisation des taux d’intérêt, nous mettons en relief les canaux de transmission par lesquels cette libéralisation permettra d’atteindre les objectifs de développement financier et de croissance macroéconomique du pays. Par la suite, nous proposons une analyse de l’état de lieux du système actuel des taux d’intérêt en Chine, à travers un bilan inventaire des pratiques réalisées dans le cadre de la libéralisation des taux d’intérêt. D’un autre côté, sur un plan pratique et empirique, notre recherche permet de mener une analyse approfondie du contenu et du déroulement des politiques de libéralisation des taux d’intérêt en Chine, de dresser un bilan des mutations du système financier et de formuler en fin de compte des recommandations de politique économique. Nous obtenons également une base de données concernant les changements du taux d’intérêt dans l’objectif de construire ainsi des modèles économétriques, notamment basés sur les équations de cointégration. Les résultats obtenus à l’issue de notre étude montrent qu’il existe une causalité réciproque entre les taux d’intérêt et les facteurs macroéconomiques dans un contexte chinois. / Interest rate liberalization is an important step in the processes of pricing financial products. As a necessary condition for financials reforms in China and its sustainable development, the realization of this process is of great practical importance that could optimize the allocation of financial resources, improve the efficiency of capital and enable better market functions. On this purpose, we propose a thorough review of this financial reform in Mainland China and an assessment of its potential impacts. On one side, the analytical approach aims at filling gaps in this research field on emerging countries, such as Chinese Mainland. Based on the theoretical foundations of financial liberalization, we highlight the channels through which this reform can achieve the global objectives of financial development and macroeconomic growth. Subsequently, we conduct an analysis of the current interest rates system in Mainland China, through an inventory of practices carried out as part of the interest rates liberalization reform. On the other hand, from a practical and empirical point of view, our research intends to offer a quantitative analysis of the potential impacts of interest rate liberalization on Chinese macro economical and financial system and to formulate accordingly recommendations for economic and monetary policies. We obtain a database, which contains the main factors of Chinese macro-economy, in order to establish econometric models, in particular based on cointegration equations. The results obtained from our study show that there is a reciprocal causality between interest rates and macroeconomic factors in the context of Chinese Mainland.

A internet é, seguramente, a mídia que mais se expande no mundo, tendo importância crescente em todos os campos da atividade humana, seja profissional, educacional ou meramente recreativo. Essa importância é visível não apenas no grande número de pessoas que a usam em seu dia-a-dia (cerca de 33 milhões de pessoas no Brasil, 220 milhões nos Estados Unidos e mais de 1 bilhão de pessoas no mundo inteiro), nem somente pelo ritmo de crescimento nos primeiros anos da web comercial, mas principalmente pelo enorme leque de possibilidades de conteúdos e serviços disponíveis para os internautas. Dentre essas possibilidades estão os serviços de comércio eletrônico ou ecommerce, um dos mais importantes e com maior crescimento nos últimos anos, e o internet banking ou e-banking, responsável por profundas mudanças na relação dos usuários de serviços bancários com seus bancos, chegando ao ponto de correntistas não freqüentarem suas agências bancárias por anos seguidos, servindo-se apenas dos serviços online para resolver seus problemas diários e usando-se dos ATMs para saques financeiros. Esta dissertação tem o intuito de aprofundar o conhecimento da relação dos internautas com esses dois serviços, e-commerce e e-banking, analisando o fato de os dados disponíveis sobre o uso residencial da internet no Brasil indicarem que há queda no uso do segundo serviço, enquanto o primeiro continua em contínua ascensão. Esse conhecimento é importante, principalmente porque ambos são considerados similares pela literatura e, além disso, apresentavam curvas de crescimento similar até o final de 2003. Esse conhecimento passa também por entender o motivo que faz com que a intersecção dos grupos de usuários residenciais dos dois serviços seja em torno de 50% apenas, já que o internauta brasileiro, basicamente das classes A e B, tende a ser um consumidor de ambos os serviços off-line. / The internet is, for sure, the media with faster and higher growth in the world, with growing importance in all areas of human activities, from professional, educational or for entertainment. Such importance is visible not only because there are a huge number people with internet access for daily activities (around 33 million in Brazil, 220 million in the United States and 1 billion people around the world, nor because its very positive growth curve, but mainly due to its range of possibilities of contents and services available to the users. Among these possibilities are the e-commerce, one of the most important and with great growth during the recent years, and the e-banking, responsible for deep changes in the relation between banking services users and the banks, allowing some clients to stop visiting their physical agencies, using only the online channel to solve their daily problems and the ATMs to get some cash. This work intends to go deep in the knowledge of the relation among the internet users and the two services, namely e-commerce e e-banking, analyzing why the available at-home data about the Brazilian web use indicates that the second mentioned service loses audience, while the first one continues to grow in terms of visitors. Such knowledge is important, especially because both services are considered similar by the literature and, besides that, used to present a similar growth curve until de end of the year 2003. This knowledge also needs to understand why the intersection of the two groups of domestic users of both mentioned services is around 50% only, as the Brazilian internet user belongs to the richest A and B socio-economic classes, and because of this fact tends to be a consumer of both services off-line.

O mercado financeiro possui diversos tipos de operadores buscando lucros com diferentes focos de atuação. Temos, por exemplo, especuladores tentando prever futuras variações nos ativos, ou bancos provendo liquidez para as demandas das empresas. De qualquer maneira, cada ativo financeiro normalmente contém diversos riscos de mercado na sua precificação. Além disso, muitos desses riscos são, na verdade, indesejáveis, fazendo com que seja necessário buscar proteção contra eles, utilizando-se de outros ativos. Assim, numa carteira com diversos produtos, é vital para sua administração a divisão por fator específico de risco de mercado. O objetivo deste trabalho consiste em resolver uma demanda real de uma gestora de recursos onde o autor atuou: desenvolver uma ferramenta capaz de calcular os ganhos ou perdas de uma carteira de ativos, detalhando o resultado por tipo de risco de mercado. Para isso foi desenvolvido um sistema no formato de add-in de Excel no qual é possível definir as diversas curvas de mercado para diferentes datas, assim como calcular o valor presente dos ativos. Com isso, é também possível determinar o valor total do portfolio e a variação de um dia para o outro, conhecido como PNL diário. Nesta dissertação serão mostrados detalhes da implementação do sistema e será proposta uma metodologia para calcular o PNL por cada risco de mercado. O trabalho também apresentará o racional por trás da escolha de cada método, e também discutirá como eles poderiam ser refinados. / The Brazilian financial market has several types of players, with dfferent ways of acting to pursue profits. For instance, there are the speculators that try to foresee market moves, and banks that provide liquidity for the demands of corporate players. But every asset has several market risks at their pricing, and normally many of them are not wanted. Therefore, players seek to trade other assets to hedge themselves from theses undesirable risks. Therefore, it is vital to have the breakdown of every market risk when managing a portfolio. The main purpose of this work is so solve a real demand for an asset management company for which this author used to work: the development of a tool capable of calculating the profit and losses of a portfolio, breaking down the result by each risk factor. An Excel add-in has been developed where it is possible to set several market curves for different dates, as to calculate the present value of the assets. With all that, it is possible to obtain the daily PNL. In this thesis we will discuss systems implementation details, and a methodology will be presented to calculate the PNL by risk factor. It will also include the rational behind the decision of each chosen method, as discussions of how they could be developed.

Made available in DSpace on 2016-04-26T20:25:18Z (GMT). No. of bitstreams: 1 DIR - Elidie P Bifano.pdf: 1112653 bytes, checksum: cd872144e22a7ef2f3130a605b5b6c40 (MD5) Previous issue date: 2006-11-07 / Throughout the centuries, money has continued to play a vital role in the economy of countries and the development of their peoples. Thanks to its generic nature, money is the physical means whereby the classic functions of currency are met. Among these, is the value reserve, enabling gains and savings. A consequence of this function is the demand for, and offer of, money, transforming it into a merchandise of crucial importance in today s society. Countries become involved in the process of protecting their money and, thus, the financial market is born and prospers. Two clearly defined segments represent the financial market: the fixed income market and the variable income market. Here, the players are the investors who, as owners of the money, apply it to gain a profit, the investees who need the money and pay for it, and the intermediaries who bring these parties together, these last being the financial institutions and the stock and commodities exchanges. In today s world, the business of money has no nationality, and is performed through complex contracts, some of them globally effective, but many of them ill-protected by the law. Increasingly, financial business and the ensuing gain attract the governments of countries, while simultaneously generating a forceful tax competition between them. The aim of this study is to analyze the judicial business processed in the financial market, the compensation arising from such business, and the regulations that govern the related taxation of income in Brazil / O dinheiro tem desempenhado, ao longo dos tempos, função essencial na economia e no desenvolvimento dos povos. O dinheiro, bem fungível, é o instrumento físico pelo qual se atendem às funções clássicas da moeda, dentre elas a reserva de valor, que permite o entesouramento e a poupança. Em decorrência dessa função, nasce a busca e a oferta de dinheiro, tornado mercadoria de fundamental importância na sociedade moderna. Os Estados nacionais envolvem-se na proteção do dinheiro: nasce e fortifica-se o mercado financeiro. O mercado financeiro opera sob dois diferentes segmentos, bem definidos: o mercado da renda fixa e o mercado da renda variável. Seus atores são os Investidores, aqueles que possuindo dinheiro, buscam aplicá-lo com o objetivo de lucro, os tomadores, aqueles que necessitam do dinheiro e pagam para tanto e os agentes que permitem a essas partes se encontrarem, as instituições financeiras e as bolsas de valores e mercadorias. Os negócios de dinheiro, hoje, não têm mais pátria, se fazem através de contratos complexos, alguns globalmente utilizados, muitos deles inadequadamente colhidos pelo direito. A remuneração gerada pelos negócios financeiros atrai, cada vez mais, os Estados, gerando, inclusive, forte concorrência tributária entre eles. Este estudo tem por objetivo analisar os negócios jurídicos processados no mercado financeiro, a remuneração por eles gerada e as regras que orientam sua tributação, pelo imposto sobre a renda, no Brasil

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-04-23T15:13:40Z No. of bitstreams: 1 José Antonio Cescon_.pdf: 2309850 bytes, checksum: aed6465c39716ff0455633261671bd8e (MD5) / Made available in DSpace on 2018-04-23T15:13:40Z (GMT). No. of bitstreams: 1 José Antonio Cescon_.pdf: 2309850 bytes, checksum: aed6465c39716ff0455633261671bd8e (MD5) Previous issue date: 2018-01-18 / Nenhuma / O processo de formação da tomada de decisão tem na moderna teoria de finanças o pressuposto de que os investidores agem de forma racional no mercado, são avessos ao risco, buscam a maximização da utilidade esperada, que os mercados são altamente eficientes e que os investidores exploram todas as oportunidades de arbitragem. Se esta premissa estiver correta, como então explicar porque investidores e analistas do mercado financeiro adquirem, mantém e/ou recomendam ações de empresas com patrimônio líquido negativo, já que estas empresas em tese estão prontas para a liquidação. Esta contestação a racionalidade ilimitada dos agentes do mercado financeiro tem sua base nas finanças comportamentais. Partindo destas premissas essa tese buscou compreender como se dá a formação do processo da tomada de decisão de investidores e analistas do mercado financeiro em relação à compra/venda/manutenção e/ou recomendação de ações de empresas com patrimônio líquido negativo listadas na B3 (Brasil, Bolsa e Balcão). Primeiramente montou-se uma carteira de investimentos, cuja composição é somente de empresas que adentraram ao patrimônio líquido negativo para verificar se ocorreram retornos positivos anormais para investimentos em empresas neste tipo de situação. A carteira foi formada com 77 empresas de um total de 208 que apresentaram pelo menos um trimestre de patrimônio líquido negativo no período de análise de retorno da carteira que foi de 1998 à 2016. Comparando o resultado desta carteira com investimentos livre de risco (Poupança e CDI) e a um investimento de risco similar (IBrX50), na análise da carteira buscou-se confirmar se é possível obter retornos positivos anormais em determinado período com investimentos em empresas com patrimônio líquido negativo e se este retorno propiciado é condizente com a relação risco/retorno preconizado pela moderna teoria de finanças. Os resultados encontrados apontam que é possível obter resultados positivos anormais, porém não atendem a relação risco/retorno se comparado a um investimento livre de risco. Estes resultados serviram de base para o desenvolvimento da tese proposta de que a formação do processo da tomada de decisão por parte de investidores e analistas do mercado financeiro trata-se de um processo de decisão parcialmente racional, pois este processo é afetado por aspectos comportamentais. Para confirmar esta tese, foram realizadas entrevistas com investidores (22) e analistas do mercado financeiro (09), que possuíram, possuem, recomendaram, recomendam a compra/venda e/ou manutenção de ações de empresas com patrimônio líquido negativo. As questões semiestruturadas das entrevistas foram suportadas pela moderna teoria de finanças e pelos vieses comportamentais: Contabilidade Mental; Aversão a Perda; Fuga ao Arrependimento; Efeito Disjunção, Efeito Manada, Loteria, Excesso de Confiança, Excesso de Otimismo e Ilusão Monetária. O método utilizado foi a análise de conteúdo, tendo como base as premissas da Hipótese do Mercado Eficiente (HME) e das Finanças Comportamentais (FC). Os resultados encontrados conduziram a três categorias de processos na formação da tomada de decisão. A 1ª categoria “Processo Racional”, atende a premissa da HME, de que tanto o investidor quanto os analistas são racionais. A 2ª categoria “Processo Pseudorracional”, atende parcialmente a premissa da HME, quanto atende parcialmente a premissa das Finanças comportamentais. A 3ª categoria “Processo Comportamental” atende a premissa das Finanças comportamentais. Os resultados demonstram que individualmente nenhum dos investidores ou analistas do mercado financeiro entrevistados podem ser classificados dentro de uma categoria específica, neste sentido não há um processo totalmente Racional, Pseudorracional ou Comportamental. / The process of forming decision-making has in the modern theory of finance the assumption that investors act rationally in the market, are risk-averse, seek to maximize expected utility, that markets are highly efficient, and that investors exploit arbitration opportunities. If this premise is correct, how then explain why investors and financial market analysts acquire, maintain and/or recommend shares of companies with negative equity, since these companies are ready for settlement. This challenge to the unlimited rationality of financial market agents has its basis in behavioral finance. Based on these premises, this thesis sought to understand how the decision-making process of financial market investors and analysts is formed in relation to the purchase/sale/maintenance and/or recommendation of shares of companies with negative equity listed on B3 (Brazil, Stock Exchange and Counter). Firstly, an investment portfolio was set up, whose composition is only of companies that went into negative equity to verify if there were abnormal positive returns for investments in companies in this type of situation. The portfolio was formed by 77 companies out of a total of 208 that had at least one quarter of negative equity in the period of analysis of portfolio returns that was from 1998 to 2016. Comparing the result of this portfolio with risk-free investments (Savings account and CDI) and a similar risk investment (IBrX50), the analysis of the portfolio sought to confirm if it is possible to obtain abnormal positive returns in a given period with investments in companies with negative equity and if this return provided is consistent with the risk ratio / return advocated by the modern theory of finance. The results show that it is possible to obtain abnormal positive results, but they do not meet the risk/return relationship when compared to a risk-free investment. These results served as a basis for the development of the proposed thesis that the formation of the decision-making process by financial market investors and analysts is a partially rational decision process because this process is affected by behavioral aspects. To confirm this thesis, interviews were conducted with investors (22) and financial market analysts (09), who owned, have, recommend, the purchase/sale and/or maintenance of shares of companies with negative equity. The questions of these interviews were supported by the behavioral biases: Mental Accounting; Loss Aversion; Fear to Repentance; Disjunction Effect, Herd Effect, Lottery, Excess of Confidence, Excess of Optimism and Monetary Illusion. The method used was content analysis, based on the assumptions of the Efficient Market Hypothesis (HME) and Behavioral Finance. The results found led to three categories of process in the formation of decision making. The 1st category "Rational Process", meets the HME premise that both the investor and the analysts are rational. The second category "Pseudo-rational Process", partially meets the premise of HME, as it partially meets the premise of behavioral finance. The 3rd category "Behavioral Process" meets the premise of Behavioral Finance. The results demonstrate that individually none of the investors or financial market analysts interviewed can be classified within a specific category, in this sense there is not a totally Rational, Pseudo-rational or Behavioral process.

Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-08-07T16:06:46Z No. of bitstreams: 1 Thiago Nery Pandolfo_.pdf: 5370670 bytes, checksum: 1887be307d7a90ca3f5d84b8f708509d (MD5) / Made available in DSpace on 2018-08-07T16:06:46Z (GMT). No. of bitstreams: 1 Thiago Nery Pandolfo_.pdf: 5370670 bytes, checksum: 1887be307d7a90ca3f5d84b8f708509d (MD5) Previous issue date: 2018-04-26 / SICREDI - Banco Cooperativo SICREDI S A / Nos últimos anos, o mercado financeiro nacional vem observando a entrada de instituições financeiras digitais. Este movimento tem provocado uma mudança nos hábitos de consumo de produtos financeiros. As fintechs e os bancos digitais vêm entrando no mercado oferecendo produtos e serviços com alta tecnologia embarcada. O presente trabalho busca trazer uma visão sobre estas mudanças, sustentado na teoria do arranjo desenvolvida por Deleuze e Gattari e explorada por outros pesquisadores como Manuel Delanda, Jon Roffe e Bernardo Figueiredo. De caráter qualitativo exploratório, o estudo entrevistou oito consumidores que possuem uma utilização constante de produtos e serviços digitais. Os resultados destas pesquisas apresentam quais são os elementos que compõem este ambiente complexo e de que forma elementos externos vêm auxiliando seu processo de transformação. Sob a perspectiva acadêmica, o presente trabalho tem por objetivo ampliar as discussões a respeito da teoria do arranjo, demonstrando de que forma ela pode ser aplicada para analisar mudanças nas práticas de consumo. No olhar da empresa, ele fornece informações importantes sobre este processo de transformação dos hábitos de consumo no mercado financeiro, auxiliando as organizações nas tomadas de decisão estratégicas sobre este mercado. / Recently the national financial market has been watching the entry of digital financial institutions. This movement has caused a change in the habits of consumption of financial products. Fintech and digital banks are entering on the market offering products and services with high technology embedded. The present work seeks to bring a vision of these changes sustained in the assemblage theory, developed by Deleuze and Gattari and explored by other researchers like Manuel Delanda, Jon Roffe and Bernardo Figueiredo. With an exploratory qualitative research, the study interviewed 8 consumers who have a constant use of digital products and services. The results of these researches present what are the elements that make up this complex environment and how external elements have aided its transformation process. From the academic point of view, this paper aims to broaden the discussions about the theory of the arrangement, demonstrating how it can be applied to analyze changes in consumption practices. In the company's view, it provides important information about this process of transforming consumption habits in the financial market, helping organizations to make strategic decisions about this market.

Submitted by Fabricia Fialho Reginato (fabriciar) on 2015-08-24T23:27:00Z No. of bitstreams: 1 MarcosTeixeira.pdf: 808388 bytes, checksum: 5c98ea5b8525cdd401a8e3c5c8ccccd1 (MD5) / Made available in DSpace on 2015-08-24T23:27:01Z (GMT). No. of bitstreams: 1 MarcosTeixeira.pdf: 808388 bytes, checksum: 5c98ea5b8525cdd401a8e3c5c8ccccd1 (MD5) Previous issue date: 2014 / Nenhuma / A presente dissertação de mestrado tem como objetivo central analisar as transações de cartões de crédito da baixa renda no mercado brasileiro. O enfoque da pesquisa está no setor de pagamentos eletrônicos, denominados cartões de crédito. Esse setor tem estado em crescimento acelerado nas últimas décadas; portanto, o desafio atual se coloca em como aumentar a participação deste método de pagamento junto às classes de menor poder aquisitivo. Já podem ser vistas grandes iniciativas que estão sendo tomadas nesse sentido por empresas de atuação internacional; no entanto, o conhecimento desse público de baixa renda está mais próximo de empresas menores. As empresas nacionais, de porte menor, são responsáveis pelo fornecimento dos chamados cartões regionais, que, por sua vez, conseguem atingir o público-alvo deste trabalho com maior facilidade do que seus concorrentes de atuação internacional. Buscando compreender melhor os hábitos de pagamentos da classe baixa, o presente trabalho obteve seus dados por meio de dados de pesquisas transacionais, entrevistas e bibliografia. Portanto, a presente dissertação buscou analisar as transações capturadas pela terceira maior empresa de aceitação de cartões de crédito do país, a GetNet. Também foram entrevistados profissionais atuantes no meio que colaboraram, através de entrevistas, com sugestões para a melhoria do setor. Assim, o eixo do trabalho questiona como as pesquisas transacionais e os profissionais do mercado de cartão de crédito podem contribuir no desenvolvimento de novas oportunidades em cartões de crédito para a baixa renda. Finalmente, espera-se que, a partir desta pesquisa, será possível obter uma relação de características a serem exploradas para que se possa expandir esse mercado junto à classe de menor poder aquisitivo. / The present master’s dissertation has as central goal to analyze the credit card transactions of the low income population in the Brazilian market. The focus of the research is the electronic payments sector, named credit cards. This sector has been growing increasingly in the last decades; however the present challenge finds itself in increasing the participation in this method within the lower classes. There can be seen many initiatives being taken towards this by international companies, nonetheless the knowledge on this low income public is closer to the reality of the smaller companies. National corporations, smaller companies, are responsible for the supplying of the so called regional cards that can reach in a larger and easier scale the public approached by this paper than their international competitors. Seeking to know more of the habits of the low income population, this research obtained its data through transactional research, interviews and diverse bibliography. Therefore, it seeks to analyze transactions captured by the third largest corporation in credit card acceptance in the country of Brazil, GetNet. Also, professionals on the area were interviewed and collaborated with suggestions to the betterment of the sector. In this way, the axis of this work questions how transactional research and professionals in the credit card market may contribute in the development of new opportunities in credit cards for low income population. Finally, it is expected that with this research it will be possible to obtain characteristics that may be explored and used in favor of expanding this market within the lower class.