O objetivo da dissertação é analisar a estrutura de proteção das companhias brasileiras de capital aberto em relação ao insider trading que, consiste na utilização de informações relevantes sobre as empresas, por pessoas que, por força de sua atividade profissional, conhecem aspectos fundamentais dos negócios das companhias e usam essa vantagem para negociar as ações dessas empresas antes que tais informações sejam de conhecimento do mercado em geral. A proposta do estudo está em responder a seguinte questão: tendo em vista os casos de insider trading julgados pela Comissão de Valores Mobiliários (CVM) entre 2002 e 2014, de que forma as práticas de governança corporativa das companhias abertas brasileiras influenciaram na decisão da autarquia de punir/absolver os seus administradores? Desta forma, analisam-se os processos administrativos sancionadores instalados pela CVM, nos quais administradores de companhias de capital aberto brasileiras foram acusados de negociar ações com informação privilegiada e, assim, evidencia-se o papel da estrutura de governança corporativa das sociedades no processo de punição ou absolvição dos agentes. As consequências econômicas para as companhias abertas que possuem agentes envolvidos na prática de insider trading justificam o presente trabalho. Quando há a ocorrência deste tipo de evento relacionado à determinada companhia, fica clara a fragilidade dos mecanismos de governança corporativa desta empresa e, consequentemente, o mercado precifica tais condições através da desvalorização das ações. Além disso, os escândalos gerados pela publicidade dos casos de insider trading podem, no limite, impactar os resultados operacionais de uma empresa, tendo em vista o tamanho dos impactos tangíveis e intangíveis, ligados ao nome, marca e reputação das companhias. No que tange ao posicionamento de uma empresa brasileira de capital aberto em relação ao insider trading, constatou-se, através da análise dos julgados da CVM entre 2002 e 2014, que ele se materializa nas efetivas práticas das sociedades e não, simplesmente, no nível de governança corporativa no qual a companhia transaciona seus valores mobiliários. A adoção das práticas sugeridas que, por sua vez, permeiam as faces preventivas, de monitoramento e de reação ao ilícito, mitiga consideravelmente o risco de dano à reputação das companhias que as adotarem e, concomitantemente, evita a responsabilização individual de conselheiros e diretores. A experiência brasileira, do período de 2002 a 2014, indica que a compreensão da atuação da CVM no combate ao insider trading aumenta na medida em que o número de processos sancionadores expande e, consequentemente, se amplia a base de dados de precedentes sobre o assunto. Por fim, o constante monitoramento das discussões sobre o assunto, a ampliação da análise estatística de casos julgados de insider trading no país e do comportamento do órgão regulador brasileiro, munem os responsáveis pela gestão das companhias de capital aberto de direcionamentos estratégicos para a elaboração de planos de ação eficientes, a fim de mitigar o risco a que administradores estão expostos em função de seus cargos. / The objective of this thesis is to analyze the protection structure of Brazilian publicly-held companies against insider trading, which consists of using relevant information about companies by people who, due to their professional activity, are aware of fundamental aspects of the companies' businesses and use this advantage to trade shares of such companies before such information is disclosed to the market. The study proposal is to answer the following question: considering the cases of insider trading judged by the Brazilian Securities and Exchange Commission (CVM) between 2002 and 2014, how the corporate governance practices of Brazilian publicly-held companies influenced the decision of the CVM in punishing/acquitting their executives? Thus, the administrative sanctioning processes installed by the CVM were analyzed, in which managers of Brazilian publicly-held companies were accused of dealing with insider information. Therefore, the role of the companies’ corporate governance structure in the decision-making process of punishment or acquittal of the executives is evidenced. The economic consequences for companies that have executives involved in insider trading justify this study. When this type of event is related to a particular company, the fragility of the corporate governance mechanisms of this company is highlighted and, consequently, the market evaluates such conditions through the shares pricing. At worst, the backlash generated by insider trading may impact the operating results of a company, given the considerable tangible and intangible impacts linked to the companies' name, brand and reputation. Regarding the position of a Brazilian publicly-held company in relation to insider trading, it was verified through the analysis of CVM judgments (2002-2014) that it materializes in the effective practices and not simply in the level (BM&FBOVESPA criteria) of corporate governance in which the company transacts its securities. The adoption of prevention, monitoring and reaction suggested practices, mitigates considerably the risk of damaging the reputation of companies and, at the same time, avoids individual liability for directors and officers. The Brazilian experience, from 2002 to 2014, indicates that the understanding of the CVM's action in combating insider trading increases as the number of sanctioning processes expands and, consequently, the database of precedents on the subject is expanded. Finally, the constant monitoring of the discussions on the subject, the expansion of the statistical analysis of insider trading cases in Brazil and of Brazilian regulator behavior provide the managers strategic directions to the elaboration of efficient action plans in order to mitigate the risk to which managers are exposed based on their positions.

La question du financement des Petites et Moyennes entreprises est récurrente partout dans le monde. Elle est encore plus préoccupante en Afrique subsaharienne, alors même que les PME apparaissent comme des acteurs clés pour sortir du sous-développement. Au Sénégal les pouvoirs publics cherchent depuis plusieurs années des solutions pour améliorer l’accès des PME au financement bancaire. Cependant, le problème de financement bancaire demeure le principal obstacle au développement des PME. C’est dans ce sens que nous nous sommes demandé pourquoi les PME sénégalaises rencontrent autant de difficultés à accéder au financement bancaire. L’objectif de notre recherche est d’identifier les facteurs susceptibles d’influencer l’obtention de financement bancaire pour une PME sénégalaise. Notre première phase de recherche a été de faire un état des lieux de la littérature et des études empiriques sur le financement des PME. Sur cette base, nous avons élaboré nos hypothèses de recherche que nous avons testées selon une méthode de recherche mixte. D’une part nous avons adopté une démarche quantitative en élaborant un questionnaire soumis à des dirigeants de PME ; d’autre part nous avons adopté une démarche qualitative en menant des entretiens avec 10 agents de banque et 10 dirigeants de PME. L’analyse de nos hypothèses donne les résultats principaux suivants : l’existence de liens forts positifs entre la disponibilité de garantie, la qualité des documents comptables, la taille de la PME d’une part, et l’obtention de financement bancaire d’autre part ; l’adoption du financement relationnel ainsi que l’existence de relations interpersonnelles favorisent l’accès au financement bancaire. Nos résultats confortent des études antérieures effectuées dans d’autres contextes et peuvent faire l’objet de recommandations aux dirigeants de PME, aux banques et aux pouvoirs publics. / The issue of financing small and medium-sized enterprises is recurrent all over the world. It is even more worrying in sub-Saharan Africa where the SME sector is the chance to get out of underdevelopment. In Senegal, public authorities have been seeking solutions for several years to improve SMEs' access to bank financing. However, the problem of bank financing remains the main obstacle to the development of SMEs. So, we wondered why Senegalese SMEs encounter so many difficulties in accessing bank financing. The objective of our research is to identify the factors likely to influence the obtaining of bank financing for a Senegalese SME. On the basis of a review the literature, we developed our research hypotheses that we tested using a mixed search method. On the one hand we adopted a quantitative approach by developing a questionnaire submitted to SME managers; on the other hand, we have adopted a qualitative approach by conducting interviews with 10 bank agents and 10 SME managers. The analysis of our assumptions shows the following main results: the existence of strong positive links between the availability of guarantee, the quality of the book-keeping, the size of the SME on the one hand, and the obtaining of bank financing; the adoption of relational financing and the existence of interpersonal relationships favor access to bank financing. Our results support previous studies in other contexts and can be the subject of recommendations to SME managers, banks and the public authorities.

Η πρόσφατη έρευνα για τους καθοριστικούς παράγοντες σε επίπεδο επιχείρησης της σταθερής επένδυσης έχει τονίσει τη σημασία των επεξηγηματικών μεταβλητών ώς προσεγγιστικές για την εσωτερική χρηματοδότηση των εταιριών που κρατούν σταθερά τα μέτρα των σταθερών ευκαιριών ή το κόστος του κεφαλαίου. Τέτοιες μελέτες έχουν βασιστεί στις αποκλίσεις από τα νεοκλασσικά υποδείγματα επένδυσης με τις τέλειες αγορές κεφαλαιαου στην κατεύθυνση των υποδειγμάτων βασισμένων στις ασυμμετρικές πληροφορίες στις χρηματαγορές. Αυτές οι αποκλίσεις στηρίζονται στην γνώση των θεωρητικών υποδειγμάτων του χρηματοοικονομικού συμβολαίου υπό συνθήκες ασυμμετριών στην πληροφόρηση χρησιμοποιώντας την δυσμενή επιλογή ή/και τον ηθικό κίνδυνο, στα οποία οι μετακινήσεις στα εσωτερικά κεφάλαια προβλέπουν μετακινήσεις στα έξοδα επένδυσης, κρατώντας σταθερές ευκαιρίες επένδυσης. Ο σκοπός αυτής της διατριβής είναι να διαμορφωθεί ο αντίκτυπος του χρηματοοικονομικού περιορισμού στις αποφάσεις επένδυσης των εταιρειών στην Ελλάδα και στην Ευρώπη. Η διατριβή εφαρμόζει ένα δυναμικό υπόδειγμα επένδυσης, όπου οι χρηματοοικονομικές μεταβλητές και η πραγματική επένδυση συνδέονται σε μία προσπάθεια να ερευνηθεί το πρόβλημα της ατέλειας στις κεφαλαιαγορές. Ένα περαιτέρω βήμα προς τα εμπρός είναι να ερευνηθούν οι πιθανές ασυμμετρίες στις αποφάσεις επένδυσης σχετικά με την κατάσταση των προσδοκιών των επιχειρηματιών που δίνει έμφαση στο ρόλο του επιχειρηματικού κύκλου. Προκειμένου να παρασχεθεί μια πλήρης εικόνα του προβλήματος των αποφάσεων επένδυσης, εκτός από το κεφάλαιο, εισάγουμε τον όρο της ζήτησης εργασίας. Ειδικότερα, μελετάμε την πιθανή επίδραση στη ζήτηση εργασίας των ατελειών της αγοράς κεφαλαίου, τις θεσμικές ακαμψίες της αγοράς εργασίας υπό την μορφή της δύναμης των ενώσεων, και τον αντίκτυπο της αβεβαιότητας. Υιοθετούμε μια δυναμική μεθοδολογία χρονικώς επαναλαμβανομένων διαστρωματικών στοιχείων (panel data) χρησιμοποιώντας την μέθοδο των εκτιμητών των Γενικευμένων Ροπών-Generalised Method of Moments- (GMM) σε ένα σύνολο στοιχείων εισηγμένων Ελληνικών επιχειρήσεων κατά τη διάρκεια της περιόδου 1993-2001. Επιπλέον, εξετάζουμε ένα σύνολο στοιχείων σε κλαδικό επίπεδο για τις περισσότερες από τις ηπειρωτικές ευρωπαϊκές χώρες για την περίοδο από το 1987 εώς το 2003. / Recent research on determinants of firm-level fixed investment has stressed the importance of proxies for firms’ internal finance as explanatory variables, holding constant measures of firm opportunities or the cost of capital. Such studies have been based on departures from neoclassical investment models with perfect capital markets in the direction of models based on asymmetric information in financial markets. These departures build on insights from theoretical models of financial contracting under asymmetric information, using adverse selection and/or moral hazard examples, in which movements in internal funds predict movements in investment spending, holding constant investment opportunities. The purpose of this thesis is to model the impact of financial distress on the investment decisions of firms in Greece and in Europe. To do so, the thesis builds a dynamic investment model, where financial variables and real investment are linked in an attempt to explore the problem of imperfection in capital markets. A further step forward is to investigate potential asymmetries in agents’ investment decisions relative to the state of expectation highlighting the role of business cycle. In order to provide a full picture of the investment decision problem, apart from capital, we introduce the term of labour demand. In particular, we explore the potential effect on labour demand of capital market imperfections, labour market institutional rigidities in the form of union power, and the impact of uncertainty. We employ a dynamic panel data methodology, a GMM estimation technique, is used on a panel data set of Greek firms over the 1993-2001 period. In addition, a panel data set on a sectoral level for most of the continental European countries is also exploited for the period from 1987 to 2003.

O objetivo da dissertação é analisar a estrutura de proteção das companhias brasileiras de capital aberto em relação ao insider trading que, consiste na utilização de informações relevantes sobre as empresas, por pessoas que, por força de sua atividade profissional, conhecem aspectos fundamentais dos negócios das companhias e usam essa vantagem para negociar as ações dessas empresas antes que tais informações sejam de conhecimento do mercado em geral. A proposta do estudo está em responder a seguinte questão: tendo em vista os casos de insider trading julgados pela Comissão de Valores Mobiliários (CVM) entre 2002 e 2014, de que forma as práticas de governança corporativa das companhias abertas brasileiras influenciaram na decisão da autarquia de punir/absolver os seus administradores? Desta forma, analisam-se os processos administrativos sancionadores instalados pela CVM, nos quais administradores de companhias de capital aberto brasileiras foram acusados de negociar ações com informação privilegiada e, assim, evidencia-se o papel da estrutura de governança corporativa das sociedades no processo de punição ou absolvição dos agentes. As consequências econômicas para as companhias abertas que possuem agentes envolvidos na prática de insider trading justificam o presente trabalho. Quando há a ocorrência deste tipo de evento relacionado à determinada companhia, fica clara a fragilidade dos mecanismos de governança corporativa desta empresa e, consequentemente, o mercado precifica tais condições através da desvalorização das ações. Além disso, os escândalos gerados pela publicidade dos casos de insider trading podem, no limite, impactar os resultados operacionais de uma empresa, tendo em vista o tamanho dos impactos tangíveis e intangíveis, ligados ao nome, marca e reputação das companhias. No que tange ao posicionamento de uma empresa brasileira de capital aberto em relação ao insider trading, constatou-se, através da análise dos julgados da CVM entre 2002 e 2014, que ele se materializa nas efetivas práticas das sociedades e não, simplesmente, no nível de governança corporativa no qual a companhia transaciona seus valores mobiliários. A adoção das práticas sugeridas que, por sua vez, permeiam as faces preventivas, de monitoramento e de reação ao ilícito, mitiga consideravelmente o risco de dano à reputação das companhias que as adotarem e, concomitantemente, evita a responsabilização individual de conselheiros e diretores. A experiência brasileira, do período de 2002 a 2014, indica que a compreensão da atuação da CVM no combate ao insider trading aumenta na medida em que o número de processos sancionadores expande e, consequentemente, se amplia a base de dados de precedentes sobre o assunto. Por fim, o constante monitoramento das discussões sobre o assunto, a ampliação da análise estatística de casos julgados de insider trading no país e do comportamento do órgão regulador brasileiro, munem os responsáveis pela gestão das companhias de capital aberto de direcionamentos estratégicos para a elaboração de planos de ação eficientes, a fim de mitigar o risco a que administradores estão expostos em função de seus cargos. / The objective of this thesis is to analyze the protection structure of Brazilian publicly-held companies against insider trading, which consists of using relevant information about companies by people who, due to their professional activity, are aware of fundamental aspects of the companies' businesses and use this advantage to trade shares of such companies before such information is disclosed to the market. The study proposal is to answer the following question: considering the cases of insider trading judged by the Brazilian Securities and Exchange Commission (CVM) between 2002 and 2014, how the corporate governance practices of Brazilian publicly-held companies influenced the decision of the CVM in punishing/acquitting their executives? Thus, the administrative sanctioning processes installed by the CVM were analyzed, in which managers of Brazilian publicly-held companies were accused of dealing with insider information. Therefore, the role of the companies’ corporate governance structure in the decision-making process of punishment or acquittal of the executives is evidenced. The economic consequences for companies that have executives involved in insider trading justify this study. When this type of event is related to a particular company, the fragility of the corporate governance mechanisms of this company is highlighted and, consequently, the market evaluates such conditions through the shares pricing. At worst, the backlash generated by insider trading may impact the operating results of a company, given the considerable tangible and intangible impacts linked to the companies' name, brand and reputation. Regarding the position of a Brazilian publicly-held company in relation to insider trading, it was verified through the analysis of CVM judgments (2002-2014) that it materializes in the effective practices and not simply in the level (BM&FBOVESPA criteria) of corporate governance in which the company transacts its securities. The adoption of prevention, monitoring and reaction suggested practices, mitigates considerably the risk of damaging the reputation of companies and, at the same time, avoids individual liability for directors and officers. The Brazilian experience, from 2002 to 2014, indicates that the understanding of the CVM's action in combating insider trading increases as the number of sanctioning processes expands and, consequently, the database of precedents on the subject is expanded. Finally, the constant monitoring of the discussions on the subject, the expansion of the statistical analysis of insider trading cases in Brazil and of Brazilian regulator behavior provide the managers strategic directions to the elaboration of efficient action plans in order to mitigate the risk to which managers are exposed based on their positions.

O objetivo da dissertação é analisar a estrutura de proteção das companhias brasileiras de capital aberto em relação ao insider trading que, consiste na utilização de informações relevantes sobre as empresas, por pessoas que, por força de sua atividade profissional, conhecem aspectos fundamentais dos negócios das companhias e usam essa vantagem para negociar as ações dessas empresas antes que tais informações sejam de conhecimento do mercado em geral. A proposta do estudo está em responder a seguinte questão: tendo em vista os casos de insider trading julgados pela Comissão de Valores Mobiliários (CVM) entre 2002 e 2014, de que forma as práticas de governança corporativa das companhias abertas brasileiras influenciaram na decisão da autarquia de punir/absolver os seus administradores? Desta forma, analisam-se os processos administrativos sancionadores instalados pela CVM, nos quais administradores de companhias de capital aberto brasileiras foram acusados de negociar ações com informação privilegiada e, assim, evidencia-se o papel da estrutura de governança corporativa das sociedades no processo de punição ou absolvição dos agentes. As consequências econômicas para as companhias abertas que possuem agentes envolvidos na prática de insider trading justificam o presente trabalho. Quando há a ocorrência deste tipo de evento relacionado à determinada companhia, fica clara a fragilidade dos mecanismos de governança corporativa desta empresa e, consequentemente, o mercado precifica tais condições através da desvalorização das ações. Além disso, os escândalos gerados pela publicidade dos casos de insider trading podem, no limite, impactar os resultados operacionais de uma empresa, tendo em vista o tamanho dos impactos tangíveis e intangíveis, ligados ao nome, marca e reputação das companhias. No que tange ao posicionamento de uma empresa brasileira de capital aberto em relação ao insider trading, constatou-se, através da análise dos julgados da CVM entre 2002 e 2014, que ele se materializa nas efetivas práticas das sociedades e não, simplesmente, no nível de governança corporativa no qual a companhia transaciona seus valores mobiliários. A adoção das práticas sugeridas que, por sua vez, permeiam as faces preventivas, de monitoramento e de reação ao ilícito, mitiga consideravelmente o risco de dano à reputação das companhias que as adotarem e, concomitantemente, evita a responsabilização individual de conselheiros e diretores. A experiência brasileira, do período de 2002 a 2014, indica que a compreensão da atuação da CVM no combate ao insider trading aumenta na medida em que o número de processos sancionadores expande e, consequentemente, se amplia a base de dados de precedentes sobre o assunto. Por fim, o constante monitoramento das discussões sobre o assunto, a ampliação da análise estatística de casos julgados de insider trading no país e do comportamento do órgão regulador brasileiro, munem os responsáveis pela gestão das companhias de capital aberto de direcionamentos estratégicos para a elaboração de planos de ação eficientes, a fim de mitigar o risco a que administradores estão expostos em função de seus cargos. / The objective of this thesis is to analyze the protection structure of Brazilian publicly-held companies against insider trading, which consists of using relevant information about companies by people who, due to their professional activity, are aware of fundamental aspects of the companies' businesses and use this advantage to trade shares of such companies before such information is disclosed to the market. The study proposal is to answer the following question: considering the cases of insider trading judged by the Brazilian Securities and Exchange Commission (CVM) between 2002 and 2014, how the corporate governance practices of Brazilian publicly-held companies influenced the decision of the CVM in punishing/acquitting their executives? Thus, the administrative sanctioning processes installed by the CVM were analyzed, in which managers of Brazilian publicly-held companies were accused of dealing with insider information. Therefore, the role of the companies’ corporate governance structure in the decision-making process of punishment or acquittal of the executives is evidenced. The economic consequences for companies that have executives involved in insider trading justify this study. When this type of event is related to a particular company, the fragility of the corporate governance mechanisms of this company is highlighted and, consequently, the market evaluates such conditions through the shares pricing. At worst, the backlash generated by insider trading may impact the operating results of a company, given the considerable tangible and intangible impacts linked to the companies' name, brand and reputation. Regarding the position of a Brazilian publicly-held company in relation to insider trading, it was verified through the analysis of CVM judgments (2002-2014) that it materializes in the effective practices and not simply in the level (BM&FBOVESPA criteria) of corporate governance in which the company transacts its securities. The adoption of prevention, monitoring and reaction suggested practices, mitigates considerably the risk of damaging the reputation of companies and, at the same time, avoids individual liability for directors and officers. The Brazilian experience, from 2002 to 2014, indicates that the understanding of the CVM's action in combating insider trading increases as the number of sanctioning processes expands and, consequently, the database of precedents on the subject is expanded. Finally, the constant monitoring of the discussions on the subject, the expansion of the statistical analysis of insider trading cases in Brazil and of Brazilian regulator behavior provide the managers strategic directions to the elaboration of efficient action plans in order to mitigate the risk to which managers are exposed based on their positions.

This paper presents a case study examination of the Commonwealth of Virginia\'s public higher education market and the use of asymmetrical information flows between providers and consumers by college and university institutions to intentionally create market failures to maximize brand building through increased revenue collections via profit maximization behaviors. Existing economic research in the financial services market hold that asymmetry of information generates inefficient allocation of goods and subsequent identification of market failure conditions. Market failures can lead to tipping points which may result in public values failures as threats to human subsistence (i.e. food, clothing, education) and imperfect public information. Market failures resulting in public values failures warrant government intervention to correct market inefficiency and ensure pareto efficiency in the allocation of goods. Mandatory non-educational fees increase the cost to attend a post-secondary institution which subsequently aid in increased student debt and reduced access and affordability for low income classification groups thus exacerbating societal cleavages identified as public values failures. This research identifies the application of economic and public administration theory to construct a policy recommendation to mitigate asymmetrical information and improve pareto efficiency involving transactions in the public higher education market. / Master of Public Administration

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The networks interorganizacionais are emerging in different types of organizations that shall see cooperation in an important way to increase competitiveness through the sharing of information, technology, resources, opportunities and risks. This also increases the interest in earnings from this relationship. These gains may be from the asymmetry of information between agents. The main objective of this thesis was to examine how we run this process of informational asymmetry in the horizontal networks in view of its various "stakeholders" (actors members of the networks, without members of management positions; actors presidents and actors consultants). To achieve the proposed objective, the search is worth the method multicasos with nature of exploratory research. Since the main results indicate the presence of an asymmetry of information in networks surveyed, however, gains are still relatively good for its members, which leads to not giving due attention to this process in their networks. Variables of governance, information asymmetry of endogenous and exogenous are present in the speeches of the actors involved in the search. / As redes interorganizacionais vêm surgindo em diferentes tipos de organizações que passam a ver na cooperação um importante caminho para aumentar a competitividade através do compartilhamento de informações, tecnologia, recursos, oportunidades e riscos. Com isso cresce também o interesse por ganhos oriundos desse relacionamento. Esses ganhos podem ser oriundos das assimetrias de informações entre os agentes. O objetivo principal desta dissertação foi o de analisar de que maneira decorre esse processo de assimetria informacional nas redes horizontais na perspectiva dos seus diferentes atores (atores membros das redes, integrantes sem cargos de direção; atores presidentes e atores consultores). Para atingir o objetivo proposto, a pesquisa valeu-se do método multicasos, com natureza de pesquisa exploratória. Sendo que os principais resultados apontam a presença de uma assimetria de informação nas redes pesquisadas, entretanto, os ganhos ainda são relativamente satisfatórios para seus membros, o que leva a não darem à devida atenção para esse processo em suas redes. Variáveis de governança, assimetria de informação endógena e exógena são presentes nos discursos dos atores envolvidos na pesquisa.

Submitted by Neusa Fagundes (neusa.fagundes@unioeste.br) on 2018-02-27T14:38:05Z No. of bitstreams: 2 André_Gallina2017.pdf: 1856721 bytes, checksum: b9572845f772a3d4c2da52bf9cecdb70 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-02-27T14:38:05Z (GMT). No. of bitstreams: 2 André_Gallina2017.pdf: 1856721 bytes, checksum: b9572845f772a3d4c2da52bf9cecdb70 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-07-18 / The capital structure has been studied since the mid-1950s, especially since Durand (1952), and the subject has been explored by Modigliani and Miller (1958), Myers and Majluf (1984), and others, always with different approaches over time. One of the theoretical fronts is the pecking order theory, led by Myers (1984) and Myers and Majluf (1984), which analyzes the influence of information asymmetry on the capital structure of organizations. Therefore, in order to verify the influence of the asymmetry on the capital structure of Brazilian and North American companies from 2011 to 2015, a panel data analysis was carried out, modeling variables linked to information asymmetry to verify if they influenced, or not, the indebtedness of the companies analyzed, in order to respond to the following research problem: "What is the influence of information asymmetry in determining the capital structure of Brazilian and US publicly traded companies in the period from 2011 to 2015?". Thus, it is expected that the study will contribute, in particular, to the accomplishment of the comparative analysis between the mentioned countries, identifying the behavior of the data and the adequacy of the companies to the precepts of the financial theories mentioned, emphasizing that the comparative analysis undertaken is the main gap in the study, given the scarcity of comparative studies within the capital structure. As for main findings, it was verified that the existence of lower information asymmetry indexes led to lower indebtedness in both Brazilian and North American companies, which is recommended by pecking order, that is, it was verified that in fact, the information asymmetry has an influence on corporate indebtedness. However, the beha vior of the variables in Brazilian and North American companies diverges, and not always the variables showed the expected behavior, according to what the theory suggested. In addition, differences in the economic environment, market structure, cost of credit and others may cause a result initially contrary to that predicted by the theory is not necessarily a divergent result. As a practical contribution of the study, when analyzing data from two different countries, a broader view is given, especially for the investor (as an external user of the accounting information) and the administrator (as internal user), about the debt behavior, and on which variables are able to affect this behavior, in particular to assess the influence of the variables related to the asymmetry of information in this theme. With this, it can be verified empirically as relevant business issues, such as corporate governance, influence the directions taken by companies. Finally, although the subject is widely studied, it remains available and with research gaps, with ample space for studies that contribute to the better understanding of the issue. / A estrutura de capital vem sendo estudada desde meados dos anos 1950, em especial a partir de Durand (1952), tendo o tema sido explorado ainda por Modigliani e Miller (1958), Myers e Majluf (1984), e outros, sempre com diferentes abordagens ao longo do tempo. Uma das frentes teóricas que se dedica ao tema é a pecking order theory, encabeçada por Myers (1984) e Myers e Majluf (1984), que analisa a influência da assimetria de informação na estrutura de capital das organizações. Diante disso, e visando verificar a influência da assimetria na estrutura de capital das empresas brasileiras e norte-americanas de 2011 a 2015, realizou-se uma análise com dados em painel, modelando-se variáveis ligadas à assimetria de informação para verificação se elas influenciaram, ou não, o endividamento das empresas analisadas, para responder ao seguinte problema de pesquisa: “Qual a influência da assimetria de informação na determinação da estrutura de capital de empresas brasileiras e americanas de capital aberto no período de 2011 a 2015?”. Com isso, espera-se que o estudo contribua, em especial, no sentido da realização da análise comparativa entre os países mencionados, identificando o comportamento dos dados e a adequação das empresas aos preceitos das teorias financeiras, salientando que a análise comparativa empreendida se apresenta como a principal lacuna do estudo, dada a escassez de estudos comparativos dentro da temática da estrutura de capital. Como principais resultados, verificou-se que a existência de menores índices de assimetria de informação conduziu a um menor endividamento tanto nas empresas brasileiras quanto nas norte-americanas, o que é preconizado pela teoria pecking order, ou seja, constatou-se que de fato a assimetria de informação exerce influência no endividamento empresarial. Contudo, o comportamento das variáveis nas empresas brasileiras e norte-americanas diverge, e nem sempre as variáveis apresentaram o comportamento esperado, de acordo com o sugerido pela teoria, além de que diferenças de ambiente econômico, de estrutura de mercado, de custo de crédito e outros podem fazer com que um resultado inicialmente contrário ao previsto pela teoria não seja, necessariamente, um resultado divergente. Como contribuição prática do estudo, ao analisar dados de dois países distintos, tem-se uma visão mais ampla, em especial para o investidor (como usuário externo da informação contábil) e do administrador (como usuário interno), sobre o comportamento da dívida e sobre quais variáveis são capazes de afetar esse comportamento, em especial de aferir qual a influência das variáveis ligadas à assimetria de informação nessa temática. Com isso, pode-se verificar empiricamente como questões empresariais relevantes, como a governança corporativa, influenciam nos rumos tomados pelas companhias. Por fim, embora o tema seja amplamente estudado, continua aberto e com lacunas de pesquisa, com amplo espaço para realização de estudos que contribuam com a explicação da questão.

Made available in DSpace on 2017-07-10T18:33:41Z (GMT). No. of bitstreams: 1 Carlos A Goncalves Junior.pdf: 339511 bytes, checksum: 6c64752683f2e8ade22f7ad3f541ffd8 (MD5) Previous issue date: 2009-04-16 / This research work aims to create a tool that can help a credit cooperative in the region of Toledo in the analysis and concession of agricultural credit calculating the probability of completion of the contracts, what permits to predict a possible default, using the logistic regression model - Logit. The theoretical framework used, based on the Theory of Transaction Costs, identifies the default as the result of the incompleteness of contracts and of the asymmetry of information between the parties in a transaction. The goal is that this tool can reduce the asymmetry of information between the borrowers and the credit cooperative, in order to avoid the granting of credit to possible defaulters. To do so, it was collected information about the borrowers from the records of the cooperative from the year 2004 to 2007, aiming to draw a profile of the credit borrower. Later, it was estimated the logistic regression model for 10 different samples to identify the sample that received the greatest number of his between payers and defaulters. It was established that the estimated model was more efficient to identify the payers contracts than defaulters contracts, and even with a not too high percentage average of correct the model can assist the decision-making of the cooperative in granting credit. / Este trabalho de pesquisa objetiva criar uma ferramenta que possa auxiliar uma cooperativa de crédito da região de Toledo na análise e concessão de crédito agrícola calculando a probabilidade de cumprimento dos contratos, o que permite antever os possíveis contratos inadimplentes, utilizando-se o modelo de regressão logística Logit. O referencial teórico utilizado, baseado na Teoria dos Custos de Transação, identifica a inadimplência como sendo resultado da incompletude dos contratos e da assimetria de informações entre as partes envolvidas em uma transação. O objetivo é que essa ferramenta possa reduzir a assimetria de informações entre os tomadores e a cooperativa de crédito, no intuito de evitar a concessão de crédito a possíveis inadimplentes. Para isso, coletou-se junto à cooperativa informações cadastrais dos tomadores, no período de 2004 a 2007, objetivando traçar um perfil do tomador de crédito. Posteriormente estimou-se o modelo de regressão logística para 10 amostras aleatórias diferentes, a fim de identificar a amostra que obtivesse o maior número de acertos entre adimplentes e inadimplentes. Constatou-se que o modelo estimado foi mais eficiente para identificar os contratos adimplentes que os inadimplentes, e que mesmo com um porcentual médio de acerto não muito elevado o modelo pode auxiliar a tomada de decisão da cooperativa na concessão de crédito.

The aim of this thesis is to describe particular financial products and compare them from the evaluation point of view. We also will review these products from the perspective of clients who differ in investment and saving attitude. We will focus on czech households and describe their habits in area of financial products and examine their behaviour during a time period in relation to phases of economic cycles and other exogenous variables. We also will describe functioning of financial system and focus on information asymmetry between houselholds and financial institutions. Further we will look at examples of moral hazard done by financial institutions. The conclusion of this thesis provides recommendations of suitable products for each client.