La banque européenne d’investissement (BEI) a été créée par le traité instituant la Communauté économique européenne (CEE), le 25 mars 1957, afin de contribuer au développement équilibré et sans heurt du marché commun. Ses interventions répondent à trois missions principales : contribuer à la mise en valeur des régions les moins développées de la Communauté, aider à la modernisation, à la conversion d’entreprises et à la création d’activités nouvelles, et enfin favoriser des projets qui présentent un intérêt commun aux États membres. L’exemple français montre comment son action s’inscrit dans l’ensemble des efforts destinés à l’intégration des économies européennes, pour la période s’étendant des débats relatifs à sa création, dans les années 1950, au début des années 1980 qui marque l’entrée de la Grèce dans le marché commun. L’analyse du cas de la France contribue a éclairer sur de nombreux points les conceptions et la politique européennes de la France durant cette période. / European investment bank (EIB) was created by EEC treaty, march 25th 1957, in order to contribute to the balanced and steady development of the common market in the interest of the Community. Its loans target tree main goals : financing projects for developing less-developed regions; projects for modernising or converting undertakings or for developing fresh activities; projects of common interest to several member States.French example shows how it action take place in all the efforts made for integrate european economy, for ranging from debats regarding it creation, in 1950’s, to the biginning of 1980’s when Greece became a member state of EEC. The analysis of french exemple contribute to show, on several aspects, on french conception and european policy, during this period.

本文以Barro (1990)、Turnovsky (1997)與Lai and Liao (2012)的模型為基礎，建構一個小型開放經濟的內生成長模型，為凸顯資本市場移動性所扮演的角色，分別探討政府當局在面對資本完全移動及資本不完全移動時，該如何制訂一套最適之非線型所得稅以追求社會福利極大。根據本文的分析，可得出以下結論： 一、在資本完全移動的情況下，為矯正政府基礎建設的生產外部性，可透過課徵所得稅矯正市場失靈的扭曲，並利用累退稅率矯正因所得稅尺度所造成資本邊際生產力過低的扭曲。政府可以透過最適租稅結構矯正所有分權經濟體系的扭曲，使得經濟體系達到最佳境界的經濟成長率與福利水準。 二、在資本不完全移動的情況下，當最適的所得稅尺度等於基礎建設的生產外部性，矯正了基礎建設的生產外部性，並且透過累進／累退稅率矯正課稅後導致資本邊際生產力過低的扭曲，然而代表性個人在做最適決策時視國外利率為固定，總體決策中利率會隨著借債規模而變動，存在資本不完全移動性的扭曲，經數值模擬的結果得知，代表性個人相對社會最適借債過多，因而無法使得經濟體系達到柏拉圖最適境界。 / Based on the Barro (1990), Turnovsky (1997) and Lai and Liao (2012) model, this thesis specifies that on endogenous growth model of a developing economy facing an upward-sloping supply curve of debt. The analysis includes both perfect world capital market case and imperfect world capital market case. The government’s infrastructure expenditure is financed by nonlinear income taxation, and examine how the fiscal authority devises its nonlinear tax structure from the viewpoint of welfare maximization. Several main findings emerge from the analysis. First, in a world of perfect capital market, it is found that a suitable package containing two instruments can fully remedy the inefficiencies arising from the production externality and distortionary taxation, as a result, the Pareto optimality can be restored. Second, according to the calibration results, in the face of imperfect world capital market, there are three distortions in the economy: the production externality, the capital externality, and the financial externality association with the upward-sloping supply of debt. Two policy instruments for the tax scalar and tax progressivity/regressivity causing the distortion arising from the production externality and the capital externality to vanish. Consequently, one remaining distortion, namely, the financial externality association with the upward-sloping supply of debt, are present in the economy. As a consequence, the structure of the optimal tax policy that won’t permit the attainment of the first-best optimum.

This DPhil thesis analyses the Takeover Bid Directive in the light of EU Law and examines the extent to which this Directive facilitates the exercise of the fundamental freedom of establishment and the free movement of capital in the internal market. Since the Directive is based on the EC Treaty chapter on freedom of establishment (Articles 43 and 44(2)(g) EC Treaty), it should in principle contribute to cross frontier corporate mobility in the internal market through takeover bids; this was the aim of the Commission in its various proposals. Takeover bids and the EC Treaty provisions on freedom of establishment are closely related. The Directive forms part of the EU company law harmonization programme whose weaknesses and limits are also explored. However, the Takeover Bid Directive is an EU company law instrument with strong links to EU capital market law. The initial aims of the EU legislature were to establish an internal market for companies and to achieve market integration in the field of EU company law. However, the Takeover Bid Directive is a compromise and watered down version of a proposal which the Commission envisaged would lead to a more effective pan-European takeover regime than that which actually proved possible. The need for compromise was the result of the very different legal and policy approaches of the Member States in the field of takeover regulation. Some provisions of the Directive are obligatory for all Member States. These provisions include the mandatory bid rule, the squeeze-out right, and the sell-out right. All these obligatory provisions of the Directive are in their present form open to criticism. The two key provisions of the Directive have been made optional for Member States. These are the non-frustration rule, requiring the board to obtain the prior authorization of the general meeting of shareholders before taking any action which could result in the frustration of the bid; and the breakthrough rule, requiring that any restrictions on the transfer of securities or voting rights provided for in the articles of association of the offeree company or in contractual agreements between the offeree company and the holders of its securities or in contractual agreements between holders of the offeree company’s securities shall not apply vis-à-vis the offeror during the time allowed for acceptance of the bid. Nevertheless, Member States, which opt out, are obliged to allow individual companies to opt in. Moreover, a reciprocity rule was also adopted, which allows Member States to permit those companies, which apply these provisions, to opt out again if they are the target of a bidder, which does not itself apply the same takeover provisions. Additionally, the non-frustration and the breakthrough rule are not fully comprehensive and even when a company applies them, it might still be able to evade their application since some corporate and financial structures remain outside the Directive’s scope. Finally, this thesis discusses the extent to which obstacles to cross border takeovers addressed by the Directive, or indeed left intact by the Directive, are to be regarded as restrictions on the right of establishment stricto sensu, or simply as obstacles in practice to making a successful takeover bid. More specifically, it scrutinizes the horizontal direct effect of the EC fundamental freedoms and seeks to analyze the extent to which conduct of the board and articles in the corporate constitution might be said to constitute restrictions on the freedom of establishment and on the free movement of capital.

Since the end of the 20th century capital markets have undergone a fundamental change. Under the influence of globalization they have become more interconnected and more functional than before on the base of information technology. Although the financial crisis of 2008 slowed down this development and liberalization, currently markets are rising again and one of the most striking trends is their integration into multinational units. An example of Stock Exchange Cooperation in the early 21st century is the CEESEG group associating Central and Eastern European Stock Exchanges, namely, the Wiener Börse, the Prague Stock Exchange, the Ljubljana Stock Exchange and the Budapest Stock Exchange. The theme of this thesis is to analyze the example of this geographically close and, thanks to the PSE, directly related, interesting trend of Stock Exchange cooperation, the manner of its function and impact on every member Stock Exchange.

Este estudo tem por objetivo analisar e reconstruir os fundamentos da Teoria da Tributação e do Direito Tributário que regem a incidência do Imposto de Renda sobre operações conduzidas nos mercados financeiro e de capitais. Examinam-se, num primeiro momento, os preceitos norteadores da eqüidade, eficiência (nos seus dois vieses de neutralidade e desenvolvimento), simplicidade e conveniência, verificando-se em que medida o ordenamento jurídico-tributário posto está em consonância com a Teoria da Tributação. Na seara da Teoria da Tributação, destaque é dado ao trade-off (ou dilema) entre eficiência e eqüidade relativo à tributação da renda auferida nos mercados. Em momento subseqüente, analisam-se as regras constitucionais e complementares que moldam a incidência do Imposto de Renda e a maneira pela qual princípios e mandamentos constitucionais, concernentes à seara tributária ou não, atuam em relação à tributação da renda obtida nos mercados financeiro e de capitais. Nessa toada, papel de relevo possui a relação conflituosa existente entre o mandamento da tributação conforme a capacidade contributiva e a possibilidade de instituição de normas tributárias indutoras visando a objetivos extrafiscais. / This paper aims at analyzing and reconstructing the fundamentals of the Taxation Theory and of the Tax Law that guide the assessment of the Income Tax on transactions carried out within the financial and capital markets. At a first moment, we examine the guiding precepts of equity, efficiency (in its two aspects of neutrality and development), simplicity and convenience, then verifying in what measure the legislation in force is adequate in light of the Taxation Theory. In the field of the Taxation Theory, we highlight the trade-off between efficiency and equity in relation to the taxation of the income obtained in the markets. Afterwards, we analyze the constitutional and complementary rules that shape the assessment of the Income Tax and the manner by which tax and non-tax constitutional principles and guidelines act as regards the taxation of the income obtained within the financial and capital markets. In this sense, a paramount role shall be attributed to the conflictive relation between the ability-to-pay rule and the possibility of enacting tax norms aiming at non-fiscal purposes.

Made available in DSpace on 2016-04-26T20:30:36Z (GMT). No. of bitstreams: 1 Regulacao e Auto Regulacao no Mercado de Capitais Brasileiro.PDF: 673161 bytes, checksum: 9ab570c96f0d0a0ee56517005213a4f4 (MD5) Previous issue date: 2005-08-08 / nenhum / This work intends to bring a contribution for the debate about the adequacy of the current regulation system of the Brazilian capital markets and to propose a solution for its enhancement, with the intention to increase the number and the quality of the transactions held in such market, and to make them safer for investors. In this context, it will only be analyzed the aspects of regulation and self-regulation in the segment of the financial system governed by Law nr. 6385/76, as amended, i.e., aspects exclusively related to the national securities market. The purpose hereby proposed is to present and discuss, in a comprehensive manner, the legal aspects related to regulation and self-regulation in the Brazilian capital markets, from the comprehension of the concept of regulation and its related aspects, including its characteristics and limits, as well as the characteristics of the regulatory power in our capital markets, demonstrating that the exercise of regulatory function by the Executive Power is legally valid in the Brazilian juridical system. The topic of self-regulation was analyzed bearing in mind not only its general characteristics, but also its specific characteristics related to the Brazilian capital markets, including the legal rationale for the exercise of self-regulation power by private entities, the relationship between the Brazilian Securities Commission (Comissão de Valores Mobiliários) and mentioned entities, the analysis of the Stock Exchanges activities and the analysis of factual events related to self-regulation in the securities market of Brazil. Thus, the intention hereby was to demonstrate that the safer and more adequate alternative for the development of the Brazilian securities market is a greater balance between regulation and self-regulation, with the increase of the participation of self-regulation in our capital markets. / Este trabalho tem por objetivo trazer uma contribuição para o debate em torno da adequação do atual sistema de regulação do mercado de capitais brasileiro e apontar uma solução para sua melhora, de forma a aumentar o número e a qualidade das operações realizadas em referido mercado e torná-las mais seguras para os investidores. Nesse contexto, somente serão analisados os aspectos da regulação e da auto-regulação no segmento do sistema financeiro disciplinado pela Lei nº 6.385/76, conforme alterada, ou seja, aspectos relativos exclusivamente ao mercado de valores mobiliários nacional. A finalidade aqui proposta é apresentar e discutir, de forma abrangente, os aspectos jurídicos relacionados à regulação e à auto-regulação no mercado de capitais no Brasil, partindo da compreensão do conceito de regulação e dos aspectos a ele relacionados, incluindo suas características e limites, bem como as características do poder regulamentar em nosso mercado de capitais, demonstrando que o exercício de função normativa pelo Poder Executivo é juridicamente válido no ordenamento jurídico brasileiro. O tema da auto-regulação foi analisado tendo em vista não apenas suas características gerais, como também suas características específicas no mercado de capitais brasileiro, incluindo a fundamentação legal do exercício do poder de auto-regulação por entidades privadas, a relação entre a Comissão de Valores Mobiliários e referidas entidades, a análise das atividades das Bolsas de Valores e a análise de casos concretos atuais pertinentes à auto-regulação no mercado de valores mobiliários no Brasil. Assim, pretendeu-se demonstrar que a alternativa mais segura e adequada ao desenvolvimento do mercado de valores mobiliários brasileiro é um maior equilíbrio entre a regulação e a auto-regulação, com o aumento da participação da auto-regulação em nosso mercado de capitais.

Made available in DSpace on 2016-04-26T20:48:47Z (GMT). No. of bitstreams: 1 Lucy Pamboukdjian.pdf: 616336 bytes, checksum: c470f80cf74971ad5c001dc6501d6ca4 (MD5) Previous issue date: 2006-12-20 / This paper analyses the features that led the stock exchanges in Latin America to promote the integration initiatives that are currently in progress. The evaluation takes the experiences in integration and consolidation observed in Europe and the United States as main reference, as well as the opening of capital markets, introduction of electronic trading systems and demutualization processes, along with the increasing participation of institutional investors as main drivers of the transformation seen in the recent years. Since the late 1980 s, the capital markets worldwide have seen the modernization of the stock and derivatives exchanges. This movement has been occurring simultaneously to the opening of the capital markets and to the flows of capital led by institutional investors, which seem to have stimulated the adoption of more efficient electronic trading systems for the securities trading. In this sense, stock exchanges and market intermediaries started using technology to strengthen the efficiency of its intermediation models, as well as to broaden access with smaller trading costs to investors. In order to achieve more flexibility and raise financial resources to conduct these changes, the demutualization process has emerged allowing exchanges to become for-profit and market driven companies, which segregated the trading rights and the ownership rights of the intermediaries in the exchanges / A dissertação examina os elementos que motivaram as bolsas de valores da América Latina a promover as iniciativas de integração de seus mercados de capitais em curso. A análise toma como referência as experiências de integração e consolidação promovidas pelas principais bolsas de valores da Europa e dos EUA, bem como os processos de internacionalização dos mercados, de implementação de sistemas eletrônicos de negociação e de desmutualização das bolsas, além do papel dos investidores institucionais como estimuladores das transformações em curso ao longo dos últimos anos. A partir do final dos anos 1980, o mercado de capitais mundial presenciou a modernização de bolsas de valores e de derivativos. Essa transformação coincidiu com a internacionalização dos mercados de capitais e com o fluxo internacional de capitais geridos por investidores institucionais, que parecem ter estimulado o desenvolvimento de sistemas eletrônicos de negociação mais eficientes para a intermediação de ações e outros instrumentos do mercado financeiro. Nesse sentido, bolsas de valores e seus intermediários passaram a utilizar a tecnologia para potencializar a eficiência de seus sistemas de negociação e simultaneamente oferecer acesso mais adequado e custos de intermediação reduzidos aos investidores. Para atingir maior flexibilidade na sua gestão e maior capitalização financeira para implementar essas mudanças, um processo de desmutualização tomou lugar nas bolsas, que se tornaram empresas com fins de lucro e com estratégias comerciais e dissociaram o direito de acesso à intermediação do direito à propriedade dos participantes das bolsas

Made available in DSpace on 2015-12-03T18:35:21Z (GMT). No. of bitstreams: 1 Tiago_Morais_de_Castro.pdf: 1342136 bytes, checksum: bf015b66106a0b404f6f9a7b695bbf36 (MD5) Previous issue date: 2012-04-20 / The study of the relevance of accounting information has come to prominence with the development of capital markets and the pursuit of timely information, quality and which are able to influence its users. As relevant accounting information, this essay adopts the concept of quality that the information owns to influence prices in the capital markets. Taking advantage of the timely convergence of brazilian accounting standards to IFRS (International Financial Reports Standards), this study aimed to determine whether the adoption of international accounting standards (IFRS) affected the relevance of accounting information of non-financial companies listed in Brazil and whether there are differences in the relevance of accounting information among the published statement sunder IFRS on a voluntary and compulsory way. The first objective examined whether there were differences in the relevance of the information through an analysis of ordinary least squares (OLS) of the financial statements of 2009 prepared in BR GAAP and IFRS, and through the analysis of panel data from the annual financial statements period 2005 to 2010. The second objective of the analysis used panel data from annual financial statements for the period 2005 to 2010, and considered as those published in voluntary IFRS for prior periods to fiscal the year of 2010. All analyzes used models of Ohlson (1995) and Barth, Cram and Nelson (2001). The models were used as dependent variables price (P) and stock returns (RET), however the results were suitable only to the dependent variable (P). The analysis indicated that there are differences in the relevance of the information of non-financial companies listed in Brazil, on its financial statements prepared in BR GAAP and IFRS. The analysis of the model of Ohlson (1995) in OLS and panel data confirmed this difference and pointed to the financial statements prepared under IFRS as the major importance. The model of Barth, Cram and Nelson (2001) in OLS also revealed differences in the relevance of the information prepared in BR GAAP and IFRS, but pointed to statements in BR GAAP as the major importance. The model of Barth, Cram and Nelson (2001) on panel data found no differences in the relevance of accounting information between BR GAAP and IFRS standards. The second objective, the results indicate that there are no differences in the relevance of accounting information between the statements prepared under IFRS on a mandatory or voluntary way, from non-financial companies listed in Brazil / O estudo da relev??ncia das informa????es cont??beis vem ganhando destaque com o desenvolvimento dos mercados de capitais e com a busca de informa????es tempestivas, de qualidade e que sejam capazes de influenciar seus usu??rios. Como informa????o cont??bil relevante, esta disserta????o adota o conceito da qualidade que a informa????o possui de influenciar os pre??os praticados nos mercados de capitais. Aproveitando o momento oportuno da converg??ncia das normas cont??beis brasileiras para as IFRS (International Financial Reports Standards), este trabalho teve por objetivo verificar se a ado????o das normas internacionais de contabilidade (IFRS) afetou a relev??ncia das informa????es cont??beis das empresas n??o financeiras listadas no Brasil e se existe diferen??a na relev??ncia das informa????es cont??beis entre as demonstra????es publicadas em IFRS de forma volunt??ria e obrigat??ria. O primeiro objetivo verificou se haviam diferen??as na relev??ncia das informa????es atrav??s de uma an??lise em M??nimos Quadrados Ordin??rios (MQO) das demonstra????es cont??beis do ano de 2009 elaboradas em BR GAAP e em IFRS; e atrav??s da an??lise de dados em painel das demonstra????es cont??beis anuais do per??odo de 2005 a 2010. O segundo objetivo utilizou da an??lise de dados em painel das demonstra????es cont??beis anuais do per??odo de 2005 a 2010, e considerou como demonstra????o cont??bil volunt??ria aquelas publicadas em IFRS para per??odos anteriores ao exerc??cio 2010. Todas as an??lises utilizaram dos modelos de Ohlson (1995) e Barth, Cram e Nelson (2001). Os modelos utilizados tinham como vari??veis dependentes o pre??o (P) e o retorno das a????es (RET), por??m, os resultados foram adequados somente com a vari??vel dependente (P). As an??lises apontaram que existem diferen??as na relev??ncia das informa????es das empresas n??o financeiras listadas no Brasil, relativo ?? suas demonstra????es cont??beis elaboradas em BR GAAP e em IFRS. A an??lise do modelo de Ohlson (1995) em MQO e dados em painel comprovaram esta diferen??a e apontaram paras as demonstra????es elaboradas em IFRS como as de maior relev??ncia. O modelo de Barth, Cram e Nelson (2001) em MQO tamb??m revelou diferen??as na relev??ncia das informa????es elaboradas em BR GAAP e IFRS, por??m apontou para as demonstra????es em BR GAAP como de maior relev??ncia. O modelo de Barth, Cram e Nelson (2001) em dados de painel n??o encontrou diferen??as na relev??ncia das informa????es cont??beis entre os padr??es BR GAAP e IFRS. Quanto ao segundo objetivo, os resultados apontam que n??o existem diferen??as na relev??ncia das informa????es cont??beis entre as demonstra????es elaboradas em IFRS de forma obrigat??ria ou volunt??ria, das empresas n??o financeiras listadas no Brasil

Made available in DSpace on 2016-04-26T20:23:33Z (GMT). No. of bitstreams: 1 Eduardo Cherez Pavia.pdf: 894695 bytes, checksum: a970a2e19c594b709f4f4f5f0ff7501a (MD5) Previous issue date: 2015-03-05 / This is a master s dissertation which aims to make a contribution to the analysis under the legal aspect of the operation of the investment fund industry in Brazil and the agents who participate in it. Accordingly, we shall analyze the historical remote precedents and the development of the structures of collective investment schemes in the world, the history of invesment funds in Brazil, as well as the financial and capital markets regulation nowadays, the regulators and the legal nature of investment funds. Also, we shall decribe the roles of each participant agent of the industry and the rules and regulation which they are submitted to. Finally, the liability of the administrator and the investment manager, essential players of investment funds, will be outlined. The purpose will be to try to conclude that the existing legal and regulatory framework, as well as self-regulation and court decisions, work as a network for investor protection and private investments / Trata-se de dissertação de mestrado que tem como objetivo trazer uma contribuição para a análise, sob o aspecto jurídico, do funcionamento da indústria de fundos de investimento no Brasil e dos agentes que dela participam. Nesse sentido, serão analisados os precedentes históricos remotos e o desenvolvimento de estruturas de investimento coletivo no mundo, o histórico dos fundos de investimento no Brasil, bem como a regulação dos mercados financeiro e de capitais atualmente vigentes, os órgãos reguladores e a natureza jurídica dos fundos de investimento. Serão descritos, ainda, os papéis de cada agente participante da indústria e as normas a que se submetem. Finalmente, será delineado o fundamento da responsabilidade civil do administrador e do gestor, agentes essenciais no fundo de investimento. A finalidade será tentar concluir que o arcabouço jurídico existente, legal e regulatório, bem como a autorregulação e as decisões judiciais, funcionam como uma rede de proteção do investidor e da poupança privada

Que tipo de relação existe entre a exposição que uma empresa tem na mídia e o seu valor de mercado e o volume de negócios com suas ações? Partindo da premissa que a exposição de uma empresa na imprensa aumenta o alcance das informações relativas a ela e contribui para diminuir a assimetria informacional entre a administração da companhia e os investidores, o objetivo deste trabalho foi testar empiricamente se existe relação positiva entre a exposição de companhias abertas brasileiras na imprensa e seu valor de mercado e a liquidez de suas ações em bolsa. Trata-se do primeiro estudo feito no Brasil sobre o assunto. A partir de uma amostra de 152 companhias que representavam 81% do valor de mercado da bolsa brasileira em março de 2015, foi levantada a frequência de matérias que citaram essas empresas no jornal Valor Econômico no período de 20 trimestres entre janeiro de 2010 e dezembro de 2014. A técnica estatística usada foi a de regressão com Dados em Painel, que considera a variação tanto entre as companhias da amostra como também as alterações de valores no tempo para cada empresa. Como esperado a partir da plataforma teórica e da evidência de estudos internacionais, os resultados indicam uma relação estatisticamente significativa entre cobertura da mídia e valor de mercado. Os resultados foram consistentes tanto no teste com o múltiplo preço/valor patrimonial (P/VPA) como com a métrica Q de Tobin como variável dependente. Isso significa que, nesta amostra, as empresas que aparecem com mais frequência na imprensa econômica têm maior valor de mercado relativo do que aquelas que aparecem menos. Um terceiro teste foi feito para medir a relação da exposição na mídia com a liquidez das ações, também encontrando associação estatisticamente significante e positiva. No caso do primeiro teste, é importante destacar que, quando a amostra foi dividida em quartis por porte, a cobertura da mídia perdeu significância para explicar o valor de mercado das maiores empresas do país. Espera-se que o trabalho, ainda que com as limitações de um estudo pioneiro no país, possa contribuir para que companhias abertas, assessorias de imprensa, veículos de comunicação e também os reguladores do mercado conheçam melhor as relações existentes com a exposição na imprensa. Se a linha de pesquisa prosperar e uma relação de causa e efeito for comprovada, imagina-se que no futuro as empresas poderão usar planos de mídia em estratégias de relações com investidores e medir esses efeitos. / What kind of relationship exists between the exposure that a company has in the media and its market value and the traded volume of its stocks? Assuming that the exposure of a company in the press increases the extent of information relating to it and helps to reduce the information asymmetry between the company\'s management and investors, the objective of this study was to empirically test whether there is a positive relationship between Brazilian companies exposure in the press and its market value and the liquidity of its shares on the stock exchange. This is the first study in Brazil on the subject. From a sample of 152 companies representing 81% of the market capitalization of the Brazilian stock market in March 2015, I have collected the frequency of stories in which they were mentioned in the Valor Econômico newspaper in the period of 20 quarters between January 2010 and December 2014. The statistical technique used was the regression with Panel Data, which considers the variation both between the sample of companies as well as value changes over time for each company. As expected from the theoretical platform and evidence from international studies, the results indicated a statistically significant relationship between media coverage and market value. The results were consistent in both the test with the multiple price-to-book (P/B) as with the Tobin\'s Q ratio as the dependent variable. This means that companies in this sample that appear more frequently in the financial press have higher market value relative to those that appear less. A third test was done to measure the relationship between media exposure with the liquidity of the shares, also finding statistically significant positive association. For the first test, it is important to note that, when the sample was divided into quartiles by size, media coverage has lost significance in explaining the market value of the largest companies in the Brazilian market. It is expected that work, albeit with the limitations of a pioneering study in the country, can contribute to public companies, press offices, media outlets and also the market regulators to have a more informed perception of the scope of the exposure in the press. If the line of research to thrive and if a cause and effect relationship is proven, it is thought that, in the future, companies may use media plans in investor relations strategies and measure these effects.