Made available in DSpace on 2016-03-15T19:25:27Z (GMT). No. of bitstreams: 1 Salim Augusto Amed Ali.pdf: 1908550 bytes, checksum: 7095064d1ba3cd28c835632bfe5ac730 (MD5) Previous issue date: 2010-08-16 / Fundo Mackenzie de Pesquisa / This study aimed to gather the perceptions of three audiences in specific, about their understanding on the generation of value through the activity of Investor Relations in Brazilian listed companies. The first group, consisting of 16 professionals and experts in Investor Relations and the second group, comprised of 11 investment analysts and portfolio managers, were personally interviewed using structured interview, survey-type. The third group of individual investors answered a questionnaire via Internet, totaling 457 valid responses. The findings show that in the perceptions of the three groups, IR adds value to the company. They also pointed out several activities and structures presents in Investor Relations that are considered more relevant in the sense of adding value to the company. Reflecting these activities and structures, it was possible to divide them into five groups: Communication, Activities, Meetings with the Market, Strategy and Metrics of Direct Measurement. The Communication was of higher importance, noting that IR and the company must be transparent, providing the information in a quick, clear, reasoned way, and the IR website and electronic media were identified as the main means. Activities undertaken by IR, shows relevance the contact with foreign investors; the explanation of profit distribution policy; relevant future events, as new investments; the diversification of the shareholder bases; comparative analysis of the sector in which the company operates; and actions to promote the liquidity of shares. Regarding Meetings With the Market, public meetings, individual (with sell side, buy side and institutional) and road shows, were revealed as relevant. About the Strategy in IR, it became clear that it must be drawn on the Executive Board, and the area should be subordinated to the CEO. Finally, Metrics of Direct Measurement point to three main items, namely the amount of "houses" covering the company's stock, the average market valuation compared to the valuation prepared by the company itself, and decrease in volatility of stock price compared with peer companies in the industry. The article seeks to contribute to, in future searches, build more objective and justified proxies for the quality of IR, in an attempt to quantify the value that the IR area adds to the public companies. / A presente dissertação objetivou coletar a percepção de três públicos em específico acerca do entendimento dos mesmos quanto à geração de valor por meio da atividade de Relações com Investidores em companhias abertas brasileiras. O primeiro grupo, formado por 16 profissionais e especialistas em Relações com Investidores, e o segundo grupo, formado por 11 analistas de investimento e gestores de carteiras, foram entrevistados pessoalmente por intermédio de entrevistas estruturadas do tipo survey. O terceiro grupo, dos investidores individuais, respondeu a questionário via internet, totalizando 457 respostas válidas. Os achados mostram que na percepção dos três grupos, RI agrega valor à companhia. Os mesmos ainda apontaram diversas atividades e estruturas presentes em Relações com Investidores que se demonstram mais relevantes no sentido de agregar valor à companhia, bem como aquelas que se demonstram menos relevantes. Espelhando essas atividades ou estruturas, foi possível dividi-las em cinco grupos: Comunicação, Atividades, Reuniões com o Mercado, Estratégia e Métricas Diretas de Mensuração. A Comunicação foi a de maior relevância, apontando que RI e a companhia devam ser transparentes, apresentando as informações de modo rápido, claro e fundamentado, sendo o website de RI e as mídias eletrônicas apontadas como os principais meios. Nas Atividades realizadas por RI tomam relevância o contato e atendimento aos investidores estrangeiros; a política de distribuição de resultados; eventos futuros relevantes, como novos investimentos; a diversificação da base acionária; as análises comparativas do setor em que a companhia atua e; as atividades que favoreçam a liquidez das ações da empresa. Nas Reuniões com o Mercado, as reuniões públicas, individuais (com sell side, buy side e institucionais) e road shows, se evidenciaram como relevantes. Quanto à Estratégia em RI, evidenciou-se que a mesma deve ser traçada na Diretoria Executiva, e a área subordinada ao Presidente Executivo. Por fim, as Métricas Diretas de Mensuração apontam três itens como principais, quais sejam a quantidade de casas cobrindo a ação da empresa, o valuation médio de mercado comparado ao valuation elaborado pela própria companhia e a diminuição na volatilidade no preço da ação comparado com as companhias pares do setor. O estudo busca contribuir para que em futuras pesquisas seja possível a construção de proxies objetivas e mais justificadas para a qualidade do RI, na tentativa de quantificar o valor que a atividade de Relações com Investidores agrega à companhia aberta.

Literature reveals studies on mutual fund performance analysis and persistency, with various results. Some studies support hort term performance persistence, while the rest claiming no such persistency among the portfolios. This thesis is an attempt to analyze the performances of Turkish open-end mutual funds for the period of 2003-2010 and search for persistency by extending the time period to June 2011. For performance evaluation, single factor CAPM and ama-French&rsquo / s Three Factor Model are applied. Persistency analysis is done by tracking the relative fund performances on a monthly basis. The results of this study indicate that for the sample period, Turkish A Type mutual funds neither overperform nor underperform the overall market. Nearly all Jensen&rsquo / s alphas are found to be zero, statistically significant. This is also an implication that the mutual funds are earning their expected returns in an efficient mutual fund market in Turkey. The Fama-French&rsquo / s three factor model shows slightly better performance, on the other hand. The size and book to market equity factors are not found significant in general, however they are found jointly significant in all regressions. Persistency is analyzed by tracking the mutual fund erformances on monthly basis. When some mutual funds showed negative or positive performance persistency during the period individually, but the overall picture demonstrates a balanced distribution of performance groups. The number Loser-Loser performances is slightly more than the other three groups, resulting in a tendency for short term negative persistency for the sample analyzed between the period of January 2003 to June 2011.