Submitted by Codie Ann Sanchez (codie.sanchez2015@fgvmail.br) on 2015-01-26T14:16:15Z No. of bitstreams: 1 Codie Sanchez - Thesis - 11-5-14.pdf: 11157706 bytes, checksum: 347b152ee482bcd0fa94a753c10cfc20 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-01-28T14:07:16Z (GMT) No. of bitstreams: 1 Codie Sanchez - Thesis - 11-5-14.pdf: 11157706 bytes, checksum: 347b152ee482bcd0fa94a753c10cfc20 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-02-05T15:58:07Z (GMT) No. of bitstreams: 1 Codie Sanchez - Thesis - 11-5-14.pdf: 11157706 bytes, checksum: 347b152ee482bcd0fa94a753c10cfc20 (MD5) / Made available in DSpace on 2015-02-05T16:02:44Z (GMT). No. of bitstreams: 1 Codie Sanchez - Thesis - 11-5-14.pdf: 11157706 bytes, checksum: 347b152ee482bcd0fa94a753c10cfc20 (MD5) Previous issue date: 2014-10-30 / This paper examines the current Chilean and Brazilian pension markets, how these pension markets are structured, how they have historically invested their portfolios in ETFs and how they utilize Exchange Traded Funds (ETFs). This investigation will give an overview of the current pension landscape in each country, ETFs and ETF managers in the region, as well as distribution allowances and regulations for ETF providers within the region. Finally it will offer insights throughout that will be useful to those building a business or creating an expansion plan in Brazil or Chile.

Submitted by natalia belfort geiser mercadante simoes (nbelfort@gmail.com) on 2015-07-06T14:35:21Z No. of bitstreams: 1 DissertacaoNatalia_06.07.15FINALparaFGV.pdf: 635266 bytes, checksum: fbe166373654e12aaa44b08d5dbc90db (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2015-07-06T18:45:40Z (GMT) No. of bitstreams: 1 DissertacaoNatalia_06.07.15FINALparaFGV.pdf: 635266 bytes, checksum: fbe166373654e12aaa44b08d5dbc90db (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-07-08T19:11:55Z (GMT) No. of bitstreams: 1 DissertacaoNatalia_06.07.15FINALparaFGV.pdf: 635266 bytes, checksum: fbe166373654e12aaa44b08d5dbc90db (MD5) / Made available in DSpace on 2015-07-08T19:12:06Z (GMT). No. of bitstreams: 1 DissertacaoNatalia_06.07.15FINALparaFGV.pdf: 635266 bytes, checksum: fbe166373654e12aaa44b08d5dbc90db (MD5) Previous issue date: 2014-05-21 / This study aims to identify the characteristics from Brazilian listed companies that have foreign investors. The purpose was to examine whether such companies have better financial indicators, higher valuation and better corporate governance. This research is an original study, in which 215 public companies were analyzed from 2001 to 2012. The results suggest that there is a significant relationship between the presence of foreign investors and higher firm valuation, lower leverage, higher profitability and better corporate governance. / Este trabalho tem como objetivo identificar as características de empresas brasileiras listadas em bolsa que possuem estrangeiros em seu capital. O objetivo foi observar se as empresas com estrangeiros no capital possuem melhor indicadores financeiros, maior valuation e melhores práticas de governança corporativa. Realizamos um estudo inédito no Brasil, analisando 215 empresas de capital aberto no período de 2001 a 2012. Os resultados indicam que existe uma relação significativa entre a presença de estrangeiros como maior acionista no capital das companhias e maior valor, menor alavancagem, maior rentabilidade e maior nível de governança corporativa.

Submitted by Caio Vinicius Mayoli Bolognesi (caiobolognesi@gmail.com) on 2018-02-20T13:46:46Z No. of bitstreams: 1 Bolognesi, C - O impacto de diferentes tipos de investidores_vfinal.pdf: 905987 bytes, checksum: 029664bc291989f71a5e58d57734662a (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Caio, boa tarde! Para que possamos aprovar sua Dissertação, é necessário que faça somente uma alteração: - Na página 4, a Data de Aprovação e Banca Examinadora devem se manter ao lado direito da página, abaixo do texto e do Campo de Conhecimento. No aguardo. Obrigada. on 2018-02-20T19:02:05Z (GMT) / Submitted by Caio Vinicius Mayoli Bolognesi (caiobolognesi@gmail.com) on 2018-02-20T19:09:15Z No. of bitstreams: 1 Bolognesi, C - O impacto de diferentes tipos de investidores_vfinal_.pdf: 909719 bytes, checksum: 1349f1f071349a8fba01951fbd00916d (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-02-20T19:29:52Z (GMT) No. of bitstreams: 1 Bolognesi, C - O impacto de diferentes tipos de investidores_vfinal_.pdf: 909719 bytes, checksum: 1349f1f071349a8fba01951fbd00916d (MD5) / Made available in DSpace on 2018-02-21T13:16:00Z (GMT). No. of bitstreams: 1 Bolognesi, C - O impacto de diferentes tipos de investidores_vfinal_.pdf: 909719 bytes, checksum: 1349f1f071349a8fba01951fbd00916d (MD5) Previous issue date: 2018-01-24 / A governança corporativa e seus impactos em diferentes indicadores de performance é um tema amplamente discutido na literatura econômico-financeira. No entanto, mesmo com diversos estudos realizados na área, a relação direta entre uma governança corporativa adequada e desempenho superior ainda é dúbia. Este trabalho tem por objetivo estudar o impacto da presença de diferentes tipos de investidores em empresas small caps na Bolsa brasileira. Para isso, utiliza-se o Q de Tobin como indicador de performance financeira e variáveis que indicam a presença ou não de investidores financeiros e não financeiros nessas companhias durante o período selecionado. O trabalho realiza o teste para dois tipos de período: o primeiro considera a presença de investidores de uma determinada natureza em qualquer momento do período testado; e o segundo considera o período específico de presença desses investidores. Os resultados obtidos não são conclusivos para estabelecer uma relação direta nos casos testados, mesmo que tenham sido encontrados alguns resultados significativos para alguns tipos de investidores em testes específicos. / The relationship between corporate governance and a firm's performance has been a widely studied theme among scholars. However, despite all the drawn to this question, the connection of appropriate corporate governance and superior performance is still dubious. This work aims to analyze the impact of the presence of different corporate and financial investors in small caps companies in the Brazilian stock market. For this purpose, Tobin's Q was selected as the key indicator of financial performance to be tested with variables indicating the presence or not of such investors. Two different types of tests were performed for this work: the first considering the existence of this kind of investor at any given period during the analyzed time frame, and the second considering the presence or not of these investors only during the specific quarters. Results were not conclusive to establish a direct relationship between these factors, despite the fact that some tests showed significant results.

Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-08-20T19:03:03Z No. of bitstreams: 1 DISSERT_CAROLINA RIBEIRO VERONESE MARINHO.pdf: 751914 bytes, checksum: ca939f859bd1eccec552deb6102fbf7a (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-08-22T12:09:09Z (GMT) No. of bitstreams: 1 DISSERT_CAROLINA RIBEIRO VERONESE MARINHO.pdf: 751914 bytes, checksum: ca939f859bd1eccec552deb6102fbf7a (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-08-22T12:14:55Z (GMT) No. of bitstreams: 1 DISSERT_CAROLINA RIBEIRO VERONESE MARINHO.pdf: 751914 bytes, checksum: ca939f859bd1eccec552deb6102fbf7a (MD5) / Made available in DSpace on 2011-08-22T12:21:14Z (GMT). No. of bitstreams: 1 DISSERT_CAROLINA RIBEIRO VERONESE MARINHO.pdf: 751914 bytes, checksum: ca939f859bd1eccec552deb6102fbf7a (MD5) Previous issue date: 2011-05-19 / This paper’s proposal is to analyze how bond supply is likely to affect yields and the excess return of government bonds. Thus, the study is based on a model built around three agents: the government, preferred habitat investors and arbitrageurs. Consistent with the model, when the government changes the relative maturity of its debt, the entire term structure is affected and the result is intensified for long-term maturities. In addition, results were stronger for almost all maturities when excess return is analyzed. / O presente trabalho tem o objetivo analisar como a oferta de dívida pública é capaz de afetar os yields e o excesso de retorno de títulos públicos. Para tanto, o estudo é baseado em um modelo construído em torno de três agentes, sendo eles o Governo, os investidores com preferência por maturidades específicas e os arbitradores. Consistente com o modelo, observamos que quando o Governo altera a maturidade relativa de sua dívida, toda a estrutura a termo é afetada e esse resultado se intensifica para títulos mais longos. Além disso, os resultados se mostraram mais fortes para quase todas as maturidades quando o excesso de retorno é analisado.

Submitted by Cristiane Shirayama (cristiane.shirayama@fgv.br) on 2011-08-20T18:18:18Z No. of bitstreams: 1 DISSERT_ANGELA RITA FRANCO DONAGGIO.pdf: 1000950 bytes, checksum: f69778021e74ed12cdb3b807fd561313 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-08-22T12:12:44Z (GMT) No. of bitstreams: 1 DISSERT_ANGELA RITA FRANCO DONAGGIO.pdf: 1000950 bytes, checksum: f69778021e74ed12cdb3b807fd561313 (MD5) / Made available in DSpace on 2011-08-22T12:23:22Z (GMT). No. of bitstreams: 1 DISSERT_ANGELA RITA FRANCO DONAGGIO.pdf: 1000950 bytes, checksum: f69778021e74ed12cdb3b807fd561313 (MD5) Previous issue date: 2011-05-26 / This dissertation investigates the effectiveness of the corporate governance practices contained in the Regulations of the Novo Mercado (RNM), a premium listing segment introduced by BM&FBOVESPA in 2000 in order to segregate companies who committed themselves with higher corporate governance standards. In theory, RNM would assure effective protection to investors of companies listed in this segment. However, some cases taking place throughout the 2000’s decade involving companies belonging to Novo Mercado (NM) casted doubt on the effective respect of their shareholders’ rights. Among these cases, two stand out: Cosan in 2007 and Tenda in 2008. Specifically, this research provides an in-depth and qualitative analysis of both cases in order to assess whether RNM and the institutions responsible for their enforcement have successfully protected investors. Methodologically, we employ the 'corporate crisis' and 'institutional autopsy' approach developed by MILHAUPT and PISTOR (2008). W e observe that NM is a product of a legal transplant and that the adoption of rules by the NM was not enough to assure effective protection to investors. We also conclude, as the main result, that the corporate transactions carried out by the controlling shareholders of Cosan and Tenda counteracted the RNM (and the corporate governance principles that have guided its creation) as well as could have transgressed items of the Brazilian regulation. As a result, we observe the lack of adequate supervision by BM7FBOVESPA on the compliance with the rules, as well as CVM’s insufficient attitude when potential infractions to Brazilian regulations took place. On the other hand, such transplant has been at least indirectly responsible for the improvement of the Brazilian legal framework with the subsequent incorporation of new instruments of investors’ protection. This research can be used as a basis for reforms in both the regulation and self-regulation aimed at increasing the firms’ surveillance and the enforcement of the current rules. These reforms could increase the credibility of the securities markets which could, in turn, stimulate the development of the Brazilian capital markets. This is a fundamental debate, since the credibility of the stock market’s premium listing segment depends on the effective investor’s protection, the real reason behind the creation of the Novo Mercado. / Esta dissertação investiga a efetividade das práticas de governança corporativa contidas no Regulamento do Novo Mercado (RNM), segmento especial de listagem da BM&FBOVESPA criado em 2000. Em tese, tais práticas deveriam assegurar a proteção efetiva dos direitos dos investidores de companhias desse segmento. Contudo, alguns casos ocorridos ao longo da primeira década do Novo Mercado lançaram dúvida sobre o respeito aos direitos dos acionistas de suas companhias. Entre eles, dois casos se destacam: Cosan, em 2007, e Tenda, em 2008. Especificamente, a presente pesquisa analisa qualitativamente e em profundidade ambos os casos a fim de verificar se as regras do RNM e as instituições responsáveis por sua aplicabilidade foram suficientes para proteger os investidores. Metodologicamente, utilizou-se a abordagem de estudo de caso de 'crise corporativa' e 'autopsia institucional' baseada em MILHAUPT e PISTOR (2008). Observou-se que o Novo Mercado foi resultado de um transplante jurídico e que a mera adoção de regras do segmento não foi suficiente para garantir a proteção efetiva aos investidores. Como resultado principal, concluiu-se que as operações societárias lideradas pelos controladores das companhias não só contrariaram regras do segmento (e princípios de governança que nortearam sua criação) como também podem ter infringido a regulação. Com isso, evidencia-se a falta de fiscalização do cumprimento das regras e de punição por parte da BM&FBOVESPA, bem como uma atitude insuficiente da CVM quando de potenciais infrações a dispositivos do ambiente regulatório brasileiro. Por outro lado, o Novo Mercado foi, no mínimo, indiretamente responsável pelo aprimoramento do arcabouço regulatório brasileiro na incorporação de novos instrumentos de proteção aos investidores. Os resultados deste trabalho podem auxiliar na elaboração de reformas na regulação e autorregulação a fim de facilitar a executoriedade das normas já existentes, a qual pode proporcionar maior credibilidade ao mercado de valores mobiliários e fomentar, em última instância, o desenvolvimento do mercado de capitais brasileiro. Trata-se de discussão fundamental, haja vista que a credibilidade do segmento mais exigente quanto às práticas de governança da Bolsa depende da proteção efetiva aos investidores, razão de criação do Novo Mercado.

The business environment is impacted by technology both negatively and positively. To this extent, therefore, it is only prudent that the business environment adopts technological platforms, such as e-commerce, but there is a need to ascertain the risks involved, in order to optimize the benefits. This study set out to determine the impact of e-commerce on corporate governance in the retail sector in Zimbabwe. The corporates under investigation were Total Zimbabwe, Complete Solutions Architects, Venturecom and Kenac. The study included gathering the views of suppliers, customers, employees, government, and trade as well as investors. It employed a quantitative research design which involved the ultimate determination of the regression equation and a qualitative design which used interviews from stakeholder respondents. Some of the notable results from the questionnaire indicated poor customer relationship management on e-commerce platforms, a more stringent control than regulatory requirements and inadequate monitoring of the behaviour and activity of clients on e-commerce platforms. The investors also felt that the impact of electronic commerce impact on shareholder activity was not satisfactory especially with regards to meetings, but they indicated satisfaction with the enhancement of resources with regards to the generation of organizational profits. The regression equation finally revealed that for overall satisfaction, as a proxy for good corporate governance, as the dependent factor the statistically independent factors were investors and government as a trade, which could imply that these are the definitive stakeholders. From the interviews, there was indication some of the salient issues about e-commerce that were indicated included the untrustworthiness of intermediaries, the difficulty in describing physical goods and the difficulty of eliminating unethical practices on electronic commerce platforms. Inter-organizational compliance between the organizations and their stakeholders was also revealed as being a major factor that was needed in order to reduce the contagion effect. This action was followed by the view that the boards’ responsibilities and roles of the corporate boards needed had to change to manage risk on e-commerce platforms. The study concluded by suggesting a longitudinal study of the same topic incorporating more stakeholders and including more hypotheses to test all the possible and proposed relationships. More time is also recommended to cater for the fast development of ecommerce and IT in general / M. Sc. (Computing Science (Information Systems)) / School of Computing

Made available in DSpace on 2016-08-02T21:42:21Z (GMT). No. of bitstreams: 1 SERGIO LUIZ NASCIMENTO.pdf: 981514 bytes, checksum: 2b19c2940a97c73dc593c53833e64185 (MD5) Previous issue date: 2011-12-06 / In the contemporary moment, there is an intense movement of financial capital, either because of mergers and acquisitions of companies, is the natural expansion of capitalism itself, thus leading organizations to seek alternative financing at lower costs, when it considered rates interest charged by financial institutions. Concurrent with this, monetary authorities seek to reduce circumstantially interest rates that drive the economy in order to to attract new investment in production and still preserve those existing. So even paradoxical, the reduction in interest rates promulgated by the authorities, does not display the same reduction rate from those practiced by the market. This leads individuals, whether or not investment managers to seek alternative investments that provide monetary gains in excess of those which are based on rates set by monetary authorities. Combining the search for resources by organizations and the pursuit of higher monetary gains by investors, the stock market becomes a relevant alternative. In order to achieve the best results in this environment, no need to use templates and other tools that provide the best balance between risk and return given that every investor emits at least some risk aversion. Several instruments are available to perform these relationships, however, many of them not available to the investor on the condition of an individual. And by this point, the model developed by Edwin Elton and Martin Gruber appears as an alternative to any investor, whether by their construction, whether for its operation. / Atualmente, nota-se uma intensa movimentação de capitais financeiros, seja por conta de fusões e incorporações de empresas, seja pela expansão natural do próprio capitalismo, levando então as organizações a buscarem alternativas de financiamento com menores custos, isso quando consideradas as taxas de juros praticadas por instituições financeiras. Concomitantemente a isso, autoridades monetárias, circunstancialmente buscam a redução das taxas de juros que norteiam a economia, no intuito de se atrair novos investimentos produtivos e ainda preservar aqueles existentes. De maneira até paradoxal, a redução das taxas de juros promulgada por autoridades, não exibe a mesma proporção de redução daquelas praticadas pelo mercado. Este aspecto leva os indivíduos, sejam eles gestores de investimentos ou não, a buscarem alternativas de investimentos que proporcionem ganhos monetários superiores àqueles que são fundamentados nas taxas estabelecidas pelas autoridades monetárias. Conciliando a busca de recursos por organizações e a busca por maiores ganhos monetários por parte dos investidores, o mercado de capitais se torna uma alternativa relevante. De modo a conseguir os melhores resultados nesse ambiente, há necessidade de se utilizar modelos e outros instrumentos que propiciem a melhor relação entre risco e retorno, haja vista que todo investidor emite ao menos alguma aversão ao risco. Vários são os instrumentos disponíveis para realizar essas relações, entretanto, muitos deles não acessíveis ao investidor na condição de pessoa física. E mediante esse aspecto, o modelo desenvolvido por Edwin Elton e Martin Gruber surge como alternativa a qualquer investidor, seja por suas características construtivas, seja por sua operacionalidade.

Cette thèse de doctorat comporte trois chapitres distincts. Dans le premier chapitre, nous étudions le comportement moutonnier d'investisseurs individuels français. Notre analyse empirique repose sur une base de données de presque 8 millions de transactions réalisées entre 1999 et 2006 par 87 373 investisseurs individuels français. Nous montrons que le comportement moutonnier persiste dans le temps et que la performance passée ainsi que le niveau de sophistication influencent ce comportement. Nous tentons également d'apporter une réponse à une question très peu abordée dans la littérature : adopter un comportement moutonnier est-il profitable pour l'investisseur individuel ? Notre analyse empirique indique que les investisseurs contrariants obtiennent des rendements plus extrêmes (positifs ou négatifs) que les investisseurs moutonniers. Dans le second chapitre, nous montrons que mesurer la précision d'une prévision du prix futur d'une action n'est pas suffisant pour évaluer la qualité de cette prévision car la prévisibilité des prix est susceptible d'évoluer dans le temps et dépend du titre considéré. Nous montrons que la persistance dans les différences individuelles de précision des prévisions d'analystes, mis en avant dans la littérature, ne constitue pas une preuve de différences de compétences entre analystes. Cette persistance est, en réalité, causée par une persistance de la volatilité de la rentabilité des titres. Nous introduisons une mesure de qualité des prévisions qui incorpore à la fois l'erreur de prévision et la prévisibilité du prix. La théorie des options nous fournit les éléments nécessaires à l'estimation de cette prévisibilité. Lorsque celle-ci est prise en compte, il n'y a plus de différences de compétences entre analystes. Dans le troisième chapitre, nous montrons que les analystes expérimentés et inexpérimentés ne couvrent pas le même type d'entreprises. Les analystes expérimentés couvrent des entreprises de type « blue chips » tandis que les analystes inexpérimentés couvrent des entreprises petites, jeunes et en croissance. Ces différences de couvertures impliquent que les analystes inexpérimentés émettent des prévisions de prix sur des entreprises dont les rendements sont plus volatils et donc moins prévisibles. En conséquence, la précision des prévisions n'est pas une bonne mesure pour évaluer si les analystes expérimentés sont meilleurs ou moins compétents que les analystes inexpérimentés. Lorsque ces différences de couvertures sont prises en compte, nous obtenons que les analystes expérimentés émettent néanmoins de meilleures prévisions. Bien que statistiquement significatif, l'impact économique de l'expérience des analystes est faible. / This dissertation is made of three distinct chapters. In the first chapter, we introduce a new measure of herding that allows for tracking dynamics of individual herding. Using a database of nearly 8 million trades executed between 1999 and 2006 by 87,373 individual investors, we show that individual herding is persistent over time and that past performance and the level of sophistication influence this behavior. We are also able to answer a question that was previously unaddressed in the literature: is herding profitable for investors? Our unique dataset reveals that the investors trading against the crowd tend to exhibit more extreme returns and poorer risk-adjusted performance than the herders. In the second chapter, we show that measuring the accuracy of a target price is not sufficient to assess its quality, because the forecast predictability (which depends on the stock return volatility and on the forecast horizon) is likely to vary across stocks and over time. We argue that the evidence of time persistent differences in analysts' target price accuracy, obtained in previous studies, cannot be interpreted as a proof of persistent differential abilities. Our analysis indicates that the persistence in accuracy is driven by persistence in stock return volatility. We introduce a measure of target price quality that considers both the forecast inaccuracy and the forecast predictability. Using elements from option-pricing theory, we provide a simple solution to the issue of estimating target price predictability. Our empirical analysis reveals that, when forecast predictability is taken into account, financial analysts do not exhibit significant persistent differential abilities to forecast future stock prices. In the third chapter, we show that experienced financial analysts tend to cover different firms than inexperienced analysts. Experienced analysts tend to follow blue chips (i.e., large, international, mature firms) while inexperienced analysts focus on small, young, growth-oriented firms. These differences in coverage decisions imply that inexperienced analysts issue target prices on firms for which stock returns are more volatile, and thus less predictable. As a consequence, the accuracy measure of target prices fails to evaluate differences in ability between experienced and inexperienced analysts. When taking into account these differences in coverage decisions, we still find that experienced analysts do a better job at forecasting stock prices. Our results on the influence of analysts' characteristics on target price quality are statistically significant but economically weak.

The purpose and intent of this study is to conduct comparative research between domestic and foreign investors in regard to short selling positions on the Swedish financial market. The performance differences are measured by compounding short selling positions by the investors between 2015-2018. Two comparative methods were utilized to conduct this research: The cumulative abnormal return (CAR) and the buy-and-hold abnormal return, with each calculation being utilized in accordance with Barber & Lyon (1997). The produced results have been scrutinized via univariate descriptive statistics (t-test) and a regression in order to verify if there is any significant difference between the investors. The result of the study shows that there is a tangible, noteworthy difference in an average performance amongst the investors. We can now recognize that foreign investors who hold their short selling positions for a longer time-period demonstrate better performance. To compare with the domestic investors, their displayed trading behavior seems to be more unpredictable and they have not been performing as good in this selected time-interval.

Made available in DSpace on 2016-12-23T13:44:58Z (GMT). No. of bitstreams: 1 Thais Roberta Correa Vieira.pdf: 468119 bytes, checksum: 48f140ebf6e1d87a5a4004892d8c5f17 (MD5) Previous issue date: 2012-07-03 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The classical economic theory assumes that people make decisions through rational processes, particularly in the sense that they are coherent and consistent. However, many experimental studies indicate violations of this assumption. Two factors that lead to these violations are Overconfidence and Aversion to extremes, this is the preference of intermediate choices, avoiding extreme options. These factors commonly induce investors to make decisions that generate further frustration. The financial crisis of 2008, where there was a large depreciation of various assets, also showed that many people chose not coherent with their investment profile. So in 2010, the Brazilian Association of Financial and Capital Markets (ANBIMA) determined that the institutions that sell mutual funds must make an evaluation Investor Profile (API) so that investors are advised to make investments consistent with your profile. This study aimed to verify the score resulting from the API and the Degree of Confidence in investment decisions make people more susceptible to the effect Aversion Extremes. To fulfill this objective, a questionnaire was administered to 112 undergraduates courses in Administration, Accounting and Economics from the Federal University of Espírito Santo. Based on the theoretical framework were outlined eight chances. The first hypothesis aims to Analysis of Investor Profile and Degree of Confidence in investment decisions make people more susceptible to the effect Aversion Extremes. The other hypotheses identify the relationships between gender, degree of confidence, the API and Investment Decisions. Additionally, characteristics of which were verified Investor Profile make individuals more likely to effect Aversion Extremes. The main conclusion of this study is the first hypothesis, whose tests reveal that the higher the API more likely occur in the end, while the Degree of Confidence in Investment Decisions not increase susceptibility to extreme aversion / A teoria econômica clássica assume que as pessoas tomam decisões por meio de processos racionais, particularmente no sentido de que são coerentes e consistentes. Contudo, muitos estudos experimentais apontam violações dessa premissa. Dois fatores que levam a essas violações são o Excesso de Confiança e a Aversão a Extremos, que consiste na preferência de escolhas intermediárias, evitando opções extremas. Esses fatores comumente induzem os investidores a tomar decisões que geram posterior frustração. A crise financeira internacional de 2008, na qual houve grande desvalorização de vários ativos, também evidenciou que muitas pessoas optaram por investimentos pouco condizentes com seu perfil de risco. Por isso, em 2010, a Associação Brasileira das Entidades do Mercado Financeiro e de Capitais (ANBIMA) determinou que as instituições que vendem fundos de investimentos devem fazer uma Avaliação do Perfil do Investidor (API) para que os investidores sejam orientados a fazer investimentos condizentes com o seu perfil. Esta pesquisa buscou verificar se a pontuação resultante da Avaliação do Perfil do Investidor e o seu Grau de Confiança nas decisões de investimentos tornam esses investidores mais suscetíveis ao efeito Aversão a Extremos. Para cumprir esse objetivo, foi aplicado um questionário a 112 alunos de graduação dos cursos de Administração, Ciências Contábeis e Ciências Econômicas da Universidade Federal do Espírito Santo. Com base no referencial teórico, foram delineadas oito hipóteses. A primeira hipótese verifica se a Análise do Perfil do Investidor e o Grau de Confiança nas decisões de investimentos tornam as pessoas mais suscetíveis ao efeito Aversão a Extremos. As demais hipóteses identificam as relações entre o gênero, o Grau de Confiança, a API e as Decisões de Investimentos. Adicionalmente, foram verificadas quais características do Perfil do Investidor tornam os indivíduos mais propensos ao efeito Aversão a Extremos. A principal conclusão deste estudo reside na primeira hipótese, cujos testes revelam que quanto maior a pontuação na API maior a probabilidade de ocorrer o efeito Aversão a Extremos, enquanto o Grau de Confiança nas Decisões de Investimento não aumentou a suscetibilidade à Aversão a Extremos