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Incentivos no nível da firma e consequências econômicas da convergência ao IFRS no Brasil; Firm-level incentives and economic consequences of IFRS convergence in Brazil

Lima, Vinícius Simmer de
Fonte: Biblioteca Digitais de Teses e Dissertações da USP Publicador: Biblioteca Digitais de Teses e Dissertações da USP
Tipo: Dissertação de Mestrado Formato: application/pdf
Publicado em 03/11/2011 Português
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66.13%
Esta dissertação investiga o papel dos incentivos individuais das companhias no compromisso com o atendimento das práticas de convergência ao IFRS, e o impacto da adoção destas práticas no custo de capital e liquidez de mercado no Brasil, um país emergente caracterizado por distinto ambiente institucional e elevadas oportunidades de crescimento. Este trabalho estende o estudo de Daske et al. (2008) ao considerar a observação de Ball (2006), de que a adoção de um padrão contábil superior não necessariamente se traduz em melhor qualidade de divulgação, uma vez que a qualidade dos relatórios contábeis pode ser fortemente moldada não pelas normas contábeis somente, mas também pelos incentivos e pela intensidade das forças políticas/econômicas presentes. Utilizando uma amostra de 148 companhias listadas na Bolsa Valores de São Paulo, o estudo emprega duas medidas para a caracterização da convergência baseadas no (i) Índice de Atendimento às Práticas de Convergência Internacional (IAPC) e na (ii) variação do volume de informação divulgada nos demonstrativos financeiros completos. Estimativas do custo de capital próprio são obtidas a partir de quatro modelos sugeridos pela literatura - Claus e Thomas (2001)...

Does Financial Openness Lead to Deeper Domestic Financial Markets?

Calderón, César; Kubota, Megumi
Fonte: Banco Mundial Publicador: Banco Mundial
Português
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Advanced and emerging market economies have rapidly integrated into international capital markets and this growing globalization of financial markets has led to some important changes in the patterns of saving and investment across the world. The main goal of this paper is to test whether the cross-border asset trade has led to improvements in the intermediation of these savings -- that is, foster development of domestic financial markets. The authors have collected annual information on financial market development, financial openness, and other control variables for a sample of 145 countries for the period 1974-2007. Controlling for the likely endogeneity of financial openness, the analysis finds that rising financial openness expands private credit, bank assets, and stock market and private bond market development, and generates efficiency gains in the banking system. However, the impact of financial openness on domestic financial development may depend on the level of institutional quality, the extent of investor protection...

Investor Protection and Corporate Governance : Firm-Level Evidence Across Latin America

Chong, Alberto; López-de-Silanes, Florencio
Fonte: Palo Alto, CA: Stanford University Press; Washington, DC: World Bank; Washington, DC: Inter-American Development Bank Publicador: Palo Alto, CA: Stanford University Press; Washington, DC: World Bank; Washington, DC: Inter-American Development Bank
Português
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66.04%
This book holds that the crucial failure of corporate governance is the expropriation of outside investors, be they shareholders or creditors, by those who are in control of firms. The problem of expropriation, also known as tunneling, often takes on enormous proportions. Billions of dollars of wealth are siphoned away from outside investors to controlling shareholders and their private company allies. The expropriation prevents investors from devoting funds in the corporate sector, thus leading to low valuations of corporate assets, stunted capital markets, and slowed economic growth. Low valuations and underdeveloped financial markets are only two of the symptoms of investor expropriation. Other symptoms include concentrated corporate ownership, large spreads between cash flow ownership and the voting rights of dominant shareholders, pyramids, and low dividend payments. When financial markets exhibit these symptoms, the likely underlying problem is investor expropriation. The essays collected in this volume put together a compelling picture showing that many of the symptoms of investor expropriation and poor corporate governance are present in Latin America. The evidence is loud and clear in every chapter of this book. But there are also benefits to collecting this detailed proof. The evidence suggests recipes for improvement as well. The message of this book is as unambiguous as is its analysis: a critical goal in the agenda of financial reform in Latin America must be improvement in corporate governance through legal reform.

Development of Capital Markets and Institutional Investors in Russia : Recent Achievements and Policy Challenges Ahead

Noel, Michel; Kantur, Zeynep; Krasnov, Evgeny; Rutledge, Sue
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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85.91%
This study reviews the recent developments in capital markets and institutional investors in Russia, and examines the policy challenges ahead for the development of the sector. The analysis covers key impediments for further development and policy challenges for securities markets, in particular legal and regulatory framework, market infrastructure, government bonds, sub-sovereign bonds, corporate bonds, and equities. The analysis also covers key impediments for further development and policy challenges for mutual funds, pension funds, and insurance companies.

Emerging Capital Markets and Globalization : The Latin American Experience

de la Torre, Augusto; Schmukler, Sergio L.
Fonte: Washington, DC: World Bank; Palo Alto, CA: Stanford University Press Publicador: Washington, DC: World Bank; Palo Alto, CA: Stanford University Press
Português
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86%
The book should stimulate a vigorous discussion on how to best revise the reform agenda for capital market development in emerging economies going forward. This effort should involve not only country authorities but also academics and advisers from multilateral agencies such as the World Bank. The complexities highlighted in the book invite intellectual modesty, eclecticism, and constant attention to country specificity. While it does not provide detailed policy prescriptions, the book does point to issues that cannot be ignored and puts forward provocative questions for the policy debate. The policy discussion in the book is particularly interesting with respect to the following aspects: internationalization of stock markets and local currency debt markets. This paper contains the following headings: whither capital market development; developments in capital markets; factors behind the development and internationalization of capital markets; and whither the reform agenda.

Bangladesh - Non-Lending Technical Assistance on Capital Markets

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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66.04%
The Bangladesh stock market experienced significant volatility in late 2010 and early 2011 which took stock values high above fundamentals and threatened the stability of the financial system. This note takes a systematic look at the capital markets underpinnings in Bangladesh, including the regulatory framework, the rule-making bodies and enforcement issues. It also addresses systemic weaknesses responsible for market instability which was observed at the end of 2010 and early 2011. The note analyses the outlines specific areas of potential vulnerabilities of securities markets, as assessed against appropriate practice guidelines for stability, sustainability, transparency, and enforcement. A plan of action going forward is also suggested. This note draws on a considerable amount of prior analytical work. Bangladesh capital markets remain ineffective. The government debt securities markets are illiquid preventing the Bangladesh financial system from relying on a market-based yield curve. Bangladesh has yet to develop an active money market. Trading of treasury bills in the secondary market is limited because these instruments...

The Financing and Growth of Firms in China and India : Evidence from Capital Markets

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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66.07%
This paper studies the extent to which firms in China and India use capital markets to obtain financing and grow. Using a unique data set on domestic and international capital raising activity and firm performance, it finds that the expansion of financial market activity since the 1990s has been more limited than what the aggregate figures suggest. Relatively few firms raise capital. Even fewer firms capture the bulk of the financing. Moreover, firms that issue equity or bonds are different and behave differently from other publicly listed firms. Among other things, they are typically larger and grow faster. The differences between users and non-users exist before the capital raising activity, are associated with the probability of raising capital, and become more accentuated afterward. The distribution of issuing firms shifts more over time than the distribution of those that do not issue, suggesting little convergence in firm size among listed firms.

Principles of Capital Financing and Capital Charging in Health Care Systems

Sussex, Jon
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Português
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66.01%
Most health care systems could improve their efficiency in using physical capital - buildings and equipment. Health care systems in which assets are provided by governments or donated by aid organizations generally have only weak incentives for those assets to be used efficiently. Wrongly located or inappropriate facilities, poorly utilized and maintained, are a result. This Discussion Paper summarizes the principles of effective, efficient, and equitable capital financing and capital charging in health care systems. It reviews the options for putting these principles into practice and refers to the limited literature on the impacts of those options. The objectives, principles, and practicalities of implementing capital charging arrangements are set out. The relative benefits and costs of points along the following dimensions are described and summarized: applying capital charges just to newly acquired assets or also to those already in existence; using notional or real capital charges; the time profile of charges; and the asset valuation basis adopted.

Subnational Capital Markets in Developing Countries : From Theory to Practice

Freire, Mila; Petersen, John; Huertas, Marcela; Valadez, Miguel
Fonte: Washington, DC: World Bank and Oxford University Press Publicador: Washington, DC: World Bank and Oxford University Press
Português
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76.05%
In developing countries the twin tasks of building more dispersed and democratic governments and opening economies to freer markets and greater private ownership have been attempted in tandem-and have proved a difficult undertaking. A reduction in barriers to the movement of capital and goods has been a nearly universal objective. However, implementation of the required reforms has meant tough competition for domestic industries and increasing constraints on the fiscal and monetary policies of national governments. In the face of economic slowdowns and unstable financial markets, many emerging and developing economies have found privatization and the opening up of their economies to be painful and unpopular. The steep price and uncertain benefits of joining global markets have their critics. Subnational governments, for their part, are being required to do more things, to do them more efficiently, and to be more self-reliant in raising resources. At the same time devolution and hard-pressed budgets have constrained the ability of central governments to provide for the needs of subnational governments. After years of neglect and with expectations rising...

Development of Non-bank Financial Institutions and Capital Markets in European Union Accession Countries

Bakker, Marie-Renée; Gross, Alexandra
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Português
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66.03%
This paper assesses the role of non-bank financial institutions and capital markets in the financial sectors of the eight first-wave of Eastern European EU accession countries (the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, and Slovenia), the current state of development and prospects for future growth, and the likely impact on these segments of the financial system of accession to the EU. Throughout the paper, the level of development of nonblank financial institutions and capital markets in the accession countries is benchmarked against comparable development levels seen in existing EU member states. The paper concludes with a series of policy recommendations to facilitate future development of non-bank forms of financial intermediation.

Capital Markets and Non-bank Financial Institutions in Romania : Assessment of Key Issues and Recommendations for Development

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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86.11%
This study assesses key issues and recommendations for development, and reviews the specific changes which are necessary in four areas: structural reforms, market institutions, and infrastructure; accounting, transparency, and disclosure; market infrastructure; and credit enhancements. With only three years remaining before joining the European Union, Romania is working hard to improve its capital markets and non-bank financial institutions, which remain less developed than those in other accession countries. Strengthening these sectors has become a top priority for policymakers, whose primary objective is to ensure that the financial system is sufficiently developed to serve the growing demands of the Romanian economy.

Payments and Securities Clearance and Settlement Systems in Bolivia

Centro de Estudios Monetarios Latinoamericanos; World Bank
Fonte: Mexico, D.F.: Centro de Estudios Monetarios Latinoamericanos and the World Bank Publicador: Mexico, D.F.: Centro de Estudios Monetarios Latinoamericanos and the World Bank
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75.93%
This report covers the Western Hemisphere payments and securities settlement forum center for Latin American monetary studies and focuses on several issues. The first section covers economic and financial markets overview of Belarus. This section covers the financial sector, capital markets, and major trends in the payments systems. The second section covers institutional aspects such as the general legal framework, role of financial institutions, market structure and regulation, and the role of the securities regulatory. The third section covers the payment media used by non financial entities. The fourth section describes payments, such as inter-bank exchanges and settlement circuits. The fifth section touches on securities, market structure and trading. While the sixth and seventh section cover the topic of settlement circuits for government and corporate securities. The report concludes with discussion on the role of the central bank in clearance and settlement systems and well as the supervision of such systems.

China Capital Markets Development Report : China Securities Regulation Commission

Qi, Bin
Fonte: China Financial Publishing House Publicador: China Financial Publishing House
Tipo: Economic & Sector Work :: Foreign Trade, FDI, and Capital Flows Study; Economic & Sector Work
Português
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76.01%
The 'China capital markets development report' provides a good overview of the development of China's capital markets and explores future strategies. The report starts by reviewing historical events in the evolution of China's capital markets which have grown from small and unorganized regional markets into a national market today. By summarizing lessons learned during the market evolution and analyzing major gaps between China's capital markets and more mature markets, the report tries to propose a strategic design and vision for China's capital markets development for the next decade and beyond. Since the commencement of economic reform and opening up, China has gone through significant economic and social changes, and the socialist market economic regime has been established and steadily improved. Between 1979 and 2007, China's Gross Domestic Product (GDP) has been growing above 9 percent annually on average and China has become the fourth largest economy in the World. China's capital markets emerged and developed during the same period. With joint efforts by all relevant parties...

Nigeria : Financial Sector Review, Volume 1. Overview and Macro-Financial Environment

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Português
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This report is a comprehensive review of the Nigerian financial system, covering the following areas: i) macro-financial environment; ii) safety and soundness of the banking system; iii) banking supervision; iv) development finance institutions; v) community banks and commercial banks' rural operations; vi) insurance and pensions; vii) housing finance; viii) money and capital markets; and ix) term finance and leasing. The report is in three volumes: Volume 1 (Overview and Macro-financial Environment) covers the Executive Summary, Overview of the Financial System and Macro-Financial Issues. Volume 2 (Banking Institutions) contains chapters on: i) The Banking System; ii) Assessment of Banking Supervision; iii) Development Finance Institutions; and iv) Community Banks and Commercial banks' rural operations. Volume 3 (Non-Bank Financial Institutions and Markets) includes: i) Insurance and Pensions; ii) Housing Finance; iii) Money and Capital Markets; and iv) Term Finance and Leasing. The Statistical Annex contains relevant data for all the chapters.

Philippines : IOSCO Objectives and Principles of Securities Regulation

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
Português
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66.05%
A joint World Bank/International Monetary Fund mission visited the Republic of the Philippines during the period October 8-23 and November 19-December 6, 2001 as part of the Financial Sector Assessment Program (FSAP). The aim was to assess the effectiveness of securities regulation, soundness of market intermediaries, and development prospects for the capital markets, including observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Securities and Exchange Commission (SEC) is the primary regulatory authority over the capital markets and their participants. The Bangko Sentral ng Pilipinas (BSP) also supervises non-bank financial institution (NBFIs) to the extent that they have ownership links with banks, and are permitted to have quasi-banking function and trust operations and offer foreign exchange products and services. The Securities Regulation Code (SRC) is the main legal basis for the regulation of the markets. The SRC narrowed and redefined the scope of responsibilities of the SEC to enable the regulator to focus on regulation of the securities market and its enforcement in particular. However...

Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance

Vittas, Dimitri
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Viewpoint; Publications & Research
Português
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This Note briefly examines the dynamic interaction that can develop between pension funds and capital markets. Pension funds are not only a source of long-term savings to support the development of bond and equity markets. They can also be a positive force for innovation, for corporate governance, and for privatization. In turn, capital markets offer pension funds the opportunity for better portfolio returns and risk management. This interaction is a long, self-reinforcing process that builds on sound macroeconomic policies, effective regulatory reforms, as well as robust accounting, legal, and information infrastructure. The key message for policymakers is that pension reform should be part of a broad reform program. It need not be delayed until capital markets are well established. But, equally important, large quantities of state assets should not be transferred to newly formed private pension funds without first taking steps to develop robust and well-regulated capital markets. Chile's gradual approach to investment deregulation is a good model for developing countries introducing mandatory but decentralized pension systems.

Non-bank Financial Institutions and Capital Markets in Turkey

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
Português
Relevância na Pesquisa
66.13%
This study analyses the state of development, and prospects of future growth of Turkish non-bank financial institutions, and capital markets. Currently, credit markets in Turkey are dominated by banking, and capital markets are dominated by Government securities. Longstanding macro-economic instability, and inflation have discouraged investment in financial assets, and crowded out funding for the private sector. The resulting lack of depth, and breadth has made the financial sector vulnerable to shocks, resulting in repeated crises, and, has reduced its intermediation efficiency. To enhance the financial sector's capacity to support private sector development, and economic growth, and to reduce its vulnerability to shocks, non-bank sources of finance should be developed. The report identifies the key policy issues that should be addressed for this purpose. The discussion, and policy recommendations are structured around the following leading themes: a) mobilizing savings; b) building an institutional investor base...

Financial Development in Latin America and the Caribbean : Stylized Facts and the Road Ahead

Didier, Tatiana; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
Português
Relevância na Pesquisa
66.06%
The paper documents the major trends in financial development in Latin America and the Caribbean since the early 1990s. The paper compares trends in Latin America and the Caribbean with those in Asia, Eastern Europe, and advanced countries and compares countries within Latin America and the Caribbean. The findings show that financial systems in the Latin America and the Caribbean region have become more diversified and more complex. In particular, domestic financial systems have become less bank-based, with bond and stock markets playing a larger role; institutional investors have gained some space in channeling domestic savings, thus increasing the availability of funds for investment in capital markets; and several economies in the region have started to reduce currency and maturity mismatches. Nonetheless, a few large companies continue to capture most of the domestic savings. And because these trends have unfolded more slowly than pro-market reformers had envisioned, broad, market-based financial systems with dispersed ownership have yet to materialize fully in the region. As a result...

Overview of the Capital Markets in Vietnam and Directions for Development

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Financial Sector Study; Economic & Sector Work
Português
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76.07%
The World Bank undertook a study project on Vietnam s capital markets and sent a mission to Vietnam from May 15 to May 27, 2005. This report is the result of the study project. The objectives of the project were to review, analyze and evaluate the situation of Vietnam s securities markets vis-a-vis experiences of other developing countries, including transition economies; to work with the officials of the State Security Commission of Vietnam (SSC), to make specific recommendations for a five-year plan of Vietnamese capital market development in light of policy implementation sequence and priorities; to make suggestions on the draft of the Action Plan for Securities Market Development for the period of 2006-2010 and comment on the Prime Minister's Decision No 163 on the Strategy for the Development of Vietnam's Securities Market up to year 2010; and to identify desirable capital market-related projects and programs to be administered by the Bank in line with Vietnam's overall economic development strategy. This report is organized as follows: Sections 2 and 3 will overview Vietnam's macroeconomic situation and the financial markets in Vietnam. Section 4 will examine SOE equitization...

O EFEITO DAS INFORMAÇÕES CONTÁBEIS NO MERCADO DE CAPITAIS: UM ESTUDO BIBLIOMÉTRICO NO PERÍODO DE 2000 A 2009; THE EFFECT OF ACCOUNTING INFORMATION IN CAPITAL MARKETS: A BIBLIOMETRIC STUDY FROM 2000 TO 2009

Catapan, Anderson; Sherer, Luciano Márcio; Bortolocci Espejo, Márcia Maria dos Santos
Fonte: UNIVERSIDADE FEDERAL DO PARANÁ - ACCOUNTING DEPARTMENT Publicador: UNIVERSIDADE FEDERAL DO PARANÁ - ACCOUNTING DEPARTMENT
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Formato: application/pdf
Publicado em 01/12/2010 Português
Relevância na Pesquisa
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 Desde meados da década de 60 diversos pesquisadores já trabalhavam com um importante assunto dentro da contabilidade: a relação das informações contábeis com o mercado de capitais. Pesquisas contemporâneas afirmam que a relação entre estas informações e o preço de títulos negociados em bolsa de valores é convergente (Correia; Amaral; Bressan, 2008, Vieira; Milach, 2008, Antunes; Procianoy, 2003). Com vistas a estas considerações, o objetivo desta pesquisa é analisar as tendências temáticas e metodológicas dos artigos publicados em periódicos selecionados. Trata-se de um estudo bibliométrico, que contemplou um total de 31 artigos, publicados entre os anos de 2000 e 2009. Com a análise pode-se verificar uma ausência de artigos de cunho normativo, assim como uma ausência de artigos trabalhando estudos de caso. Outras variáveis foram pesquisadas como número de autores, setor pesquisado, técnica utilizada, entre outros. Os resultados da maioria das pesquisas apontam uma relação positiva entre divulgação contábil e valores de títulos negociados.; In the mid-60s...