The purpose of this paper is to examine the explaining factors of the market leadership of two Brazilian companies in specialized fields of the Information and Communication Technologies (ICT) sector. Whilst Totvs is a software house, dedicated to the Enterprise Resource Planning (ERP) segment...

Recent literature has proposed new methods for measuring the systemic risk of financial institutions based on observed stock returns. In this paper we examine the reliability and robustness of such risk measures, focusing on CoVaR, marginal expected shortfall, and option-based tail risk...