We analyse the effect of leverage components and banks' "business model channels" on risk-taking for Brazilian banks. Using a detailed dataset from the Brazilian financial system, the results show that the measurement of leverage components is relevant for determining banks' risk. We highlight...

In this paper, I propose a method to disentangle the informational content of the average Tobin’s q by decomposing it into tangible q and intangible q. I argue that this decomposition increases the explanatory power of the q theory of investment by considering the different nature of corporate...

The purpose of this study is to assess whether the analysts' activity is valuable for investors, i. e., whether the managers follow the analysts' forecasts and whether those who follow are able to achieve higher returns. We analyzed the behavior of investment fund managers in the Brazilian...