This article describes the evolution of the Brazilian mutual fund industry, its regulatory framework, organization, types of investors and managers, economic environment and its relative growth. It shows the evolution of this industry in Brazil and its idiosyncrasies providing a deeper look into...

This study proposes a new risk measure for stablecoins, that is based on the probability of the stablecoin’s price hitting a threshold exchange rate post which the stablecoin is subjected to the risk of “break the buck/ death spiral”. We also juxtapose the risk measure computed using...

The condensed research article presents some innovative research results on the venture capital optimal investment portfolio strategies selection in the diffusion-type financial systems in the imperfect highly volatile global capital markets with the incomplete information, which are...

The condensed research article presents some innovative research results on the venture capital optimal investment portfolio strategies selection in the diffusion-type financial systems in the imperfect highly volatile global capital markets with the incomplete information, which are...

This paper investigates whether foreign institutional investors in emerging markets can enhance shareholder value. We pay special attention to two dimensions of investor heterogeneity: whether an investor declares itself as an activist, and whether an investor comes from a country with a strong...

This paper presents empirical evidence on the increasing allocation of institutional investors to emerging markets economies. It seeks to understand which factors are driving this increase, and how this relates to portfolio flows to such economies. By making use of the Emerging Portfolio Fund...

This paper empirically compares the static unconditional Value-at-Risk (VaR) and conditional Value-at-Risk (CVaR) estimates based on two extreme value theory (EVT) distributions: the generalized extreme value distribution (GEV) and the generalized Pareto distribution (GPD); and two other...

This paper investigates the impact of ESG divestments on the share prices of listed equities. The study employs a two-fold approach: (i) an event study analyzing divestment announcements and (ii) a panel regression covering a longer divestment period, considering the actual purchase/sale of...

This paper investigates the impact of ESG divestments on the share prices of listed equities. The study employs a two-fold approach: (i) an event study analyzing divestment announcements and (ii) a panel regression covering a longer divestment period, considering the actual purchase/sale of...

Ageing have prompted important changes in the structure of pension system with substantial differences across the most developed countries. Given that ageing populations are driving a growing need for private form of saving for retirement, the pension fund industry is like to exert an increasing...