An important aspect of empirical research based on the vector autoregressive (VAR) model is the choice of the lag order, since all inferences in this model depend on the correct model speci.cation. There have been many studies of how to select the lag order of a nonstationary VAR model subject...

This study explores the relationship between firm performance and business cycles. These cycles are deviations from the trend of an economy-wide variable, in our case, GDP. Using a sample of Brazilian listed firms and accounting measures of performance, we find a generally positive...

In this work we propose a methodology to compare different stochastic discount factor (SDF) proxies based on relevant market information. The starting point is the work of Fama and French, which evidenced that the asset returns of the U.S. economy could be explained by relative factors linked to...

This study investigates the relationship between debtors? punishment and the credit market development. As the main goal we analyze empirically which is the optimal level of the debtors? punishment, providing the highest credit market development. Aligned with earlier theoretical findings from...

In this study we describe how listed Brazilian companies disclose information about their strategy in annual reports. From the literature on operations strategy, we developed eight proxies and their respective keywords for strategy disclosure. Keyword frequencies were measured using an automatic...

n this paper the nature of organizational discourse is theoretically underpinned by the concept of self-serving attributions, a type of causal reasoning that allows the writer to take credit for good news and avoid blame for bad news. Based on motivational and informational explanations, we...

Este trabalho utiliza a pesquisa Indicador de Alfabetismo Funcional (INAF), realizada entre 2001 e 2007, para investigar os efeitos do analfabetismo funcional sobre a empregabilidade dos trabalhadores brasileiros. Utilizando um modelo de escolha discreta e controlando para características...

A energia elétrica é um bem de consumo essencial tanto para as camadas mais abastadas da população, quanto para os pobres. Num contexto de pressões por elevação de tarifas e por aumento de consumo, o consumidor pobre depara-se com uma situação em que pagar a conta de energia elétrica...

This study has as its main objective to analyze the best bankruptcy procedure considering the conflict of interests between managers, secured creditors and trade creditors. Such trade-off is strictly connected with industry and countries characteristics, which is also relevant to the design of...