We ask how barriers to international trade affect TFP when there are monopoly rights in the import-competing industries. Holmes and Schmitz (1995) show that without barriers to trade TFP in these industries is as large as possible. We study the general case of finite barriers to trade. We find...

In early 2005 a new bankruptcy law was approved by the Brazilian Congress, taking effect a few months later. The new legislation improved creditor protection and the bankruptcy system's efficiency. This paper tries to shed some light on the empirical consequences of a bankruptcy reform on a...

O uso do gás natural como fonte de energia no setor de transportes surgiu como uma alternativa menos danosa ao meio ambiente, além de ser encontrado de forma abundante na natureza. Embora não seja uma fonte renovável, é uma alternativa ao uso da gasolina em veículos, uma vez que as...

In this work we introduce a procedure to investigate disclosure quality in the context of accounting narratives presented in the corporate annual reports. The procedure incorporates the implications of political costs to the quality of information presented in the annual reports. We confronted...

Este artigo objetiva verificar a contribuição dos dispêndios em publicidade no valor da empresa, considerando a interação com os ciclos econômicos. Estes, que por sua vez seguem um processo estocástico e podem influenciar a decisão de quanto gastar em publicidade. Ao otimizar os...

Esta pesquisa buscou identificar o efeito da desigualdade no crescimento. Analisando as vinte e sete Unidades Federativas do Brasil, cobrindo o período de 1995 a 2009, buscou-se mitigar os problemas de comparabilidade presentes nas pesquisas cross-country.Foram empregados quatro métodos...

In this work we examine the relationship between satisfaction, comparison and customer retention in transactions involving clients and suppliers of retail banking services. We conducted 522 structured interviews with clients of a bank, covering 10 different kinds of services, such as credit...

This article investigates the effects of privatization under Brazil's National Privatization Program during the 1990s on companies' capital structure. Our model suggests that privatized firms increased their market leverage by 10 to 14% on average relative to the level before privatization. The...

We investigate the role played by limits to arbitrage (Shleifer, 2000; Shleifer and Vishny, 1997) on the abnormal returns earned by accounting-based fundamental analysis reported by the literature in the US markets (Piotroski, 2000; Monharam, 2005). We hypothesize that if limitations on the actions of...

This work is an initial attempt to investigate a possible relationship between causal attributions in narrative sections of annual reports and a corporate governance index among companies listed on the São Paulo Stock Exchange (Bovespa), for 2006. As a proxy for corporate governance we use the...