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In 1995 the Chicago Mercantile Exchange (CME) introduced a Brazilian Real futures contract. This study explores whether the level of futures contract hedging activity has affected the volatility in Brazil’s equity market. As a proxy for volatility, a threshold autoregressive conditional heteroskedasticity (TARCH) model is employed to obtain the conditional variance of the log-daily returns in the BOVESPA, the Brazilian stock market index. Impulse response functions from a vector autoregressive (VAR) model are utilized to analyze the relationship between volatility and futures trading activity. The empirical results indicate that increased hedging activity has increased return volatility in Brazil’s equity markets.

This book is an attempt to reflect on what we have learned from financial policies and financial crises in Latin America. The 21 chapters in this volume capture the developments in various ways. They cover theoretical contributions, regional empirical studies, and specific inquiries on Argentina, Brazil, Chile, Colombia, Cuba, Ecuador, Mexico, Peru and Venezuela. The breadth of methodologies implemented suggests that researchers are looking at Latin American financial markets through a variety of lenses. The chapters are divided into 7 parts, including, in Part I, an initial overview. Part II examines the foreign exchange markets in Latin America and their interactions with other markets. Part III discusses dollarization issues in the region. Part IV then takes up the issue of banking in Latin America. Equity and bond markets are considered in Parts V and VI, respectively. Lastly, Part VII considers pension systems in Latin America. Taken as a whole, the 21 chapters seize the excitement of studying Latin America and provide lessons that are applicable around the world.

This chapter traces the intersectional experiences of one Black woman through pre-Brown schooling, becoming a teacher under a post-Brown court order, hiring teachers as a school leader in a large metropolitan, southern city, to her current position as a leader-educator at a state university. Informed and contextualized by social, political, and historical events associated with the pre-Brown segregation, desegregation, and post-Brown eras, this chapter uses narrative autoethnographic reflectivity and storytelling to understand and analyze the nuances of educational hiring practices through the prism of one Black woman's educational journey. The story is significant because it not only provides evidence of the subtleties and nuances of racism but it also describes the changes in teaching, leadership, and hiring practices in southern public education over the last 60 years.

This chapter argues that Black women, despite their marginalization, should consider the radical possibilities inherent in their rise to become leaders. Here, we use an intersectional lens to explore leadership and address how identity, bias, invisibility, and disinvestment confront Black female leaders as they progress through childhood, adolescence, early career, and executive ranks. Ultimately, we offer recommendations relative to practice, for educational and work settings, research, and policy.

This chapter aims to enhance understanding of the main drivers of internal auditors' moral courage to speak up about sensitive information and their cause-and-effect relationships. We use cognitive mapping method to analyze 20 chief audit executives' cognitive maps in Tunisia. A collective map was grounded through assembling the full individual maps. Using the Decision Explorer software for our analysis, we find that the state hope, whistle-blowing policy, self-efficacy, perceived supervisor support and independence of internal audit function are the main drivers for internal auditors' moral courage. Our findings are also supplemented by semi-structured interviews. Our chapter offers a novel methodological contribution to auditing literature as well as new empirical evidence (contribution to knowledge) on the drivers of internal auditors' moral courage.

While qualitative work has a long tradition in the strategy field and has recently regained popularity, we have not paused to take stock of how such work offers contributions. We address this oversight with a review of qualitative studies of strategy published in five top-tier journals over an extended period of 15 years (2003–2017). In an attempt to organize the field, we develop an empirically grounded organizing framework. We identify 12 designs that are evident in the literature, or “designs-in-use” as we call them. Acknowledging important similarities and differences between the various approaches to qualitative strategy research (QSR), we group these designs into three “families” based on their philosophical orientation. We use these designs and families to identify trends in QSR. We then engage those trends to orient the future development of qualitative methods in the strategy field.