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Article
Publication date: 1 August 2019

Carolina Macagnani dos Santos, Luiz Eduardo Gaio, Tabajara Pimenta Junior and Eduardo Garbes Cicconi

The purpose of this paper is to investigate whether the relationship of interdependence and contagion between BRICS countries and emerging non-BRICS countries is similar…

Abstract

Purpose

The purpose of this paper is to investigate whether the relationship of interdependence and contagion between BRICS countries and emerging non-BRICS countries is similar to that observed between developed countries and emerging BRICS countries.

Design/methodology/approach

The authors analyzed 15 markets: 5 BRICS, 5 developed (USA, Japan, Germany, England and France) and 5 emerging markets (Mexico, Indonesia, Turkey, Iran and Poland). Based on the time series of returns of the main stock indexes of each country, referring to the period from 2008 to 2018, the authors applied Granger causality tests, vector auto-regression and the dynamic conditional correlation-GARCH model.

Findings

The results led to the rejection of the main hypothesis and showed adherence to the behaviors predicted in the literature for the relations between the groups of markets.

Originality/value

This paper, besides analyzing the interdependence between markets in times of crisis, analyzes the effect of contagion between developed and emerging markets.

Details

International Journal of Emerging Markets, vol. 14 no. 5
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 10 November 2022

Francisco Elíseo Fernandes Sanches, Marco Antonio Alves de Souza Junior, Flavio Rubens Massaro Junior, Rafael Povedano and Luiz Eduardo Gaio

Higher education institutions (HEIs) must take on a leadership role in building a sustainable world, given their responsibility for preparing future professionals and…

Abstract

Purpose

Higher education institutions (HEIs) must take on a leadership role in building a sustainable world, given their responsibility for preparing future professionals and leaders worldwide and considering the role they provide to society. To accomplish this goal, HEIs need to holistically embody sustainability in everything they develop. This study aims to help HEIs in this purpose by developing a method to integrate sustainability into the strategic planning process in these institutions.

Design/methodology/approach

In the first stage, the method was developed based on papers selected through a systematic literature review. The proposed method was then applied in a Brazilian HEI to validate and adjust it.

Findings

A method that adopts a participatory process to integrate sustainability into HEIs’ strategic planning was proposed.

Practical implications

This study provides university leaders with a simple and practical method to aid with elaborating on strategic plans for holistic sustainability integration.

Originality/value

This study uniquely applied a framework called “HEIs sustainability action archetypes” as the foundation for selecting sustainable objectives, goals and actions to be integrated into these institutions’ strategic planning.

Details

International Journal of Sustainability in Higher Education, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1467-6370

Keywords

Open Access
Article
Publication date: 18 May 2021

Fernanda Pagin, Matheus da Costa Gomes, Rafael Moreira Antônio, Tabajara Pimenta Júnior and Luiz Eduardo Gaio

This paper aims to identify if there is an impact of the rating announcements issued by the agencies on the returns of the stocks of Brazilian companies listed on Brasil…

Abstract

Purpose

This paper aims to identify if there is an impact of the rating announcements issued by the agencies on the returns of the stocks of Brazilian companies listed on Brasil Bolsa Balcão, from August 2002 to August 2018, identifying which types of announcement (upgrade, downgrade or the same initial classification) cause variations in prices around the date of disclosure of the rating.

Design/methodology/approach

The event study methodology was applied to verify the market reaction around the announcement dates in a 21-day event window (−10, +10). The market model was used to calculate the abnormal returns (ARs), and subsequently, the accumulated ARs.

Findings

The hypotheses tests allowed to verify that the accumulated ARs are different, before and after the three types of rating announcements (upgrades, downgrades and the same classification); in upgrades, the mean of accumulated ARs increases in the days before the event, while in downgrades, this increase occurs after the event. This paper concluded that the rating announcements have an impact on the return of stock of the Brazilian market and that the market reaction occurs most of the time before the event happens, which indicates that the market can anticipate the information contained in the changes in credit ratings.

Practical implications

The results have considerable implications for portfolio managers, institutional investors and traders. It facilitates investment decision-making in the face of rating classification announcements. Market participants can pay more attention to their investment strategies and asset allocation during periods of risk rating announcements. Additionally, traders can understand the form of investment strategy for superior earnings.

Originality/value

The importance of the study is related to the fact that the results may explain the causes of specific movements in the Brazilian financial market related to a source of information that may or may not be able to influence the decisions of the financial agents that operate in this market. The justification is centred on the idea that, for investors who somehow react to the announcements, it is relevant to understand the impact of rating classifications on companies, as access to such information allows for more conscious decision-making.

Details

Journal of Economics, Finance and Administrative Science, vol. 26 no. 51
Type: Research Article
ISSN: 2077-1886

Keywords

Article
Publication date: 13 September 2021

Francisco Elíseo Fernandes Sanches, Matheus Leite Campos, Luiz Eduardo Gaio and Marcio Marcelo Belli

Higher education institutions (HEIs) should assume their role as leaders in the search for a sustainable future. Consequently, such institutions need to incorporate…

Abstract

Purpose

Higher education institutions (HEIs) should assume their role as leaders in the search for a sustainable future. Consequently, such institutions need to incorporate sustainability into their activities. However, this needs to be done holistically and not with isolated and independent actions. Therefore, this study aims to develop a structure of sustainability action archetypes to help HEIs holistically incorporate sustainability in their strategies.

Design/methodology/approach

A systematic review of the literature was conducted focusing on the subject of sustainability in HEIs.

Findings

A structure of sustainability action archetypes for HEIs was proposed. Further, based on scientific literature, examples of actions were presented within each archetype.

Practical implications

This study provides HEI administrators and other organizations with a practical structure to enable the systemic incorporation of sustainability objectives and actions into institutional activities.

Originality/value

This study adapts the tool “sustainable business model archetypes” for a new purpose. This tool was initially developed to classify innovations of sustainable business models.

Details

International Journal of Sustainability in Higher Education, vol. 23 no. 4
Type: Research Article
ISSN: 1467-6370

Keywords

Article
Publication date: 12 April 2019

Otávio Gomes Cabello, Luiz Eduardo Gaio and Christoph Watrin

The purpose of this paper is to test if companies with a greater concentration of management ownership (and thus more risk-averse managers) avoid less tax.

1183

Abstract

Purpose

The purpose of this paper is to test if companies with a greater concentration of management ownership (and thus more risk-averse managers) avoid less tax.

Design/methodology/approach

The authors use a regression analysis with panel data, using as a sample of Brazilian companies from 2001 to 2015. The authors investigate the impact of insider ownership on tax avoidance, testing how and how much different ownership levels of inside owner are associated with tax avoidance measured by effective tax rates and book-tax differences.

Findings

The results indicate that different levels of management ownership are associated with different levels of tax avoidance behavior.

Originality/value

This paper contributes to the literature showing that ownership and decision making are not always focused on only a few decision makers. The owners are likely to be more risk averse and therefore less willing to invest in risky projects such as tax avoidance.

Details

International Journal of Managerial Finance, vol. 15 no. 4
Type: Research Article
ISSN: 1743-9132

Keywords

Article
Publication date: 5 June 2018

Luiz Eduardo Gaio, Tabajara Pimenta Júnior, Fabiano Guasti Lima, Ivan Carlin Passos and Nelson Oliveira Stefanelli

The purpose of this paper is to evaluate the predictive capacity of market risk estimation models in times of financial crises.

Abstract

Purpose

The purpose of this paper is to evaluate the predictive capacity of market risk estimation models in times of financial crises.

Design/methodology/approach

For this, value-at-risk (VaR) valuation models applied to the daily returns of portfolios composed of stock indexes of developed and emerging countries were tested. The Historical Simulation VaR model, multivariate ARCH models (BEKK, VECH and constant conditional correlation), artificial neural networks and copula functions were tested. The data sample refers to the periods of two international financial crises, the Asian Crisis of 1997, and the US Sub Prime Crisis of 2008.

Findings

The results pointed out that the multivariate ARCH models (VECH and BEKK) and Copula-Clayton had similar performance, with good adjustments in 100 percent of the tests. It was not possible to perceive significant differences between the adjustments for developed and emerging countries and of the crisis and normal periods, which was different to what was expected.

Originality/value

Previous studies focus on the estimation of VaR by a group of models. One of the contributions of this paper is to use several forms of estimation.

Details

International Journal of Managerial Finance, vol. 14 no. 5
Type: Research Article
ISSN: 1743-9132

Keywords

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