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The purpose of this paper is to contrast three investment choices within the reach of individual investors: naive portfolios of Brazilian stocks; actively managed stock funds; and the Ibovespa index, which represents passive management as well as to offer insights on the performance of professional asset managers in this large emerging market.

Equally weighted portfolios contained between 5 and 30 stocks to keep transaction costs low. Stock selection used the Ibovespa constituents and considered value (dividend yield (DY) and price-to-book ratio), momentum (past returns), and liquidity, as well as the Sharpe ratio (SR) over the 2003-2012 period, rebalancing three times a year.

Cumulative returns of naive portfolios are large. They frequently outperform the index for all values of n. They also outperform stock funds, particularly when the invested amount exceeds US$25,000, due to transaction costs. Yet, expected out-of-sample SRs corrected for errors in estimates are very low, suggesting that one should not count on this historical performance in the future. Naive portfolios may simply be more exposed to additional value, size, and momentum risks. Results are sensitive to time period selection.

Naive portfolios may be attractive to individual investors in Brazil relative to stock funds, which seem to strive to keep volatility low and may be better when the investment amount is low. There may be merit for value or momentum stock selection strategies when forming small equally weighted portfolios.

The paper contrasts realistic stock investing alternatives for individuals, it provides a view of stock fund performance in Brazil, and offers practical implications that may be pertinent in other emerging stock markets.

Contrastar três opções de investimento ao alcance de investidores individuais: carteiras ingênuas de ações brasileiras; fundos de ações de gestão ativa; e o índice Ibovespa, que representa a gestão passiva. Oferecer informações sobre o desempenho de gestores de ativos profissionais neste grande mercado emergente.

As carteiras igualmente ponderadas continham entre 5 e 30 ações para manter os custos de transação baixos. A seleção de ações utilizou os componentes do Ibovespa e considerou o valor (rendimento de dividendos e relação preço/valor patrimonial), momentum (retornos passados) e liquidez, bem como o Índice de Sharpe no período 2003-2012, rebalanceando três vezes ao ano.

Os retornos acumulados de carteiras ingênuas são grandes. Eles frequentemente superam o índice para todos os valores de N. Eles também superam os fundos de ações, particularmente quando o montante investido excede US$ 25,000, devido aos custos de transação. Contudo, os Índices de Sharpe esperados fora de amostra corrigidos por erros nas estimativas são muito baixos, sugerindo que não se deve contar com este desempenho histórico no futuro. As carteiras ingênuas podem simplesmente estar mais expostas a fatores riscos adicionais, tal como os de valor, tamanho e momentum. Os resultados são sensíveis à seleção do período de tempo.

As carteiras ingênuas podem ser atrativas para os investidores individuais no Brasil em relação aos fundos de ações, que parecem se esforçar para manter a volatilidade baixa e podem ser melhores quando o valor do investimento é baixo. Pode haver mérito para estratégias de seleção de ações de valor ou momentum ao formar carteiras igualmente ponderadas pequenas.

O artigo contrasta alternativas realistas de investimento em ações para indivíduos, oferece uma visão do desempenho dos fundos de ações no Brasil e oferece implicações práticas que podem ser pertinentes em outros mercados emergentes.

The purpose of this study is to analyze the case of Ximena Aguilera, a prominent Chilean epidemiologist, as an exemplar of a champion in times of COVID-19 in Ibero-America. We also refine our understanding of the nature of a champion facing wicked problems.

The authors use qualitative case analysis to examine Aguilera’s actions in response to COVID-19 and compare her actions with the characteristics of an emerging theory of champions facing wicked problems.

This study builds iteratively upon prior analysis of gender equality champions and finds that the depth, scope and leverage of embracement of champions in times of COVID-19 are parallel to those of gender equality champions. The authors also discuss the findings from the perspective of wicked problems.

Future qualitative and quantitative work is needed to examine the boundaries of the theory of champions facing wicked problems across a wider range of problem domains and in a wider population of champions.

Wicked problems can occur in multi-level organizational structures, and understanding the characteristics of individuals best-suited to contribute to the definition and solution of these problems is relevant to organizational selection, development, policy and practices.

Many of the society’s greatest challenges are defined as wicked problems, so understanding the champions of wicked problems is critical for public policy and societal advancement efforts. The nature of wicked problems is considered, and the implications of champions of wicked problems for society are discussed.

This work offers an in-depth examination of a champion facing a wicked problem, here the COVID-19 pandemic, while the crisis is ongoing. By capturing the champion’s observations and experiences in real time, the authors obtain a perspective that is unique and unavailable through other methods.

El propósito de este estudio es analizar el caso de Ximena Aguilera, una destacada epidemióloga chilena como ejemplo singular de una paladín enfrentando COVID-19 en Iberoamérica. También perfilamos nuestra visión de la condición de una paladín enfrentando un problema complejo y de difícil solución.

Utilizamos el análisis de un caso cualitativo para examinar las acciones de Ximena Aguilera en respuesta al COVID 19. Comparamos sus acciones con las características de una teoría emergente de paladines enfrentando problemas complejos.

Este estudio se fundamenta en forma reiterativa en un análisis previo de paladines de igualdad de género y encuentra que la profundidad, alcance y efectividad del acogimiento de los paladines enfrentando COVID-19 es similar a la de aquellos paladines de igualdad de género. También analizamos los resultados bajo la perspectiva de los problemas complejos.

Este trabajo ofrece un análisis profundo de una paladín enfrentando un problema complejo, la pandemia del COVID-19, estando la crisis en curso. Al captar las observaciones y experiencias de una paladín en tiempo real, logramos una perspectiva que es única y que no está disponible a través de otros métodos.

Se requiere en el futuro de investigación cualitativa y cuantitativa para analizar los límites de la teoría de paladines enfrentando problemas complejos a través de un rango más amplio de problemas y en una población más extensa de paladines.

Los problemas complejos pueden presentarse en estructuras organizacionales de niveles múltiples y entender las características de quienes son más aptos para contribuir a la definición y solución de estos problemas, resulta importante para la selección y el desarrollo de normas y prácticas organizacionales.

Muchos de los más grandes retos de la sociedad son definidos como problemas complejos, por lo que, para las normas públicas y los esfuerzos de avance social, es fundamental entender a los paladines enfrentando problemas complejos. Consideramos la naturaleza de los problemas complejos y también discutimos las implicaciones de los paladines de problemas complejos para la sociedad y la práctica de la gestión.

O objetivo deste estudo é analisar o caso de Ximena Aguilera, uma epidemiologista chilena, como um exemplar único de uma líder em tempos de Covid-19 na Iberoamérica. Nós também aprimoramos nosso entendimento sobre a natureza de uma profissional lider que enfrenta soluções para um problema considerado complexo.

Nós usamos uma análise de caso quantitativa para examinar as ações de Ximena Aguilera no combate à COVID-19. Nós comparamos suas ações com as características de uma teoria emergente de líderes que enfrentam problemas complexos.

Este estudo utiliza análises prévias de estudos anteriores de igualdade de gênero e descobre que o profundidade, âmbito e a influência do acolhimento de líderes em tempos de COVID-19 são paralelos aos de igualdade de gênero. Neste estudo também discutimos os resultados sob a perspectiva de problemas considerados complexos.

Este trabalho oferece um estudo profundo de uma líder que enfrenta um problema complexo, como a pandemia global chamada COVID-19, enquanto a crise da pandemia acontece. Através das observações e experiências obtidas pela líder em tempo real, conseguimos obter uma perspectiva única e indisponível de se conseguir por outros métodos.

é preciso que se façam futuros trabalhos quantitativos para se examinar os limites da teoria de líderes que enfrentam problemas complexos, através de um escopo maior do problema em uma população mais abrangente de líderes que buscam soluções para problemas complexos.

problemas complexos podem ocorrer em estruturas organizacionais de vários níveis. O entendimento das característica de individuos melhor qualificados que possam contribuir para a definição e solução de tais problemas é de extrema relevância para a seleção, desenvolvimento, regras e práticas organizacionais.

Muitos dos maiores desafios de nossa sociedade são chamados problemas complexos ou de difíceis soluções. Assim sendo, o entendimento das ações dos líderes que enfrentam esses problemas é crítico para as diretrizes de políticas públicas e esforços sociais avançados para se combater o problema. A natureza desses problemas é considerada neste estudo bem como as implicações das ações dos líderes desses problemas para a sociedade, sendo que práticas gerenciais são particularmente discutidas.

This paper aims to contribute to the development of a new concept of support for higher education students in public universities in Brazil. The recent expansion of enrollment in federal universities in Brazil, due to the affirmative action policies and increase in the number of admissions, has increased the number of students in need of special support, including financial help and special programs for academic support (language courses, enrollment in special projects, and others). We explore different dimensions of student support in order to contribute to a more complex perspective about the demands and expectations of these students.

This paper analyzes affirmative action policies that include racial and socioeconomic criteria in order to enhance the opportunity of access of underrepresented groups in Brazilian elite universities. It focuses on the public system of higher education since research universities in Brazil are mainly public and are free of charge. This renders them very competitive and highly selective. Emphasis is given to issues related to racial quotas, as the latter has been the subject of great controversy in Brazilian society. The experiences of three universities are analyzed.

The purpose of this paper is to develop a performance evaluation model for the operations of the supply chain of an organization of the refrigeration equipment sector. The tool must aid the decision maker in the performance improvement and creation of competitive advantages.

The study adopts a mixture of qualitative and quantitative approaches and applies them through a case study. The data collection was conducted through unstructured interviews and supplemented by documentary research. The applied intervention instrument is the Multicriteria Decision Aid – Constructivist (MCDA-C).

Identification, organization, ordinal and cardinal measurement and integration of the aspects of the context judged as relevant by the decision maker. In addition, it can be highlighted the current situation diagnosis and elaboration of improvement actions related to lean philosophy and advanced planning systems.

The developed model is being used to aid the decision maker in their decisions concerning the improvement of the supply chain operations.

The main contributions made by the paper resides in the proposal of solutions for fulfiling gaps identified within the supply chain performance evaluation area and in the application of the MCDA-C to a practical case.

Performance, Supply chain, Multicriteria, Decision, MCDA-C

Case study

Objetivo

El objetivo de este artículo es desarrollar un Modelo de Desempeño para las operaciones de cadena de suministro de una organización en el sector de equipos de refrigeración. La herramienta debe ayudar a quién toma las decisiones en mejorar el desempeño y crear ventajas competitivas.

El estudio usa una combinación de enfoques cualitativos y cuantitativos aplicándolos a un caso estudio. La recolección de datos se hizo a través de entrevistas no estructuradas y se complementó con investigación documental. El instrumento de intervención usado es el Multicriterio De Apoyo a la Decisión-Constructivista (MCDA-C).

Identificación, organización, mediciones ordinales y cardinales e integración de los aspectos de los contextos considerados como relevantes por el tomador de decisiones. Se puede destacar además la situación actual de diagnóstico y la elaboración de acciones de mejoramiento relacionados con la filosofía Lean y los Sistemas avanzados de planificación.

El modelo desarrollado esta siendo usado para ayudar al toma decisiones en las decisiones concernientes con el mejoramiento de las operaciones de la cadena de suministro.

La mayor contribución hecha por este artículo reside en proponer soluciones para cubrir brechas identificadas dentro el área de Evaluación de Rendimiento en la Cadena de Suministro y en la aplicación del MCDA-C a un caso práctico.

Desempeño, Cadena de Suministro, Decisión, Multicriterio, MCDA-C

estudio de caso

Objetivo

O objetivo de este artigo é desenvolver um Modelo de Avaliação Desempenho para as operações da cadeia de suprimentos de uma organização do setor de equipamentos de refrigeração. O modelo proposto deve ajudar o tomador de decisões a melhorar o desempenho e criar vantagens competitivas.

O estudo faz uso de uma abordagem qualitativa e quantitativa aplicada em um Estudo de Caso. A coleta dos dados foi feita por meio de entrevistas abertas, sendo complementada por pesquisa documental. O instrumento de intervenção usado é o Multicriteria Decision Aid – Constructivist (MCDA-C).

Identificação, organização, medições ordinais e cardinais, e integração dos aspectos do contexto são considerados como relevantes para o tomador de decisões. Além disso, destacam-se o diagnóstico da situação atual e a elaboração de ações de aperfeiçoamento, nas quais se avaliam os efeitos da implementação da Filosofia Enxuta e de um Sistema de Planejamento Avançado na organização.

O modelo desenvolvido auxilia o tomador de decisões nas decisões concernentes ao melhoramento das operações da cadeia de suprimentos.

As principais contribuições do artigo residem na proposição de melhorias em lacunas ainda presentes na avaliação do desempenho da cadeia de suprimentos e também na aplicação da MCDA-C em um caso prático.

Desempenho, Cadeia de Suprimentos, MCDA-C, Decisão, Multicritério

estudo de caso

The purpose of this paper is to examine the risk-adjusted performance of Brazilian SRI stock funds.

Risk-adjusted performance of 11 Brazilian socially responsible investment (SRI) funds relative to local index funds and matched pairs of funds.

SRI funds performed as well as portfolios representing the broad market on a risk-adjusted basis, both before and during the global financial crisis. Independent investment houses are not interested in SRI funds. Large financial conglomerates may see these funds as part of their corporate social responsibility image strategy.

Brazilian SRI funds are a very small niche in the stock mutual fund universe of the country, thus, the small sample (universe) of SRI funds, as far as the author's knew. One cannot say that independent asset managers do not include SRI screening in their stock selection criteria. The use of SRI screening by the most prominent independent asset managers is a potential topic for future research.

Brazilian SRI funds did not represent an extra screening filter cost to their investors. The majority of asset managers do not consider this strategy important enough to deserve an exclusive vehicle.

As SRI funds did not posit an extra screening cost, they may deserve a greater share of the mutual fund market, stimulating more SRI.

The performance of Brazilian SRI stock funds had not been examined in the international literature. Brazil has vast natural resources, a very large economy and the fourth largest mutual fund industry in the world, but was overlooked.

The purpose of this paper is to assess whether greater participation of venture capital/private equity (VC/PE) funds in the companies’ capital structure at the moment of initial public offering (IPO) contributes to the reduction in the underpricing of their shares.

Descriptive statistics, correlation analysis, mean difference test and cross-sectional regression were used. The final sample consisted of 89 companies making IPO in Brasil Bolsa Balcão between 2007 and 2017.

The participation of VC/PE funds was shown to mitigate the effect of information asymmetry on managers and shareholders, thus reducing the underpricing of companies at the moment of IPO (H1). However, the expectation that a greater participation of these funds promotes further reduction in a potential underpricing (H2) was not confirmed.

One can highlight the small amount of IPOs during the sampling period due to the occurrence of international and national economic crises, as well as the difficulty in obtaining information on the participation of VC/PE funds in the companies’ capital structure.

It was observed that information asymmetry had a mitigating effect from the presence of these funds in the companies, which can improve the pricing of their shares, decrease the costs and make volume captions viable for investments, in addition to giving credibility to the market information effectiveness.

This study differs from others in that it assesses not only the influence of VC/PE funds on the reduction of the underpricing of IPO shares, but also the participation of these funds in the capital of these companies.

This paper aims to identify a possible mismatch between the theory found in academic research and the practices of investment managers in Brazil.

The chosen approach is a field survey. This paper considers 78 survey responses from 274 asset management companies. Data obtained are analyzed using independence tests between two variables and multiple regressions.

The results show that most Brazilian investment managers have not adopted current best practices recommended by the financial academic literature and that there is a significant gap between academic recommendations and asset management practices. The modern portfolio theory is still more widely used than the post-modern portfolio theory, and quantitative portfolio optimization is less often used than the simple rule of defining a maximum concentration limit for any single asset. Moreover, the results show that the normal distribution is used more than parametrical distributions with asymmetry and kurtosis to estimate value at risk, among other findings.

This study may be considered a pioneering work in portfolio construction, risk management and performance evaluation in Brazil. Although academia in Brazil and abroad has thoroughly researched portfolio construction, risk management and performance evaluation, little is known about the actual implementation and utilization of this research by Brazilian practitioners.

The purpose of this paper is to identify and analyse the most valued practices of sustainability, as well as factors related to environmental, financial, and operational performance considered in the process of selecting and developing suppliers to members of supply chains in the Brazilian automotive sector.

The method used was a literature review examining the subject and exploratory-descriptive field research. The data collection instrument was a survey of companies using a five-point Likert scale. The data were treated by descriptive statistics.

The practices most valued by companies involve eliminating or reducing the use of hazardous substances. These practices are evaluated in the selection, development, and environmental performance assessment of suppliers. Operational performance was most valued by companies, with highlighted practices including the amount of products delivered on time, commitment to quality management, delivery time, and order compliance rate.

The investigation and its findings are still relatively exploratory. Future research can investigate automakers’ requirements of suppliers in its supply chain in terms of sustainability and the actions of suppliers to meet these requirements.

There are few sustainable practices that are valued by companies within the supply chain of the automotive sector. Major changes are needed because companies must respond to increasing demands by government regulations, whose goal is sustainability. Such pressures are of little importance to the companies in the automotive supply chain located in Brazil.