Luiz M. Araujo Neto
Universidade de Brasília - UnB, Business Administration, Graduate Student
Diversos são os modos para se avaliar empresas. Tais formas podem tomar como informação valores constantes em diferentes demonstrações contábeis, como por exemplo, os dividendos distribuídos. Os modelos de avaliação, em sua maioria,... more
Diversos são os modos para se avaliar empresas. Tais formas podem tomar como informação valores constantes em diferentes demonstrações contábeis, como por exemplo, os dividendos distribuídos. Os modelos de avaliação, em sua maioria, trazem soluções com formas determinísticas, porém sabe-se do carácter incerto do mercado. O estudo da valoração das empresas se justifica frente ao grande número de transações baseadas nos modelos de valuation. O objetivo do trabalho é aplicar o consagrado modelo de Gordon, no entanto diferentemente da abordagem tradicional a avaliação do valor da ação foi feita de forma dinâmica, ou seja, incluída o caráter estocástico da série de pagamentos. Para isso foi escolhido a empresa Drogasil S/A, pois trata-se de uma empresa tradicional. A análise, portanto, seguiu-se a partir deste contexto, sendo estimado o crescimento dos proventos e dois estágios, o primeiro, baseado na fase de expansão de sua rede e uma segunda, de estacionariedade, com a taxa de crescimento da economia. Também foi avaliada suas oscilações, o que sugere o grau de risco inerente a suas atividades. O processo foi realizado por meio de simulações nas quais remeteram a distribuição de probabilidades do valor da ação em determinado período focal. Através da simulação, infere-se uma probabilidade associada baixa do ativo valer mais do que sua cotação no momento da análise. De acordo com a teoria do mercado eficiente, isso indica uma alta propensão de pressões corretivas no sentido do valor fundamental.
Research Interests:
The aim with this paper was to investigate if managers of state banks, authorized to recommend investments, are influenced by external opinions on acquisition of financial assets. The research is justified by the need to know if market... more
The aim with this paper was to investigate if managers of state banks, authorized to recommend
investments, are influenced by external opinions on acquisition of financial assets. The research
is justified by the need to know if market agents with extensive knowledge in finance and
access to information could be influenced by the opinion issued by market analysts. Eighty
questionnaires were applied to managers who were authorized to recommend investment in
three state-owned banks located in the Federal District. Statistical tests were used to check
whether there were significant differences between the choice of managers under external
influence and others without this interference. It was concluded that the opinion of the analysts
do not influence the way of qualifying the company’s shares, but was found strong relationships
between the acquisition option and the analysts’ opinions were found.
investments, are influenced by external opinions on acquisition of financial assets. The research
is justified by the need to know if market agents with extensive knowledge in finance and
access to information could be influenced by the opinion issued by market analysts. Eighty
questionnaires were applied to managers who were authorized to recommend investment in
three state-owned banks located in the Federal District. Statistical tests were used to check
whether there were significant differences between the choice of managers under external
influence and others without this interference. It was concluded that the opinion of the analysts
do not influence the way of qualifying the company’s shares, but was found strong relationships
between the acquisition option and the analysts’ opinions were found.
Research Interests:
With Europe’s financial crisis, it is known that the Eurozone, in particular, Portugal, Italy, Spain, and Greece, is among the regions that are the most affected. In Portugal, the financial crisis caused huge concern with the efficiency... more
With Europe’s financial crisis, it is known that the Eurozone, in particular, Portugal, Italy, Spain, and Greece, is
among the regions that are the most affected. In Portugal, the financial crisis caused huge concern with the
efficiency of public expenses, not just within the government, but from society as a whole. As such, the
understanding of efficiency in public management is indispensable. It is known that various elements can, when
combined, determine the efficiency of entities, including public ones. This article seeks to examine the relationship
that exists between the size of municipalities and the efficiency of public management in Portugal. A size indicator
was created for this, and then the values determined by this indicator were related to efficiency as measured by
DEA methodology (Data Envelopment Analysis). This research is justified given the importance of understanding
ways to stimulate public policies that improve efficiency in the public sector. The results indicate a strong positive
relationship between size and efficiency, thus larger sub-regions would be more efficient.
among the regions that are the most affected. In Portugal, the financial crisis caused huge concern with the
efficiency of public expenses, not just within the government, but from society as a whole. As such, the
understanding of efficiency in public management is indispensable. It is known that various elements can, when
combined, determine the efficiency of entities, including public ones. This article seeks to examine the relationship
that exists between the size of municipalities and the efficiency of public management in Portugal. A size indicator
was created for this, and then the values determined by this indicator were related to efficiency as measured by
DEA methodology (Data Envelopment Analysis). This research is justified given the importance of understanding
ways to stimulate public policies that improve efficiency in the public sector. The results indicate a strong positive
relationship between size and efficiency, thus larger sub-regions would be more efficient.
Research Interests:
This article offers empirical evidence regarding one of the oldest controversies in the economics literature: interfaces between income level and the environment. In spite of the significant debate about possible causal relations among... more
This article offers empirical evidence regarding one of the oldest
controversies in the economics literature: interfaces between income level and the
environment. In spite of the significant debate about possible causal relations among
income, pollution and environmental degradation, it has been dominated by
oversimplifications of the complex realities involved. They allege, at one extreme, that
accelerated population growth is the cause of poverty which is seen as cause of
environmental degradation. At the other extreme, the concentration of wealth in the
hands of a small percentage of the population is alleged to be the cause of an immense
demand of natural resources. Such simplifications have survived for many years
because of the scarcity of empirical work testing those hypotheses. Objective: The
present empirical research was designed to test the relationship among income levels,
poverty, inequality and environmental degradation. Multiple linear regression analysis
models were used to handle the data gathered from secondary Brazilian sources.
Results: In spite of most of the robust results obtained, there is persistent evidence of a
considerable conceptual hiatus to be overcome if any robust understanding is to be
achieved regarding the correlations that exist among income level, income distribution
and the use of natural capital by society. Conclusion: Poverty may be both a cause and
a consequence of high level of environmental degradation just as income distribution
inequality may lead to the coexistence of both degradation and conservation of natural
capital.
controversies in the economics literature: interfaces between income level and the
environment. In spite of the significant debate about possible causal relations among
income, pollution and environmental degradation, it has been dominated by
oversimplifications of the complex realities involved. They allege, at one extreme, that
accelerated population growth is the cause of poverty which is seen as cause of
environmental degradation. At the other extreme, the concentration of wealth in the
hands of a small percentage of the population is alleged to be the cause of an immense
demand of natural resources. Such simplifications have survived for many years
because of the scarcity of empirical work testing those hypotheses. Objective: The
present empirical research was designed to test the relationship among income levels,
poverty, inequality and environmental degradation. Multiple linear regression analysis
models were used to handle the data gathered from secondary Brazilian sources.
Results: In spite of most of the robust results obtained, there is persistent evidence of a
considerable conceptual hiatus to be overcome if any robust understanding is to be
achieved regarding the correlations that exist among income level, income distribution
and the use of natural capital by society. Conclusion: Poverty may be both a cause and
a consequence of high level of environmental degradation just as income distribution
inequality may lead to the coexistence of both degradation and conservation of natural
capital.
Research Interests:
Research Interests:
Research Interests:
The quality of the public expenses is fundamental to the efficiency of the public sector, and thus to the maximisation of the welfare generated within the population. At present, Brazil presents an elevated level of expenses in relation... more
The quality of the public expenses is fundamental to the efficiency of the public sector, and thus to the maximisation of the welfare generated within the population. At present, Brazil presents an elevated level of expenses in relation to its GDP, which is comparable to those of developed countries, and far below those of the other nations in Latin America and the other members of BRICS. A reason for that is the clear choice from the Brazilian government for a Welfare State system, in which the State is a provider of services to the population. At first, the amount of people served was raised, but at present, there is rising need for better quality services. However, taxes in Brazil are high, the highest among the nations in the BRICS and in Latin America, making raising the public income very unlikely. For this reason, improving the efficiency of public expenses becomes the only form to enhance the services offered to the population. This piece of research intends to measure the efficiency and the description of benchmark cities in the efficiency of public expenses. It also intends to measure and analyse Brazilian benchmark cities in efficacy and also analyse the productivity of Brazilian cities in 2000 and 2010. So as to measure the efficiency, it was built a model of Data Envelopment Analysis (DEA), in the models CCR and BCC, to 5180 cities. The productivity was evaluated using the Malmquist Index. The DEA results suggest that the efficiency level, in general, is low and could be significantly better, and the ideal size tends to the average. The states with the most benchmark cities were Santa Catarina and São Paulo. As to efficacy, the results show a close relationship between efficiency and efficacy, so, based on these results, working on improving efficiency would also improve efficacy. Nevertheless, the productivity analysis found improvement, it happened because of the incorporation of new technology and for technical efficiency improvement.