Coleção Insper Business and Economics Working Papers
URI permanente para esta coleçãohttps://repositorio.insper.edu.br/handle/11224/5740
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Working Paper The quality-cost choice of R&D in the nations’ exports(2012) Brito, Ricardo Dias de Oliveira; Chami, Jorge; EDUARDO CORREIA DE SOUZAIs R&D primarily directed at quality improvement or cost reduction? We use UN-Comtrade data on manufactured goods exports by 19 OECD countries in order to assess this conjecture from the endogenous growth literature. We find that, in export market competition, the demand for high-tech goods – i.e., R&D intensive goods – is less sensitive to price than the demand for low-tech goods. We also estimate exporters’ quality levels in each market and find that high-tech goods have more quality, as well as their demands is the most sensitive to quality.Working Paper Inflation targeting did make a difference in industrial countries' inflation and output growth(2012) Brito, Ricardo Dias de OliveiraInflation targeting did make a difference in industrial countries’ inflation and output growth I reevaluate the treatment effect of inflation targeting (IT) in industrial economies that adopted this regime in the early 1990s through dynamic panel regressions to show that IT had significant enhancing effects on realized inflation and GDP growth. I also refine the propensity score matching of Lin and Ye [2007. Does inflation targeting really make a difference? Evaluating the treatment effect of inflation targeting in seven industrial countries. Journal of Monetary Economics 54(8), 2521-2533] and Ball and Sheridan’s [2005. Does inflation targeting matter? In: Bernanke B, Woodford M (Eds), The inflation targeting debate, 249-276] cross-section regressions to show that their conclusion of IT irrelevance can be overturned. By analyzing other samples that extend theirs, I provide further evidence of the pioneering IT systems good performance among developed countries.Working Paper Inflation Targeting Does Not Matter: Another Look at OECD Economies’ Output Sacrifice Ratios(2010) Brito, Ricardo Dias de OliveiraRecently in this journal, Gonçalves and Carvalho (2009) concluded that inflation targeters were able to bring inflation down at less cost than nontargeters (p. 242). This comment shows that their conclusion is not robust, but instead is the result of comparing a particular subset of IT disinflations with non-simultaneous disinflations that occurred under very different macroeconomic conditions. In their sample, simple extensions like justifiably varying the treatment group of inflation targeting disinflations, to control for common time-varying effects or to control for the Maastricht Treaty effects, prove that inflation targeting does not matter.Working Paper Fatores comuns de risco de mercado, tamanho, valor e diferenciais de juros nos retornos esperados das ações brasileiras(2009) Brito, Ricardo Dias de Oliveira; Murakoshi, Vivian Y.Este artigo testa se alguns fatores de risco comuns documentados na literatura internacional são capazes de explicar a variação seccional dos retornos esperados das ações da BOVESPA. Mostra-se que fatores relacionados ao tamanho, à avaliação, ao risco de crédito e ao risco de prazo explicam a variação dos retornos esperados em adição à carteira de mercado. Apesar do padrão dos fatores brasileiros diferir do norte-americano, igualmente conclui-se pela insuficiência do referencial de mercado como único fator de risco sistemático.Working Paper O Custo do Capital e o Retorno do Investimento Corporativo no Brasil entre 1995-2008(2009) Brito, Ricardo Dias de Oliveira; Monteiro, Rogério da Costa; Pimentel, Gunnar G.Este artigo utiliza a metodologia de Fama e French (1999) para estimar o custo de capital e o retorno sobre o custo dos investimentos de um projeto que agrega as empresas não-financeiras listadas na BOVESPA entre 1995 e 2004. Comparados às taxas médias anuais de 12,51% da TJPL e 24,95% da SELIC, as estimativas do custo do capital e do retorno sobre o custo do investimento foram de respectivamente 18,34% e 14,15%, configurando um cenário de baixos rendimentos para o investimento efetuado na década. Excluindo-se os setores de intensa participação estatal, obtém-se que os negócios privados adicionaram um pequeno valor em torno de 1% ao ano sobre o custo. Os lucros do empreendimento crescem sensivelmente para 7,11% ao ano quando o subconjunto considerado é composto pelas empresas que integram o índice Ibovespa. Tão interessante quanto essas taxas internas de retorno, são os históricos de resultados, decisões de financiamento e de investimento do setor corporativo brasileiro no período.