Coleção Insper Business and Economics Working Papers
URI permanente para esta coleçãohttps://repositorio.insper.edu.br/handle/11224/5740
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Resultados da Pesquisa
Working Paper Analyzing determinants of foreign credit demand for sovereign bonds*(2021) Silva, Victor Hugo C. Alexandrino da; Drzeviechi, Maria Clara; Garcia, Gabriella; Netto, Augusto A. S.This paper aims to investigate the economic determinants of foreign credit demand for sovereign bonds in selected emerging and advanced countries. Furthermore, it is an objective to understand what causes a greater impact on this demand: the country’s domestic macroeconomic fundamentals or the external global environment. To this end, using data on share of foreign demand for sovereign bonds, an econometric analysis will be conducted with panel data from 2004 to 2019 for 45 emerging and advanced markets. The main findings show that both domestic fundamentals and the external environment affect the foreign participation in sovereign debt, but results vary depending on the degree of development and the channel through each variable affect our dependent variable. We find that domestic fundamentals seem to be related with the increase in foreign participation for both group of economies, but with different magnitudes and interpretation. For some variables, it is more related to the foreign demand of sovereign bonds and, for others, associated with the bond supply. The degree of development also seems to be important to the external environment. For some variables (US nominal interest rate), the ’search for yield’ plays a major role for the bond demand. But, for others (as the FX volatility and the VIX Index), the global demand is related with foreign investors’ risk aversion. Finally, we found that, in times of global turmoil, domestic fundamentals matter less for foreign attractiveness than in times when the global volatility is low.Working Paper Rational Sunspots(2016) Ascari, Guido; Banomolo, Paolo; HEDIBERT FREITAS LOPESThe instability of macroeconomic variables is usually ruled out by rational expectations. We propose a generalization of the rational expectations framework to estimate possible temporary unstable paths. Our approach yields drifting parameters and stochastic volatility. The methodology allows the data to choose between diferent possible alternatives: determinacy, indeterminacy and instability. We apply our methodology to US inflation dynamics in the '70s through the lens of a simple New Keynesian model. When unstable RE paths are allowed, the data unambiguously select them to explain the stagflation period in the '70s. Thus, our methodology suggests that US inflation dynamics in the '70s is better described by unstable rational equilibrium paths.Working Paper Economic Incentives or Communication: How Different Are their Effects on Trust(2016) TATIANA IWAI; PAULO FURQUIM DE AZEVEDOThis study investigates the effects of economic incentives and communication on the cognitive and behavioral responses after an alleged trust violation. We argue that these responses depend on the type of solution used to foster cooperation between agents. On the cognitive level, we compare the effects that structural (economic incentives) and motivational (communication) solutions exert on trusting beliefs and trusting intentions after an adverse event. On the behavioral level, we compare these effects on the willingness to bear risk. Our experiment shows that, after a negative event, relationships wherein communication is used to foster cooperation are associated to greater external causal attribution, greater perceived benevolence/integrity, and greater willingness to reconcile and to accept risks related to other's behavior. These findings suggest that relationships based on motivational solutions are more resilient to negative events than one based on structural solutions.Working Paper Policy Interventions to Favor Small Firms in Public Contracting: Effects on Public Value Creation and Firm Level Outcomes(2016) SANDRO CABRALThis paper analyzes how capabilities can attenuate the pervasive effects of policy interventions to favor small firms (SMEs) in public contracting. Results obtained from a quasi-experiment in Brazil comprising 1472 service contracts show that public officer’s contract-management capabilities can moderate the effects of policy interventions and promote cost savings, increased responsiveness (government-level outcomes), and enhanced buyer-supplier coordination when favored firms are successful in public contracting. Execution capabilities of private suppliers can also attenuate the undesired side-effects of policy interventions on firm level outcomes, by moderating the severity of sanctions due to deficient provision. The paper highlights the mechanisms for leveraging performance in public-private interactions. By focusing on the interactions between public and private actors in public contracting, the study adds to the current knowledge of strategic management in the context of public organizations by demonstrating how capabilities can reconcile conflicting goals despite inherent contract incompleteness and bureaucratic rigidity.Working Paper Government Appointment Discretion and Judicial Independence: preference and opportunistic effects on Brazilian Courts(2017) Lopes, Felipe; PAULO FURQUIM DE AZEVEDOThe prolific literature on de facto judicial independence misses a key variable: the government’s discretion over the appointment of Supreme Court Justices. In this paper we explore a distinct feature of the Brazilian judiciary system to assess political influence due to government appointment discretion. As there are two courts, the STF (Supreme Federal Court) and the STJ (Superior Court of Justice), which deal with similar matters and have different restrictions on the appointment of their members, it is possible to compare the degree of political influence to which they are subject. We test (1) whether there are differences in the degree of political influence depending on the president’s discretion over the nomination of a justice, and (2) whether the justices actively benefit the party of the president who has appointed them. We find evidence of the former, but not of the latter effect.Working Paper Clima Organizacional: Abordagem Tradicional vs. Abordagem Configural(2017) TATIANA IWAI; ADRIANA BRUSCATO BORTOLUZZO; Nakata, Lina Eiko; Costa, José Eduardo TeixeiraClima organizacional é um tema que tem sido estudado há algumas décadas, e diversas pesquisas buscaram relacionar seus resultados – integrais ou de dimensões – com desempenho de gestão. No entanto, pouco se tem discutido sobre a interação das dimensões de clima organizacional. O objetivo deste artigo é investigar a relação de clima organizacional com uma variável de resultado organizacional (turnover) a partir de duas abordagens diversas: uma mais tradicional, com foco nas dimensões independentes de clima, e a outra, conhecida como configural, com foco na análise das interrelações entre as categorias. A amostra contou com pesquisas realizadas em 150 empresas brasileiras de porte médio e grande que buscam se destacar pelo seu ambiente de trabalho. Realizou-se análise fatorial exploratória e análise hierárquica de cluster para identificar perfis de configuração de clima (elevação, variabilidade e forma), a fim de relacionar os fatores e as configurações com rotatividade de pessoal. Os resultados mostraram que abordar clima como um sistema, considerando as interações entre suas várias dimensões que compõem uma dada configuração, releva nuances interessantes que de outro modo ficariam encobertas. A abordagem configural apresenta uma relação mais complexa e multifacetada de clima com turnover: a forma configural foi a única que não mostrou-se relevante para turnover; para elevação, houve efeito negativo no turnover, evidenciando que a avaliação global positiva que os funcionários fazem do ambiente de trabalho contribui para diminuir rotatividade nas empresas; por fim, os resultados mostraram um efeito moderador importante da variabilidade na relação entre elevação e turnover.