Artigos Acadêmicos e Noticiosos
URI permanente desta comunidadehttps://repositorio.insper.edu.br/handle/11224/3226
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Artigo Científico The Tradeoff Between Private Equity Sponsorship, Board Centrality, and Experience as Credible Signals for IPO Performance(2023) CHARLES KIRSCHBAUM; ANDREA MARIA ACCIOLY FONSECA MINARDI; Silva, Emília Borges da; Rossoni, LucianoArtigo Científico Board Interlock or Private Equity funding? how Brazilian pre-IPO firms signal management quality(2016) CHARLES KIRSCHBAUM; ANDREA MARIA ACCIOLY FONSECA MINARDI; Borges, Emilia; Rossoni, LucianoArtigo Científico Does Private Equity Investment Work as a Quality Certification for IPOs in Brazil?(2010) ANDREA MARIA ACCIOLY FONSECA MINARDI; Tavares, Pedro Carvalho AraujoBrazil faced an IPO wave in the last four years, and many Private Equity deals went public. The aim of this paper is to investigate whether private equity backed IPOs performed better in the long run than non-private equity backed firms. We examined the one year cumulative abnormal returns of 53 Brazilian IPOs from January 2004 to February 2007. Our results provide evidences that PE investment works as a quality certification for IPOs in Brazil. One possible interpretation is that Brazilian PE funds have a value creation role in the portfolio companies, preparing them better for public market.Artigo Científico Performances of Brazilian IPOs backed by private equity(2013) ANDREA MARIA ACCIOLY FONSECA MINARDI; Ferrari, Guilherme Lopes; Tavares, Pedro Carvalho AraújoPrivate equity funds invest actively. According to the literature, their portfolio companies maintain superior transparency standards and corporate governance practices, such as keeping independent board members and hiring international auditing firms. Private equity funds require either a controlling interest or restrictive clauses to limit managerial action and usually appoint the executives of their portfolio companies. Brazil faced an IPO wave that started in 2004 and peaked in 2007. Many private equity deals went public. The aim of this paper is to investigate whether private equity backed IPOs performed better in the long run (1 year) than non-private equity backed IPOs. We examine the one-year cumulative abnormal returns (CAR) of 108 Brazilian IPOs from January 2004 to June 2008, including 42 PE backed IPOs. We split the sample into two calendar periods: 2004–2006 and 2007–2008, and we find that PE backed IPOs have higher average CAR than non-PE backed IPOs in both periods. However, PE backed IPOs issued during 2007–2008 were not immune to the 2008 world economic crisis and investments in the smallest companies are the ones most severely affected. Regression analysis confirms that PE investment has a positive relation to CAR, but only for IPOs issued in 2004–2006.Artigo Científico The Impact of Credit Rating Changes in Latin American Stock Markets(2013) Freitas, Abner de Pinho Nogueira; ANDREA MARIA ACCIOLY FONSECA MINARDIOur objective is to examine whether a rating change or Credit Watch announcement has a significant impact on Latin American stock prices. We conducted an event study to analyze stock market reaction to such news in the four major Latin American economies: Argentina, Brazil, Chile and Mexico. We find similar results to those previously observed in the literature, wherein the impact is quite significant for rating downgrades but less relevant for rating upgrades and Credit Watches. We also run cross section regressions to investigate which variables best explain the impact rating changes announcements have on stock prices in these countries. The results indicate that the most significant variable is the absolute change in the number of notches for downgrades. We conclude that credit ratings are relevant information in Latin AmericaArtigo Científico Analysis of multi-scale systemic risk in Brazil’s financial market(2014) ADRIANA BRUSCATO BORTOLUZZO; ANDREA MARIA ACCIOLY FONSECA MINARDI; Passos, Bruno Caio FernandoNeste trabalho, é analisado se a relação entre risco e retorno prevista pelo Capital Asset Pricing Model (CAPM) é válida no mercado brasileiro de ações, com base na decomposição discreta de ondaletas em diferentes escalas de tempo. Essa técnica permite analisar a relação em diferentes horizontes de tempo, desde o curto prazo (2 a 4 dias) até o longo prazo (64 a 128 dias). Os resultados apontam que entre os anos de 2004 e 2007 há uma relação negativa ou nula entre risco sistemático e retorno para o Brasil. Como o retorno excedente médio da carteira de mercado em relação ao ativo livre de risco no período foi positivo, seria esperado que essa relação fosse positiva, ou seja, que um maior risco sistemático resultasse em um maior retorno excedente, o que não ocorreu. Portanto, não se observou nesse período uma remuneração adequada pelo risco sistemático no mercado brasileiro. As escalas que apresentaram a relação risco e retorno mais significativas foram as três primeiras, correspondendo a horizontes de mais curto prazo. Em outras palavras, ao se tratar diferentemente ano a ano e, em consequência, separar prêmios positivos e negativos, encontra-se em alguns anos alguma relevância na relação risco retorno prevista pelo CAPM, mas que não persiste ao longo de todos os anos. Portanto, não há evidência suficientemente forte de que o apreçamento dos ativos segue o modelo.Artigo Científico Private Equity and Venture Capital Industry Performance in Brazil: 1990–2013(2014) ANDREA MARIA ACCIOLY FONSECA MINARDI; Kanitz, Ricardo Vinicius; Bassani, Rafael HonórioThis article investigates the performance of Brazilian private equity (PE) and venture capital funds between 1990 and 2013. The Spectra-Insper database is used for information about gross returns and multiples. Investment amounts are collected from what General Partners report in Private Placement Memorandum or that are hand collected by the CVM (Brazilian Security Exchange Commission) or other commercial sources. The performance of 46 funds is analyzed. The average IRR of Brazilian funds is higher than the average of U.S. funds over the same period. We observe that Brazilian funds with vintage years between 1990 and 1997 underperform U.S. PE funds on average, but those with vintage years between 1998 and 2008 outperform U.S. PE funds. This pattern may reflect a learning curve in Brazilian PE industry. We find evidence that performance in Brazil has a higher cyclicality than in the U.S., but this may be due to the small sample size rather than the emerging market effect.Artigo Científico Investigating the partial adjustment effect of Brazilian IPOs(2015) ANDREA MARIA ACCIOLY FONSECA MINARDI; Moita, Rodrigo Menon; Castanho, Rafael PlantierGlobal literature reports positive initial return in IPOs, or “money left on the table” by the issuing companies. One possible cause is that when the underwriter perceives high demand, she adjusts upward the offer price, but not the full fair price. This partial adjustment creates positive first day return, which is used to compensate informed investors for revealing truthful information during the book building process. We investigate Brazilian IPOs issued between 2004 and 2012 and find evidence similar to the findings in the US. The launching price is lower than the first day closing price, and underwriter increases the number of shares in the aftermarket with the overallotment option. The new shares issued in the aftermarket reduce the “money left on the table” and at the same time compensates informed investors. Surprisingly the underpricing is less than half of the one reported in the US.Artigo Científico Private Equity and Venture Capital Investments in Brazilian Companies in the Last 30 Years(2015) ANDREA MARIA ACCIOLY FONSECA MINARDI; Bassani, Rafael; Kanitz, Ricardo; Moreira Neto, José Candido; Pechlyie, KarimThis study presents an overview of Brazilian Private Equity and Venture Capital (PE and VC) investments in portfolio companies between 1982 and 2014. Main source of information is Private Placement Memoranda. According to our data, the majority of capital was invested in PE, and most of the deals were in late stage companies (PE type). We observe that deal size has a cyclical behavior for PE and VC, and that the cycle reflects the dynamic of the economic environment and regulatory changes. PE deals have a mean MoM of 3.4. Although 15% of the deals were total losses (or close to total losses), 18% of the deals had extraordinary performance (MoM greater than 5 times invested capital). VC deals have a mean MoM of 1.5, less than half of PE’s MoM. Total losses correspond to 39% of the deals, what is usual in the international industry, but only 5% of the deals were high performers. VC industry was basically sponsored by government resources before 2010, and our sample reflects this period. In an underdeveloped VC ecosystem, it is difficult to fund new rounds for early stage companies’ growth, and therefore to create a high number of outperformers. We expect to have higher returns for VC in future analysis, since there has been significant evolution in the Brazilian early stage ecosystem in the last three or four years.Artigo Científico Estimating credit and profit scoring of a Brazilian credit union with logistic regression and machine-learning techniques(2019) Paula, Daniel Abreu Vasconcellos de; RINALDO ARTES; Ayres, Fabio; ANDREA MARIA ACCIOLY FONSECA MINARDIPurpose – Although credit unions are nonprofit organizations, their objectives depend on the efficient management of their resources and credit risk aligned with the principles of the cooperative doctrine. This paper aims to propose the combined use of credit scoring and profit scoring to increase the effectiveness of the loan-granting process in credit unions. Design/methodology/approach – This sample is composed by the data of personal loans transactions of a Brazilian credit union. Findings – The analysis reveals that the use of statistical methods improves significantly the predictability of default when compared to the use of subjective techniques and the superiority of the random forests model in estimating credit scoring and profit scoring when compared to logit and ordinary least squares method (OLS) regression. The study also illustrates how both analyses can be used jointly for more effective decision-making. Originality/value – Replacing subjective analysis with objective credit analysis using deterministic models will benefit Brazilian credit unions. The credit decision will be based on the input variables and on clear criteria, turning the decision-making process impartial. The joint use of credit scoring and profit scoring allows granting credit for the clients with the highest potential to pay debt obligation and, at the same time, to certify that the transaction profitability meets the goals of the organization: to be sustainable and to provide loans and investment opportunities at attractive rates to members.