Rodrigo Fernandes MalaquiasUniversidade Federal de Uberlândia (UFU) | UFU · Faculty of Business and Management (FAGEN)
Rodrigo Fernandes Malaquias
PhD in Finance
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Publications (107)
O objetivo do presente estudo foi investigar como características do Conselho de administração (CA) das empresas de capital aberto no Brasil - presença de mulheres no CA e idade dos membros do CA – se relacionam com a distribuição de dividendos. Os dados financeiros foram coletados no Banco de Dados Economática e os dados sobre o CA foram coletados...
Investment funds manage a portfolio composed of financial instruments; therefore, their accounting reports should undergo a careful process of preparation and auditing. The main purpose of this study is to analyze the effect of being audited by a Big Four audit company on funds’ risk-adjusted performance. The database is composed of equity funds fr...
In this study, we analyze the role of Information and Communication Technologies (ICTs) in supporting management activities in rural areas of Brazil. To do so, we used a dataset of responses from 113 farmers located in Minas Gerais State, which is a relevant area of the Brazilian agribusiness sector. Descriptive analysis indicated that WhatsApp was...
Introduction
Since many factors affect the volatility of commodities futures, there is a space for new studies to improve the understanding of their pricing (Imai, Gaiha, & Thapa, 2011). Commodity prices react to new information on the market, so disclosing information on production forecasting is important.
Problem
We expect to advance previous re...
The main purpose of this paper is to analyze the risk-adjusted performance of Brazilian commodity metal-related funds considering the Covid-19 pandemic. The database is comprised of Brazilian investment funds during the period from January, 2005 to June, 2021. Using daily returns, each quarter, we employed the Return Based Style Analysis to identif...
In this study, we categorize the perceptions regarding the benefits and the barriers of solar photovoltaic (PV) systems in rural areas. We collected the data through a questionnaire, answered by 116 Brazilian farmers. These respondents have farms located in the state of Minas Gerais, which is the Brazilian state with the large installed potency for...
Using an event study, the main purpose of this paper was to analyze whether the presence of women on the Board of Directors (BoD) of companies impacts the return of their shares. We collected data on the composition of the BoD on the website of the Brazilian Securities and Exchange Commission (CVM), and financial data were collected from the Econom...
O presente trabalho teve como objetivo analisar se a presença de mulheres no Conselho de Administração (C.A.) das empresas impacta o retorno das ações, utilizando um estudo de eventos. Os dados sobre a composição do C.A. foram coletados no site da Comissão de Valores Mobiliários (CVM), e os dados financeiros foram coletados no Banco de Dados Econom...
In this paper, we analyzed the risk-adjusted performance of funds related to Environmental, Social and Governance (ESG-related funds), considering periods of financial constraints and the COVID-19 Pandemic. The database is comprised of 3,840 equity mutual funds in the period from January/2006 to December/2020. Each year, considering daily returns,...
This article aimed to test the effect of lockup periods on the performance of Brazilian equity funds and multimarket funds, considering the period affected by the 2019 coronavirus disease (COVID-19). This study contributes to better understanding the effects of redemption restrictions imposed on quotaholders, a relevant subject considering the incr...
This article aimed to test the effect of lockup periods on the performance of Brazilian equity funds and multimarket funds, considering the period affected by the 2019 coronavirus disease (COVID-19). This study contributes to better understanding the effects of redemption restrictions imposed on quotaholders, a relevant subject considering the incr...
As decisões locais para contenção da pandemia podem promover mudanças nos mercados em longas distâncias, ou seja, as consequências no mercado de commodities possuem tendência de heterogeneidade por implicações regionais. É o trade-off entre as restrições do COVID-19 e o nível de atividade econômica regional. Diante de rupturas na cadeia de abasteci...
The cross-market holiday effect refers to "lower trading volume associated with one or more external markets not trading" (Batrinca, Hesse, & Treleaven, 2018, p. 675). Based on this concept, the main purpose of this paper was to test the effect of North American holidays on the volume traded in the Brazilian stock market (North American holidays re...
O objetivo deste trabalho é examinar os efeitos do tom do disclosure de RSC, em suas dimensões ambiental, social e econômica, no desempenho das companhias abertas brasileiras. A amostra final contemplou dados financeiros e 1.797 reportes corporativos, provenientes de 219 companhias abertas brasileiras distintas no período de 2010 a 2019. Os dados f...
O objetivo dessa pesquisa foi analisar o comportamento histórico e a frequência das divulgações sobre responsabilidade social corporativa das empresas brasileiras que compõem o índice IBrX-50 durante o período de 2000 a 2018. Para tanto, foram analisados os Relatórios da Administração de uma amostra composta por 47 empresas listadas na B3, integran...
The use of electronic resources to conduct payments in increasing. This scenario indicates the relevance of new studies to understand the determinants and the potential effects of Digital Financial Services (DFS) adoption. In this paper, we test the effect of DFS adoption on the satisfaction with business performance, considering a sample comprised...
This article aims to analyse the effects of positive tone in management reports on stock return volatility. It is expected that this article contributes to the literature about disclosure by proposing an objective textual content analysis of management reports, focussing on optimistic words or expressions employed by firms and their effect on stock...
The aim of this study was to analyze the possible effects of the location of the assets of real estate investment trusts (REITs) on their risk-adjusted performance. Financial data on 86 REITs were used, some taken from the Funds Explorer website and the rest taken from the Economatica database. The data covered the four-year period from 2016 to 201...
BACKGROUND: Many studies have been developed to explore and better understand the interaction between individuals and technological resources in the context of special education. These studies show that Information and Communication Technologies, and more specifically digital games, have the potential to improve the learning process of children wit...
O objetivo do presente artigo foi identificar o efeito da divulgação de notícias sobre um possível envolvimento em corrupção das empresas no retorno de suas ações em períodos próximos à divulgação dessas notícias. Foi utilizada a metodologia do estudo de evento, considerando o período entre 2012 e 2019, com uma amostra de 83 empresas brasileiras li...
This is a cross-country study about intention to use mobile banking considering respondents from Brazil, South Korea, and the United States of America. The purpose of the paper is to analyze the role of an individual's computer self-efficacy ion mobile banking context. The authors employed the confirmatory factor analysis and the structural equatio...
Objetivo do trabalho: Identificar características associadas à adoção de práticas de gestão financeira por produtores rurais do Triângulo Mineiro. Método: Aplicou-se questionários a 113 produtores rurais de 20 cidades do Triângulo Mineiro. O teste das hipóteses foi realizado a partir da análise de regressão multivariada. Após a obtenção dos resulta...
O objetivo deste trabalho foi verificar qual a influência da alocação em debêntures no retorno ajustado ao risco dos fundos multimercados brasileiros. Desse modo, a amostra deste estudo foi composta 13.770 observações em um painel balanceado durante o período de dezembro de 2009 a junho de 2018. Foram estimadas quatro regressões para testar a hipót...
O estudo investigou as variáveis que afetam o desempenho da carteira de investimento das Entidades Fechadas de Previdência Complementar (EFPC) no Brasil. Para alcançar o objetivo foi analisado o Índice de Sharpe de 310 EFPC brasileiras entre o período de 2011 a 2018. Na primeira etapa foram analisadas as variáveis Tamanho, Número de Participantes A...
The main purpose of this study is to analyze the adoption of mobile banking by farmers and some of its potential determining factors. Our sample comprises 115 complete questionnaires answered through the paper-and-pencil method. The respondents are farmers who have properties located close to 20 different cities in Brazil, specifically in the state...
Information and Communication Technologies (ICTs) can provide a set of benefits to companies, such as efficiency gains in managerial activities, cost reduction and faster communication with consumers. The ICT literature has studies showing the positive impact that the IT adoption can generate on the company’s performance. ICT benefits are also exte...
Objetivo: analisar a relação entre o nível de aderência do disclosure de empresas listadas na B3 e o conteúdo curricular ofertado pelos cursos de graduação em ciências contábeis sobre instrumentos financeiros derivativos. Fundamento: no atual ambiente de negócios complexo e dinâmico, as empresas vêm utilizando instrumentos financeiros derivativos p...
Considering the benefits of investing in foreign stocks, and, in contrast, the occurrence of the home bias phenomenon, this research aimed to analyze the relationship between home bias and performance. The sample of the study is comprised of 488 Brazilian mutual funds. We employed a multivariate regression model to analyze the relationship among th...
This paper aims to create a bondholders’ protection index (BPI) and to investigate what the influence of this index would be on multimarket funds’ allocation in corporate bonds. Understanding this relation is relevant because only about 1.36% of multimarket funds’ portfolios correspond to debentures. This study advances the literature by covering a...
Purpose
The purpose of this study is to analyze the perception of accountants in relation to the complexity of accounting for financial instruments and in relation to the disclosure of financial instruments in annual reports. Both aspects are relevant for the external users, and for the firms’ internal management.
Design/methodology/approach
The d...
Based on the assumption that seasonal patterns have been identified in stock market assets and also in the context of equity mutual funds, the aim of this research is to investigate the relationship between the seasonality presented by the January effect and the net flow of Brazilian equity funds. The study extends the potential effects of seasonal...
The aim of this article is to investigate the relationship between mutual fund international diversification strategy in assets from emerging and developed markets, and fund performance and risk. From our data analysis we are able to sketch a panorama of the international diversification of mutual funds. Currently, diversification is low and concen...
Purpose
The purpose of this paper is to analyze the effect of the interaction between liquidity constraints and tax planning on the performance of Brazilian investment funds, since liquidity constraints reduce precipitated withdrawals, allowing tax planning operationalization.
Design/methodology/approach
The sample of this study is comprised of 8,...
There is an agreement in the academic literature about the crucial role of energy to development. Energy can contribute with the three dimensions of development: social, economic and human. However, energy poverty is a concern in this regard and in this paper we explore this issue in Latin American energy firms. The aim of this study is to identify...
Os fundos de renda fixa apresentam a maior proporção de investimentos realizados no Brasil, porém são menos estudados que os fundos de ações. A proposta do estudo consiste na avaliação da rentabilidade dos fundos de renda fixa por meio da aplicação do teste de raiz unitária, visando identificar se existem padrões de comportamento em tais fundos, qu...
The main purpose of this research is to analyze the relationship between characteristics of hiring firms and the perception of auditors/accountants that provide services to them regarding complexity in the elaboration/disclosure of sensitivity analyses and risk management. We seek to analyze whether characteristics of firms that have a better level...
As we can see in recent studies on mobile banking, there is an increasing number of papers addressing this new technology. Mobile banking contributes to the quality of life of people living in both developed countries, and also in emerging economies. In this context, we develop this paper in order to compare the determinants of mobile banking use b...
RESUMO Este trabalho analisou a relação entre restrições de resgate e liquidez dos ativos sob gestão de fundos de ações brasileiros, bem como seu efeito no desempenho. A amostra contou com 2.706 fundos de ações brasileiros com investimentos em ações listadas na BM&FBovespa ou em cotas de outros fundos de ações no período entre 2009 e 2016. Os dados...
O objetivo deste estudo foi analisar a relação da distribuição de dividendos com a composição da carteira e a performance dos fundos mútuos brasileiros de ações no período de 2009 a 2015. Por meio de uma análise com dados em painel decorrente da utilização de variáveis delineadas por Fama e French (1993, 2015) e Carhart (1997), identificou-se indíc...
Recently, foreigners have been responsible for negotiating more than half of the shares issued by the companies listed in the Brazilian Stock Market. In order to understand the characteristics of companies that influence the increase of international financing, the aim of this article was to investigate the relation between foreign investment in pu...
Objetivo: O objetivo geral deste trabalho é analisar o efeito da imposição de períodos de lock-up sobre o disponível de caixa dos fundos multimercados brasileiros.Fundamento: No cenário atual, os fundos de investimento têm desempenhado papel importante na Economia brasileira, entre eles, os multimercados têm-se destacado, por apresentarem maior ren...
Dentre as modalidades de fundos existentes, estão os Fundos de Investimento em Cotas (FICs). São fundos que adquirem participações de outros fundos em vez de investir diretamente em ativos do mercado. Além de oferecer as vantagens inerentes aos fundos tradicionais, o FIC possibilita a expansão das opções de investimento, uma vez que sua estrutura p...
Liquidity constraints imposed to shareholders of investment funds, also known as lock-up periods, represent an alternative that managers can use to implement and maintain long-term strategies. The academic literature suggests that, as a result of liquidity constraints, funds should deliver a premium to their shareholders, and previous studies have...
The aim of this paper is to analyze the determinant factors related to the use of a serious game in teaching accounting, namely DEBORAH Game. After presenting this game to undergraduate accounting students, we collected data regarding their perception of its use. Using confirmatory factor analysis and structural equation modeling, the main results...
Studies about new technologies are needed in order to better understand their adoption and the potential challenges related with their diffusion. This research was developed to analyze mobile banking use and its determinants considering a longitudinal approach. We collected data in a country where mobile banking is still in its early adoption stage...
We developed this paper in order to better understand the effects of being innovative in the use of Information Technology (IT). Through a measure for listed companies that are innovative in IT use, we developed a quantitative analysis considering the investments made by institutional investors in these companies. As institutional investors, the sa...
The literature on serious games (SGs) indicates that they are very useful tools to improve the teaching/learning process. In this paper, we analyze some potential benefits of a SG on academic performance of undergraduate accounting students. The database is comprised of scores obtained by students during an undergraduate discipline related with acc...
p>O objetivo geral desta pesquisa foi comparar a percepção dos alunos ingressantes e concluintes do curso de Ciências Contábeis, em relação à carga tributária no Brasil. Para tanto, foi utilizado um questionário tipo survey , aplicado aos alunos dos três períodos iniciais e finais dos cursos de graduação em Ciências Contábeis localizados em dois ca...
This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emergin...
This study addresses the challenges for development in Latin America considering the framework of a contemporary technological advancement: the Internet of Things (IoT). Based on this framework, this paper shows the diffusion of IoT-related aspects in three different dimensions: individuals (demand), environment, and technology offer. The low avail...
We develop this study in order to analyze the benefits of international diversification through domestic assets for Brazilian investors. The sample contains three types of assets: the Brazilian Depositary Receipts (BDRs), the Brazilian investment funds that have part of their portfolios comprised of investments in foreign companies and stocks liste...
Resumo
O objetivo principal com este artigo foi analisar a relação entre o foco do gestor e a performance dos fundos de investimentos multimercados. Com base em estudos anteriores, o modelo de pesquisa também considerou o foco da família administradora. A base de dados foi composta por 2.942 fundos no período de janeiro de 2012 a dezembro de 2015....
In this paper, we analyze the disclosure level of financial instruments provided by companies of the mining industry, located in Latin America region. The sample is comprised of 72 firms from Brazil, Chile, Peru and Mexico. The main results indicate that companies located in Mexico provide the higher levels of disclosure both for IFRS-07 and for IF...
A Internet das Coisas permite novas soluções para gestão pública, governança, transporte, urbanismo, sustentabilidade, educação, saúde, segurança e economia.
This paper examines whether differences in the perception of uncertainty expressions persist over time. The empirical analysis of this question involved two approaches: quantitative (with tests to compare means, medians, regression analysis with ordinary least squares and quantile regression), and qualitative, with interviews. Principal findings ar...
Social, human and economic dimensions of development demand relevant attention in developing and developed countries. In this paper, we explore the role of information technology (IT) for development in an emerging economy: Brazil. Through our analysis and discussion, we highlight relevant issues to be considered by information systems (IS) literat...
The contribution of technology to improve quality of life has been increasingly highlighted in the literature. One dimension of technology is virtual reality (VR), which presents many characteristics that can help the learning process, especially of individuals with intellectual disabilities (ID). Virtual Environments (VEs) provide safe and repeate...
Este trabalho foi elaborado com o objetivo geral de analisar o nível de conhecimento sobre contabilidade internacional entre estudantes do curso de Graduação em Ciências Contábeis de dois países pertencentes ao Mercosul: o Brasil e o Paraguai. O pressuposto estabelecido na pesquisa foi de que, em razão de os dois países analisados estarem situados...
Trust is essential for the development of e-commerce and its subcategories, like mobile commerce, online banking, and mobile banking (MB). Through mobile devices, MB enables customers to access their accounts and make transactions at anytime and anywhere, and this technology can contribute to expanding banking services, especially in developing cou...
In recent years, the convergence of accounting standards has been an issue thatmotivated some new studies in the accounting field. It is expected that the convergence provides users, especially external users of accounting information, with comparable reports among different economies. Considering this scenario, we developed this paper in order to...
The present study presents a survey of researches that, through the employment of theoretical precepts, laboratory tests or empiric studies, in the period from 2006 to 2015, related themselves to the examination of anomalies' incidences or irrational effects which affect people's choices on investment decisions. Despite the temporal delimitation, i...
The weekday effect is characterized by a behaviour pattern in stock returns connected with certain days of the week. Several studies on this subject have been published in conferences and journals. However, the analysis of this anomaly with returns of investment funds still represents an opportunity for new studies. Thus, the aim of this research i...
The recent history shows that computers have a significant effect in society. The benefits from Information Technology (IT) reach both enterprises and people. When small firms use IT resources to create unique capabilities, even indirectly they improve their conditions to meet Corporate Social Responsibilities (CSR). Considering this scenario, the...
No contexto internacional, tem-se certa expectativa de que os hedge funds proporcionem maior rentabilidade de suas cotas frente às demais modalidades de fundos de investimento. Os retornos extraordinários potencialmente auferidos pelos hedge funds podem ocorrer por causa dos períodos de resgate que essa modalidade de fundos impõe a seus cotistas, g...
Trust is essential for Mobile Banking (MB) adoption and usage. MB technology has the potential to improve people's quality of life and to bring efficiency to banks. In this paper, MB trust was addressed in Brazil, a developing country that has an enormous potential for expansion of banking services. We used Confirmatory Factor Analysis and Structur...
O objetivo principal deste trabalho foi analisar o efeito Smart Money considerando-se o controle por períodos de crise financeira. Foram selecionados 285 fundos Long and Short brasileiros, no período de 03 de janeiro de 2005 a 12 de setembro de 2013. Com a aplicação de ferramentas quantitativas como a análise de regressão multivariada, análise de r...
The growth of the investment funds industry in Brazil and its international representativeness indicate the relevance of analyzing this sector. Literature has shown the effects that market factors can have on the performance of investment funds. One way of evaluating the relation between funds' returns and market factors' variations is the return-b...
There are strong arguments about the positive effect of information and communication technologies (ICTs) on companies’ performance. This effect is also extensive for micro and small enterprises (MSEs), which tend to adopt ICTs in lower levels in comparison with large companies. In this context, this paper has two goals: to analyze the effect of fi...
The aim of this paper was to analyze the relationship between Mondays and the profitability provided by Brazilian
hedge funds. We used a data basis composed of 3,337 hedge funds, totaling 3,529,808 observations of daily data,
during the period from January 2005 until September 2013. To test the hypothesis, we used regression with panel
data and we...
The aim of this paper was to analyze the relationship between the disclosure level of accounting reports of the Brazilian non-financial companies listed on the NYSE (New York Stock Exchange) and the volatility in the return of their assets. The proposed analysis was performed through the use of Structural Equation Modeling; in the development of th...
The objective of this study was to validate a scale for assessment of academic projects.
As a complement, we examined its predictive ability by comparing the scores of
advised/corrected projects based on the model and the final scores awarded to the work
by an examining panel (approximately 10 months after the project design).
Results of Confirmato...
O principal objetivo deste trabalho foi analisar o desempenho dos fundos multimercados brasileiros com uma medida alternativa, relacionada ao trabalho de Amin e Kat (2003). Essa medida pode ser considerada como uma alternativa não paramétrica para avaliar a performance de fundos de investimento, especialmente aqueles que têm retornos com distribuiç...
O objetivo principal deste estudo foi analisar o conteúdo teórico dos artigos acadêmicos publicados sobre o tema orçamento nos principais periódicos nacionais e internacionais no período de 2003 a2013. Para tanto, realizou-se um levantamento bibliográfico com abordagem quantitativa, que contou com uma amostra final de 45 artigos. Na etapa quantitat...
This paper presents a serious game called VirtualMat. It is a Virtual Reality (VR) system designed to support the teaching of logical-mathematical concepts for students with intellectual disability. In this game, VR techniques were used in order to investigate its feasibility as a support tool for these students. The game was validated by special e...
According to the theory of the Efficiency Market Hypothesis (EMH), prices in the market should reflect all the information to the point where the costs of acting based on this information does not exceed its benefits (Jensen, 1978; Fama, 1991). In this context, the aim of this paper was to analyze and if past and publicly information may be useful...
De acordo com a teoria sobre a Hipótese de Eficiência de Mercado (HEM), os preços dos títulos no mercado deveriam refletir toda a informação até o ponto em que os custos de se agir com base nestas informa oes não superasse os benefícios proporcionados (Jensen, 1978, Fama, 1991). Nesse contexto, este trabalho teve por objetivo analisar se informa oe...
O objetivo geral deste artigo foi analisar comparativamente a percepção dos alunos ingressantes e concluintes de Graduação em Ciências Contábeis em relação à carga tributária no Brasil. Para atingir o citado objetivo, realizou-se um estudo descritivo, com abordagem quantitativa, e utilização de um questionário, que foi aplicado aos três primeiros e...
This work was developed in order to investigate whether the cost of capital of Brazilian companies with shares listed in the U.S. capital market correlates with their level of disclosure of financial instruments. Based on previously literature, we established the hypothesis that the association between the two variables would be negative and statis...
The aim of this research was to analyze the calendar effect in the Brazilian capital market. To do so, we selected the companies pertaining of the corporate governance index, in the period from January/2003 to December/2007. Based on the liquidity indicator, we selected for the study 41 companies, and the main results are aligned with the theory ab...
The aim of this study was to analyze the impact of interaction between external communication , internal information processing and internal logistics in the financial control of Brazilian Micro and Small Enterprises. It was characterized as a survey with a quantitative approach, and the applied statistics consist of confirmatory factor analysis an...
Este trabalho apresentou como objetivo geral analisar a percepcao dos discentes do curso de graduacao em Ciencias Contabeis sobre a interpretacao das expressoes de incerteza contidas nos Pronunciamentos Tecnicos do CPC (Comite de Pronunciamentos Contabeis) sobre Instrumentos Financeiros. A escolha de tais pronunciamentos se deu em razao de as opera...
The study conducted by Moraes, Bobsin and Lana (2006), involving the seven most specific and relevant journals in the field of Information Technology (IT)from January 2000 to December 2005 showed that there is a unanimous fact for researchers: the investments in IT have a positive and significant effect on company performance. Faced with results li...
The study conducted by Moraes, Bobsin and Lana (2006), involving the seven most specific and relevant journals in the field of Information Technology (IT)from January 2000 to December 2005 showed that there is a unanimous fact for researchers: the investments in IT have a positive and significant effect on company performance. Faced with results li...
Considerando que a informação contábil-financeira que as empresas fornecem em seus relatórios contábeis é relevante para a tomada de decisões dos investidores, existem estudos na área de contabilidade e finanças que, ao tentarem verificar a validade empírica de teorias relacionadas a esse assunto, atribuem a irrelevância de seus resultados a fatore...
Os preços de venda de produtos de uma empresa podem ser fixados com base nos custos, no mercado ou em uma combinação de ambos. Neste artigo tem-se por objetivo geral identificar as diferenças entre os preços praticados com base no mercado e os preços baseados na estrutura de custos das empresas. Para tanto, realizou-se um estudo de caso em uma clín...
Resumo: Fatores como a impossibilidade de se dividir infinitamente ativos a serem negociados e a existência de custos de transação abrem espaço para a nova economia institucional, onde uma de suas bases alicerça-se na economia dos custos de transação. Objetivando-se determinar quando custos de produção e custos de transação são mutuamente exclusivo...
The article investigates the behavior of stock prices of companies that compose the Corporate Governance Index (IGC) in light of the disclosure of Quarterly Information (ITRs) and Annual Information (IANS). The
empirical research involved daily data from 41 shares selected by the liquidity indicator in the stock exchange and 19 events per company b...
De acordo com a Teoria das Restrições, ganhar dinheiro agora e no futuro deve ser a meta de toda empresa. Esse dinheiro deve ser gerado pela venda de bens e serviços e não pelo acumulo de estoques, cujo excesso deve ser totalmente evitado, segundo tal teoria. Este artigo busca identificar e avaliar as situações em que os estoques podem não ser inde...