Um indicador de desempenho para seleção de ativos das empresas de celulose e papel no mercado financeiro
Bertrand de Matos Moura
DATA DE PUBLICAÇÃO
How to make decisions in the financial market in dynamic, turbulent, risky, complex and uncertain scenarios? This thesis explains a small fraction of that unstable market as offers answers to the pulp and paper assets selection in the São Paulo Stock Exchange - Bovespa. Thus, it is compared the pulp and paper companies performance in the period from January 2000 to September 2007 and also the efficiency of the more used performance indicators in the market for future portfolio composition from January 1996 to September 2007. Finally, it has developed a performance indicator for portfolios selection based on the behavioral finance theory. It has been shown that the pulp and paper companies assets have a comparative advantage in relation to the main assets of other segments. The portfolios composition analysis showed the momentum effect presence in the short term (monthly and quarterly) in the Bovespa market. The Return Rates, Sharpe`s Index and Treynors Index indicators were efficient for future portfolios selection. It was confirmed the hypothesis that the portfolio selection based on behavioral finance presents better economic results than the strategies elaborated according to the passive management of market indices. The Relative Inertial Behavior Index contributed to the pulp and paper assets selection, demonstrating be a robust tool for decision making.
- Desempenho econômico-financeiro de algumas empresas brasileiras de celulose e papel.
- Sustentabilidade Empresarial: Um Estudo Comparativo Sobre o Desempenho e Valor Financeiro de Empresas Listadas no Mercado Acionário Brasileiro
- PODER DE MERCADO DAS EMPRESAS BRASILEIRAS DE PAPEL NO MERCADO MUNDIAL
- Orientação para o mercado, desempenho financeiro e fatores influenciadores: um estudo de concessionárias de veículos no brasil
- Evidenciação voluntária das práticas ambientais: um estudo nas grandes empresas brasileiras de papel e celulose