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The second issue of 2020 of the Brazilian Review of Finance is out! Here is a thread with a short description each of the articles published in this issue:
Article: Board of directors, performance and firm value in Brazilian listed state-owned enterprises
Coletta and Lima study the relationship between the board of directors’ structure and firm performance and the value of Brazilian listed state-owned enterprises. They find a significant positive relation between the board’s structure and firm performanc. Board’s role of monitoring management reduces agency conflicts.
Article: New evidence on the effectiveness of interventions in the foreign exchange market in Brazil
Oliveira study the effectiveness of the different exchange rate intervention in Brazil and show that these instruments are capable of affecting the conditional mean of the process of the nominal exchange rate throughout our sample period.
Patrocínio and Colombo monthly composite leading indicator (CLI) to anticipate turning points in the economic activity of Rio de Janeiro’s upstream oil and gas industry. The proposed CPI leads 67% of the peaks and 100% of the troughs in the target series (5/6 of the turning points).
Article: Cointegration and predictability of VECM approaches for Ibovespa
Pereira, Araújo, and Iquiazapa implement a VECM model to financial and macroeconomic time series and Brazil. They find evidence indicating that long-term relation among variables could exist, although this may not imply accuracy in short-term predictions.
Article: The risk of asymmetric information on the liquidity of agricultural commodities futures contracts
Ribeiro, Souza, and Moraes study the effect of the risk of informational asymmetry on the liquidity of agricultural commodity futures contracts traded on the Brazilian exchange. The authors find a positive relationship between the risk of trading with informational asymmetry and market liquidity, in contrast with the extant results in the literature.