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Following the entry into force of the Asset Management Framework, approved by Decree-Law 27/2023 of 28 April ("AMF") and a public consultation process that included many contributions, after a long wait by all agents in the relevant markets, on 1 January 2024, CMVM Regulation 7/2023 of 29 December ("AMFR") came into force to regulate the AMF. Following the unification of the framework applicable to collective investment - formerly the General Collective Investment Organizations Framework ("GCIOF") - and to risk capital - formerly the Legal Risk Capital Framework - operated by the AMF, the AMFR regulates this new legal framework, replacing the main regulations previously applicable to both activities: CMVM Regulations 2/2015 of 17 July and 3/2015 of 3 November. Similar to what happens with the AMF, the AMFR also follows more closely the previous collective investment framework - although with some new features, as explained below - thus requiring a greater effort from players in the risk capital market to adapt to the new framework. To accommodate for management companies and respective collective investment organisations ("CIO") who need to adapt to the AMFR, the regulation provides a 180-day term from its entry into force to adapt. As the preamble of the AMFR states, this regulation seeks, as does the AMF, to increase "regulatory solutions in terms of simplification and proportionality, with a view to promoting the competitiveness and efficiency of the national market, as well as investor protection". In this context, several different types of regulatory changes are recommended. As these regulations are known for their complex and granular regulation of collective investment activities, our analysis focuses on the specific changes to the applicable framework that we believe could more significantly affect CIOs in practice - a concept that includes the former "venture capital funds", now characterised as alternative venture capital investment bodies. [ABSTRACT FROM AUTHOR]

Brazil has a financial product developed with ESG (Environmental, Social and Governance) criteria, which contributes to measuring corporate sustainability in the country. The financial asset, known as Brazil’s ESG index, combines sustainable principles with the capital market. The ESGB11, listed on the Stock Exchange, Brasil, Balcão (B3), was developed by Dow Jones Indexes (DJI). The purpose of this study is to analyze whether the volume, risk and return on investment in ESGB11 has growth potential, which in this case would justify the intrinsic environmental cause. To this end, we chose to develop a multifactorial model under the Open Price Theory (ATP) and used bidirectional multivariate “Long-short Term Memory” (LSTM) to estimate and predict the index for the period 2021 to 2023. Data relating to B3 business days are extracted from the open database. This financial product makes it possible to measure the reduction of emissions given the fulfillment of DJI criteria in the environmental axis, however, based on a risk and return analysis, it behaved without growth potential. The investment volume does not grow throughout 2023 compared to 2021. The ten largest stocks underlying the fund have reduced the investment volume in the index. The quota return fell over the period along with the reduction in emissions between 2021 and 2023. [ABSTRACT FROM AUTHOR]

Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The literature in business history has shown that the liquidity of company shares had implications on distribution structures of capital and decision-making power. This paper examines the share transactions of the Pombaline colonial companies in comparison to the United East India Company. It finds a more democratic distribution of capital per shareholder than in England but also a higher concentration of voting and decision-making power. It concludes that there was an increasing trend toward a more plutocratic system in both an absolutist monarchy and a parliamentary regime, showing that different legal systems had similar impacts on the distribution of power.

Copyright of Revista de Contabilidade & Controladoria is the property of Revista de Contabilidade & Controladoria RC & C and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The present case is intended to teach but encourage the discussion of company valuation techniques and their contributions to choices regarding investment in stocks. Through the teaching case, students will be able to apply valuation techniques and discuss the assumptions that are fundamental for the applicability of valuation methodologies. Methodology: The methodology of the aforementioned case is quantitative, since, based on business assessment models, the students will assess and analyze the data of the company proposals to apply the best assessment technique on the ethics of Financial Theory. Through valuation, students will be able to find different results given the assumptions determined for the analysis of the company. Results: Based on the data, it is possible to make inferences and financial projections of the analyzed company and discuss the best technique to be used, as well as the feasibility of investing (or not) in the analyzed company. Contribuitions: It is expected that the aforementioned teaching case will be an instrument for the applicability of valuation techniques in other companies and complement teaching in undergraduate and graduate courses in disciplines related to finance and capital markets. [ABSTRACT FROM AUTHOR]

Copyright of REUNIR: Revista de Administração, Contabilidade e Sustentabilidade is the property of REUNIR - Revista de Administracao, Contabilidade e Sustentabilidade and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Brazilian Business Law Journal / Administração de Empresas em Revista is the property of Administracao de Empresas em Revista and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The objective of this study is to analyze the effects of adopting CPC 47 on the level of the earnings management of companies listed in the Brazilian capital market. Methodology: The sample used in this study is composed of 207companies listed in B3 in the observation period 2012-2021 totaling 2070 observations. The approach is quantitative, using multiple linear regression with balanced panel data. Dechow, Hutton, Kim and Sloan (2012) and Kothari, Leone and Wasley (2005) models were used to improve the discretionary accruals and an earnings management model with control and interest variables. Results: The results did not confirm the hypothesis that the adoption of CPC 47 affected the level of results management in the analyzed period but showed that indebtedness and operating recognition. This evidence about earnings management increased with the adoption of CPC 47 was contrary to Baldissera, Gomes, Zanchet and Fiirst (2018), however, according to the findings of Grecco (2013), Jewel and Nakao (2014) and Braga (2020) in relation to the effects of accounting standards. The results indicate that companies with higher operating cash flow can generate accounting information with better quality regardless of the effects of the adoption of CPC 47. The period of the coronavirus pandemic did not significantly affect earnings management levels. Contributions of the Study: As a contribution, the study expands the theoretical knowledge about the effects of CPC 47 on earnings management. Additionally, in a practical way, it collaborates with regulatory organs, auditors, executives, stakeholders and the financial market in general. [ABSTRACT FROM AUTHOR]

Purpose: The article aims to identify financial and governance factors that can influence the level of disclosure of intangible assets of companies listed on the IBrX-50. Methodology: The study is descriptive, documentary and quantitative, with a sample of 40 companies listed on the Brazilian capital market, totaling 200 observations. The analysis was initially based on the financial statements and explanatory notes released by the companies. To analyze the data, we used multiple linear regression, with SPSS software version 25, relating the factor size, big four audit, profitability, indebtedness, level of corporate governance and internationality with the disclosure index of intangible assets. Results: The results show that from the analyzed factors, only the variables related to size and big four auditing have a significant relationship with the disclosure index of intangible assets. Contributions of the Study: The study contributes by presenting marginal results on evidence of accounting disclosure in the Brazilian capital market, and thus collaborating with the disclosure literature, providing clarity and support for the usefulness of accounting information. In the practical field, it contributes to a better perception of users about the information contained in the financial statements. [ABSTRACT FROM AUTHOR]

Copyright of Ler Historia is the property of Ler Historia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Economia Contemporânea is the property of Revista de Economia Contemporanea and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The present work seeks to investigate how mood missattribution variables affect returns in the Brazilian capital market. In this case, following previous studies carried out in other countries, it was analyzed whether the temperature and level of precipitation are capable of affecting the returns of the Brazilian Stock Exchange, controlling for possible calendar effects, such as the January effect and the Monday effect. Through multiple linear regression models and using robust standard errors, the results indicate that for the period analyzed in Brazil there is no evidence that climate variables can affect stock market returns. [ABSTRACT FROM AUTHOR]

Copyright of Revista Pretexto is the property of Revista Pretexto and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Direito GV is the property of Fundacao Getulio Vargas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Contabilidade, Gestao E Governanca is the property of Revista Contabilidade, Gestao E Governanca and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Contabilidade & Controladoria is the property of Revista de Contabilidade & Controladoria RC & C and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: The aim of this study is to assess the potential maximum loss in more concentrated investment portfolios and more diversified portfolios using the VaR calculation as a tool for controlling and managing market risk. For this, the study proposes to answer the following research question: "Do more diversified equity funds present less risk?". Methodology: The historical simulation model was applied, considering seven portfolios of equity investment funds (FIAs) and 493 daily returns, under the 95% confidence level. Results: The results indicated that the maximum expected loss is higher in more concentrated portfolios. Therefore, the diversification strategy helped to reduce risk and is an important instrument to be considered in a stock portfolio. Contributions of the Study: The main contribution of the study is to provide subsidies for investors and asset managers, while providing a simulation and practical application of VaR in the analysis of portfolio diversification in equity investment funds. [ABSTRACT FROM AUTHOR]

Copyright of Lusíada. Economia & Empresa is the property of Fundacao Minerva-Cultura-Ensino e Investigacao Cientifica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Administraçãao da UNIMEP is the property of Revista de Administracao da UNIMEP and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Opinião Jurídica is the property of Revista Opiniao Juridica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Contabilidade do Mestrado em Ciências Contábeis da UERJ is the property of Editora da Universidade do Estado do Rio de Janeiro (EdUERJ) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Evidenciação Contábil & Finanças is the property of Revista Evidenciacao Contabil & Financas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Innovar: Revista de Ciencias Administrativas y Sociales is the property of Universidad Nacional de Colombia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista de Educação e Pesquisa em Contabilidade is the property of Revista de Educacao e Pesquisa em Contabilidade and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Revista Foco (Interdisciplinary Studies Journal) is the property of Revista Foco and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Decree-law 11/2022, of 12 January introduces the participating loans (empréstimos participativos) into the Portuguese legal system, with the aim of diversifying the funding sources of the Portuguese companies and facilitate their access to the capital markets. This works aims at giving a brief overview of the respective legal regime by going through, and performing a critical appraisal of, its essential aspects. [ABSTRACT FROM AUTHOR]

Purpose: The objective of this research is to verify the applicability of the local CAPM, Local Adjusted CAPM and Hybrid Adjusted CAPM models to the Brazilian market from the analysis of their respective premises and, in addition, to verify the existence of significant statistical differences between the models. Methodology: For the chosen indicators, aiming to represent the premises of each model, the history series from 2007 to 2014 is tested, comprising a sample of 94 most liquid companies in the Brazilian market evaluated according to the CAPM Local, CAPM Local Adjusted asset pricing models and Hybrid Adjusted CAPM. Statistical tests are performed (with 95% reliability), using the ASSISTAT version 7.7 beta program for the analysis of descriptive statistics, compared later using a non-parametric test and also with a correlation estimate. Results: Multiple comparisons after the assumptions indicate that the differences occur between the CAPM Local and CAPM Local Adjusted models and between CAPM Local Adjusted and CAPM Hybrid Adjusted. The results point to a positive correlation between the returns of Embi + Br and T-Bond 10 and 30 years. Theoretically, this correlation is not expected, since country risk should not be correlated to global risk-free rates. The Ibovespa has a positive correlation with the MSCI ACWI and the S&P 500, a result that shows the correlation between the returns of the local and global market. The Selic has a negative correlation with the Ibovespa, as, theoretically, the local risk-free rate should not be correlated to the local market return. Study Contributions: The contribution of this study is that the applicability of the local CAPM models, adjusted local and hybrid adjusted to the emerging Brazilian market is possible for asset pricing, having to pay attention to the fact that Local Betas have influence on these values. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Contabilidade & Controladoria is the property of Revista de Contabilidade & Controladoria RC & C and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)