Brazil’s offshore wind resources are evaluated from satellite winds and ocean heat flux datasets. Winds are extrapolated to the height of modern turbines accounting for atmospheric stability. Turbine technical data are combined with wind and bathymetric information for description of the seasonal and latitudinal variability of wind power. Atmospheric conditions vary from unstable situations in the tropics, to neutral and slightly stable conditions in the subtropics. Cabo Frio upwelling in the southeast tends to promote slightly stable conditions during the spring and summer. Likewise, Plata plume cold-water intrusions in southern shelf tends to create neutral to slightly stable situations during the fall and winter. Unstable (stable) conditions are associated with weaker (stronger) vertical wind shear. Wind technical resource, accounting for atmospheric stability and air density distribution, is 725 GW between 0–35 m, 980 GW for 0–50 m, 1.3 TW for 0–100 m and 7.2 TW for the Brazilian Exclusive Economic Zone (EEZ). Resources might vary from 2 to 23% according to the chosen turbine. Magnitudes are 20% lower than previous estimates that considered neutral atmosphere conditions. Strong winds are observed on the north (AP, PA), northeast (MA, PI, CE, RN), southeast (ES, RJ) and southern states (SC, RS). There is significant seasonal complementarity between the north and northeast shelves. When accounting for shelf area, the largest integrated resource is located on the north shelf between 0–20 m. Significant resources are also found in the south for deeper waters.

We do not find any consistent evidence that the presence of the largest Brazilian pension funds as relevant shareholders is associated to higher corporate governance scores by public Brazilian companies. Even though companies with institutional investors as relevant shareholders presented a higher average corporate governance score than other companies, they were also larger and had greater past profitability than other companies, which are common attributes of firms with better corporate governance according to the literature. The impact of Brazilian institutional investors on the corporate governance quality of their investees is either negligible or cannot be captured by the proxies we employed. Finally, we note that these two pension funds may represent the policy and political views of the incumbent Brazilian government and that the actions of their board appointees may or not reflect what is understood as good corporate governance practices.

Este trabalho desenvolve um índice de carteiras de mínima variância global (MVP) para as ações mais líquidas do Brasil. Os resultados indicaram que a MVP sem limites sobre os pesos das ações não apresenta diferença significativa de desempenho em relação ao IBOVESPA. A imposição de um peso máximo de dez por cento em cada ação tornou possível superar o IBOVESPA. Contudo, os resultados desta estratégia são comparáveis aos de uma carteira igualmente ponderada e são superados por alguns fundos de gestão ativa em testes fora da amostra. Ainda assim, estas estratégias simples baseadas nestas restrições facilitam a replicação do MVP por investidores individuais e exchange traded funds e sustenta o poder de estratégias ingênuas de investimento. This paper develops an index of global minimum variance portfolio (MVP) for the most liquid stocks in Brazil. The unconstrained MVP shows no significant difference in performance over the IBOVESPA. The imposition of a ten percent ceiling on the MVP weights for each asset made it possible to beat the IBOVESPA. However, this strategy is comparable to an equally weighed portfolio and is beaten by a number of actively managed stock funds in out of the sample tests. Nevertheless, these constraints facilitate the replication of the MVP by individual investors and by ETFs and support the power of naive diversification strategies

This study updates previous analyses of banks' activities in equity offerings in the Brazilian market. Using data for the 2004–2007 period, the study tests the hypotheses that banks with the highest reputations coordinate offerings with lower initial returns, lower levels of risk and charge more for their services. Three measures of reputation were constructed in line with measures used for the US market. None of the measures showed a statistically significant relationship with returns, risk, or remuneration. The difference between the mid-point of the preliminary price range and the offering price constituted the most significant element in the forecasting of returns.

Este artigo faz uma avaliação bibliográfica quantitativa e qualitativa dos artigos de Finanças publicados em 11 periódicos científicos nacionais, por meio de levantamentos sobre coautorias, áreas temáticas e uma análise da produtividade dos autores. A coautoria tornou-se uma característica predominante. As áreas temáticas mais comuns, finanças corporativas e gestão de investimentos, refletem a abundância de dados de empresas com ações em bolsa, negligenciando as demais. A produtividade é concentrada em poucos indivíduos no Sudeste e mais baixa do que o previsto pela teoria bibliométrica. A grande maioria dos autores publicou apenas um artigo e apenas 5% publicaram cinco ou mais. A maior parte dos artigos internacionais dos autores prolíficos consta de periódicos de baixo impacto. A pouca inovação teórica e metodológica dificulta publicações internacionais de impacto. A avaliação da Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (Capes) parece estimular parcerias, mas sugeriram-se novos incentivos visando ao alinhamento com o nível de desenvolvimento da área nos países mais avançados.

This article jointly examines the differences of laboratory versions of the Dutch clock open auction, a sealed-bid auction to represent book building, and a two-stage sealed bid auction to proxy for the “competitive IPO”, a recent innovation used in a few European equity initial public offerings. We investigate pricing, seller allocation, and buyer welfare allocation efficiency and conclude that the book building emulation seems to be as price efficient as the Dutch auction, even after investor learning, whereas the competitive IPO is not price efficient, regardless of learning. The competitive IPO is the most seller allocative efficient method because it maximizes offer proceeds. The Dutch auction emerges as the most buyer welfare allocative efficient method. Underwriters are probably seeking pricing efficiency rather than seller or buyer welfare allocative efficiency and their discretionary pricing and allocation must be important since book building is prominent worldwide.