Editorial

• Main Author: Funchal, Bruno
• Publication Date: 2018
• Format: Article
• Source: BBR. Brazilian Business Review (English edition. Online)
• Download full: http://www.bbronline.com.br/index.php/bbr/article/view/245

Dear Brazilian Business Review readers,   I begin the presentation of this issue with thanks to all the associate editors and referees of BBR for their great effort in the last few months. Our journal is improving the submission procedure to make the evaluation process more efficient. We believe that the faster process, together with the quality of our published papers, is an extremely important asset of our journal.   To make this possible, our board of associate editors carefully evaluates all papers submitted to BBR before sending them to our referees, in a first round of evaluation. This provides greater speed to the submission procedure, giving authors a better opportunity to re-submit their papers to another outlet should they wish without losing a significant amount of time waiting to receive a potential rejection. Also, this policy works to reduce the demand on our referees, allowing them to have more time to review the papers.   The fourth issue of 2012 brings a set of six papers, divided into two distinct fields. The first three papers are related to finance and the last three to the consumption.   The first paper of this issue is from Paulo Rogerio Faustino Matos, Fabricio Linhares and Gustavo Zech Sylvestre. The paper presents pricing models like the CAPM with non-linear extensions. Their main result indicates that the linear version of the CAPM was not good in forecasting real returns of funds that have high level of equity. Also about asset pricing, Márcio André Veras Machado and Otavio Ribeiro de Medeiros address an important problem for the Brazilian capital market, the liquidity effect. According to their results, there is a liquidity premium in the Brazilian capital market that varies between 0.83% and 2.19% (if not adjusted by risk level).   Still in the field of finance, Edward Bernard Bastiaan de Rivera y Rivera, Diogenes Manoel Leiva Martin, Emerson Fernandes Marçal and Leonardo Fernando Cruz Basso analyze the validity between the Price and Dividend Present Value Model at the firm level, using panel cointegration techniques. Assuming the Present Value Model with varying and constant returns, the authors evidence the existence of a cointegration vector between dividends and prices in real terms.   In the fourth paper, Fábio Augusto Reis Gomes study the evolution path of consumption in Brazil, using permanent income theory. Through this theory, consumption should be sensitive to the income variation, since the current income has information about permanent income.   The fifth article also deals with consumption, but using micro data instead of aggregated data. Vivian Iara Strehlau, Mateus Canniatti Ponchio and Eduardo Loebel tried to identify if consumers from the city of São Paulo have ethnocentric behavior. Their main results indicate there are significant differences in the level of ethnocentrism if the groups are divided by age and socioeconomic classes.   Finally, the last paper of this issue is from Marie Agnes Chauvel, Luis Fernando Hor-Meyll, Marcelo Barreiros Barreto and Fábio Francisco de Araujo. They analyze online shopping and the consumer satisfaction in the different steps of this service. The results show that the most relevant complaints about this service are after-sale service, delayed delivery, non-delivery and the return policy.   We hope you will enjoy these articles. Good reading.