CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts
Autor(a) principal: | |
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Data de Publicação: | 2007 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Direito GV |
Texto Completo: | https://periodicos.fgv.br/revdireitogv/article/view/35195 |
Resumo: | THIS PAPER INVESTIGATES THE RELATION BETWEEN REGULATORY AGENCIES, SPECIALLY THE STOCK EXCHANGE AUTHORITY (CVM), AND COURTS. IT STARTS DISCUSSING THE POSSIBLE EFFECTS OF JUDICIAL UNCERTAINTY ON THE WILL TO INVEST, MAINLY REGARDING SMALL INVESTORS THAT TEND TO AVOID BIG RISKS. IT ALSO DISCUSSES THE EFFECT OF THE CREATION OF INDEPENDENT REGULATORY AGENCIES ON JUDICIAL UNCERTAINTY. THE ARTICLE DEVELOPS A MODEL FOR CONFLICT ANALYSIS BETWEEN AGENTS (ADMINISTRATORS) AND PRINCIPALS (SMALL SHAREHOLDERS) BASED ON HAILSTORM’S AND MAILGRAM’S ONE. THE MODEL SHOWS THAT, BESIDES AFFECTING THE WILL TO INVEST, UNCERTAINTY INFLUENCES THE PERFORMANCE OF COMPANIES. IT LEADS TO THE CONCLUSION THAT THE HIGHER JUDICIAL AND REGULATORY AGENCIES UNCERTAINTY IS, THE WORST WILL THE PERFORMANCE OF ADMINISTRATORS BE. AN EMPIRICAL TEST IS DEVELOPED TO ANALYZE DECISIONS OF SPECIALIZED COURTS (CORPORATE LAW COURTS) FROM RIO DE JANEIRO. THE TEST SHOWS THAT DECISIONS OF SPECIALIZED COURTS TEND TO REFORM LESS THE DECISIONS BY CVM (12,5% TO 15% LESS, COMPARED WITH ORDINARY COURTS). THIS DATA INDICATES THAT THE EXISTENCE OF SPECIALIZED COURTS AND AGENCIES PRODUCES MORE CERTAINTY; CONSEQUENTLY, THE CREATION OF SPECIALIZED COURTS AND AGENCIES MAY INCREASE THE CONFIDENCE OF INVESTORS. THE ARTICLE ENDS PROPOSING A RESEARCH AGENDA TO DEEPEN THE STUDY OF THE RELATION BETWEEN JUSTICE, REGULATORY AUTHORITIES AND ECONOMIC DEVELOPMENT. |
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CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courtsCVM e Judiciário: o efeito da incerteza jurídica nos investimentos em ações e a justiça especializadaREGULATIONINVESTMENTJUDICIAL UNCERTAINTYLEGAL SYSTEMREGULAÇÃOINVESTIMENTOSINCERTEZASISTEMA LEGALTHIS PAPER INVESTIGATES THE RELATION BETWEEN REGULATORY AGENCIES, SPECIALLY THE STOCK EXCHANGE AUTHORITY (CVM), AND COURTS. IT STARTS DISCUSSING THE POSSIBLE EFFECTS OF JUDICIAL UNCERTAINTY ON THE WILL TO INVEST, MAINLY REGARDING SMALL INVESTORS THAT TEND TO AVOID BIG RISKS. IT ALSO DISCUSSES THE EFFECT OF THE CREATION OF INDEPENDENT REGULATORY AGENCIES ON JUDICIAL UNCERTAINTY. THE ARTICLE DEVELOPS A MODEL FOR CONFLICT ANALYSIS BETWEEN AGENTS (ADMINISTRATORS) AND PRINCIPALS (SMALL SHAREHOLDERS) BASED ON HAILSTORM’S AND MAILGRAM’S ONE. THE MODEL SHOWS THAT, BESIDES AFFECTING THE WILL TO INVEST, UNCERTAINTY INFLUENCES THE PERFORMANCE OF COMPANIES. IT LEADS TO THE CONCLUSION THAT THE HIGHER JUDICIAL AND REGULATORY AGENCIES UNCERTAINTY IS, THE WORST WILL THE PERFORMANCE OF ADMINISTRATORS BE. AN EMPIRICAL TEST IS DEVELOPED TO ANALYZE DECISIONS OF SPECIALIZED COURTS (CORPORATE LAW COURTS) FROM RIO DE JANEIRO. THE TEST SHOWS THAT DECISIONS OF SPECIALIZED COURTS TEND TO REFORM LESS THE DECISIONS BY CVM (12,5% TO 15% LESS, COMPARED WITH ORDINARY COURTS). THIS DATA INDICATES THAT THE EXISTENCE OF SPECIALIZED COURTS AND AGENCIES PRODUCES MORE CERTAINTY; CONSEQUENTLY, THE CREATION OF SPECIALIZED COURTS AND AGENCIES MAY INCREASE THE CONFIDENCE OF INVESTORS. THE ARTICLE ENDS PROPOSING A RESEARCH AGENDA TO DEEPEN THE STUDY OF THE RELATION BETWEEN JUSTICE, REGULATORY AUTHORITIES AND ECONOMIC DEVELOPMENT. O PRESENTE ARTIGO INVESTIGA AS RELAÇÕES ENTRE AS AGÊNCIAS REGULADORAS, EM ESPECIAL A CVM, E A JUSTIÇA. INICIA-SE COM A DISCUSSÃO DOS POSSÍVEIS EFEITOS DA INCERTEZA JURÍDICA SOBRE A DISPOSIÇÃO DE INVESTIR, EM ESPECIAL DOS PEQUENOS POUPADORES QUE SERIAM MAIS AVESSOS AO RISCO, E O EFEITO DA CRIAÇÃO DAS AGÊNCIAS REGULADORAS INDEPENDENTES, COMO A CVM, SOBRE ESSA INCERTEZA. A SEGUIR, É DESENVOLVIDO UM MODELO DE ANÁLISE DO CONFLITO ENTRE O AGENTE (ADMINISTRADOR) E O PRINCIPAL (ACIONISTA MINORITÁRIO) A PARTIR DO MODELO DE HOLMSTRÖM E MILGROM (1987), MOSTRANDO QUE A INCERTEZA TAMBÉM TEM IMPACTOS SOBRE O DESEMPENHO DA EMPRESA. O EXERCÍCIO TEÓRICO DEMONSTRA QUE UMA MAIOR INCERTEZA NAS DECISÕES DO JUDICIÁRIO E DAS AGÊNCIAS REGULADORAS RESULTARÁ EM UM DESEMPENHO PIOR DOS ADMINISTRADORES. POR FIM, UM TESTE EMPÍRICO É DESENVOLVIDO, FAZENDO A ANÁLISE DAS DECISÕES DAS VARAS EMPRESARIAIS DO RIO DE JANEIRO. FICA DEMONSTRADO DE FORMA SIGNIFICANTE QUE AS DECISÕES DESSAS VARAS ESPECIALIZADAS TÊM UMA CHANCE ENTRE 12,5% E 15% MENOR DE SEREM REFORMADAS EM GRAU DE RECURSO, O QUE DEMONSTRA DENOTA O MAIOR GRAU DE CERTEZA PROPORCIONADO POR ÓRGÃOS ESPECIALIZADOS, COMO AS REFERIDAS VARAS E AS AGÊNCIAS REGULADORAS (CVM). ESSAS CONCLUSÕES PERMITEM RECOMENDAR COMO POLÍTICA PÚBLICA, COM VISTAS INTUITO DEA AUMENTAR A CONFIANÇA DOS INVESTIDORES, A CRIAÇÃO DE MAIS VARAS ESPECIALIZADAS E MELHOR DETALHAMENTO DAS FUNÇÕES DO REGULADOR E DA JUSTIÇA. AO FINAL, SÃO APONTADAS NOVAS LINHAS DE PESQUISA, NECESSÁRIAS AO APROFUNDAMENTO DO ENTENDIMENTO DAS RELAÇÕES ENTRE A JUSTIÇA, OS ÓRGÃOS REGULADORES E O DESENVOLVIMENTO ECONÔMICO. Escola de Direito de São Paulo da Fundação Getulio Vargas2007-01-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.fgv.br/revdireitogv/article/view/35195Revista Direito GV; Vol. 3 No. 1 (2007): jan.-jun. (5); 35-55Revista Direito GV; Vol. 3 Núm. 1 (2007): jan.-jun. (5); 35-55Revista Direito GV; v. 3 n. 1 (2007): jan.-jun. (5); 35-552317-6172reponame:Revista Direito GVinstname:Fundação Getulio Vargas (FGV)instacron:FGVporhttps://periodicos.fgv.br/revdireitogv/article/view/35195/33999Ribeiro, Ivan Césarinfo:eu-repo/semantics/openAccess2019-11-11T16:07:27Zoai:ojs.periodicos.fgv.br:article/35195Revistahttps://direitosp.fgv.br/publicacoes/revista/revista-direito-gvPRIhttps://old.scielo.br/oai/scielo-oai.php||revistadireitogv@fgv.br|| catarina.barbieri@fgv.br2317-61721808-2432opendoar:2019-11-11T16:07:27Revista Direito GV - Fundação Getulio Vargas (FGV)false |
dc.title.none.fl_str_mv |
CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts CVM e Judiciário: o efeito da incerteza jurídica nos investimentos em ações e a justiça especializada |
title |
CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts |
spellingShingle |
CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts Ribeiro, Ivan César REGULATION INVESTMENT JUDICIAL UNCERTAINTY LEGAL SYSTEM REGULAÇÃO INVESTIMENTOS INCERTEZA SISTEMA LEGAL |
title_short |
CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts |
title_full |
CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts |
title_fullStr |
CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts |
title_full_unstemmed |
CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts |
title_sort |
CVM and the Judiciary: the effect of juridical uncertainty on the decision to invest in stocks and the specialized courts |
author |
Ribeiro, Ivan César |
author_facet |
Ribeiro, Ivan César |
author_role |
author |
dc.contributor.author.fl_str_mv |
Ribeiro, Ivan César |
dc.subject.por.fl_str_mv |
REGULATION INVESTMENT JUDICIAL UNCERTAINTY LEGAL SYSTEM REGULAÇÃO INVESTIMENTOS INCERTEZA SISTEMA LEGAL |
topic |
REGULATION INVESTMENT JUDICIAL UNCERTAINTY LEGAL SYSTEM REGULAÇÃO INVESTIMENTOS INCERTEZA SISTEMA LEGAL |
description |
THIS PAPER INVESTIGATES THE RELATION BETWEEN REGULATORY AGENCIES, SPECIALLY THE STOCK EXCHANGE AUTHORITY (CVM), AND COURTS. IT STARTS DISCUSSING THE POSSIBLE EFFECTS OF JUDICIAL UNCERTAINTY ON THE WILL TO INVEST, MAINLY REGARDING SMALL INVESTORS THAT TEND TO AVOID BIG RISKS. IT ALSO DISCUSSES THE EFFECT OF THE CREATION OF INDEPENDENT REGULATORY AGENCIES ON JUDICIAL UNCERTAINTY. THE ARTICLE DEVELOPS A MODEL FOR CONFLICT ANALYSIS BETWEEN AGENTS (ADMINISTRATORS) AND PRINCIPALS (SMALL SHAREHOLDERS) BASED ON HAILSTORM’S AND MAILGRAM’S ONE. THE MODEL SHOWS THAT, BESIDES AFFECTING THE WILL TO INVEST, UNCERTAINTY INFLUENCES THE PERFORMANCE OF COMPANIES. IT LEADS TO THE CONCLUSION THAT THE HIGHER JUDICIAL AND REGULATORY AGENCIES UNCERTAINTY IS, THE WORST WILL THE PERFORMANCE OF ADMINISTRATORS BE. AN EMPIRICAL TEST IS DEVELOPED TO ANALYZE DECISIONS OF SPECIALIZED COURTS (CORPORATE LAW COURTS) FROM RIO DE JANEIRO. THE TEST SHOWS THAT DECISIONS OF SPECIALIZED COURTS TEND TO REFORM LESS THE DECISIONS BY CVM (12,5% TO 15% LESS, COMPARED WITH ORDINARY COURTS). THIS DATA INDICATES THAT THE EXISTENCE OF SPECIALIZED COURTS AND AGENCIES PRODUCES MORE CERTAINTY; CONSEQUENTLY, THE CREATION OF SPECIALIZED COURTS AND AGENCIES MAY INCREASE THE CONFIDENCE OF INVESTORS. THE ARTICLE ENDS PROPOSING A RESEARCH AGENDA TO DEEPEN THE STUDY OF THE RELATION BETWEEN JUSTICE, REGULATORY AUTHORITIES AND ECONOMIC DEVELOPMENT. |
publishDate |
2007 |
dc.date.none.fl_str_mv |
2007-01-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.fgv.br/revdireitogv/article/view/35195 |
url |
https://periodicos.fgv.br/revdireitogv/article/view/35195 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.fgv.br/revdireitogv/article/view/35195/33999 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Escola de Direito de São Paulo da Fundação Getulio Vargas |
publisher.none.fl_str_mv |
Escola de Direito de São Paulo da Fundação Getulio Vargas |
dc.source.none.fl_str_mv |
Revista Direito GV; Vol. 3 No. 1 (2007): jan.-jun. (5); 35-55 Revista Direito GV; Vol. 3 Núm. 1 (2007): jan.-jun. (5); 35-55 Revista Direito GV; v. 3 n. 1 (2007): jan.-jun. (5); 35-55 2317-6172 reponame:Revista Direito GV instname:Fundação Getulio Vargas (FGV) instacron:FGV |
instname_str |
Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Revista Direito GV |
collection |
Revista Direito GV |
repository.name.fl_str_mv |
Revista Direito GV - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
||revistadireitogv@fgv.br|| catarina.barbieri@fgv.br |
_version_ |
1798943708945580032 |