Proteção e reparação coletiva dos investidores no mercado de valores mobiliários

• Autor(a) principal: Tescari, Renato Mantoanelli
• Data de Publicação: 2020
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da PUC_SP
• Texto Completo: https://tede2.pucsp.br/handle/handle/23719
• topic: Reparação (Direito); Mercado de valores mobiliários; Investidores (Finanças); Reparation (Criminal justice); Bond market; Floor traders (Finance); CNPQ::CIENCIAS SOCIAIS APLICADAS::DIREITO

This paper addresses the known Brazilian securities markets’ problems regarding the lack of investors protection against fraud. It proposes that the answer for its problems lies on private enforcement measures, especially when considering short-term actions. The problems faced by investors on a daily basis in Brazil are part of a broader spectrum of the agency problems that affect any kind of company. Brazil’s leniency to this kind of problems and to the impunity of those involved in securities fraud against Brazilian investors compromises the development of its securities market, risking its survival. In this scenario, the punishment for those who are willing to risk their economies in the Brazilian exchange market is duplicated: first, they suffer from their asset’s price drop after the disclosure of the fraud; and, second, by indirectly paying securities class actions’ plaintiffs who bought their securities in more serious markets and, therefore, will be able to recover their losses by suing the company and its agents. It is then imperative that we think carefully about the enforceability of the Brazilian law, especially in the stock market