Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90
Autor(a) principal: | |
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Data de Publicação: | 2000 |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Economia Aplicada |
Texto Completo: | https://www.revistas.usp.br/ecoa/article/view/218825 |
Resumo: | The Brazilian capital markets, in special the stock market, apparently had great developmentin the 90's -mainly one looks at market capitalization, traded volume and new issues. However, several signs of decline appeared at the end of the decade reduction of volume traded and new issues. High interest rates and CPMF are commonly blamed for this contraction. This work shows thatthe referred development was an illusion since 1) the number of public firms was declining since the beginning of the decade, and 2) market concentration was increasing (i.e., only a small number of firms took advantage ofthe expansion). Some elements indicate thatthe low protection for minority investors is one of the reasons for the atrophy of the Brazilian capital markets. |
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Economia Aplicada |
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Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90capital marketscorporate governancestock marketThe Brazilian capital markets, in special the stock market, apparently had great developmentin the 90's -mainly one looks at market capitalization, traded volume and new issues. However, several signs of decline appeared at the end of the decade reduction of volume traded and new issues. High interest rates and CPMF are commonly blamed for this contraction. This work shows thatthe referred development was an illusion since 1) the number of public firms was declining since the beginning of the decade, and 2) market concentration was increasing (i.e., only a small number of firms took advantage ofthe expansion). Some elements indicate thatthe low protection for minority investors is one of the reasons for the atrophy of the Brazilian capital markets.Universidade de São Paulo, FEA-RP/USP2000-06-18info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/21882510.11606/1813-8050/ea218825Economia Aplicada; Vol. 4 Núm. 3 (2000); 595-632Economia Aplicada; Vol. 4 No. 3 (2000); 595-632Economia Aplicada; v. 4 n. 3 (2000); 595-6321980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/ecoa/article/view/218825/199908Copyright (c) 2000 Economia Aplicadahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessCarvalho, A. Gledson de 2023-11-13T16:58:20Zoai:revistas.usp.br:article/218825Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-11-13T16:58:20Economia Aplicada - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90 |
title |
Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90 |
spellingShingle |
Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90 Carvalho, A. Gledson de capital markets corporate governance stock market |
title_short |
Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90 |
title_full |
Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90 |
title_fullStr |
Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90 |
title_full_unstemmed |
Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90 |
title_sort |
Ascensão e declínio do mercado de capitais no Brasil - a experiência dos anos 90 |
author |
Carvalho, A. Gledson de |
author_facet |
Carvalho, A. Gledson de |
author_role |
author |
dc.contributor.author.fl_str_mv |
Carvalho, A. Gledson de |
dc.subject.por.fl_str_mv |
capital markets corporate governance stock market |
topic |
capital markets corporate governance stock market |
description |
The Brazilian capital markets, in special the stock market, apparently had great developmentin the 90's -mainly one looks at market capitalization, traded volume and new issues. However, several signs of decline appeared at the end of the decade reduction of volume traded and new issues. High interest rates and CPMF are commonly blamed for this contraction. This work shows thatthe referred development was an illusion since 1) the number of public firms was declining since the beginning of the decade, and 2) market concentration was increasing (i.e., only a small number of firms took advantage ofthe expansion). Some elements indicate thatthe low protection for minority investors is one of the reasons for the atrophy of the Brazilian capital markets. |
publishDate |
2000 |
dc.date.none.fl_str_mv |
2000-06-18 |
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://www.revistas.usp.br/ecoa/article/view/218825 10.11606/1813-8050/ea218825 |
url |
https://www.revistas.usp.br/ecoa/article/view/218825 |
identifier_str_mv |
10.11606/1813-8050/ea218825 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/ecoa/article/view/218825/199908 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2000 Economia Aplicada http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2000 Economia Aplicada http://creativecommons.org/licenses/by-nc/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo, FEA-RP/USP |
publisher.none.fl_str_mv |
Universidade de São Paulo, FEA-RP/USP |
dc.source.none.fl_str_mv |
Economia Aplicada; Vol. 4 Núm. 3 (2000); 595-632 Economia Aplicada; Vol. 4 No. 3 (2000); 595-632 Economia Aplicada; v. 4 n. 3 (2000); 595-632 1980-5330 1413-8050 reponame:Economia Aplicada instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Economia Aplicada |
collection |
Economia Aplicada |
repository.name.fl_str_mv |
Economia Aplicada - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
||revecap@usp.br |
_version_ |
1800221693205020672 |