Revista Iniciativa Econômica - ISSN: 2358-5951

Investment analysis by Markowitz model

Alessandro Moura Costa — Fri, 14 Jun 2024 00:00:00 -0300

The present study is a systematic review of the literature on Modern Portfolio Theory, formulated by Harry Max Markowitz in 1952 in his article “Portfolio Selection”, which aims to optimize asset portfolios. The research was based on the following aspects: bibliographic, documentary research and construction and didactic application of Asset Diversification in Excel, with the use of hypothetical data (only for understanding the model) to support the respective Markowitz theory. Emphasis was placed on the concepts inherent to the investment area and also on the statistical part, aiming to simplify and make reading easy to understand, even for lay readers, serving as a basis for them to get deeper into the topic. As a result, it was possible to observe the impact that Markowitz's contribution brought to the development of theories on financial markets.

An analysis of Brazilian deindustrialization from the 2000s onwards

Laura Alves Paraízo, Tatiana Massaroli de Melo — Fri, 14 Jun 2024 00:00:00 -0300

The objective of this research is to understand the development of Brazilian industry and to find out whether, in the last two decades, Brazil has shown signs of the deindustrialization process, and, finally, to compare the results obtained with other selected countries. The results of the paper conclude that there is evidence of deindustrialization and reprimarization of the Brazilian economy in the period between 2000 and 2018. The analysis is divided into 3 sections: the first deals with the discussion of the concept and metrics of deindustrialization, taking into account the different ways of verifying the process and the analysis of several authors about Brazil and other Latin American countries; in the second part, studies are presented on the profile of the Brazilian industry in comparison with other Latin countries. In this section, indicators for deindustrialization in the country from the 2000s onwards and other economic information on countries with late industrialization are also verified. The third section focuses on Brazilian reprimarization based on exports to the main commercial partners and verifying goods from the manufacturing industry profile exported.

Exchange rate pass-through for food prices

Ana Clara Fernandes Nogueira, André Luiz Correa — Fri, 14 Jun 2024 00:00:00 -0300

The present article addresses the issue of Brazilian exchange rate pass-through, specifically concerning food prices, since the implementation period of the Inflation Targeting Regime. Using the Vector Autoregressive and Vector Error Correction methodology, it is proposed to estimate this value, employing the Broad Consumer Price Index (IPCA), its food subgroup, and the Broad Consumer Price Index for the consumer (IPA). The food subgroup demonstrates higher elasticity in relation to the exchange rate than the other indices studied, for both methodologies employed.

Sectoral growth pattern and innovative performance of technology-intensive sectors in the manufacturing industry in the 2000s

Paulo Cesar Brigante — Fri, 14 Jun 2024 00:00:00 -0300

In the 2000s, industrial and technological policy initiatives resurfaced. However, a process of structural change was observed in the manufacturing industry, reinforcing the relative importance of less technology-intensive sectors in total value added. In this context, this article aims to evaluate the performance of the most intensive sectors throughout this process, since the portion of expenses they allocate to research and development (R&D), by nature, is higher than the first. When decomposing sectoral growth and analyzing R&D indicators, the results showed an increase in technological efforts, but, at the same time, they suggest a weak association between the growth of those sectors, with no clear positive relationship between the increase in R&D spending and the its growth, despite a more favorable institutional and public policy context at the time.

Actions and budgetary support for solid waste collect enterprises in Brazil (2004-2019)

Caio Luis Chiariello, Sergio Azevedo Fonseca — Fri, 14 Jun 2024 00:00:00 -0300

This paper aims to discuss the Budget Programs and Actions in the Annual Budget Laws – LOAs from federal executive in Brazil, supporting workers of collective enterprises od collecting and treating of solid waste, operated by cooperatives and associations, in adherence to the National Solid Waste Policy. The data was collected through consulting the LOAs from 2004 to 2021, period in which actions for the Solidarity Economy were present in the Federal Executive Budget. The actions are contained in the LOAs from 2004 to 2019, linked to the Budgetary Programs: Light for All (2004 and 2005); Solid Waste (2006 to 2015) and Environmental Quality (2016 to 2019). The budgetary actions were quoted across the board, within the scope of the Solidarity Economy National Secretary- SENAES. The results shows an increase in contributions from 2004, until 2013, decreasing since then, been extinct from 2019.

Tariff differentiation simulation in the Multi-Lane Free Flow system

Fabio Garcia Silva, Rudinei Toneto Júnior, Daniel Keller, Beatriz Roumanos — Fri, 14 Jun 2024 00:00:00 -0300

This article presents an analysis of tariff differentiation in the context of multi-lane free flow (MLFF) toll systems. The research addresses the importance of discounts for TAG (Electronic Toll Collection) users and Frequent User Discount (FUD) as a complement to Free Flow and highlights their advantages. The studies conducted are based on data and guidelines provided in the Technical and Economic Feasibility Study (TEFS) and the International Competitive Bidding Document related to the highway concession in the São Paulo Coast. By simply considering default as an inherent risk factor and maintaining TAG user discounts at minimal levels (5%), the model ends up restricting the contracting authority's ability to effectively employ TAG-related discounts as a strategy to mitigate default impacts. This study emphasizes the possibility of reducing the consideration required by the concessionaire by exploring different tariff structures. The research reveals that discounts between 11% and 17% are effective in minimizing the final consideration (representing optimal points), surpassing the initial forecast of 5%. The importance of maintaining the contracting authority's decision on tariff discounts, considering the associated risk, is highlighted.