Banca de DEFESA: IRÃ INÁCIO RIBEIRO

Uma banca de DEFESA de DOUTORADO foi cadastrada pelo programa.
STUDENT : IRÃ INÁCIO RIBEIRO
DATE: 04/12/2023
TIME: 08:00
LOCAL: VIDEOCONFERÊNCIA (Link a ser publicado no Forum do Sigaa)
TITLE:

POLITICAL CONNECTIONS AND ASSET PRICING: evidence in the Brazilian regulated market

KEY WORDS:

political connections; asset pricing; boards of directors; anomaly.

PAGES: 119
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUMMARY:

The objective of this thesis was to analyze political connections as one of the possible omitted factors in asset pricing models. More than three hundred anomalies have already been cataloged that resulted in pricing problems (Conte; Ceretta, 2021; Fama; French, 2017a). The population points out 103 companies listed on B3 and that are under the supervision of regulatory agencies such as, for example, Aneel, Ana, Anatel in the period from 2011 to 2022. The methodology follows in the footsteps of Fama and French (1993) for the model of three factors; by Carhart (1997) for the four-factor model and by Fama and French (2015) for the five-factor model. Two factors were included in these models: the first deals with political connections through the proportion of politically connected advisors in relation to the total number of advisors and the second factor seeks a temporal analysis due to the requirements imposed by Law 13,303/2016 (Law of Responsibility of State-owned companies) for investiture in the position of director of companies controlled by the public authorities. The results showed that political connections began to be priced after the enactment of the law, that is, the absence of political connections can be considered as one of the omitted factors in asset pricing models requiring an excess return by investors, which aligns the Resource Dependence Theory to the detriment of the Agency Theory. However, the significance of the proportionality of politically connected advisors in relation to the total number of advisors was not verified; on the contrary, their inclusion in the model proved to be an anomaly, since the intercept of the regressions returns a value different from zero and statically significant. It is suggested that other factors be included in the pricing models and a comparison between the new concept of political connection proposed by the thesis and the concept of political connection already in force in academia.

 

COMMITTEE MEMBERS:
Presidente - 1802347 - VINICIO DE SOUZA E ALMEIDA
Interno - 2864355 - ISRAEL JOSÉ DOS SANTOS FELIPE
Externo ao Programa - 4966048 - RAIMUNDO MARCIANO DE FREITAS NETO - UFRNExterna à Instituição - ALESSANDRA CARVALHO DE VASCONCELOS
Externo à Instituição - LUIZ FELIPE DE ARAUJO PONTES GIRÃO - UFPB
Externo à Instituição - RENATO HENRIQUE GURGEL MOTA - UFERSA