Detalhes bibliográficos
| Ano de defesa: |
2014 |
| Autor(a) principal: |
Machado, Alessandra Orchis
 |
| Orientador(a): |
Coelho, Fábio Ulhoa |
| Banca de defesa: |
Não Informado pela instituição |
| Tipo de documento: |
Dissertação
|
| Tipo de acesso: |
Acesso aberto |
| Idioma: |
por |
| Instituição de defesa: |
Pontifícia Universidade Católica de São Paulo
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| Programa de Pós-Graduação: |
Programa de Estudos Pós-Graduados em Administração
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| Departamento: |
Faculdade de Economia, Administração, Contábeis e Atuariais
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| País: |
BR
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| Palavras-chave em Português: |
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| Palavras-chave em Inglês: |
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| Área do conhecimento CNPq: |
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| Link de acesso: |
https://tede2.pucsp.br/handle/handle/1107
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Resumo: |
Most companies have to manage their foreign exchange risk, and the appropriate use of financial derivatives would consist among most efficient strategies to minimize this risk. Through the theory of modern finance, the combination of rationality and technique would be sufficient to ensure the success of protection policies, generating low volatility of results and value to businesses. However, behavioral finance theory has identified that agents psycological and social factors interfere in decision process, and may cause unexpected results to individuals and companies. Thus, this study expects to answer why not always use currency derivatives for hedging purposes adds value to the firms, despite its benefits seem obvious. For it, it was analyzed secondary data from Brazil, emerging country with currency volatility and growing derivatives market, suitable for behavioral studies. Among many behavioral aspects presented in financial theory, this research delimited its analysis in anchoring, availability, herd behavior and aversion to certain loss. Anchoring and availability heuristics, would be expressed by managers decisions based on market forecasts was analyzed by correlation between observed and projected foreign exchange rates. The herd effect was studied by the time series evolution of the exchange rate and outstanding of OTC derivatives. The aversion to certain loss, was studied by the correlation between the hedging premium, differential between spot and futures exchange, and the evolution derivatives outstanding. By these data it was possible to identify moderately the heuristics and herd behavior. The aversion to certain loss was not evidenced by the data studied. Anyway, this research contributes to academic foundations, companies and regulators, and provides fertile field for further studies |
