Since 2014
Determinants of Foreign Investment in the Brazilian Stock Market
Brazilian Review of Finance
View Archive Info| Field | Value | |
| Title |
Determinants of Foreign Investment in the Brazilian Stock Market
Determinantes do Investimento Estrangeiro no Mercado de Capitais Brasileiro |
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| Creator |
Gonçalves Junior, Walter; FGV-EESP
Eid Junior, William; FGV-EAESP São Paulo-SP |
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| Subject |
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foreign investment; determinants; Investment Decisions; International Finance F21, F32, F65, G11 and G15 Finanças Investimento Estrangeiro em Carteira; Determinantes; Decisões de Investimento; Finanças Internacionais F21, F32, F65, G11, G15 |
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| Description |
The purpose of this paper is to identify determinants for foreign portfolio investment in the Brazilian stock market. From the viewpoint of the investors who have already allocated their resources in Brazilian Market, it was found that periods of greater local liquidity and lower correlation with developed markets promoted their activities (buys and sales); the Brazilian country risk (EMBI Br), domestic and external interest rates and recent past performance of the domestic market also showed as significant determinants for additional buys. For net inflows into the local stock market, as robust determinants were found the performance of developed markets and the domestic prime interest rate; the development of BM&F-Bovespa Stock Exchange, crisis environments, the recent Brazilian investment grade and the local diversification (in relation to a developed market) would be particularly relevant to the dynamics of foreign portfolio inflows in Brazil.
Este trabalho tem como objetivo identificar fatores que afetariam significativamente a dinâmica do investimento estrangeiro em carteira no mercado brasileiro. Sob a perspectiva do agente que já internalizou seus recursos no país, verificou-se que períodos de maior liquidez e descorrelação com mercados externos estimulariam aumentos das atividades (compras e vendas) desses atores, sendo que o risco pais, taxas de juros local e externa e desempenho recente do mercado seriam particularmente motivadores a novas compras desses atores. Quanto à decisão novos aportes (ou saques) no mercado brasileiro, o desempenho dos mercados externos desenvolvidos e os juros locais revelaram-se determinantes robustos, sendo que o desenvolvimento bursátil doméstico, cenários de crise, o evento do investment grade e a diversificação local (em relação a mercados externos) teriam sido particularmente influentes na dinâmica de internalização desses recursos no país. |
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| Publisher |
Link to the Brazilian Society of Finance
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| Contributor |
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| Date |
2016-06-27
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Double blind reviewed articles — Avaliado por Pares — |
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| Format |
application/pdf
application/pdf |
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| Identifier |
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/56461
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| Source |
Brazilian Review of Finance; Vol 14, No 2 (2016): April-June; 189-224
Revista Brasileira de Finanças; Vol 14, No 2 (2016): April-June; 189-224 1984-5146 1679-0731 |
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| Language |
por
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| Relation |
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/56461/60798
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/56461/60799 |
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| Rights |
Copyright (c) 2016 Brazilian Review of Finance
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