2014

VIII Luso-Brazilian Finance Meeting – Vale do Douro

March 28-30, 2014

 

Venue of the Meeting: CS Vintage House Hotel

 

The Hotel is located close to the village of Pinhão, 120 km east of the city of Oporto. The Hotel is accessible by car or by the panoramic Douro railway (train station is just behind the Hotel, the trip takes 2,5 hours and costs around 11 euros) .

Other activities suggested:

  • Wine tasting at the Wine Academy of the CS Vintage House Hotel
  • Visit to the Enoteca de Favaios (Quinta da Avessada) including wine tasting and local gastronomy degustation; http://www.enotecadouro.com/menu.html
  • Mini-Cruise in a Rabelo Boat around the Douro River, leaving in front of the hotel. Traject: Pinhão-TUA-Pinhão. €25,00.
  • Visit and dinner at the Quinta da Casa Amarela

 

The Organizing Committee:

João Amaro de Matos (Nova SBE): This email address is being protected from spambots. You need JavaScript enabled to view it.

Ana Paula Serra (Universidade do Porto): This email address is being protected from spambots. You need JavaScript enabled to view it.

Marco Bonomo (INSPER): This email address is being protected from spambots. You need JavaScript enabled to view it.

Walter Novaes (PUC-Rio): This email address is being protected from spambots. You need JavaScript enabled to view it.

Program

Friday Evening

Short Communications

5:00 – 5:10: Political Uncertainty and Equity Risk Evidence from 2000/2004 US Presidential Elections

Authors: Marcelo Medeiros and Fernando Roriz

 

5:10 – 5:20: Are Rankings of Financial Analysts Useful for Investors?

Authors: Ana Paula Serra, Artur Aiguzhinov and Carlos Soares

 

5:20 -5:30: A Closed-Form Solution for Options with Ambiguity about Stochastic Volatility

Authors: Goncalo Faria and Joao Correia da Silva

 

5:30 – 5:40: Deleveraging Risk
Authors: Scott Richardson, Pedro Saffi, and Fari Sigurdsson

 

5:40 – 5:50: Risk and the Franchising Decision in a Multinational Firm

Author: Per Axelson

 

5:50 – 6:00: Information Asymmetries in Global Institutional Investment

Authors: Nelson Camanho, Harald Hau and Helene Ray

 

6:00 – 6:10: Do Improvement in the Information Environment Affect Real Investment Decisions?

Authors: Gilberto Loureiro and Alvaro Taboada

 

Coffee Break: 6:10-6:30

 

6:30 – 6:40: Short Selling and Inside Information

Authors: Fernando Chague, Alan De Genaro, Rodrigo de Losso, Dimas Fazio, Bruno Giovannetti

 

6:40-6:50: Cash Flow, Discount Risk Decomposition and ICAPM for US & Brazilian Stock Markets

Authors: Renato Colletta and João Mergulhão

 

6:40 – 6:50: Hedge Funds and Stock Market Efficiency

Author: Joni Kokkonen and Matti Suominen

 

6:50-7:00: Contagion from the Constant Cond. Correlation Model with Markov Regime Switching

Authors: Pedro Nielsen Rotta and Pedro Valls Pereira

 

7:10 – 7:20: The Market for Borrowing Securities in Brazil

Author: Lira Mota

 

7:20-7:30: Influential Analyst Recommendations: Are They the Hidden Gem?

Authors: Jose Afonso Faias and Pedro M. N. Mascarenhas

 

7:30 – 7:40: Asset Pricing under any Distribution of Returns: The Omega CAPM

Authors: Gabriel Vasconcelos, Fernanda Perobelli, Marcel Vieira

 

7:40 pm – 7:50 : Option Pricing for Petrobrás: Realized Volatility and Cond. Hetoreskedastic Estimation

Authors: Daniel Esteves dos Reis, Fernanda Perobelli, Rogério Silva de Mattos, and Wilson L. R. Corrêa

 

 

Saturday Morning

 

8:30-9:45 am: Tradable macro risk factors and the cross-section of stock returns

Authors: Nikolay Doskov, Tapio Pekkala and Ruy M. Ribeiro

Discussants: Gonçalo Faria and Pedro Valls

 

9:45-11:00 am: The Government as a Large Shareholder: Impact on the Voting Premium

Authors: Walter Novaes and Marcelo Fernandes

Discussants: Daniel Ferreira and Nelson Camanho

 

Saturday Afternoon

 

4:00 pm- 5:15 pm: Unfriendly Creditors: Debt Covenants and Board Independence

Authors: Daniel Ferreira, Miguel Ferreira and Beatriz Mariano (LUBRAFIN paper)

Discussants: Geraldo Cerqueira and Per Axelson

 

5:15-6:30 pm: Improved Creditor Protection and Verifiability in the US

Authors: Erasmo Giambona, Florencio Lopez-de-Silanes, Rafael Matta

Discussant: Miguel Ferreira and Pedro Saffi

 

6:30-6:45 pm: Coffee Break

 

6:45-8:00 pm: The Real Effects of Credit Ratings: Using Sovereign Downgrades as a Natural Experiment

Authors: Heitor Almeida, Igor Cunha, Miguel Ferreira and Felipe Restrepo (LUBRAFIN paper)

Discussants: Jose Afonso Faias and Marco Bonomo

 

Sunday Morning

 

8:30-9:45 am: Asset Volatility

Authors: Maria Correia, Johnny Kang and Scott Richardson

Discussants: João Pedro Pereira and Marcelo Medeiros

 

9:45-10:00 am: Coffee Break

 

10:00-11:15 am: Sorting out the time-varying inflation risk premium

Authors: Martijn Boons, Frans de Roon and Marta Szymanowska

Discussants:  Joni Kokkonen and Rodrigo de Losso

 

11:15 am-12:30 pm: Debtor rights, credit supply, and Innovation

Author: Geraldo Cerqueiro, Deepak Hedge, Maria Fabiana Penas and Robert C. Seamans

Discussants: Gilberto Loureiro and João Mergulhão