ABSTRACT The global COVID-19 pandemic caused significant economic and financial losses in the Ecuadorian banking sector. This study aims to determine the extent to which credit risk and liquidity affect the profitability of mutual savings banks in Ecuador between 2018 and 2021. To this end, the population consisted of the four existing mutual savings banks, and data from a panel of 192 observations were used, applying a PLS-SEM model to demonstrate the relationships. The results showed that credit risk has a negative impact on the liquidity and profitability of these financial institutions; in the case of liquidity, it was found that it does not affect profitability. Consequently, it is essential to control credit risk through delinquency indices, which makes it necessary to consider the structure of the loan portfolio.

RESUMEN La pandemia mundial producto del COVID-19 ocasionó importantes pérdidas económicas y financieras en el sector bancario ecuatoriano. El objetivo del presente estudio es determinar en qué medida el riesgo crediticio y la liquidez afectan la rentabilidad de las mutualistas en Ecuador, entre el 2018 y 2021. Para tal efecto, la población estuvo constituida por las cuatro mutualistas existentes, con cuyos datos se trabajó con datos de panel de 192 observaciones, aplicando un modelo PLS-SEM para evidenciar las relaciones. De esta manera, los resultados mostraron que el riesgo crediticio incide negativamente sobre la liquidez y la rentabilidad de estas instituciones financieras; en el caso de la liquidez, se ha podido percibir que esta no afecta a la rentabilidad. En consecuencia, es sumamente importante controlar el riesgo crediticio, a través de los índices de morosidad, por lo que es necesario considerar la estructura de cartera.

ABSTRACT Public procurement is crucial for the proper functioning of a country, but unfortunately, it can face problems that undermine its efficiency and transparency. For this reason, this research analyzes the top 23 companies that sold over $2.21 billion to the Ecuadorian government between 2015 and 2020. A descriptive methodology and a quantitative approach were used to classify the companies based on their origin, economic activity, and financial situation. The results reveal that 67% of these companies are of Ecuadorian origin. In terms of their financial situation, although they have a strong liquidity position, financing expenses completely dilute their profits, resulting in a negative net profit margin. This finding suggests the need to establish public policies that promote the diversification of economic sectors and the implementation of effective financial management strategies in contracting companies to improve their profitability and long-term financial sustainability.

RESUMEN La contratación pública es crucial para el buen funcionamiento de un país, pero desafortunadamente puede enfrentar problemas que perjudican su eficiencia y transparencia. Por este motivo, esta investigación analiza las 23 principales empresas que entre 2015 y 2020 vendieron más de 2.21 mil millones de dólares con el Estado ecuatoriano. Se utilizó una metodología descriptiva y un enfoque cuantitativo para clasificar a las empresas según su origen, actividad económica y situación financiera. Los resultados revelan que el 67% de estas empresas son de origen ecuatoriano. En cuanto a su situación financiera, aunque tienen una posición sólida en términos de liquidez, los gastos del financiamiento diluyen en su totalidad las utilidades, generando una rentabilidad neta de ventas negativa. Este hallazgo sugiere la necesidad de establecer políticas públicas que promuevan la diversificación de los sectores económicos y la implementación de estrategias de gestión financiera efectivas en las empresas contratistas para mejorar su rentabilidad y sostenibilidad financiera en el largo plazo.

ABSTRACT The main purpose of this research was to assess how the profitability and liquidity of the company "Central de Cooperativas Mineras Rinconada y Lunar de Oro Limitada" were impacted by COVID-19 between the periods 2018 and 2022. This study is classified as basic and explanatory in nature, and it is non-experimental. For data collection, the documentation technique and observation were used, and the company's Balance Sheet and Income Statement were analyzed. The results indicate that, based on the analysis of profitability through Return on Assets (ROA), in 2019, it showed a negative value (-0.21). In contrast, in 2020, it recorded a value of 78.02. On the other hand, the analysis of Return on Equity (ROE) revealed a value of -0.14 in 2019, while in 2020, a significant value was recorded in the ratios (65.01). Regarding the liquidity of the mining company, the Current Ratio in 2019 was 15.46, and in 2020, it was 0.78. Furthermore, the Quick Ratio values were 15.46 in 2019 and 0.78 in 2020. Conclusions: the mining company experienced a significant decline in liquidity; however, it managed to maintain strong economic and financial profitability. Although a company may be profitable, the lack of liquidity represents a significant risk.

RESUMEN El propósito principal de esta investigación fue evaluar cómo la rentabilidad y la liquidez de la empresa “Central de Cooperativas Mineras Rinconada y Lunar de Oro Limitada” se vieron afectadas por el COVID-19 entre los periodos 2018 y 2022. Este estudio se clasifica de tipo básica y nivel descriptivo, y no experimental. Para el recojo de información se usó la técnica de documentación y la observación, se analizó el Estado de situación financiera y Estado de Resultados de la empresa. Los resultados muestran que, según el análisis de rentabilidad por retorno de activos (ROA) en el 2019 mostró un valor negativo (-0,21). Mientras que en 2020 registró un valor 78,02. Por otro lado, el análisis del retorno sobre el patrimonio (ROE), en el 2019 se halló un valor de -0,14. Mientras que en el 2020 se registró un valor significativo en ls ratios (65,01). Respecto a la liquidez de la empresa minera, según valores de Liquidez Corriente en el 2019 fue de 15,46 y en el 2020 fue de 0,78. Por otro lado, los valores de la Prueba Ácida en el 2019 fueron de 15,46 y en el 2020 de 0,78. Conclusiones: la empresa minera percibió una caída importante en su liquidez, sin embargo, logró mantener una sólida rentabilidad económica y financiera. Aunque una empresa pueda ser rentable, la falta de liquidez representa un riesgo significativo.

Resumen Esta investigación se propuso examinar detenidamente la información financiera de las Administradoras de Fondos de Pensiones (AFP) con el objetivo central de entender la relación entre el número de afiliados activos y diversos ratios financieros durante el periodo 2014-2022. Utilizando el método estadístico de la correlación de Pearson, así como un análisis detallado de los afiliados activos, utilidad neta y patrimonio de las AFP, se revelaron relaciones diversas entre el número de afiliados activos y los indicadores financieros. Los resultados también señalaron variabilidades significativas en el crecimiento y disminución de afiliados activos, utilidad neta y patrimonio en cada AFP. En conclusión, se observaron pocas relaciones notables, tanto positivas como negativas, entre el número de afiliados activos y varios indicadores financieros, como los ratios de liquidez, solvencia, gestión y rentabilidad. Este estudio proporciona una visión integral de las dinámicas financieras en las AFP, contribuyendo a una comprensión más profunda de la compleja interacción entre la membresía activa y la salud financiera de estas entidades.

Abstract This research set out to closely examine the financial information of the Pension Fund Administrators (AFPs) with the central objective of understanding the relationship between the number of active members and various financial ratios during the period 2014-2022. Using the statistical method of Pearson's correlation, as well as a detailed analysis of active members, net income and equity of the AFPs, diverse relationships between the number of active members and financial indicators were revealed. The results also showed significant variability in the growth and decline of active members, net income and equity in each AFP. In conclusion, few notable relationships, both positive and negative, were observed between the number of active members and various financial indicators, such as liquidity, solvency, management and profitability ratios. This study provides a comprehensive view of the financial dynamics in the AFPs, contributing to a deeper understanding of the complex interaction between active membership and the financial health of these entities.

Resumen El objetivo del trabajo es analizar la relación entre la dimensión de gobernanza y el desempeño financiero de 35 empresas del sector industrial que cotizan en la Bolsa Mexicana de Valores durante el periodo 2019-2022. Basado en la teoría de la legitimidad se establece como hipótesis central que los mecanismos de gobierno corporativo favorecen el desempeño financiero corporativo. A través de una muestra de estudio conformada por 132 observaciones año y un análisis de regresión múltiple, se evidencia que algunos elementos de la gobernanza, tales como la obtención del distintivo ESR, la separación de las posiciones COB-CEO, el porcentaje de consejeros independientes, la participación de mujeres en los consejos y la protección de los intereses de los accionistas minoritarios incrementan la rentabilidad, la liquidez y el precio de la acción. Este trabajo hace tiene implicaciones prácticas para el sector empresarial y los reguladores en materia de gobierno corporativo en México.

Abstract This paper aims to analyze the relationship between the governance dimension and the financial performance of 35 listed companies in the industrial sector from the Mexican Stock Exchange during the period 2019-2022. Based on the legitimacy theory the main hypothesis of study establishes that corporate governance mechanisms favor corporate financial performance. Through a study sample composed by 132 yearly observations and a multiple regression analysis, empirical results show that some corporate governance practices, such as the ESR recognition, the separation of COB-CEO positions, the independent directors percentage, the women participation on the board and the protection of the minority shareholders’ interests increase profitability, liquidity and the share price. This work has practical implications for the business sector and regulators regarding corporate governance in Mexico.

Abstract Technological developments are followed in the form of speed and new products in the large finance ecosystem. Particularly, we can easily observe the increasing importance of both new products and speed in the cryptocurrency markets. Examining the liquidity in cryptocurrency markets, which are open 24 hours a day, 7 days a week, draws attention as an important issue. Liquidity, in simple terms, refers to the ease of converting a financial instrument into cash. Bid-ask spread of a financial instrument is also considered as a measure of liquidity. This study employs Markov switching GARCH (MSGARCH) models to investigate the intraday volatility of the liquidity of Bitcoin under low volatile and high volatile regime periods. The study analyses the 5 minutes’ intraday bid-ask spread by different types of MSGARCH models with different numbers of regimes. The analysed period 01.01.2019 - 06.29.2021 contains 52,548 observations. The first results of the study provide evidence that low and high volatility periods can be explained by different models such as MS EGARCH, MS TGARCH, and MS GJRGARCH. Secondly, the two-regime MSGARCH and MS GJR GARCH models are the best models for explaining low and high volatility periods of intraday Bitcoin liquidity.

Resumen Los avances tecnológicos y los nuevos productos avanzan de forma rápida en el gran ecosistema financiero. En particular, podemos observar fácilmente la creciente importancia tanto de los nuevos productos como de la velocidad en los mercados de criptomonedas. Examinar la liquidez en los mercados de criptomonedas, que están abiertos las 24 horas del día, los 7 días de la semana, llama la atención como un tema importante. La liquidez, en términos simples, se refiere a la facilidad para convertir un instrumento financiero en efectivo. El diferencial entre oferta y demanda de un instrumento financiero también se considera una medida de liquidez. Este estudio emplea los modelos Markov Switching GARCH (MSGARCH) para investigar la volatilidad intradía de la liquidez de bitcoin en períodos de régimen de baja y alta volatilidad. El diferencial de oferta y demanda intradía de 5 minutos se analiza mediante diferentes tipos de modelos MSGARCH con diferentes números de regímenes. El período analizado del 01.01.2019 al 29.06.2021 contiene 52 548 observaciones. Los primeros resultados del estudio proporcionan evidencia de que los períodos de alta y baja volatilidad pueden explicarse mediante diferentes modelos como MS EGARCH, MS TGARCH y MS GJRGARCH. En segundo lugar, los modelos de dos regímenes MSGARCH y MS GJR GARCH son los mejores modelos para explicar los períodos de baja y alta volatilidad de la liquidez intradía de bitcoin.

Resumen El estudio tuvo como objetivo analizar la estructura de endeudamiento de las pequeñas y medianas empresas (Pymes) del Ecuador que forman parte del mercado bursátil para determinar si se ajusta a los supuestos de la Teoría del Orden Jerárquico, la cual defiende una jerarquía de preferencias financieras. Para procesar los datos se aplicó un modelo de regresión múltiple, que permitió explicar la variable dependiente, el endeudamiento, a través del impacto de diversas variables institucionales. Los resultados mostraron que las variables independientes edad, tangibilidad y rentabilidad se relacionan negativamente con el endeudamiento, es decir, existe una influencia de los supuestos de la Teoría del Orden Jerárquico, mientras que la variable liquidez no es estadísticamente significativa para el modelo.

Abstract The objective of this article was to analyze the debt structure of small and medium-sized companies (SMEs) in Ecuador that are part of the stock market to determine if it adjusts to the assumptions of the Hierarchical Order Theory, which defends a hierarchy of financial preferences. To process the data, a multiple regression model was applied, which allowed the dependent variable, debt, to be explained through the impact of various institutional variables. The results showed that the independent variables age, tangibility and profitability are negatively related to indebtedness, that is, there is an influence of the assumptions of the Hierarchical Order Theory, while the liquidity variable is not statistically significant for the model.

Resumen La pequeña agricultura del secano de Chile Central se enfrenta hoy a diversas limitaciones como son la escasez o variabilidad de regímenes de lluvias anuales, la influencia del cambio climático global y lejanía de los centros de desarrollo. La implementación de programas para el desarrollo agrícola requiere de un adecuado diagnóstico y evaluación de la sostenibilidad de los sistemas agrícolas, lo que es posible realizar usando una diversidad de índices. Este estudio analizó la sostenibilidad de la pequeña agricultura de secano de la Región de Valparaíso en Chile Central a través del marco SAFA Smallholders de la FAO. Esta herramienta ha sido validada en diferentes contextos, incluyendo indicadores en dimensiones social, ambiental, económico y de gobernanza. En particular, se evaluó la sostenibilidad de 30 predios representativos de la zona en cuanto a la diversidad de cultivos, enfoque de producción (convencional vs. agroecológico) y el acceso a agua para riego. Al no existir antecedentes previos de este tipo de evaluaciones mediante la herramienta SAFA en el país, este estudio podría considerarse como exploratorio. Los resultados muestran un nivel de sostenibilidad intermedio con un valor promedio de 60% en una escala de 1-100%. Los predios con mayor diversidad de cultivos y prácticas agroecológicas revelaron más altos niveles de sostenibilidad que aquellos con enfoque en monocultivo y prácticas convencionales. Los resultados sugieren fomentar prácticas agroecológicas acorde a la precariedad de recursos hídricos disponibles; reforzar los programas e iniciativas que contribuyan a la participación de los productores en sus organizaciones gremiales e inversiones comunitarias de su territorio; mejorar su liquidez con el acceso a diferentes fuentes de financiamiento; y ampliar a un mayor público las capacitaciones técnicas y de gestión.

Abstract Small-scale agriculture in the drylands of Central Chile is facing several challenges, such as scarcity or variability of annual rainfall regimes, the impact of global climate change, and distance from development centers. The implementation of programs for agricultural development requires an adequate diagnosis and assessment of the sustainability of agricultural systems, which can be conducted using a diversity of indices. This study analyzed the sustainability of small-scale dryland agriculture in the Valparaíso Region in Central Chile through the FAO SAFA Smallholders framework. This tool has been validated in different contexts, including indicators in social, environmental, economic and governance dimensions. In particular, the sustainability of 30 representative farms in the study area was evaluated in terms of crop diversity, production approach (conventional vs. agroecological) and access to water for irrigation. As there is no previous history of the use of the SAFA tool in this type of evaluations in the country, this study could be considered exploratory. The results show an intermediate level of sustainability with an average value of 60% on a scale of 1-100%. Farms with greater diversity of crops and agroecological practices revealed higher levels of sustainability than those with a focus on monoculture and conventional practices. The results highlight the importance of promoting agroecological practices according to the precariousness of available water resources; reinforcing programs and initiatives that contribute to the participation of farmers in their union organizations and community investments in their territory; improving farmers’ liquidity through the access to different financing sources; and expanding technical and management training to a larger audience.

RESUMEN El mercado de valores en Ecuador se ha creado para negociar valores emitidos por PYMES, grandes empresas y organizaciones de la economía popular y solidaria, que cumplen los parámetros requeridos en la normativa que rige a este segmento. En tal sentido, las cooperativas de ahorro y crédito tienen la posibilidad de emitir títulos valores en dicho mercado para obtener financiamiento con un tratamiento diferenciado en costos y requerimientos. Por lo expuesto, la presente investigación tiene como objetivo: evaluar la factibilidad de captación de fondos externos en el mercado de valores para la COAC “1 de Julio” como mecanismo de mejoramiento de su rentabilidad. Para tal efecto, se aplicó un estudio no experimental, con alcance descriptivo- explicativo. Entre los resultados se determinó que la rentabilidad obtenida en los últimos años ha disminuido al igual que su liquides, debido a los altos costos operativos y financieros de sus actuales fuentes de financiamiento. La capacidad de los líderes de la cooperativa para tomar decisiones informadas y estratégicas se verá fortalecida a través de un enfoque educativo que promueva la resiliencia financiera y la adaptabilidad en un entorno económico dinámico. En este contexto, la educación financiera no solo se configura como una necesidad, sino como un habilitador clave para el mejoramiento de la rentabilidad y la sostenibilidad a largo plazo de la Cooperativa.

ABSTRACT The securities market in Ecuador has been created to trade securities issued by SMEs, large companies and organizations of the popular and solidarity economy, which meet the parameters required by the regulations governing this segment. In this sense, savings and credit cooperatives have the possibility of issuing securities in this market to obtain financing with a differentiated treatment in terms of costs and requirements. Therefore, the purpose of this research is to evaluate the feasibility of raising external funds in the securities market for COAC 1 de Julio, as a mechanism for improving its profitability. For this purpose, a non-experimental study was applied, with a descriptive-explanatory scope. Among the results, it was determined that the profitability obtained in recent years has decreased as well as its liquidity, due to the high operating and financial costs of its current sources of financing.

Resumo Neste artigo, foram investigados os efeitos de curto e longo prazo das variáveis macroeconômicas sobre os indicadores socioeconômicos do setor agrícola, incluindo índice de preços, desemprego rural e produto interno bruto (PIB) sobre os primeiros seis programas de desenvolvimento do governo. Foi utilizada a abordagem de atraso distribuído autorregressivo (ARDL). Os resultados mostraram que no curto prazo a taxa de inflação com atraso tem um efeito significativo e negativo sobre o emprego no setor agrícola e aumenta o nível de desemprego rural. Os resultados sugerem que os efeitos da liquidez e da taxa de inflação no curto prazo sobre o PIB são negativos e os gastos do governo no curto prazo têm efeito positivo sobre o índice de preços agrícolas. No longo prazo, o efeito dessas variáveis sobre a inflação agrícola é semelhante ao de curto prazo, mas com a diferença de que as elasticidades foram maiores.

Abstract In this paper, the short-term and long-term effects of macroeconomic variables on socio-economic indicators of agricultural sector, including price index, rural unemployment and gross domestic product (GDP) over the first to six government development programs were investigated. The auto-regressive distributed lag approach (ARDL) was used. The results showed that in the short run, inflation rate with a delay has a significant and negative effect on employment in the agricultural sector and increases the level of rural unemployment. The findings suggest that the effects of liquidity and inflation rate in the short run on the GDP are negative and government spending in the short run has a positive effect on the agricultural price index. In the long run, the effect of these variables on agricultural inflation is similar to the short term, but with the difference that the elasticities were larger.

Abstract In this work we evaluate the physical-mechanical behavior of lateritic soil with addition of carbon nanotubes. The soil was collected in a commercial deposit located in Rio Branco – AC and later characterized through particle size tests, X-Ray Diffraction, X-Ray Dispersion Spectroscopy and Tropical Compressed Miniature essay. The dispersion of nanotubes in solution was carried out and the size of the nanoparticles was verified using Dynamic Light Spreading - DLS, Zeta Potential and PDI. Three percentages of additions (0.05%, 0.1% and 0.2%) of carbon nanotubes were evaluated and compared with the control group according to the parameters of Atterberg limits, real density, dry density maximum and optimum humidity. The results indicate that the soil has a clayey behavior with a medium texture, with the presence of clay mineral kaolinite in its composition and silicon and iron oxides. The dispersion of carbon nanotubes reached particles with an average hydrodynamic diameter of 68.9 nm and Zeta Potential of -24.87 mV and PDI of 0.231, characterizing a solution as moderately dispersed and kinetically stable. The results of the liquidity limit and plasticity tests showed a reduction of 10 and 13%, respectively, with the addition of carbon nanotubes, while for the parameters of plasticity index, real specific mass, maximum dry density and optimal moisture, they did not show significant variation. Carbon nanotubes interact with soils with lateritic behavior, and further studies are essential to better understand the mechanisms behind this interaction. physicalmechanical physical mechanical XRay X Ray Diffraction essay DLS 0.05%, 005 0 05 (0.05% 01 1 0.1 0.2% 02 2 limits humidity texture oxides 689 68 9 68. 24.87 2487 24 87 -24.8 0231 231 0.231 stable 13 13% respectively index mass moisture variation interaction 0.05% 00 (0.05 0. 0.2 6 24.8 248 8 -24. 023 23 0.23 0.05 (0.0 24. -24 0.0 (0. -2 (0 (

RESUMO Propósito Este estudo teve como objetivo analisar o impacto da liquidez na volatilidade do mercado de ações brasileiro, considerando os efeitos decorrentes da pandemia de COVID-19. Design/metodologia/abordagem A amostra para esta pesquisa consistiu no IBOVESPA e nos índices setoriais da B3. A análise abrange o período de 2 de janeiro de 2019 a 11 de julho de 2021. As estimativas foram realizadas usando o método de alternância de regime de Markov de dois regimes. Resultados Os resultados mostram que a liquidez tem um impacto assimétrico na volatilidade de retorno, tanto para o IBOVESPA quanto para os índices setoriais. Essa relação é mais pronunciada durante o período da pandemia do que antes da crise. Portanto, esta pesquisa procurou contribuir para a discussão sobre como a liquidez do mercado impactaria os retornos em períodos de crise. Além disso, dialoga e contribui para a literatura em países emergentes sobre liquidez de mercado e risco sistêmico. Limitações/implicações da pesquisa Os resultados deste estudo não permitem generalizações, uma vez que os dados utilizados consideram uma série temporal curta de um único país emergente. Originalidade/valor Este estudo oferece contribuições práticas aos investidores com informações adicionais sobre liquidez de mercado e risco sistêmico, pois pode demonstrar melhores oportunidades de investimento. Também há contribuições para a literatura, a partir de uma perspectiva comportamental sobre liquidez e volatilidade de mercado em um país emergente. Além disso, os achados fornecem argumentos sobre a eficiência do mercado, assim como confirmam a teoria de precificação de ativos. brasileiro COVID19. COVID19 COVID 19. 19 COVID-19 Designmetodologiaabordagem Design metodologia abordagem B3 B 201 1 2021 regimes retorno crise Portanto disso sistêmico Limitaçõesimplicações Limitações implicações generalizações emergente Originalidadevalor Originalidade valor investimento ativos COVID1 COVID-1 20 202 COVID-

ABSTRACT Purpose This study aimed to analyze the impact of liquidity on the volatility of the Brazilian stock market, considering the effects resulting from the COVID-19 pandemic. Design/methodology/approach The sample for this research consisted of the IBOVESPA and the sectoral indices of B3. The analysis covers the period from January 2, 2019, to July 11, 2021. The estimations were performed using the two-regime Markov switching method. Findings The results show that liquidity has an asymmetric impact on return volatility, both for the IBOVESPA and the sectoral indices. This relationship is more pronounced during the pandemic period than before the crisis. Therefore, this research sought to contribute to the discussion on how the liquidity of the market would impact the returns in a crisis period. This also dialogues with and contributes to the literature in emergent countries on market liquidity and systematic risk. Research limitations/implications The results of this study do not allow for generalizations, as the data used considers a short time series from a single emerging country. Originality/value This study provides practical contributions to investors with additional information regarding market liquidity and systemic risk, as it can demonstrate better investment opportunities. There are also contributions to the literature from a behavioral perspective on liquidity and market volatility in an emerging country. Furthermore, the findings provide arguments about market efficiency as well as confirming the asset pricing theory. COVID19 COVID 19 COVID-1 Designmethodologyapproach Design methodology approach B3 B 2 2019 11 2021 tworegime two regime method Therefore risk limitationsimplications limitations implications generalizations country Originalityvalue Originality value opportunities Furthermore theory COVID1 1 COVID- 201 202 20

Abstract Purpose This paper evaluates the influence of corporate governance and ownership concentration on subsidized financing in Brazil. Theoretical framework The effect of governance and ownership concentration on subsidized debt is analyzed from the perspective of agency conflicts (Agency Theory) and company behavior in relation to debt (Trade off and Pecking Order Theories). Design/methodology/approach Corporate governance is approximated by an index and presence on the Novo Mercado. Models are estimated by FGLS and Logit for a panel with 1387 annual observations of 147 companies with more liquidity on B3 in the period 2010-2019. Findings Ownership concentration has a positive quadratic relationship with subsidized debt, which was not sensitive to corporate governance. There is a preference for subsidized debt by managers in companies with low ownership concentration and by controlling shareholders in companies with high concentration. The more lenient monitoring from subsidized debt’s creditor may be an explanatory factor. In addition, companies with high ownership concentration face difficulties for share issuance and consider it uninteresting. All that leads these firms to intensify debt raising. Practical & social implications of research It may be interesting for the government strengthening the analysis of corporate governance aspects in the assignment of subsidized credit. Originality/value The recent evolution and the determinants of subsidized debt in Brazil are analyzed under the agency conflicts approach. This is an innovative approach that takes into account the specialization of debt composition and an important funding source. Agency Theory Trade Theories. Theories . Theories) Designmethodologyapproach Design methodology Mercado 138 14 B 20102019. 20102019 2010 2019. 2019 2010-2019 debts s factor addition uninteresting raising credit Originalityvalue Originality value source 13 1 2010201 201 2010-201 201020 20 2010-20 20102 2 2010-2 2010-

RESUMO Objetivo: Este artigo visa analisar como os eventos político-econômicos afetaram o mercado de capitais brasileiro ao longo de 13 anos, avaliando os retornos anormais das cinco ações mais líquidas (Top-5). Originalidade/valor: Este estudo avança sobre pesquisas anteriores ao analisar vários eventos político-econômicos ocorridos ao longo de 13 anos que impactaram, em alguma medida, os preços de empresas listadas na Bolsa de Valores Brasileira. Considerando evidências favoráveis e contrárias à Hipótese de Eficiência de Mercado (HEM), esta pesquisa oferece um teste original e robusto para avaliar a eficiência de mercado, considerando diversos eventos e empresas. Design/metodologia/abordagem: Utilizamos a técnica de estudo de eventos para medir o impacto de cada evento nos preços das ações utilizando o dia que precede e que sucede o evento analisado. A análise do retorno anormal das empresas foi realizada por meio de estimações do modelo de precificação de ativos de capital (CAPM) com 110 observações anteriores ao evento. Os testes das hipóteses de pesquisa foram realizados por meio do teste de médias do retorno anormal em torno do evento (Janela – 1,1). Resultados: Verificamos que as cinco principais empresas do mercado acionário brasileiro foram eficientes na forma semiforte da HEM diante de 13 anos de eventos extremos. Seus retornos não sofreram mudanças significativas após os eventos, diferenciando-se de estudos que questionam a eficiência do mercado. Diante dos resultados encontrados, participantes do mercado não devem esperar retornos anormais diante de eventos similares. Objetivo políticoeconômicos político econômicos 1 Top5. Top5 Top 5 . (Top-5) Originalidade/valor Originalidadevalor Originalidade valor impactaram medida Brasileira HEM, , (HEM) Design/metodologia/abordagem Designmetodologiaabordagem Design metodologia abordagem analisado CAPM (CAPM 11 Janela 1,1. 1,1 1,1) Resultados extremos diferenciandose diferenciando se encontrados similares (Top-5 (HEM 1, (Top- (Top

ABSTRACT Purpose: This study analyzes how political-economic events have affected the Brazilian capital market over 13 years by evaluating the abnormal returns of the five most liquid stocks (Top-5). Originality/value: This research proceeds from previous studies by analyzing various political-economic events that impacted, to some extent, the prices of companies listed on the Brazilian Stock Exchange over 13 years. Considering both favorable and opposing evidence to the efficient market hypothesis (EMH), this study provides an original and robust test to evaluate market efficiency, considering various events and companies. Design/methodology/approach: We used the event study methodology to measure the impact of each event on stock prices by using the day before and after the event analyzed. We performed capital asset pricing model (CAPM) estimations with 110 observations before the event to assess abnormal returns. To assess the research hypotheses, we used the average abnormal return test around the event (Window – 1.1). Findings: We found that the five major companies in the Brazilian stock market were efficient in the EMH semi-strong form test despite 13 years of extreme events. Their returns did not change significantly after the events, differentiating themselves from studies that question market efficiency. Therefore, market participants should not expect abnormal returns in similar events. Purpose politicaleconomic political economic 1 Top5. Top5 Top 5 . (Top-5) Originality/value Originalityvalue Originality value impacted extent EMH, , (EMH) efficiency Design/methodology/approach Designmethodologyapproach Design approach analyzed CAPM (CAPM 11 hypotheses Window 1.1. 1.1 1.1) Findings semistrong semi strong Therefore (Top-5 (EMH 1. (Top- (Top

Abstract Purpose This study investigates the efficiency of Big Safe Dividends (BSD) as an investment strategy for building successful portfolios in the Brazilian stock market. Theoretical framework Using Carlson’s (2010) model, stocks with high dividend potential are identified and portfolios of 10, 15, 20, and more stocks are constructed. These portfolios are analyzed over the period from 2010 to 2023. Design/methodology/approach The performance of the BSD portfolios is compared to the main Brazilian stock market indices (IBOV, IDIV, IBrX, and IGC). The alpha generation of these portfolios is assessed using OLS regression models based on multi-factor asset pricing models, incorporating Fama and French’s (1992, 1993) five risk factors, Carhart’s (1997) momentum factor, and Amihud’s (2002) liquidity factor. Findings The results show that BSD portfolios consistently outperform the four benchmark indices over the period analyzed. The study confirms that the use of BSD is effective in forming stock portfolios that generate positive and significant alphas. Practical & social implications of research The primary contribution of this study is the evidence supporting BSD as a valid indicator of a dividend factor, showing that the criteria for selecting companies that pay big and safe dividends successfully capture dividend risk, which is priced in the Brazilian market. Originality/value This finding is unique in the context of investment strategies related to dividend investing in Brazil, offering novel insights for investors focusing on dividend-based portfolios. (BSD Carlsons Carlson s (2010 model 10 15 20 constructed 201 2023 Designmethodologyapproach Design methodology approach IBOV, IBOV (IBOV IDIV IBrX IGC. IGC . IGC) multifactor multi factor Frenchs French 1992, 1992 (1992 1993 factors Carharts Carhart 1997 (1997 Amihuds Amihud 2002 (2002 alphas Originalityvalue Originality value Brazil dividendbased (201 1 2 202 199 (199 200 (200 (20 19 (19 (2 (1 (