rafael confetti Gatsios
@isg.br
ISG Business & Economics School
Scopus Publications
Scopus Publications
Bruno Figlioli, Rafael Moreira Antônio, Rafael Confetti Gatsios, and Fabiano Guasti Lima
Wiley
AbstractThis study investigates the relationship between the cash conversion cycle (CCC) and the financial and market performances of publicly traded” firms in six Latin American (LatAm) countries: Argentina, Brazil, Chile, Colombia, Mexico, and Peru. The analysis covers the period from 2000 to 2018. The results indicate that increases in CCC negatively impact the generation of operating cash flows and long‐term investments, and increase financial risk. Other findings suggest that the mechanisms through which CCC affects a firm's financial performance can provide a satisfactory explanation of its market performance. The evidence is consistent with the hypothesis that CCC is a relevant driver of value in working capital management in undeveloped or emerging economies.
Bruno Uekane Okumura, Tabajara Pimenta Júnior, Márcia Mitie Durante Maemura, Luiz Eduardo Gaio, and Rafael Confetti Gatsios
Emerald
PurposeThis study aims to investigate the occurrence of the decoy effect in stock investment decisions based on fundamental analysis.Design/methodology/approachIn this study, the decoy effect was investigated by applying two questionnaires, one of them with the presence of a decoy alternative, to a set of 224 respondents with knowledge of business fundamentals, simulating investment decisions in stocks of companies listed on the Brazilian Stock Exchange. The data analysis was performed using the Fisher's exact test, Student's t-test and ANOVA. The research also aimed to detect a potential relationship between the variables gender, age, degree and professional experience with the type of decision made.FindingsThe results pointed to the occurrence of the decoy effect when analysing the general response data. However, such evidence was not confirmed when the sample was analysed by classes (gender, course, age and professional experience). There is no statistical evidence that the decoy effect influences classes.Originality/valueThe recent decoy effect literature is little explored in investment decision-making. This study is unique in examining the decoy effect in investment decisions in the Brazilian context.
Guilherme Bannwart Elias, Fabiano Guasti Lima, Rafael Confetti Gatsios, and Vinícius Medeiros Magnani
Fundacion Universitaria Konrad Lorenz
Objectives: Small-sized financial institutions stand out in serving SMEs due to their comparative advantages in the use of relationship-based credit. This study explores the impact of the relationship between a small financial institution and SMEs on credit access conditions. Methodology: The research employs the ordinary least square multiple regression method (OLS) on a dataset comprising 194 loan agreements from a small financial institution, which were contracted by 43 SMEs. The dataset includes financial information and records regarding the relationship strength with the creditor from 2015 to 2019. Results: The parameters of the OLS models that measured the association between the cost of credit, credit line available and average maturity with the bank relationship profile showed statistically significant results. Conclusions: The findings suggest that the duration of the banking relationship and the number of services contracted do not significantly affect the cost of credit. However, a noteworthy association is observed between credit concentration within the small-sized bank and higher costs for clients. Additionally, the length of the banking relationship directly influences the credit line available to SMEs. Interestingly, the impact of guarantees offered on credit conditions does not justify long credit transactions. Furthermore, an inverse relationship emerges between the credit rating of SMEs and the credit term.
Luiz Eduardo Gaio, Nelson Oliveira Stefanelli, Tabajara Pimenta, Carlos Alberto Grespan Bonacim, and Rafael Confetti Gatsios
Elsevier BV
Vinícius Medeiros Magnani, Marcelo Augusto Ambrozini, Rafael Moreira Antonio, and Rafael Confetti Gatsios
Journal of Risk and Financial Management MDPI AG
Given the recent Brazilian economic scenario, characterized by political uncertainties and economic instabilities, it is essential for companies to engage in hedging as part of their financial policy in order to prevent their results from being affected by market frictions. In this context, the present study aimed to verify the impact of hedging on the agency costs of Brazilian companies. The methodology used was that of panel data contemplating a manually collected database of 154 companies between 2010 and 2017 (all companies that use derivatives for hedging). The results obtained agree with the literature on hedging and agency costs, indicating that the greater the use of hedging, the lower the agency costs faced by shareholders, expanding on the discussions involving developed markets. This relationship shows that by using hedging in a company’s financial policy, managers can minimize the impacts of market frictions and reduce the residual losses of shareholders in relation to what would otherwise occur.
RAFAEL C. GATSIOS, FABIANO G. LIMA, LUIZ E. GAIO, and TABAJARA PIMENTA JUNIOR
FapUNIFESP (SciELO)
ABSTRACT Purpose: This research examines the superiority of analysts over random walk models in forecasting the results of publicly-traded Brazilian companies in the short and long term. Originality/value: The literature indicates the uncontested superiority of market analysts because of their temporal and informational advantages. However, recent international studies call for a re-evaluation of this superiority, indicating that, for certain company characteristics, and primarily for long-term estimates, the superiority of analysts is not confirmed. Design/methodology/approach: This work evaluates the profit forecasting of analysts and simple and growth random walk models over the short and long term over 2010-2015 for publicly traded Brazilian companies, using the information available for the period with annual intervals. Findings: The results indicate: 1. the greater forecasting accuracy of simple random walk models compared to the growth random walk models; and 2. the greater forecasting accuracy of random walk models overall, with analyst forecasts only being superior for cases with three months of lag. The evidence suggests the forecasting superiority of the random walk models when compared to the market analysts' forecasts. The results suggest low efficiency of the forecasts of market analysts for the forecast of future results of publicly traded Brazilian companies in the analyzed period.
Vinícius Medeiros Magnani, Antonio Daniel Ricardo Caluz, Rafael Confetti Gatsios, and Fabiano Guasti Lima
Global Business Review SAGE Publications
The present study aims to analyse the relationship between fiscal and monetary credibility and the volatility of the Brazilian stock market index, Ibovespa. The results demonstrate that the greater the credibility of the target imposed by the Brazilian Central Bank, the more predictable and stable are the macroeconomic variables and the greater the confidence of economic agents in the Brazilian stock market. We can conclude that the greater the fiscal and monetary credibility, the better is the performance of the stock market.
Fabiano Guasti Lima, Bruno Figlioli, Rafael Confetti Gatsios, and Alexandre Assaf Neto
Fundacion Universitaria Konrad Lorenz
R E S U M E N Valoración de empresas en Brasil: una discrepancia entre teoría y práctica Valuation of companies in Brazil: a conflict between theory and practice Fabiano Guasti Lima1, Bruno Figlioli2, Rafael Confetti Gatsios3 y Alexandre Assaf Neto4 1 Ph.D in Administration, Professor at the University of São Paulo. Brazil. Email address: fabianoguastilima@gmail.com , ORCID: 0000-0003-4776-3673. 2 Ph.D in Controllership and Accounting. Professor at the University of São Paulo. Brazil. Email address: brunofig@ymail.com , ORCID: 0000-0003-4345-2595. 3 Ph.D in Controllership and Accounting. Professor at the University of São Paulo. Brazil. (Corresponding Author) Email address: rafaelgatsios@fearp.usp.br, ORCID: 0000-0003-4364-7157. 4 Ph.D in Administration, Instituto ASSAF. Brazil. Email address: institutoassaf@gmail.com , ORCID: 0000-0002-0625-8841. Received on February 20, 2019 Accepted on June 12, 2019 Available online July 30, 2019 JEL classification: G12, G17, G11, G13
Rogiene Batista dos Santos, Fabiano Guasti Lima, Rafael Confetti Gatsios, and Rodrigo Borges de Almeida
Informa UK Limited
Rafael Moreira Antônio, Luciana Cardoso Siqueira Ambrozini, Rafael Confetti Gatsios, and Vinícius Medeiros Magnani
FapUNIFESP (SciELO)
RAFAEL CONFETTI GATSIOS, JOSÉ MARCOS DA SILVA, MARCELO AUGUSTO AMBROZINI, ALEXANDRE ASSAF NETO, and FABIANO GUASTI LIMA
FapUNIFESP (SciELO)
ABSTRACT Purpose: This study aims to assess the impact of adopting IFRS standard on the equity cost of Brazilian open capital companies in the period of 2004-2013. Originality/gap/relevance/implications: The adoption of International Financial Reporting Standards aims to increase the quality of accounting information. Studies performed in Europe suggest that, after the adoption of the IFRS standard, there was a reduction in the equity cost of companies due to the reduction of information asymmetry and risk. Key methodological aspects: The equity cost was calculated using the capital asset pricing model (CAPM) adapted to the Brazilian case. The empirical strategy was the difference analysis in differences, comparing the results of companies that voluntarily adopted the IFRS with companies that adopted IFRS after the mandatory adoption period. Summary of key results: The results indicate that the adoption of the IFRS standard does not contribute to reduce the equity cost in Brazil. Key considerations/conclusions: Suggesting that the process of adopting the international accounting standard may take more time to impact the equity cost of Brazilian open capital companies, since the impact of IFRS is not related only with the adoption, but also with its use by companies and users.