O retorno esperado dos COEs. (Portuguese)
In: Brazilian Review of Finance / Revista Brasileira de Finanças, Jg. 19 (2021-04-01), Heft 2, S. 1-26
Online
academicJournal
Zugriff:
Structured operations certificates (certificados de operações estruturadas, COEs) are complex financial products that are commonly sold to retail investors in Brazil. However, information about their expected returns are not disclosed to the buyers. In this paper we estimate the expected returns of two groups of COEs. The first is composed of the 50 highest-volume COEs sold to at least 100 retail investors between 2016 and 2019. The second group includes 234 COEs distributed by a large Brazilian brokerage house from 2019 to 2020. Of these 284 COEs, 252 had an expected return lower than the risk-free return available to investors at the time of sale. [ABSTRACT FROM AUTHOR]
Os certificados de operações estruturadas, COEs, são produtos financeiros complexos que vêm sendo distribuídos em grande escala para investidores de varejo no Brasil. No entanto, informações sobre o retorno esperado dos COEs não são fornecidas aos seus compradores. Neste artigo, calculamos o retorno esperado para dois grupos de COEs. O primeiro grupo contém os 50 COEs de maior volume dentre os que foram vendidos para mais de 100 indivíduos entre 2016 e 2019. O segundo grupo contém 234 COEs distribuídos por uma grande corretora entre os anos de 2019 e 2020. Encontramos que 252 dos 284 COEs foram vendidos aos investidores de varejo com retorno esperado abaixo da taxa livre de risco. [ABSTRACT FROM AUTHOR]
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Titel: |
O retorno esperado dos COEs. (Portuguese)
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Autor/in / Beteiligte Person: | Bitu, Otávio ; Chague, Fernando ; Giovannetti, Bruno ; Hamdan, Tomaz |
Link: | |
Zeitschrift: | Brazilian Review of Finance / Revista Brasileira de Finanças, Jg. 19 (2021-04-01), Heft 2, S. 1-26 |
Veröffentlichung: | 2021 |
Medientyp: | academicJournal |
ISSN: | 1679-0731 (print) |
DOI: | 10.12660/rbfin.v19n2.2021.82245 |
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