Where to invest in BRICs? An analysis from the point of view of the industrial organization
ABSTRACT IN PORTUGUESE: O presente estudo tem como objetivo identificar os setores mais atrativos para investimento do Brasil, Rússia, Índia e China (BRICs) conforme a relação risco-retorno e geração de valor, tendo como base de estudos a teoria de Organização Industrial (OI). Para isso, este trabal...
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| Veröffentlicht in: | Revista de administração de emprêsas 2011-07, Vol.51 (4), p.349-369 |
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| creator | Albuja, Cristian Diego Garcia, Fabio Gallo Moreiras, Luiz Maurício Franco Rihe, Elmo Tambosi |
| description | ABSTRACT IN PORTUGUESE: O presente estudo tem como objetivo identificar os setores mais atrativos para investimento do Brasil, Rússia, Índia e China (BRICs) conforme a relação risco-retorno e geração de valor, tendo como base de estudos a teoria de Organização Industrial (OI). Para isso, este trabalho analisou 2.770 empresas nos BRICs entre 1995 e 2008. Assim, foram investigados e comparados índices de desempenho como retorno sobre ativo (ROA), retorno sobre ações (ROE), índice preço-lucro, valor de mercado sobre valor contábil e Q de Tobin das empresas. Os resultados obtidos reforçam os de Fama e French (1992), Mohanram (2005) e Goldszmidt, Brito e Vasconcelos (2007), porém divergem do World Bank (2008) quanto à China. Constatou-se que os setores mais atrativos na perspectiva de risco-retorno sobre o patrimônio líquido seriam óleo & gás na Rússia e mineração no Brasil, Índia e China, enquanto aqueles com menor atratividade seriam os setores têxtil, motores, máquinas & ferramentas e telecomunicações no Brasil. // ABSTRACT IN ENGLISH: The objective of this study is to identify the most interesting industries for investing in Brazil, Russia, India e China (BRICs), according to risk-return and value premises, based in the theory of industrial organization (IO) tradition. This work analyzed 2770 firms in the BRICs from 1995 until 2008. With this purpose were compared rates of performance as ROA (return on assets), ROE (return on shares), average price earnings, market value over book value and Tobin's Q of the companies. The results support studies from Fama and French (1992), Mohanram (2005) and Goldszmidt, Brito and Vasconcelos (2007), although deviates from World Bank (2008) as to risk-return enhancing in China. Results show that the most attractive sectors for investment using the risk-return approach, filtering by value indicators, would be oil & gas in Russia and mining in Brazil, India and China, while the least interesting industries would be textile, motor vehicle parts, tools & accessories and telecommunications in Brazil. Reprinted by permission of the Fundação Getulio Vargas, Escola de Administração de Empresas de São Paulo ©PGV-EAESP/RAE www.fgvsp.br.rae |
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An analysis from the point of view of the industrial organization</title><source>DOAJ Directory of Open Access Journals</source><source>Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals</source><source>Business Source Complete</source><source>Alma/SFX Local Collection</source><creator>Albuja, Cristian Diego ; Garcia, Fabio Gallo ; Moreiras, Luiz Maurício Franco ; Rihe, Elmo Tambosi</creator><creatorcontrib>Albuja, Cristian Diego ; Garcia, Fabio Gallo ; Moreiras, Luiz Maurício Franco ; Rihe, Elmo Tambosi</creatorcontrib><description>ABSTRACT IN PORTUGUESE: O presente estudo tem como objetivo identificar os setores mais atrativos para investimento do Brasil, Rússia, Índia e China (BRICs) conforme a relação risco-retorno e geração de valor, tendo como base de estudos a teoria de Organização Industrial (OI). Para isso, este trabalho analisou 2.770 empresas nos BRICs entre 1995 e 2008. Assim, foram investigados e comparados índices de desempenho como retorno sobre ativo (ROA), retorno sobre ações (ROE), índice preço-lucro, valor de mercado sobre valor contábil e Q de Tobin das empresas. Os resultados obtidos reforçam os de Fama e French (1992), Mohanram (2005) e Goldszmidt, Brito e Vasconcelos (2007), porém divergem do World Bank (2008) quanto à China. Constatou-se que os setores mais atrativos na perspectiva de risco-retorno sobre o patrimônio líquido seriam óleo & gás na Rússia e mineração no Brasil, Índia e China, enquanto aqueles com menor atratividade seriam os setores têxtil, motores, máquinas & ferramentas e telecomunicações no Brasil. // ABSTRACT IN ENGLISH: The objective of this study is to identify the most interesting industries for investing in Brazil, Russia, India e China (BRICs), according to risk-return and value premises, based in the theory of industrial organization (IO) tradition. This work analyzed 2770 firms in the BRICs from 1995 until 2008. With this purpose were compared rates of performance as ROA (return on assets), ROE (return on shares), average price earnings, market value over book value and Tobin's Q of the companies. The results support studies from Fama and French (1992), Mohanram (2005) and Goldszmidt, Brito and Vasconcelos (2007), although deviates from World Bank (2008) as to risk-return enhancing in China. Results show that the most attractive sectors for investment using the risk-return approach, filtering by value indicators, would be oil & gas in Russia and mining in Brazil, India and China, while the least interesting industries would be textile, motor vehicle parts, tools & accessories and telecommunications in Brazil. 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An analysis from the point of view of the industrial organization</title><title>Revista de administração de emprêsas</title><description>ABSTRACT IN PORTUGUESE: O presente estudo tem como objetivo identificar os setores mais atrativos para investimento do Brasil, Rússia, Índia e China (BRICs) conforme a relação risco-retorno e geração de valor, tendo como base de estudos a teoria de Organização Industrial (OI). Para isso, este trabalho analisou 2.770 empresas nos BRICs entre 1995 e 2008. Assim, foram investigados e comparados índices de desempenho como retorno sobre ativo (ROA), retorno sobre ações (ROE), índice preço-lucro, valor de mercado sobre valor contábil e Q de Tobin das empresas. Os resultados obtidos reforçam os de Fama e French (1992), Mohanram (2005) e Goldszmidt, Brito e Vasconcelos (2007), porém divergem do World Bank (2008) quanto à China. Constatou-se que os setores mais atrativos na perspectiva de risco-retorno sobre o patrimônio líquido seriam óleo & gás na Rússia e mineração no Brasil, Índia e China, enquanto aqueles com menor atratividade seriam os setores têxtil, motores, máquinas & ferramentas e telecomunicações no Brasil. // ABSTRACT IN ENGLISH: The objective of this study is to identify the most interesting industries for investing in Brazil, Russia, India e China (BRICs), according to risk-return and value premises, based in the theory of industrial organization (IO) tradition. This work analyzed 2770 firms in the BRICs from 1995 until 2008. With this purpose were compared rates of performance as ROA (return on assets), ROE (return on shares), average price earnings, market value over book value and Tobin's Q of the companies. The results support studies from Fama and French (1992), Mohanram (2005) and Goldszmidt, Brito and Vasconcelos (2007), although deviates from World Bank (2008) as to risk-return enhancing in China. Results show that the most attractive sectors for investment using the risk-return approach, filtering by value indicators, would be oil & gas in Russia and mining in Brazil, India and China, while the least interesting industries would be textile, motor vehicle parts, tools & accessories and telecommunications in Brazil. Reprinted by permission of the Fundação Getulio Vargas, Escola de Administração de Empresas de São Paulo ©PGV-EAESP/RAE www.fgvsp.br.rae</description><subject>Brazil</subject><subject>Brito, Luiz Artur Ledur</subject><subject>China</subject><subject>Earnings</subject><subject>Fama, Eugene</subject><subject>French, Kenneth R</subject><subject>Goldszmidt, Rafael G. Burstein</subject><subject>India</subject><subject>Industrial investment</subject><subject>Industrial organization</subject><subject>Industrial sector</subject><subject>Investment returns</subject><subject>Mining</subject><subject>Mohanram, Partha</subject><subject>Natural gas</subject><subject>Oil industry</subject><subject>Q-value</subject><subject>Risk-return analysis</subject><subject>Russia</subject><subject>Sample surveys</subject><subject>Sectoral development</subject><subject>Stock prices</subject><subject>Stock returns</subject><subject>Tobin, James</subject><subject>Value orientation</subject><subject>Vasconcelos, Flávio Carvalho de</subject><subject>World Bank</subject><issn>0034-7590</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2011</creationdate><recordtype>article</recordtype><recordid>eNqNzr0KwjAUBeAMCtafd7ibUyFS09JJtCi6iuDgUIKm9kqa1Ny0ok9vCz6A0weHA-cMWMB5tAwTkfIRGxM9OBeJiEXALudSOQXeAppWke-AzfGQ0QrWBqSR-k1IUDhbgS8V1BaNB1tAi-rV24dobg15h1KDdXdp8CM9WjNlw0JqUrOfEzbfbU_ZPqydfTbdWF4hXZXW0ijbUJ72J-MkXUT_N7_Dc0V-</recordid><startdate>20110701</startdate><enddate>20110701</enddate><creator>Albuja, Cristian Diego</creator><creator>Garcia, Fabio Gallo</creator><creator>Moreiras, Luiz Maurício Franco</creator><creator>Rihe, Elmo Tambosi</creator><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20110701</creationdate><title>Where to invest in BRICs? 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An analysis from the point of view of the industrial organization</atitle><jtitle>Revista de administração de emprêsas</jtitle><date>2011-07-01</date><risdate>2011</risdate><volume>51</volume><issue>4</issue><spage>349</spage><epage>369</epage><pages>349-369</pages><issn>0034-7590</issn><abstract>ABSTRACT IN PORTUGUESE: O presente estudo tem como objetivo identificar os setores mais atrativos para investimento do Brasil, Rússia, Índia e China (BRICs) conforme a relação risco-retorno e geração de valor, tendo como base de estudos a teoria de Organização Industrial (OI). Para isso, este trabalho analisou 2.770 empresas nos BRICs entre 1995 e 2008. Assim, foram investigados e comparados índices de desempenho como retorno sobre ativo (ROA), retorno sobre ações (ROE), índice preço-lucro, valor de mercado sobre valor contábil e Q de Tobin das empresas. Os resultados obtidos reforçam os de Fama e French (1992), Mohanram (2005) e Goldszmidt, Brito e Vasconcelos (2007), porém divergem do World Bank (2008) quanto à China. Constatou-se que os setores mais atrativos na perspectiva de risco-retorno sobre o patrimônio líquido seriam óleo & gás na Rússia e mineração no Brasil, Índia e China, enquanto aqueles com menor atratividade seriam os setores têxtil, motores, máquinas & ferramentas e telecomunicações no Brasil. // ABSTRACT IN ENGLISH: The objective of this study is to identify the most interesting industries for investing in Brazil, Russia, India e China (BRICs), according to risk-return and value premises, based in the theory of industrial organization (IO) tradition. This work analyzed 2770 firms in the BRICs from 1995 until 2008. With this purpose were compared rates of performance as ROA (return on assets), ROE (return on shares), average price earnings, market value over book value and Tobin's Q of the companies. The results support studies from Fama and French (1992), Mohanram (2005) and Goldszmidt, Brito and Vasconcelos (2007), although deviates from World Bank (2008) as to risk-return enhancing in China. Results show that the most attractive sectors for investment using the risk-return approach, filtering by value indicators, would be oil & gas in Russia and mining in Brazil, India and China, while the least interesting industries would be textile, motor vehicle parts, tools & accessories and telecommunications in Brazil. Reprinted by permission of the Fundação Getulio Vargas, Escola de Administração de Empresas de São Paulo ©PGV-EAESP/RAE www.fgvsp.br.rae</abstract></addata></record> |
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| subjects | Brazil Brito, Luiz Artur Ledur China Earnings Fama, Eugene French, Kenneth R Goldszmidt, Rafael G. Burstein India Industrial investment Industrial organization Industrial sector Investment returns Mining Mohanram, Partha Natural gas Oil industry Q-value Risk-return analysis Russia Sample surveys Sectoral development Stock prices Stock returns Tobin, James Value orientation Vasconcelos, Flávio Carvalho de World Bank |
| title | Where to invest in BRICs? An analysis from the point of view of the industrial organization |
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