Where To Invest In Brics? An Analysis From The Point Of View Of Industrial Organization
Tipo
Artigo
Data de publicação
2011
Periódico
RAE Revista de Administracao de Empresas
Citações (Scopus)
0
Autores
Albuja C.D.
Garcia F.G.
Moreiras L.M.F.
Filho E.T.
Garcia F.G.
Moreiras L.M.F.
Filho E.T.
Orientador
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Programa
Resumo
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 and gas in Russia and mining in Brazil,India and China, while the least interesting industries would be textile, motor vehicle parts, tools and accessories and telecommunications in Brazil.