English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Plus monthly

Global: Zendy Tools annual

Global: Zendy Tools monthly

Global: Zendy Free Plan

This study intends to accomplish three tasks: (i) answering some theoretical questions regarding transparency as a regulatory strategy for the securities market; in this regard, it has reviewed the legal and economic literature on the role of information in the process of making economic decisions; (ii) mapping the Brazilian legal framework for related-party transactions, analyzing whether the regulatory strategies currently adopted mach what would be recommended from a theoretical stand point; in this regard, it has systematized the statutory rules, regulations, as well as the precedents set by the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários), and has compared them to the most appropriate regulatory framework from a theoretical standpoint; and (iii) conducting an empirical test in order to assess the extent to which reforms carried in 2009 regarding periodic reporting were capable of changing the way public companies behave and, therefore, improving their corporate governance. The empirical test showed that, within only 3 years, the number of Brazilian public companies approaching related-party transactions more rigorously than required by law has virtually doubled (from 16% to 31.5%). The result is more significant among the special listing segments – the ones which grew the most during the last ten years. In Novo Mercado, this number jumped from 19.5% to 46%, while in Nível 2 it went from 37% to 62.5%. However, transparency rules do not seem to be enough when addressing related-party transactions issues because, despite such change in behavior, the policies adopted by the companies have lagged well behind what would be appropriate from the theoretical point of view.

Transparência como estratégia regulatória no mercado de valores imobiliários: um estudo empírico das transações com partes relacionadas