Open AccessImpacto das variáveis bursáteis no desempenho financeiro das corretoras independentes
Author(s) -
Leonardo Anversi Ukita,
Rodolfo Leandro de Faria Olivo,
Leandro José Morilhas,
Flávia Angeli Ghisi Nielsen
Publication year - 2019
Publication title -
revista brasileira de finanças
Language(s) - English
Resource type - Journals
eISSN - 1984-5146
pISSN - 1679-0731
DOI - 10.12660/rbfin.v17n1.2019.62354
Subject(s) - political science , economics , humanities , physics , philosophy
The 21st Century has seen important innovations in stockmarkets, particularly the widespread adoption of automatic trading systems,which, allied to high-speed information systems, have increased efficiencyand competition among stock brokers. In this context, we investigate theimpacts of these changes on independent Brazilian brokerage firms. Resultsbased on a 52-month sample period suggest a small effect of the Bovespaindex, market volatility and traded volume on brokers firmsfinancial performance, indicating a still-limited impact of new technologiesof automatic trading and high-speed information on the Brazilianmarket.