O uso de derivativos e gerenciamento de riscos em empresas brasileiras não-financeiras
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2005-11-24
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This paper presents empirical evidence on derivatives usage by Brazilian non financial firms, using a sample of 50 companies. The proportion of firms that use derivatives in Brazil is comparable to that of other countries already researched, with the exception of the US. As observed internationally, evidence suggests that Brazilian managers use derivatives for risk management purposes rather than speculation. The usage of derivatives across risk classes in Brazil follows patterns observed internationally, which means that companies use derivatives primarily to manage foreign exchange risk, followed by interest rates, commodities and equity exposures, in this order. Despite the high volatility of Brazilian markets, the main concerns of Brazilian managers seem to be much more linked to legal and institutional framework issues than to financial and economic aspects.