RESUMOEste artigo faz uma avaliação bibliográfica quantitativa e qualitativa dos artigos de Finanças publicados em 11 periódicos científicos nacionais, por meio de levantamentos sobre coautorias, áreas temáticas e uma análise da produtividade dos autores. A coautoria tornou-se uma característica predominante. As áreas temáticas mais comuns, finanças corporativas e gestão de investimentos, refletem a abundância de dados de empresas com ações em bolsa, negligenciando as demais. A produtividade é concentrada em poucos indivíduos no Sudeste e mais baixa do que o previsto pela teoria bibliométrica. A grande maioria dos autores publicou apenas um artigo e apenas 5% publicaram cinco ou mais. A maior parte dos artigos internacionais dos autores prolíficos consta de periódicos de baixo impacto. A pouca inovação teórica e metodológica dificulta publicações internacionais de impacto. A avaliação da Coordenação de Aperfeiçoamento de Pessoal de Ní-vel Superior (Capes) parece estimular parcerias, mas sugeriram-se novos incentivos visando ao alinhamento com o nível de desenvolvimento da área nos países mais avançados. Abstract This article conducts a quantitative and qualitative appraisal of the bibliography of financial articles published in 11 Brazilian scientific journals, through surveys into the question of co-authorships and other priority areas, together with an analysis of the productivity of authors. The issue of co-authorships became a dominant feature of the inquiry. The most common areas were corporate finance and investment management, and this reflects the large amount of data supplied by publicly traded companies, although it means that others were neglected. The production of literature is concentrated in the hands of a few people in the South-East of the country and is lower than what was predicted by the bibliometric theory. A large majority of authors only published one article and only 5% published five or more. The international articles of the most prolific authors are largely found in "low impact" periodicals. The lack of innovation, either of a theoretical or methodological kind, prevents international publications from having a significant effect. The assessments of seems to stimulate the formation of partnerships, but new incentives are recommended to ensure the level of development is aligned with that of more advanced countries. keywords Brazilian scientific articles, financial literature, authors on finance productivity, financial periodicals, Capes.

Brazil’s offshore wind resources are evaluated from satellite winds and ocean heat flux datasets. Winds are extrapolated to the height of modern turbines accounting for atmospheric stability. Turbine technical data are combined with wind and bathymetric information for description of the seasonal and latitudinal variability of wind power. Atmospheric conditions vary from unstable situations in the tropics, to neutral and slightly stable conditions in the subtropics. Cabo Frio upwelling in the southeast tends to promote slightly stable conditions during the spring and summer. Likewise, Plata plume cold-water intrusions in southern shelf tends to create neutral to slightly stable situations during the fall and winter. Unstable (stable) conditions are associated with weaker (stronger) vertical wind shear. Wind technical resource, accounting for atmospheric stability and air density distribution, is 725 GW between 0–35 m, 980 GW for 0–50 m, 1.3 TW for 0–100 m and 7.2 TW for the Brazilian Exclusive Economic Zone (EEZ). Resources might vary from 2 to 23% according to the chosen turbine. Magnitudes are 20% lower than previous estimates that considered neutral atmosphere conditions. Strong winds are observed on the north (AP, PA), northeast (MA, PI, CE, RN), southeast (ES, RJ) and southern states (SC, RS). There is significant seasonal complementarity between the north and northeast shelves. When accounting for shelf area, the largest integrated resource is located on the north shelf between 0–20 m. Significant resources are also found in the south for deeper waters.

We do not find any consistent evidence that the presence of the largest Brazilian pension funds as relevant shareholders is associated to higher corporate governance scores by public Brazilian companies. Even though companies with institutional investors as relevant shareholders presented a higher average corporate governance score than other companies, they were also larger and had greater past profitability than other companies, which are common attributes of firms with better corporate governance according to the literature. The impact of Brazilian institutional investors on the corporate governance quality of their investees is either negligible or cannot be captured by the proxies we employed. Finally, we note that these two pension funds may represent the policy and political views of the incumbent Brazilian government and that the actions of their board appointees may or not reflect what is understood as good corporate governance practices.

We analyze the performance of consensus forecasts and recommendations of sell-side analysts in Brazil from three measures - bias, accuracy and informativeness. The sample included 195 stocks listed on the BM & FBovespa, 75 brokers and 569 analysts. We apply OLS with panel data for a total of 8477 observations and found: i. optimistic bias and focus on recommendations to purchase, even when the target prices suggest pessimism; ii. analysts learn from mistakes, reducing their biases; iii. optimism in forecasts has positive relationship with the dollar variation and variation with negative interest rate.

ResumoEste trabalho desenvolve um índice de carteiras de mínima variância global (MVP) para as ações mais líquidas do Brasil. Os resultados indicaram que a MVP sem limites sobre os pesos das ações não apresenta diferença significativa de desempenho em relação ao IBOVESPA. A imposição de um peso máximo de dez por cento em cada ação tornou possível superar o IBOVESPA. Contudo, os resultados desta estratégia são comparáveis aos de uma carteira igualmente ponderada e são superados por alguns fundos de gestão ativa em testes fora da amostra. Ainda assim, estas estratégias simples baseadas nestas restrições facilitam a replicação do MVP por investidores individuais e exchange traded funds e sustenta o poder de estratégias ingênuas de investimento.Palavras-chave: Carteira de Mínima Variância; Desempenho de Fundos; Seleção de Ativos. AbstractThis paper develops an index of global minimum variance portfolio (MVP) for the most liquid stocks in Brazil. The unconstrained MVP shows no significant difference in performance over the IBOVESPA. The imposition of a ten percent ceiling on the MVP weights for each asset made it possible to beat the IBOVESPA. However, this strategy is comparable to an equally weighed portfolio and is beaten by a number of actively managed stock funds in out of the sample tests. Nevertheless, these constraints facilitate the replication of the MVP by individual investors and by ETFs and support the power of naive diversification strategies.