Atração de investimentos privados para a infraestrutura no Brasil / Atraer inversión privada para infraestructura en Brasil / Attracting private investments for infrastructure in Brazil

Resumo Este estudo busca identificar as principais motivações e barreiras para a atração de investimentos do mercado de capitais para o setor de infraestrutura no Brasil. Entre os resultados da pesquisa, verificou-se que os incentivos variam conforme o tipo de investidor. Pessoas físicas são fortemente atraídas pela isenção fiscal prevista na Lei nº 12.431/2011, para a compra de debêntures incentivadas, e hoje representam um dos principais investidores em infraestrutura no país. Já fundos de pensão domésticos não são incentivados pela isenção da lei - seus investimentos são isentos de Imposto de Renda - e consideram baixo o spread pago pelos emissores das debêntures incentivadas. Investidores estrangeiros avaliam como desfavorável o ambiente de investimentos no país, em função de fatores como a alta volatilidade cambial e a instabilidade política. Conclui-se, portanto, que, para suprir a lacuna de investimentos em infraestrutura, há a necessidade de reformas institucionais mais amplas para atrair investidores de longo prazo. A certificação verde de projetos de infraestrutura representa outra estratégia interessante para a atração de investimentos, sobretudo estrangeiros.

Resumen Este estudio buscó identificar las principales motivaciones y barreras para atraer inversiones del mercado de capitales al sector de infraestructura en Brasil. Entre los resultados de la investigación se encontró que los incentivos varían según el tipo de inversionista. Los inversionistas individuales son fuertemente atraídos por la exención de impuestos prevista en la Ley nº 12.431/2011 para la compra de debentures incentivados y hoy representan uno de los principales inversionistas en infraestructura del país. Los fondos de pensiones nacionales, por su parte, no están incentivados por la exención de la ley (sus inversiones están exentas del Impuesto a la Renta) y consideran bajo el margen pagado por los emisores de debentures incentivados. Los inversionistas extranjeros consideran que el ambiente de inversión en el país es desfavorable, debido a factores como la alta volatilidad del tipo de cambio y la inestabilidad política. Por lo tanto, se concluye que, para llenar el vacío de inversiones en infraestructura, se necesitan reformas institucionales más amplias para atraer inversores a largo plazo. La certificación verde de proyectos de infraestructura representa otra estrategia interesante para atraer inversiones, especialmente extranjeras.

Abstract This study sought to identify the main drivers of and barriers to attracting capital market investments to the infrastructure sector in Brazil. The research findings indicate that the incentives vary according to the type of investor. Individual investors are strongly attracted by the tax exemption provided for in Statute 1,2431/2011 to purchase incentivized debentures, and, today, they represent one of the main investors in infrastructure in the country. On the other hand, domestic pension funds have no incentives based on this piece of legislation (their investments are exempt from income tax). For these pension funds, the spread paid by the issuers of incentivized debentures is low. Foreign investors consider the investment environment in the country to be unfavorable due to factors such as high exchange rate volatility and political instability. Therefore, broader institutional reforms are needed to fill the gap in infrastructure investments and attract long-term investors. Green certification of infrastructure projects represents another interesting strategy for attracting investments, especially foreign investors.

Integration of ESG Information Into Individual Investors' Corporate Investment Decisions: Utilizing the UTAUT Framework.

Environmental, Social, and Governance (ESG) criteria are now considered significant, global non-financial evaluating factors of corporate value. However, no attention is given to what influences the integration of ESG information by individual investors in their investment decisions. This study first identifies different types of information investors use to make investment decisions. Risks identified in information integration in investment decision making is reviewed. Next, the Unified Theory of Acceptance and Use of Technology (UTAUT) model is used to identify individual investors' investment tendencies and the factors affecting integration of ESG information into investment decisions. Each of four categories for UTAUT innovation adoption factors (performance expectancy, effort expectancy, social influences, and facilitating conditions) are discussed in relation to how they affect individual investors' integration of ESG information. Standardization of ESG reporting and evaluation frameworks would reduce efforts to adopt ESG information and could build a strong foundation for facilitating ESG information integration. Corporates' efforts to further communicate their ESG management through their investor relations and active governmental well as non-governmental organizations' participation are recommended.

The Influence of Entrepreneurs' Online Popularity and Interaction Behaviors on Individual Investors' Psychological Perception: Evidence From the Peer-To-Peer Lending Market.

Inappropriate social interactions of entrepreneurs can generate negative effects in the peer-to-peer lending market. To address this problem and assist peer-to-peer entrepreneurs in customizing their online interaction strategies, we used the cutting-edge cognitive-experiential self-system conceptual model and studied the relationship between peer-to-peer entrepreneurs' interactions and financing levels. Online interactive information was categorized as emotional or cognitive, adding the moderator of entrepreneur popularity, and the effect of these interactions on individual investors was analyzed. We found that the entrepreneurs' online interactive information affected psychological perception of entrepreneurs and their corresponding brand image. The interaction between popularity and interactive information types was significant. The findings imply that less popular entrepreneurs should engage in emotional interactions, while more popular entrepreneurs should choose cognitive interactions. Online interaction created comparative advantages in the financing activities of peer-to-peer companies. These results expand understanding of the psychological facets of the consumer-brand relationship in the digital world, and extend the current literature. This study also highlights key areas of learning and application for both practitioners and scholars of organizational psychology.

ICO investors.

We conduct a detailed analysis of investors in successful initial coin offerings (ICOs). The average ICO has 4700 contributors. The median participant contributes small amounts and many investors sell their tokens before the underlying product is developed. Large presale investors obtain tokens at a discount and flip part of their allocation shortly after the ICO. ICO contributors lack the protections traditionally afforded to investors in early-stage financing. Nevertheless, returns 9 months after the ICO are positive on average, driven mostly by an increase in the value of the Ethereum cryptocurrency.

P2P lending platforms in Malaysia: What do we know?

Background - With the recent evolution of Financial Technology (FinTech), 11 peers to peer (P2P) lending platforms have been regulated by the Securities Commission in Malaysia since 2016. P2P lending platforms offer new investment opportunities to individual investors to earn higher rates on return than what traditional lenders usually provide. However, individual investors may face higher potential risks of default from their borrowers. Therefore, individual investors need to understand the potential exposure to such P2P lending platforms to make an effective investment decision. This study aims to explore the potential risk exposures that individual investors may experience at Malaysia's licensed P2P lending platforms.   Methods - Based on data collected manually from nine P2P lending platforms over five months, relationships between interest rates and various risk classifying factors such as credit rating, industry, business stage, loan purpose, and loan duration are examined.    Results- This study shows that loans with a similar credit rating and with or without similar loan purpose; and a business stage may offer investors significantly different interest rates. In addition, loans with shorter durations may provide investors with higher interest rates than those with longer durations. Finally, loans issued by companies from the same industry appeared to be charged with similar interest. These findings are valuable to investors to prepare themselves before making their investments at the P2P lending platforms.   Conclusion- With first hand-collected data, this study provides an original insight into Malaysia's current P2P lending platforms. Findings obtained for relationships between interest rates and risk classifying factors such as credit rating, industry, business stage, loan purpose and loan duration are valuable to investors of Malaysian P2P lending platforms.

Can we predict individual investors' behavior in stock markets? A psychological approach / ¿Es posible predecir el comportamiento de los inversionistas en los mercados bursátiles? Una aproximación psicológica

Understanding financial markets and investors' behavior is one of the biggest objectives in finance. However, most of the research obtained conclusions about individual investors, but they are not studying real individual investors' behavior: they analyzed stock price evolution or used aggregate investor data that essentially belongs to founds and big investors. Psychology has improved financial knowledge and solved many of those financial limitations. Because of that, we decided to apply one of the most valid psychological models to study human behavior, in order to better understand real individual investors' behavior: the Theory of Planned Behavior (TPB; Ajzen, 1991). The model was applied to 127 real investors obtained by the "snowball" technique. According to results, TPB seems to be a good model to understand individual investor's behavior, while explaining 63% of the investments' intentions and 48% of the investments' behavior.

Entender los mercados financieros y el comportamiento de los inversionistas es uno de los objetivos principales en materia de finanzas. Sin embargo, se encuentra que la mayor parte de las conclusiones de estas investigaciones sobre los inversionistas no estudian el comportamiento de los mismos: normalmente se encuentra un análisis de la evolución de los precios de las acciones o datos utilizados de inversionistas que pertenecen esencialmente a los grandes mercados. La psicología ha mejorado el conocimiento financiero y ha resuelto muchas de las limitaciones en finanzas. Debido a esto, se ha decidido aplicar uno de los modelos psicológicos más válidos para estudiar el comportamiento humano, con el fin de comprender mejor el comportamiento de los inversionistas. Este modelo es la Teoría del Comportamiento Planeado ([TPB]; Ajzen, 1991). El modelo se aplicó a 127 inversionistas reclutados por la técnica de "bola de nieve". Según los resultados, el TPB parece ser un buen modelo para comprender el comportamiento de los individuos, al tiempo que explicó el 63 % de la intención de inversión y el 48 % de la conducta de inversión.