Previdência complementar no Brasil: análise do impacto da legislação na alocação de ativos entre 2003 e 2005

Made available in DSpace on 2009-11-18T18:56:17Z (GMT). No. of bitstreams: 1 ACFDCD.pdf: 907223 bytes, checksum: 5a37c279edfcde4a75c2d10c8d0938e7 (MD5) Previous issue date: 2006 === This work aims to identify the impacts brought about by legislation alterations regarding assets allocation by Pen...

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Bibliographic Details
Main Author: Oliveira, André Luís Nogueira de
Other Authors: Oliveira, Fátima Bayma de
Language:Portuguese
Published: 2009
Subjects:
Online Access:http://hdl.handle.net/10438/3329
Description
Summary:Made available in DSpace on 2009-11-18T18:56:17Z (GMT). No. of bitstreams: 1 ACFDCD.pdf: 907223 bytes, checksum: 5a37c279edfcde4a75c2d10c8d0938e7 (MD5) Previous issue date: 2006 === This work aims to identify the impacts brought about by legislation alterations regarding assets allocation by Pension Funds Companies. Focused on that, this work carried on a detailed review on the existing literature concerning Modern Portfolio Theory, Pension Funds Investment Strategies and on Brazilian Legislation for Financial Market and Pension Funds. On a second moment, the work identified asset allocation differences when comparing national financial market players and the data released by the official Social Security Secretary - SPC - regarding the 35 Pension Funds analyzed. In accordance with what the literature indicates, the work also reveals that Pension Funds pursue asset allocation policies different than those adopted by other market players due to the Fund¿s long term investment characteristics. No major impacts were identified on the legislation issued by the National Monetary Council ¿ CMN - in what it concerns asset allocation and impacts were only identified on the legislation regarding - CPMF - taxes on financial operations - which led Pension Funds to allocate expressive part of their assets on investment funds. === Este trabalho tem por objetivo identificar o impacto das alterações das legislações na alocação de ativos das Empresas Fechadas de Previdência Complementar (EFPC's). Para isso o estudo promoveu uma minuciosa revisão da literatura relativa a Moderna Teoria do Portfolio, Estratégias de Investimento de Fundos de Pensão e Legislação brasileira de Mercado Financeiro e Previdência Complementar. Posteriormente identificou a diferença de alocação de ativos entre o mercado financeiro nacional e os dados fornecidos pela Secretaria de Previdência Complementar das 35 EFPC's analisadas. O estudo apontou que conforme a literatura apontava, as EFPC's possuem características de alocação diferentes das adotadas pelo mercado, devido a característica de investidor de longo prazo, porem não foi possível identificar impactos significativos da legislação emitida pelo Conselho Monetário Nacional (C.M.N.) na alocação de ativos, mas apenas da legislação relativa a CPMF, levando as EFPC's a alocar grande parte de seus ativos em fundos de investimentos.