Fundos de pensão como financiadores da atividade econômica

Hudson Fernandes Amaral, Caroline Sales Issa Vilaça, Camila Figueiredo Marques Barbosa and Valéria Gama Fully Bressan

RAE - Revista de Administração de Empresas, 2004, vol. 44, issue 2

Abstract: The production of domestic savings and the amplification of the productive investment are the conditions to reach and to maintain rates of economical growth compatible with the social development. The pension funds, with the available resources to invest, make possible to leverage the development of a nation, as they channel these resources for the country’s productive sector. At this perspective, this study intends to analyze the performance of the investments in variable income of these funds, here considered productive investments, through the Capital Asset Pricing Model (CAPM), Sharpe Index and M2 Measure. Those models are rendered to evaluate the investment accomplished - in relation to the risk and return of the portfolio. Starting from the proposed methodology, it was verified that the investments in stocks incurred in superior returns to the expected ones and obtained efficient reward-to-risk, generating, by one hand, a larger aggregated value to the fund, and by the other, an increment of the intern savings of the country - backed by the application of resources in the productive section.

Date: 2004
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