Fundos de pensão como financiadores da atividade econômica

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


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.


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How to Cite
AMARAL, H. F.; VILAÇA, C. S. I.; BARBOSA, C. F. M.; BRESSAN, V. G. F. Fundos de pensão como financiadores da atividade econômica. RAE - Revista de Administracao de Empresas , [S. l.], v. 44, n. 2, p. 79–91, 2004. Disponível em: Acesso em: 19 jul. 2024.