Effects of centralization on the Brazilian equity lending market

Detalhes bibliográficos
Ano de defesa: 2024
Autor(a) principal: Barbosa, Davi José Lacerda
Orientador(a): Chague, Fernando Daniel
Banca de defesa: Não Informado pela instituição
Tipo de documento: Tese
Tipo de acesso: Acesso aberto
Idioma: eng
Instituição de defesa: Não Informado pela instituição
Programa de Pós-Graduação: Não Informado pela instituição
Departamento: Não Informado pela instituição
País: Não Informado pela instituição
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Palavras-chave em Inglês:
Link de acesso: https://hdl.handle.net/10438/35636
Resumo: Centralization has been proposed as way to improve the functioning of equity lending markets. We exploit a unique event in the Brazilian equity lending market, the introduction of an lending platform in 2020. We find that for a large class of assets, centralization has led to a large increase in lending fees, and that this effect is mainly driven by hard-to-borrow stocks. As a proxy for hard-to-borrow, we use stocks excluded from the Brazilian stock market index (Ibovespa). We also find that, similar to other markets, there is limited adoption, with the majority of volume and transactions still occurring in the OTC market after the opening of the platform.
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spelling Barbosa, Davi José LacerdaEscolas::EESPGiovannetti, Bruno CaraBueno, Rodrigo de Losso da SilveiraChague, Fernando Daniel2024-07-29T17:44:51Z2024-07-29T17:44:51Z2024-06-24https://hdl.handle.net/10438/35636Centralization has been proposed as way to improve the functioning of equity lending markets. We exploit a unique event in the Brazilian equity lending market, the introduction of an lending platform in 2020. We find that for a large class of assets, centralization has led to a large increase in lending fees, and that this effect is mainly driven by hard-to-borrow stocks. As a proxy for hard-to-borrow, we use stocks excluded from the Brazilian stock market index (Ibovespa). We also find that, similar to other markets, there is limited adoption, with the majority of volume and transactions still occurring in the OTC market after the opening of the platform.A centralização do mercado tem sido proposta como forma de melhorar o funcionamento dos mercados de empréstimos de ações. Exploramos um evento único no mercado brasileiro de empréstimos de ações, a introdução de uma plataforma de empréstimos em 2020. Descobrimos que, para uma grande classe de ativos, a centralização levou a um grande aumento nas taxas de empréstimos e que esse efeito é principalmente impulsionado por ações difíceis de serem emprestadas. Como proxy para a dificuldade de empréstimo, utilizamos ações excluídas do índice do mercado de ações brasileiro (Ibovespa). Também descobrimos que, semelhante a outros mercados, há uma adoção limitada, com a maioria do volume e das transações ainda ocorrendo no mercado de balcão após a abertura da plataforma.engMarket transparencyOTC marketsMarket centralizationEquity lendingPrice efficiencyTransparência de mercadoMercados de balcãoCentralização de mercadoEmpréstimo de açõesEficiência de preçosEconomiaAções (Finanças) - PreçosEmpréstimo de títulosTeoria do mercado eficienteMercado de capitais - BrasilEffects of centralization on the Brazilian equity lending marketinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVLICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv Effects of centralization on the Brazilian equity lending market
title Effects of centralization on the Brazilian equity lending market
spellingShingle Effects of centralization on the Brazilian equity lending market
Barbosa, Davi José Lacerda
Market transparency
OTC markets
Market centralization
Equity lending
Price efficiency
Transparência de mercado
Mercados de balcão
Centralização de mercado
Empréstimo de ações
Eficiência de preços
Economia
Ações (Finanças) - Preços
Empréstimo de títulos
Teoria do mercado eficiente
Mercado de capitais - Brasil
title_short Effects of centralization on the Brazilian equity lending market
title_full Effects of centralization on the Brazilian equity lending market
title_fullStr Effects of centralization on the Brazilian equity lending market
title_full_unstemmed Effects of centralization on the Brazilian equity lending market
title_sort Effects of centralization on the Brazilian equity lending market
author Barbosa, Davi José Lacerda
author_facet Barbosa, Davi José Lacerda
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.member.none.fl_str_mv Giovannetti, Bruno Cara
Bueno, Rodrigo de Losso da Silveira
dc.contributor.author.fl_str_mv Barbosa, Davi José Lacerda
dc.contributor.advisor1.fl_str_mv Chague, Fernando Daniel
contributor_str_mv Chague, Fernando Daniel
dc.subject.eng.fl_str_mv Market transparency
OTC markets
Market centralization
Equity lending
Price efficiency
topic Market transparency
OTC markets
Market centralization
Equity lending
Price efficiency
Transparência de mercado
Mercados de balcão
Centralização de mercado
Empréstimo de ações
Eficiência de preços
Economia
Ações (Finanças) - Preços
Empréstimo de títulos
Teoria do mercado eficiente
Mercado de capitais - Brasil
dc.subject.por.fl_str_mv Transparência de mercado
Mercados de balcão
Centralização de mercado
Empréstimo de ações
Eficiência de preços
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Ações (Finanças) - Preços
Empréstimo de títulos
Teoria do mercado eficiente
Mercado de capitais - Brasil
description Centralization has been proposed as way to improve the functioning of equity lending markets. We exploit a unique event in the Brazilian equity lending market, the introduction of an lending platform in 2020. We find that for a large class of assets, centralization has led to a large increase in lending fees, and that this effect is mainly driven by hard-to-borrow stocks. As a proxy for hard-to-borrow, we use stocks excluded from the Brazilian stock market index (Ibovespa). We also find that, similar to other markets, there is limited adoption, with the majority of volume and transactions still occurring in the OTC market after the opening of the platform.
publishDate 2024
dc.date.accessioned.fl_str_mv 2024-07-29T17:44:51Z
dc.date.available.fl_str_mv 2024-07-29T17:44:51Z
dc.date.issued.fl_str_mv 2024-06-24
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/doctoralThesis
format doctoralThesis
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dc.identifier.uri.fl_str_mv https://hdl.handle.net/10438/35636
url https://hdl.handle.net/10438/35636
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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