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Master's Dissertation
DOI
10.11606/D.96.2014.tde-19092014-161807
Document
Author
Full name
Hyberville Paulo D'Athayde Neto
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
Ribeirão Preto, 2014
Supervisor
Committee
Ribeiro, Evandro Marcos Saidel (President)
Mendonça, Paulo Sergio Miranda
Souza Filho, Hildo Meirelles de
Title in Portuguese
Fatores determinantes da utilização de ferramentas de gestão de risco de preços do boi gordo por confinadores
Keywords in Portuguese
confinamento de bovinos
contratos de opções
contratos futuros
fatores determinantes
hedge
mercado a termo
Abstract in Portuguese
A existência de especificidade temporal na produção do confinamento de bovinos, que limita o período de negociação e busca por preços mais atrativos, corrobora com a necessidade do uso de mecanismos de hedge. Este pode ser feito pelo confinador com o uso da BM&F Bovespa, via contratos futuros e de opções, ou diretamente com os frigoríficos, por meio de contratos a termo. O objetivo desta dissertação é identificar fatores determinantes para a utilização de hedge (contratos futuros, de opções e termo) por confinadores. Foram realizadas pesquisas com confinadores participantes de eventos realizados em Ribeirão Preto-SP, em 2012 e 2013, e por telefone em 2014. Para a análise dos dados foram utilizadas estatísticas descritivas. Em seguida, com uso do Teste Exato de Fisher, foi analisada a associação das características dos confinamentos e pecuaristas ao uso do hedge. Com o intuito de identificar os determinantes para o uso de ferramentas de gestão de preços, foram elaborados modelos de regressão logística. Os resultados indicaram que o tamanho do confinamento, a escolaridade do gestor, o controle acurado de custos, o confinamento exclusivo, a utilização de hedge para os grãos, uso anterior de ferramentas e a parceria com frigoríficos têm relação com a utilização de uma ou mais formas de gestão de risco de preços do boi gordo.
Title in English
Determinant factors for the use of risk management tools by feedlot cattle producers
Keywords in English
cattle feedlot
determinant factors
forward contracts
futures contracts
hedge
options contracts
Abstract in English
The existence of temporal specificity in the production of feedlot cattle, which limits the period of negotiation and search for more attractive prices, confirms the necessity of using hedging mechanisms by feedlot cattle producers. The hedging can be done via BM&F Bovespa, through futures and options, or directly with slaughterhouses, through forward contracts. The aim of this study is identify determinants for using hedge (futures contracts, options contracts and forward contracts) by feedlot cattle producers. Surveys were applied to participants of events in Ribeirão Preto-SP, in 2012 and 2013, and via phone in 2014. Descriptive statistics of data were obtained and the determinants for using hedge were investigated using hypothesis tests. The relations between the producer's and feedlot's characteristics with hedging use were tested by Fisher Exact Test. In order to identify the determinants for the use of hedge, logistic regression models were implemented. The results have indicated that the size of the confinement, the manager's educational level, the high cost control, the feedlot as the only activity, the use of hedging for grains, the prior use of these tools and the partnership with slaughterhouses are related to the use of one or more ways to manage price risk of cattle.
 
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Publishing Date
2014-10-10
 
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