Small Business–Bank Relationships and the Role of Internet Banking

In the aftermath of the Cruickshank Report (2000) Cruickshank, D. 2000. “Competition in UK banking (A Report to the Chancellor of the Exchequer)”. London: The Stationery Office.  [Google Scholar] and the Competition Commission's investigation (2002) Competition Commission Report. 2002. “The supply of banking services to SMEs”. HM Treasury, available at http://www.hm-treasury.gov.uk (accessed 2 December 2002) [Google Scholar] into SME–bank relationships, this paper examines the current state of the small business–bank relationship and ascertains whether the Internet could be used to improve the quality of the relationship. It utilises a qualitative research method, which consisted of 24 interviews with small business owners and relationship managers in banks. The interviews, inter alia, address the following main research questions: what are the needs and expectations of small business owners from their relationships with banks? What do small businesses think about the overall quality of service provided by banks in the relationship context? What was the delivery preference of small businesses and banks in the relationship? What did small business owners and banks think had been the main effects of e-banking on relationship management. The paper incorporates a discussion of the main findings and makes pragmatic policy and practice recommendations based on the results.     

Assurance of Learning and Study Abroad: A Case Study

Most academic programs are now held accountable for measuring student‐learning outcomes. This article reports the results of an assurance of learning (AOL) project designed to measure the impact of study abroad on the development of ethical reasoning, intercultural sensitivity, and environmental attitudes. The Association to Advance Collegiate Schools of Business International (AACSB) AOL guidelines (2007 Association to Advance Collegiate Schools of Business International. 2007, November 20. AACSB assurance of learning standards: An interpretation (AACSB White Paper), Tampa, FL: AACSB International Accreditation Coordinating Committee and the AACSB International Accreditation Quality Committee. Retrieved May 16, 2009 from http://aacsb.edu/accreditation/papers/AOLPaper‐final‐11‐20‐07.pdf [Google Scholar], 2008 Association to Advance Collegiate Schools of Business International. 2008, January 31. Eligibility procedures and accreditation standards for business accreditation, 12, 15, 71, &; 74Tampa, FL: Author. Retrieved March 12, 2009 from http://aacsb.edu/accreditation/process/documents/AACSB_STANDARDS_Revised_Jan08.pdf [Google Scholar]) are used to frame the overall assessment process. Hammer and Bennett's (2002 Hammer, M. R. and Bennett, M. J. 2002. The intercultural development inventory (IDI) manual, Portland, OR: Intercultural Communication Institute.  [Google Scholar]) intercultural development inventory (IDI); Dunlap, Van Liere, Mertig, and Jones' (2000 Dunlap, R. E., Van Liere, K. D., Mertig, A. G. and Jones, R. E. 2000. Measuring endorsement of the new ecological paradigm: A revised NEP scale.. Journal of Social Issues, 3: 425–442.  [Google Scholar]) new ecological paradigm; Forsyth's (1980 Forsyth, D. R. 1980. A taxonomy of ethical ideologies.. Journal of Personality and Social Psychology, 39: 175–184. [Crossref], [Web of Science ®] , [Google Scholar]) ethics position questionnaire (EPQ); and Richins' (1987 Richins, M. L. 1987. “Media, materialism, and human happiness.”. In Advances in consumer research, Edited by: Wallendorf, M and Anderson, P. 352–56. Provo, UT: Association for Consumer Research.  [Google Scholar]) materialism scale are the primary measurement rubrics used in the study. Results support the proposition that study abroad does have a positive impact on the development of cross‐cultural sensitivity and environmental attitudes. Although study abroad appears to have no direct impact on moral reasoning, changes in ethical reasoning do appear to be related to intercultural development and environmental attitudes. The AOL project demonstrates how assurance of learning programs can be extended to include experiential learning outcomes and can serve as a guide for the furthering of the globalization of a business curriculum.     

Materiality and the comfort of things: drinks,dining and discussion with Daniel Miller

Daniel Miller is Professor of Material Culture at University College London. Miller’s foundational work in consumption studies, material culture studies and the anthropology of materiality has made profound contributions to our understanding of consumption, markets and culture. He is particularly known for Material Culture and Mass Consumption (1987 Miller, D. 1987. Material culture and mass consumption, Oxford: Blackwell.  [Google Scholar]), A Theory of Shopping (1998 Miller, D. 1998. A theory of shopping, Cambridge: Polity.  [Google Scholar]) and his edited collections Unwrapping Christmas (1995 Miller, D., ed. 1995. Unwrapping Christmas, Oxford: Oxford University Press.  [Google Scholar]), the four‐volume Consumption: Critical Concepts in the Social Sciences (2001 Miller, D., ed. 2001. Consumption: Critical concepts in the social sciences, Vol. 4, London: Routledge.  [Google Scholar]), and Materiality (2005 Miller, D., ed. 2005. Materiality, Durham, NC: Duke University Press. [Crossref] , [Google Scholar]). He is a tremendously prolific scholar and has worked with a large number of doctoral students. His 2008 Miller, D. 2008. The comfort of things, Cambridge: Polity.  [Google Scholar] book, The Comfort of Things, has introduced Miller to a wider audience. This interview took place in London on 25 November 2008.     

Outward foreign direct investment,wage rigidity and unemployment: A computable general equilibrium analysis

Taiwan has started to liberalize its exchange rate and foreign investment policies since the mid 1980s. The subsequent considerable appreciation of its currency and increasing labor cost has stimulated many Taiwanese firms to actively undertake outward foreign direct investment (FDI). The possibility of the industrial hollowing-out induced by the FDI has been a great concern in Taiwan. The purpose of this paper is to establish a computable general equilibrium (CGE) model to investigate the impact of outward FDI by Taiwanese firms on its domestic economy. The efficiency wage theory is incorporated into the analytical framework. This paper first employs regression analysis to show that there exists severe wage rigidity in the labor market of Taiwan. Its simulation analysis then indicates that the outward FDI from Taiwan might reduce its income and employment to some extent. These results reveal that the outward FDI might hurt a distortion-ridden economy, which is consistent with the theoretical findings of Brecher and Choudhri (1987 Brecher, R. A. and Choudhri, E. U. 1987. International migration versus foreign investment in the presence of unemployment. Journal of International Economics, 23: 329–342.  [Google Scholar]) and Basu (1998 Basu, B. 1998. Efficiency wages, unemployment and international factor movements. Journal of International Trade & Economic Development, 7: 317–338. [Taylor & Francis Online] , [Google Scholar]). However, it seems that the outward FDI could account for only a very small part of the recent increase in Taiwan's unemployment level.     

Herd Behavior in Latin American Stock Markets

ABSTRACT

This article investigates the presence of herd behavior in Latin American stock markets using the methodologies proposed by Christie and Huang (1995 Christie , W. G. , &; Huang , R. D. ( 1995 ). Following the pied piper: Do individual returns herd around the market? Financial Analysts Journal , 51 ( 4 ), 31 – 37 .[Taylor &; Francis Online] , [Google Scholar]) and Chang, Cheng, and Khorana (2000 Chang , E. C. , Cheng , J. W. , &; Khorana , A. ( 2000 ). An examination of herd behavior in equity markets: An international perspective . Journal of Banking and Finance , 24 ( 10 ), 1651 – 1679 .[Crossref], [Web of Science ®] , [Google Scholar]). Daily closing prices and trading volumes from January 3, 2000 to September 15, 2010 from the stock markets of Argentina, Brazil, Chile, Mexico, and the United States were analyzed. The US market was studied in order to provide a reference for comparison. The shares for which data was collected in each country were those listed in the most representative stock index for each market. It was not possible to establish evidence of herd behavior in any of the five countries studied using the Christie and Huang (1995 Christie , W. G. , &; Huang , R. D. ( 1995 ). Following the pied piper: Do individual returns herd around the market? Financial Analysts Journal , 51 ( 4 ), 31 – 37 .[Taylor &; Francis Online] , [Google Scholar]) method. However, evaluating the data for the entire period using the method proposed by Chang, Cheng, and Khorana (2000 Chang , E. C. , Cheng , J. W. , &; Khorana , A. ( 2000 ). An examination of herd behavior in equity markets: An international perspective . Journal of Banking and Finance , 24 ( 10 ), 1651 – 1679 .[Crossref], [Web of Science ®] , [Google Scholar]) we detected herd behavior in the Chilean market. These results were not affected by the addition of additional exogenous variables representing the September 11 attacks of 2001 and the subprime crisis, or when the effect of the behavior of US shares on other countries was analyzed. Asymmetric herd behavior was detected in the Chilean, United States, Argentinean, and Mexican markets.     

Open trade and skilled and unskilled labor productivity in developing countries: A panel data analysis

Abstract

This paper examines the effect of trade openness on the productivity of skilled and unskilled labor in a group of 36 developing countries using panel data and fixed effect approach. We have developed and utilized an empirical model that readily lends itself to testing the hypothesis posed. Our results support the hypothesis that trade openness has a positive and significant impact on labor productivity for both skilled and unskilled labor in the sample countries. We also observe that the beneficial effect of trade openness is relatively stronger for the skilled labor than the unskilled labor. We conclude that contrary to the claim made by Mayda and Rodrik (2001 Mayda, A. M. and Rodrik, D. 2001. “Why are some people (and countries) more protectionist than others? A cross country analysis”. Mimeo: Harvard University.  [Google Scholar]), skilled workers in developing countries may oppose protectionism. When adjusting for the purchasing power parity, the impact of trade openness on labor productivity, although positive and significant, is not as pronounced as it is for other definitions of openness.     

Strategic Positioning of Alliances

In this paper we use a simple linear demand structure to analyze firms’ and alliances’ strategic positioning with regard to cost reduction and product differentiation. In particular, we compare investment decisions under competition and in alliances and analyze comparative static properties concerning changes in market size. In contrast to Porter (1980 Porter, M.E. 1980. Competitive Strategy, New York: The Free Press. [Crossref] [Google Scholar]), this model explicitly allows firms to allocate their budget between the two strategies. The analysis reveals that the optimal allocation of resources for strategic positioning changes markedly when a firm enters an alliance: the general investment level decreases with a shift towards more cost reduction and less product differentiation. Another finding is that alliances (as well as independent firms) in larger markets invest more in both strategies and investment is driven towards product differentiation. These results are in line with Klepper’s (1996 Klepper, S. 1996. Entry, exit, and innovation over the product life cycle. American Economic Review, 86(3): 562–83.  [Google Scholar]) findings as they show that the attractiveness of following cost leadership or differentiation strategies changes through industry evolution.     

Drawing on “Producer-Tours”: A Technique for Addressing Consumer Uncertainty Surrounding the Consumption of Fair Trade Food Products?

Despite the global increase in both fair trade sales and awareness, actual market shares of some fair trade products remain disappointing. A number of authors have suggested various reasons for this, including the complexity of the situational context affecting actual purchase behavior (Carrington, Neville, &; Whitwell, 2010 Carrington, J. M., Neville, A. B. and Whitwell, G. J. 2010. Why ethical consumers don't walk their talk: Towards a framework for understanding the gap between the ethical purchase intentions and actual buying behaviour of ethically minded consumers. Journal of Business Ethics, 97: 139–158. [Crossref], [Web of Science ®] , [Google Scholar]), the disconnect between producers and consumers (Dickinson, 2001 Dickinson, M. A. 2001. Utility of no sweat labels for apparel consumers: Profiling label-users and predicting their purchases. Journal of Consumer Affairs, 35(1): 96–119. [Crossref], [Web of Science ®] , [Google Scholar]), and the problems associated with the depersonalization of ethics in mainstream distribution (Bezencon &; Blili, 2011). This article introduces the drawing method into the field of research on fair trade consumption. Using this method, this study explores student perceptions of both fair trade consumers and how fair trade works. In doing so, the drawing method unveiled two potential consumer types; namely, the dreamer and the angel. On this, we argue that our study reveals some of the possibilities inherent in the use of the drawing method to explore uncertainty surrounding fair trade consumption.     

Consumer Technology Readiness and E-Service Quality in E-Tailing: What is the Impact on Predicting Online Purchasing?

Total online retail spending in China reached $427 billion in 2014 and is expected to surpass $1 trillion in 2018 (Chu and Wong 2015 Chu, K., and G. Wong. 2015. China tries to clean up e-commerce. The Wall Street Journal. http://www.wsj.com/articles/china-tries-to-clean-up-e-commerce-1427894413 [Google Scholar]). In addition, the number of online stores in China has been rapidly increasing. The present study proposes a model based on the theoretical frameworks of technology readiness (Parasuraman et al. 2005 Parasuraman, A., V. A. Zeithaml, and A. Malhotra. 2005. A multiple-item scale for assessing electronic service quality. Journal of Service Research 7 (3):213–33.[Crossref], [Web of Science ®] , [Google Scholar]) and e-service quality (Parasuraman and Malhotra 2005 Parasuraman, A., V. A. Zeithaml, and A. Malhotra. 2005. A multiple-item scale for assessing electronic service quality. Journal of Service Research 7 (3):213–33.[Crossref], [Web of Science ®] , [Google Scholar]), and tested the model on consumers from China. The results indicate that consumer technology readiness positively influences the perceived efficiency, system availability, fulfillment, and privacy dimensions of e-service quality as it relates to the online retailing environment in China. Moreover, the influence of technology readiness on the intention to purchase online in the future is both direct and mediated by the dimensions of perceived e-service quality. Implications and future research suggestions are also discussed.     

Bond Ratings and Income Smoothing in Brazil

ABSTRACT

In this article we use the variables proposed by Eckel (1981 Eckel , N. ( 1981 ). “The Income Smoothing Hypothesis Revisited.” Abacus , Vol. 17 , No. 1 , pp. 28 – 40 . [Google Scholar]) and Leuz et al. (2003 Leuz , C. , Nanda , D. , and Wysocki , P. ( 2003 ). “Earnings Management and Investors Protection: an International Comparison,” Journal of Financial Economics , Vol. 3 , No. 69 , pp. 505 – 527 . [Google Scholar]) as proxies to measure income smoothing and find that Brazilian companies that engage in this behavior receive better ratings in their public bond issues. Using data obtained from the National Bond Registration System and the Economatica, we evaluated public bond offerings. The results of univariate and multivariate analyses and robustness tests attest to the significance of the income smoothing factor, regardless of the rating agency. The results support the notion that income smoothing is an information-signaling mechanism and has an impact on bond ratings.     

Commentary: Relative Presence of Business-to-Business Research in the Marketing Literature: Review and Future Directions

In this commentary we reaffirm the position taken by LaPlaca and Katrichis (2009 LaPlaca, P. J. and Katrichis, J. M. 2009. Relative presence of business-to-business research in the marketing literature. Journal of Business-to-Business Marketing, 16(1–2) [Google Scholar]) that there is an underrepresentation of business marketing research in the marketing literature. Our comments highlight the sector size of business marketing in the economy, document the degree of difference on the inherent nature of business versus consumer marketing, compare the relative representation of business versus consumer emphasis in the marketing literature with other subfields, and close by suggesting means for enhancing business marketing research.     

Nonlinear Taylor rules in Central Eastern European countries

This study applies sequential panel selection method (SPSM), proposed by Chortareas and Kapetanios (2009) Chortareas, G., and G. Kapetanios. 2009. “Getting PPP Right: Identifying Mean-Reverting Real Exchange Rates in Panels.” Journal of Banking and Finance 33: 390–404.[Crossref], [Web of Science ®] , [Google Scholar], to investigate to test the validity of Taylor rules to assess the nonstationary properties of the convergence of the real exchange rates for 10 Central Eastern European countries. The SPSM can be used to decompose a panel of real exchange rate series into two groups: a group of stationary series and a group of nonstationary series. We identify the stationary processes in the panel and demonstrate that Taylor rules holds for 7 of the 10 countries studied. These results imply that the choices and effectiveness of the monetary policies in Central Eastern European economies are highly influenced by external factors originating from the United States. Additionally, our findings highlight that their real exchange rate convergence is a mean reversion toward equilibrium values of Taylor rules in a nonlinear manner.     

Commentary: Relative Presence of Business-to-Business Research in Retailing Literature

Our objective in this article is to correct the record on the contribution of the Journal of Retailing to business-to-business (B2B) research in marketing. In particular, we refute the assertion of LaPlaca and Katrichis (2009 LaPlaca, P. J. and Katrichis, J. M. 2009. Relative presence of business-to-business research in the marketing literature. Journal of Business-to-Business Marketing.,  [Google Scholar]) that the Journal of Retailing “does not regularly publish research concerning business-to-business marketing.” Our analysis of recently published (2002–2008) articles in the Journal of Retailing shows that less than 19% are devoted to B2C or C2C topics. Our comparison of the Journal of Retailing's relative emphasis on nine B2B content areas indicates parity with other marketing journals for some topics and a lesser emphasis for others. The key B2B topics of marketing strategy and channels of distribution appear relatively more frequently in the Journal of Retailing than they do in other marketing journals reviewed by LaPlaca and Katrichis (2009 LaPlaca, P. J. and Katrichis, J. M. 2009. Relative presence of business-to-business research in the marketing literature. Journal of Business-to-Business Marketing.,  [Google Scholar]). Hence, any estimate of the contribution of B2B research to marketing knowledge that dismisses the impact of the Journal of Retailing contains a downward bias.     

Long- versus short-term orientation: new perspectives

Long- versus short-term orientation, a national value dimension originally found by Bond among students in 23 countries, became Hofstede's (1991 Hofstede, G. 1991. Cultures and organizations: software of the mind, London: McGraw-Hill.  [Google Scholar]) fifth dimension of national cultures. Recent analyses by Minkov (2007 Minkov, M. 2007. What makes us different and similar: a new interpretation of the World Values Survey and other cross-cultural data, Sofia: Klasika i Stil.  [Google Scholar]) of World Values Survey data, collected from representative samples of national populations, allow the calculation of a new version of this dimension, this time across 93 countries. National scores on the dimension correlate with certain family values, with school results, with business values, with environmental values and, under favorable historical conditions, with economic growth. In 1988 the dimension scores led to a prediction of China's economic success. The new scores allow new predictions for economic developments in different parts of the world.     

Meeting the Needs of Global Companies Through Improved International Business Curriculum

The global workplace requires specific knowledge, skills, and abilities on the part of workers. There is a growing body of research indicating a gap between the global industry demand for skills and the higher education system's ability to supply that demand. Leveraging the work from Yu, Guan, Yang, and Chiao (2005 Yu, C. J., Guan, J., Yang, K. and Chiao, Y. 2005. Developing the skills for international business management: The implications of the Management Education Opportunity Grid. Journal of Teaching in International Business, 16(4): 5–26. [Taylor &; Francis Online] , [Google Scholar]) and Prestwich and Ho-Kim (2007 Prestwich, R. and Ho-Kim, T. 2007. Knowledge, skills and abilities of international business majors: What we teach them versus what companies need to know. Journal of Teaching in International Business, 19(1): 29–55. [Taylor &; Francis Online] , [Google Scholar]), this study investigated this gap. The sample included global leaders of Fortune 500 companies. Exploratory in nature, the primary purpose of this study was to understand the needs of global business organizations that form the hiring market for international business graduates. The findings highlight the gap between the topics being taught by educators and the skills actually needed by the target international businesses. This information is relevant to the challenges facing global businesses as well as higher education institutions and provides insights into improvements for the good of both industries and especially the students aiming for careers in global organizations.     

Relevance of the Attention Effect in the Brazilian Stock Market

This article aims to analyze the impact of investor attention in the Brazilian stock market, particularly the effect of positive pressure on asset prices verified by Barber and Odean (2008 Barber, B. M., &; Odean, T. (2008). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. Review of Financial Studies, 21(2), 785–818. doi:10.1093/rfs/hhm079[Crossref], [Web of Science ®] , [Google Scholar]). Using the methodology of Da and colleagues (2011 Da, Z., Engelberg, J., &; Gao, P. (2011). In search of attention. The Journal of Finance, 66(5), 1461–99. doi:10.1111/j.1540-6261.2011.01679.x[Crossref], [Web of Science ®] , [Google Scholar]), we seek to assess whether investor attention, as measured by the volume of searches on Google, can explain abnormal variations in market activity and asset returns. The results indicated that the Internet search data does explain variations in turnover rate and trading volume of assets. However, unlike the results of studies conducted in other countries, the price pressure hypothesis was not observed in the Brazilian market.     

Consumers' Online Information Search: Gen Yers' Finding Needles in the Internet Haystack

There exists a paucity of research attention afforded to understanding consumer information search behavior on the Internet, vis-a-vis existing information search models such as an interactive, consumer experience in the offline realm. Thus, the present study investigates whether the factors inculcated within traditional cognitive processing models remain significant in the online information setting. Grounded in the contributions of Punj and Staelin (1983 Punj , G. N. , & Staelin , R. ( 1983 ). A model of consumer information search behavior for new automobiles . Journal of Consumer Research , 9 ( March ), 366 – 380 .[Crossref], [Web of Science ®] , [Google Scholar]) and Srinivasan and Ratchford (1991 Srinivasan , N. , & Ratchford , B. T. ( 1991 ). An empirical test of a model of external search for automobiles . Journal of Consumer Research , 18 ( September ), 233 – 242 .[Crossref], [Web of Science ®] , [Google Scholar]) in the context of offline information search, this study proffers an empirical model of consumer online information. The empirical findings reveal that Perceived Risk and Perceived Cost do not significantly contribute to the consumer online information Search Effort. Rather, both of these conventional antecedents and Enjoyment significantly impact the satisfaction of young consumers' online information search endeavors. We recommend further studies to examine consumer information search behavior in other contexts (e.g., mobile phones) across countries.     

Consumer receptiveness to international retail expansion: a cross-cultural study of perceptions of social and economic influence of foreign retailers

Guided by the work of Samiee (1993 Samiee, S.1993. “Retailing and Channel Considerations in Developing Countries: A Review and Research Propositions.” Journal of Business Research27 (2): 103–129. doi:10.1016/0148-2963(93)90018-K.[Crossref], [Web of Science ®] , [Google Scholar]. Journal of Business Research, 27 (2): 103–129), Sakarya, Eckman, and Hyllegard (2007 Sakarya, S., M.Eckman, and K.Hyllegard. 2007. “Market Selection for International Expansion.” International Marketing Review24 (2): 208–238. doi:10.1108/02651330710741820.[Crossref], [Web of Science ®] , [Google Scholar]. International Marketing Review, 24 (2): 208–238), and Alexander et al. (2010 Alexander, N., A. M.Doherty, J. M.Carpenter, and M.Moore. 2010. “Consumer Receptiveness to International Retail Market Entry.” International Journal of Retail & Distribution Management38 (3): 160–172. doi:10.1108/09590551011027104.[Crossref] , [Google Scholar]. International Journal of Retail & Distribution Management, 38 (3): 160–172), a cross-cultural analysis was undertaken to examine consumer receptiveness to domestic market entry by foreign apparel specialty retailers. More specifically, this study explored differences in consumers' perceptions of the influence of foreign apparel specialty retailers on social, cultural, and economic development across three countries: Spain, Turkey, and the USA. Consumer receptiveness was measured as beliefs about the social and economic influence of foreign retailers and perceptions of retailers' brand characteristics and offerings. An intercept survey of 1233 apparel shoppers was conducted in major metropolitan shopping areas in all three countries. MANOVA revealed that Spanish consumers were least concerned about urban growth associated with foreign retailers and least likely to perceive positive employment/business opportunities and socio-cultural well-being from the presence of foreign retailers. Turkish consumers held the strongest perceptions regarding the influence of foreign retailers on urban growth. Paired sample t-tests revealed that Turkish consumers, when compared with Spanish consumers, evaluated U.S. retailers' offerings more positively and were more receptive to the entry of U.S. retailers into their domestic markets. Results of regression analyses indicated that Spanish and Turkish consumers' beliefs about retail brand characteristics and the socio-cultural and economic influence of foreign retailers positively predicted consumers' receptiveness, whereas age negatively influenced receptiveness. Differences in perceptions among Spanish, Turkish, and U.S. consumers may be attributed to the varying levels of economic development among the three countries as well as to the countries' differing policies concerning foreign retailers. Findings provide a basis for the development of a measure of consumer receptiveness to international retail expansion.     

Effects of Pre-Salt Regulation on the Market Value of Petrobras

This article measures the impacts of the process of pre-salt development related to new regulations in Brazil applicable to the offshore pre-salt hydrocarbon reserves. For this purpose, Bai and Perron (2003 Bai, J., and Perron, P. (2003). Computation and analysis of multiple structural change models. Journal of Applied Econometrics, 18, 1–22. doi:10.1002/jae.659[Crossref], [Web of Science ®] , [Google Scholar]) and Chow (1960 Chow, G. C. (1960). Tests of equality between sets of coefficients in two linear regressions. Econometrica, 28(3), 591–605. doi:10.2307/1910133[Crossref], [Web of Science ®] , [Google Scholar]) tests were used to identify structural breakpoints in the behavior of the price of Petrobras stock through a model that includes the ratio of the stock prices of Vale and Petrobras, and the proven oil reserves of Petrobras from 2000 to 2014. The results indicated structural breakpoints in the period of regulation change and when Petrobras issued new shares to raise funds for pre-salt development.