TAVARES, NATALIA ALVES; GAMA SILVA, PAULO VITOR JORDÃO DA; KLOTZLE, MARCELO CABUS. INVESTIGATION OF THE INTENTIONAL AND SPURIOUS HERDING EFFECTS IN THE CRYPTOCURRENCY MARKET WITH GLOBAL EVENTS. The Quarterly Review of Economics and Finance. v.X, p.101992, 2025.

​

ASSAF, ATA; KLOTZLE, MARCELO CABUS; PALAZZI, RAFAEL BAPTISTA; DEMIR, ENDER. Connectedness across environmental, social, and governance (ESG) indices: evidence from emerging markets. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE. v.73, p.102596, 2025.

​

SCHLÖMER, JOHNNY BARRELLI; PALAZZI, RAFAEL BAPTISTA; KLOTZLE, MARCELO CABUS. Near-term forward rate spread and commodity index relationship with real economic activity in Brazil. Finance Research Letters. v.65, p.105483, 2024.

​

DE ALMEIDA, ISRAEL NUNES; PALAZZI, RAFAEL BAPTISTA; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; GOMES, LEONARDO LIMA. Beyond hype: Unveiling the herd effect in ESG and non-ESG cryptocurrency portfolios. Finance Research Letters. v.65, p.105500, 2024.

​

COELHO DOS SANTOS, MARCELO BITTENCOURT; KLOTZLE, MARCELO CABUS; BAPTISTA PALAZZI, RAFAEL. The effect of oil discovery in Brazil: A synthetic control approach. RESOURCES POLICY. v.92, p.105033, 2024.
 

GONZAGA, BARBARA ROCHA; KLOTZLE, MARCELO CABUS; Brugni, Talles Vianna; RAKOS, ILEANA-SORINA; CIOCA, IONELA CORNELIA; BARBU, CRISTIAN-MARIAN; CUCERZAN, TEODORA. (2024) The ESG Patterns of Emerging-Market Companies: Are There Differences in Their Sustainable Behavior after COVID-19?. Sustainability. , v.16, p.676 - 

 

PALAZZI, RAFAEL BAPTISTA; ASSAF, ATA; KLOTZLE, MARCELO CABUS. (2023). Dynamic connectedness between energy markets and the Brazilian cash market: An empirical analysis pre and post COVID 19. JOURNAL OF FUTURES MARKETS. , v.44, p.27 - 56.

​

CARVALHO, JEFERSON; JORDÃO DA GAMA SILVA, PAULO VITOR; KLOTZLE, MARCELO CABUS (2023).
Herding and Google search queries in the Brazilian stock market. Review Of Behavioral Finance. , v.16, p.341 - 359.

​

GEA, CRISTIANE; KLOTZLE, MARCELO CABUS; VEREDA, LUCIANO; PINTO, ANTONIO CARLOS FIGUEIREDO (2023)

Pricing uncertainty in the Brazilian stock market: do size and sustainability matter? SN Business & Economics , v.3, p.1 - 

​

PALAZZI, RAFAEL BAPTISTA; MEIRA, ERICK; KLOTZLE, MARCELO CABUS (2022). The sugar-ethanol-oil nexus in Brazil: Exploring the pass-through of international commodity prices to national fuel prices. JOURNAL OF COMMODITY MARKETS. , v.28, p.100257 -.

 

SANTOS, E. T.; KLOTZLE, M. C.; DA GAMA SILVA, PAULO VITOR JORDÃO; FIGUEIREDO, A. C. (2022).
How do young low-income university students deal with risk and  time preferences in Brazil?. REVISTA CONTABILIDADE & FINANÇAS (ONLINE). , v.33, p.e1511 - 

MARQUES, N. L.; KLOTZLE, M. C.; FIGUEIREDO, A. C.; SILVA, P. V. J. G. (2022)
Can extreme returns predict the cross-section of expected returns in the Brazilian market?. REVISTA BRASILEIRA DE FINANÇAS: RBFIN = RBFIN: BRAZILIAN FINANCE REVIEW. , v.20, p.62 - 81.
 

LOMBELLO, B. B.; MARTINS, H. C.; KLOTZLE, M. C (2022).

Blockholders and firm value: Evidence from Brazil. REVISTA BRASILEIRA DE FINANÇAS: RBFIN = RBFIN: BRAZILIAN FINANCE REVIEW. , v.20, p.48 - 76.

 

DO NASCIMENTO JUNIOR, ARNALDO JOÃO; KLOTZLE, MARCELO CABUS; BRANDÃO, LUIZ EDUARDO T.; PINTO, ANTONIO CARLOS FIGUEIREDO (2021). Prospect theory and narrow framing bias: Evidence from emerging markets. The Quarterly Review of Economics and Finance, v.80, 90-101

 

DE SOUZA, CUNHA FELIPE ARIAS FOGLIANO; ERICK, MEIRA; ORSATO RENATO, J.; CABUS, KLOTZLE MARCELO; LUCENA ANDRÉ, F.P.(2021).Do low-carbon investments in emerging economies pay off? Evidence from the Brazilian stock market. International Review of Financial Analysis, v.X, 101700

 

DOS SANTOS, MARCELO BITTENCOURT COELHO; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO (2021). The impact of political risk on the currencies of emerging markets. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, v.56, 101375.

 

BRUGNI, TALLES; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; FÁVERO, LUIZ PAULO LOPES; SIAL, MUHHAMAD SAFDAR (2021). AGGREGATE EARNINGS AND RETURNS IN BRAZIL.CONTABILIDADE VISTA & REVISTA, v.32, 38-58.

​

NETO, AUGUSTO FERREIRA DA COSTA; KLÖTZLE, MARCELO CABÚS; PINTO, ANTONIO CARLOS FIGUEIREDO (2021)
Do Market Conditions Affect the Tracking Efficiency of Exchange-traded Funds? Evidence from Developed and Emerging Markets. Global Business Review (Print). , v.X, p.097215092110367.

​

GEA, C.; VEREDA, L.; FIGUEIREDO, A. C; KLOTZLE, MARCELO CABUS (2021). The Effects of Economic Policy Uncertainty on Stock Market Returns: Evidence from Brazil. REVISTA BRASILEIRA DE FINANÇAS: RBFIN = RBFIN: BRAZILIAN FINANCE REVIEW, v. 19, 53-84.

​

ARGENTO, PEDRO; KLOTZLE, MARCELO CABUS; FIGUEIREDO PINTO, ANTONIO CARLOS; GOMES, LEONARDO LIMA (2021)
A risk model to compute the volatility and the need for collateral margins in energy futures contracts in Brazil. International Journal of Energy Sector Management. , v.16, p.448 - 468.
 

DE OLIVEIRA, ERICK MEIRA; DE SOUZA CUNHA, FELIPE ARIAS FOGLIANO; PALAZZI, RAFAEL BAPTISTA; KLOTZLE, MARCELO CABUS; MAÇAIRA, PAULA MEDINA (2020).On the effects of uncertainty measures on sustainability indices: An empirical investigation in a nonlinear framework. International Review of Financial Analysis, v.70, 101505.

 

CUNHA, FELIPE ARIAS FOGLIANO DE SOUZA; OLIVEIRA, ERICK MEIRA; ORSATO, RENATO J.; KLOTZLE, MARCELO CABUS; CYRINO OLIVEIRA, FERNANDO LUIZ; CAIADO, RODRIGO GOYANNES GUSMÃO (2020). Can sustainable investments outperform traditional benchmarks? Evidence from global stock markets Business Strategy and the Environment, v.29, 682-697.

 

PALAZZI, RAFAEL BAPTISTA; JÚNIOR, GERSON DE SOUZA RAIMUNDO; KLOTZLE, MARCELO CABUS (2020).The dynamic relationship between Bitcoin and the foreign exchange market: A nonlinear approach to test causality between Bitcoin and currencies. Finance Research Letters, v.X, 101893.

 

RAIMUNDO JÚNIOR, GERSON DE SOUZA; PALLAZZI, R. B.; TAVARES, R. S.; KLOTZLE, MARCELO CABUS (2020). Market Stress and Herding: A New Approach to the Cryptocurrency Market. Journal of Behavioral Finance, v.X, 1-16.

 

LEITE, ANDRÉ LUIS; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; DA SILVEIRA BARBEDO, CLAUDIO HENRIQUE (2020). The Fama-French’s five-factor model relation with interest rates and macro variables. North American Journal of Economics and Finance, v.53, 101197.

 

CAINELLI, PALOMA VANNI; PINTO, ANTONIO CARLOS FIGUEIREDO; KLOTZLE, MARCELO CABUS (2020). Study on the relationship between the IVol-BR and the future returns of the Brazilian stock market. REVISTA CONTABILIDADE & FINANÇAS (ONLINE), v.X, 1-12.

 

PELAJO, JONAS C.; BRANDÃO, LUIZ E.T.; GOMES, LEONARDO L.; KLOTZLE, MARCELO CABUS (2019). Wind farm generation forecast and optimal maintenance schedule model. WIND ENERGY, v.22, 1872-1890.

 

RAIMUNDO JÚNIOR, GERSON DE SOUZA; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; LUIS LEITE, ANDRÉ (2019). Political risk, fear, and herding on the Brazilian stock exchange. APPLIED ECONOMICS LETTERS, v.27, 1-5 (DOI).

 

PALAZZI, RAFAEL BAPTISTA; FIGUEIREDO PINTO, ANTONIO CARLOS; KLOTZLE, MARCELO CABUS; MEIRA DE OLIVEIRA, ERICK (2019). Can we still blame index funds for the price movements in the agricultural commodities market? International Review of Economics & Finance, v.65, 84-93 (DOI).

 

JÚNIOR, GERSON DE SOUZA RAIMUNDO; PALAZZI, RAFAEL BAPTISTA; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO (2019). Analyzing herding behavior in commodities markets - an empirical approach. Finance Research Letters, v.35, 101285.

​

DE OLIVEIRA, ERICK MEIRA; CYRINO OLIVEIRA, FERNANDO LUIZ; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO (2019). Dynamic Associations between GDP and Crude Oil Prices in Brazil: Structural Shifts and Nonlinear Causality. EMERGING MARKETS FINANCE AND TRADE, v.X, 1-25.

​

VIOLA, ALESSANDRA PASQUALINA; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; DA SILVEIRA BARBEDO, CLAUDIO HENRIQUE. 2019. Foreign exchange interventions in Brazil and their impact on volatility: A quantile regression approach. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, v.47, 251-263.

​

DA GAMA SILVA, PAULO VITOR JORDÃO; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; GOMES, LEONARDO LIMA (2019). Herding behavior and contagion in the cryptocurrency market. JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE, v.22, 41-50.

​

DA COSTA NETO, AUGUSTO FERREIRA; KLOTZLE, MARCELO CABUS; FIGUEIREDO PINTO, ANTONIO CARLOS (2019).Investor behavior in ETF markets: a comparative study between the US and emerging markets. International Journal of Emerging Markets (Print), v.14, 944-966.

 

SILVA, P. V. J. G.; COSTA NETO, A. F.; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C.; GOMES, L. L. (2019). Does the cryptocurrency market exhibits feedback trading? ECONOMICS BULLETIN, v.39, 2830-2838.

​

SILVA, P. V. J. G.; KLOTZLE, MARCELO CABUS; PINTO, A. C. F.; GOMES, L. L. (2019).

Volatility estimation for cryptocurrencies using Markov-switching GARCH models. International Journal of Financial Markets and Derivatives, v.7, 1-14.

 

LEITE, ANDRÉ LUIS; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; DA SILVA, ALDO FERREIRA  (2018). Size, value, profitability, and investment: Evidence from emerging markets. Emerging Markets Review, v.36, 45-59.

 

MORAIS, MACELLY OLIVEIRA; PINTO, ANTONIO CARLOS FIGUEIREDO; KLOTZLE, MARCELO CABUS (2018). Scenario analysis in the BNDES experience: integrating operational risk management with the measurement of capital. REVISTA CONTABILIDADE & FINANÇAS (ONLINE), v.29, 283-296.

 

ARAKI, M. E.; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C. (2018).

Carry trades and economic policy uncertainty: measuring the political dimension of the forward rate bias in emerging countries. ECONOMICS BULLETIN, v.38, 1476-1484.

 

BRUGNI, T. V.; FAVERO, L. P. L.; KLOTZLE, M. C.; FIGUEIREDO, A. C. (2018).

CONSELHOS DE ADMINISTRAÇÃO BRASILEIROS: UMA ANÁLISE À LUZ DOS FORMULÁRIOS DE REFERÊNCIA. ADVANCES IN SCIENTIFIC AND APPLIED ACCOUNTING, v.11, 146-165.

 

DE FREITAS VAL, FLÁVIO; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; GAGLIANONE, WAGNER PIAZZA (2017). Estimating the Credibility of Brazilian Monetary Policy using a Kalman Filter Approach. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, v.41, 37-53.

 

LOBEL, ROBERT EUGENE; KLOTZLE, MARCELO CABUS; SILVA, PAULO VITOR JORDÃO DA GAMA; PINTO, ANTONIO CARLOS FIGUEIREDO (2017). PROSPECT THEORY: A PARAMETRIC ANALYSIS OF FUNCTIONAL FORMS IN BRAZIL. RAE-Revista de Administracao de Empresas, v.57, 495-509.

 

DA SILVA, RAPHAEL BRAGA; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; DA MOTTA, LUIZ FELIPE JACQUES (2017). R&D investment and risk in Brazil. Global Finance Journal, v.35, 106-114.

 

VAL, FLÁVIO DE FREITAS; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO; BARBEDO, CLAUDIO HENRIQUE DA SILVEIRA (2017). Stock Market Reaction to Monetary Policy: An Event Study Analysis of the Brazilian Case. EMERGING MARKETS FINANCE AND TRADE, v.54, 2577-2595.

 

LEITE, ANDRÉ LUÍS; PINTO, ANTONIO CARLOS FIGUEIREDO; KLOTZLE, MARCELO CABUS (2016). Effects of Idiosyncratic Volatility in Asset Pricing. Revista Contabilidade & Finanças (Online), v.27, 98-112.

 

SIMOES, M. D.; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C.; GOMES, L. L. (2016). Electricity Prices Forecast Analysis using the Extreme Value Theory. International Journal of Financial Markets and Derivatives, v.1, 1-22.

 

SANTOS, MARCELO BITTENCOURT COELHO DOS; KLOTZLE, MARCELO CABUS; PINTO, ANTONIO CARLOS FIGUEIREDO (2016). Evidence of Risk Premiums in Emerging Market Carry Trade Currencies. Journal of International Financial Markets, Institutions & Money, v.44, 103-115 (DOI).

 

REIS, R. C.; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C.; GOMES, L. L.. (2016). Fundos Comportamentais possuem Desempenho Superior? Uma Análise baseada em Evidências Internacionais.  REVISTA BRASILEIRA DE FINANÇAS: RBFIN = RBFIN: BRAZILIAN FINANCE REVIEW, v.14, 479-522.

 

DA SILVA, RAPHAEL BRAGA; KLOTZLE, MARCELO CABUS; FIGUEIREDO, ANTONIO CARLOS; DA MOTTA, LUIZ FELIPE JACQUES (2015). Innovative intensity and its impact on the performance of firms in Brazil. RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, v.34, 1-16.

 

SIMOES, M. D.; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C.; GOMES, L. L. (2015). Non linear models and the load of an electricity distributor. International Journal of Energy Sector Management, v.9, 38-56.

 

MORAES, A. S. M.; PINTO, A. C. F.; KLOTZLE, MARCELO CABUS (2015). Previsão de Value-At-Risk e Expected Shortfall para Índices de Ações de Mercados Emergentes usando Modelos Fracionalmente Integrados para Volatilidade Condicional FIGARCH. Revista Brasileira de Finanças: RBFin = RBFin: Brazilian Finance Review, v.13, 394-437.

 

MAIA, V. M.; FIGUEIREDO, A. C.; KLOTZLE, MARCELO CABUS (2015). Smoothing the volatility smile using the Corrado-Su model. International Journal of Financial Markets and Derivatives, v.4, 180-194.

 

VAL, F. F.; FIGUEIREDO, A. C.; KLOTZLE, MARCELO CABUS (2014). Volatility and Return Forecasting with High-Frequency and GARCH Models: Evidence for the Brazilian Market. Revista Contabilidade & Finanças (Impresso), v.25, 189-201.

 

MORAES, A. S. M.; FIGUEIREDO, A. C.; KLOTZLE, MARCELO CABUS (2013). Estimativas de Longo Prazo para a Volatilidade de Séries Temporais no Mercado Financeiro Brasileiro. Revista Brasileira de Finanças: RBFin = RBFin: Brazilian Finance Review, v.11, 455-479.

​

SIMOES, M. D.; MACEDO-SOARES, T. D. L. V. A.; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C. (2012).

Assessment of Market Efficiency in Argentina, Brazil and Chile: an Event Study of Mergers and Acquisitions. BAR. Brazilian Administration Review, v.9, 229-245.

 

SILVA, P. V. J. G.; FIGUEIREDO, A. C.; KLOTZLE, MARCELO CABUS (2012). Autocall Structured Products: A Case Study of Vale S.A. International Journal of Financial Markets and Derivatives, v.3, 71-90.

 

KLOTZLE, MARCELO CABUS; GOMES, L. L.; BRANDÃO, L. E. T.; FIGUEIREDO, A. C.. (2012). Desenvolvimento de uma Medida de Desempenho Comportamental. Revista Brasileira de Finanças: RBFin = RBFin: Brazilian Finance Review, v.10, 395-416.

 

CHARUPAT, NARAT; DEAVES, RICHARD; DEROUIN, TRAVIS; KLOTZLE, MARCELO CABUS; MIU, PETER (2012). Emotional balance and probability weighting.Theory and decision (Dordrecht. Online). , v.1, 1.

 

SILVA, R. B.; BRESSANE, B. P.; VIOLA, A. P.; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C.; MACEDO-SOARES, T. D. L. V. A..(2012). The Breakdown of Idiosyncratic Volatility into Expected and Unexpected Components and its Effects on Stock Returns in Brazil. Latin American Business Review (Binghamton, N.Y.), v.13, 311-328.

​

MENDONCA, F. P.; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C.; MONTEZANO, R. (2012). The Relationship between Idiosyncratic Risk and Returns in the Brazilian Stock Market. Revista de Contabilidade e Finanças, v.23, 246-257.

 

KLOTZLE, MARCELO CABUS; SIMOES, M. D.; FIGUEIREDO, A. C.; GOMES, L. L. (2011). Análise da Efetividade de Políticas de Hedge no Mercado de Dólar Futuro no Brasil. Revista Brasileira de Finanças, v.9, 365-382.

 

FARIA, L. E. C. T.; NESS JR, Walter; KLOTZLE, MARCELO CABUS; FIGUEIREDO, A. C. (2011). Análise da Utilização de um Modelo de Quatro Fatores como Ferramenta Auxiliar para Gestão de Carteiras baseadas no IBrX. BBR. Brazilian Business Review (Edição em português. Online), v.8, 70-93.

 

TIZZIANI, E.; KLOTZLE, MARCELO CABUS; NESS JR, Walter; MOTTA, L. F. J. (2010). O Efeito Disposição na Industria Brasileira de Fundos de Investimento em Ações. Revista Brasileira de Finanças, v.8, 383-416.

 

Leite, Anderson Ribeiro; NESS JR, Walter; KLOTZLE, MARCELO CABUS (2010). Previdência Social: Fatores que explicam os Resultados Financeiros. Revista de Administração Pública (Impresso), v.44, 437-457.

 

DALBEM, M. C.; KLOTZLE, MARCELO CABUS (2009). Diversificação via Bolsas Internacionais: Uma Análise Empírica de Países Desenvolvidos e Emergentes. REAd. Revista Eletrônica de Administração , v.15, 1-19.

 

LAMEIRA, V. J.; NESS JR, Walter; MOTTA, L. F. J.; KLOTZLE, MARCELO CABUS (2008). Como Estrutura de Propriedade,Transparência, Administração e Relacionamento com os Investidores se relacionam com o Risco e Desempenho das Companhias Abertas Brasileiras. RAUSP-e (São Paulo). , v.1, 1-17.

 

FÉLIX, Teixeira Mariana; KLOTZLE, MARCELO CABUS; NESS JR, Walter  (2008). Determinant Factors of Brazilian Country Risk: An Empirical Analysis of Specific Country Risk. Revista Brasileira de Finanças, v.6, 49-67.

​