Seleção de portfólio: uma revisão de literatura

Abstract

Given the great relevance of the theme, determinants of the choices in the composition of the Portfolio for Finance, this work aims to develop a literature review of the classic articles that deal with this subject. Eight main articles were summarized, among several other contributions of related works, with the purpose of describing, chronologically and in a correlated manner, the development of the theoretical and empirical framework on portfolio selection. The research demonstrates that although many years already passed since first studies, the fundamentals of the main model remain true and accurate, whereas variations of the model are developed and empirically tested over the years, in order to evaluate if the modified models are more efficient to predict the decision making which takes place on the capital markets. It was found that due to the many simplifying premises, the original CAPM has a low power of explanation on empirical works, nevertheless it continues being an important theoretical reference, being the foundation for several other studies.