摘要：
This paper analyses the determinant factors of equity investments made by insurance companies, and pension
funds. Brazil offers an interesting case study, because these institutional investors have a huge potential in increasing their
equity investments in the future, because their investments in stocks nowadays are far below the limits imposed by regulators.
Therefore, understanding what kind of companies these institutions would be willing to invest is important to help
them on their efforts to attract these investors. Two kinds of analyses are performed. First, we use a logit model in order to
estimate the probability for a given company to be in these investors’ portfolios. Then we run regressions to analyze the
determinants of the size of stock ownership of these investors in a given company. Our results indicate that these investors
tend to invest in large, liquid, leveraged companies with good corporate governance practices.
