Variables—Dependent (D), Explanatory (E) and Control (C)

Origin or Database

Risk (D)

Defined by the authors to measure relationships

Sharpe (D)

Defined by the authors to measure relationships

Stock Investments (E)

The segment of Stocks of the IS base of the Regulatory Agency with the subsection: Stocks, Future, Options, Swap, and Term—% of the allocation

Public Bonds (E)

Segment Public Bonds of the IS base of the Regulatory Agency with subsection: Public Bonds—% of the allocation

Private Securities (E)

Private Securities Segment of the IS base of the Regulatory Agency with subsection: Private Securities, committed operation, and SPE—% allocation

Funds Segment—Fixed Income (E)

The segment of Funds—fixed income of the IS base of the Regulatory Agency with subsection: Fund Shares, Deposit, Credit Right and Loan—% allocation

Accumulated Savings (C)*

IPEA Data (2020) (Institute of Applied Economic Research date)

Accumulated GDP (C)*

IBGE (Brazilian Institute of Geography and Statistics, 2020)

Accumulated SELIC (C)*

BACEN (Brazilian Central Bank, 2020)

Accumulated IPCA (C)*

IBGE