The objective of this study is to identify the most interesting industries for investing in Brazil, Russia, India e China (BRICs), according to risk-return and value premises, based in the theory of Industrial Organization (IO) tradition. This work analyzed 2770 firms in the BRICs from 1995 until 2008. With this purpose were compared rates of performance as ROA (return on assets), ROE (return on shares), average price earnings, market value over book value and Tobin’s Q of the companies. The results support studies from Fama and French (1992), Mohanram (2005) and Goldszmidt, Brito and Vasconcelos (2007), although deviates from World Bank (2008) as to risk-return enhancing in China. Results show that the most attractive sectors for investment using the risk-return approach, filtering by value indicators, would be oil & gas in Russia and mining in Brazil, India and China, while the least interesting industries would be textile, motor vehicle parts, tools & accessories and telecommunications in Brazil.

Graduate at Ciências Econômicas from Universidade Federal de Santa Catarina (1996), master's at Production Engineering from Universidade Federal de Santa Catarina (1997), ph.d. at Doutorado Sandwiche from Cleveland State University (2002) and ph.d. at Production Engineering from Universidade Federal de Santa Catarina (2003). Has experience in Administration, focusing on Financial Administration, acting on the following subjects: econometria, mercado financeiro, portfolio, mercado de capitais and analise multivariada