Estrutura de capital e janelas de oportunidade: testes no mercado brasileiro

Mendes, Eduardo Alexandre; Basso, Leonardo Fernando Cruz; Kayo, Eduardo Kazuo

doi:10.1590/s1678-69712009000600006

Cited by 11 publications

(14 citation statements)

References 20 publications

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“…However, the findings regarding this phenomenon are contradictory or mixed. Mendes, Basso and Kayo (2009), and Padilha and Silva (2016) did not find significant effects of market timing on Brazilian companies' capital structure.…”

Section: Introductionmentioning

confidence: 91%

“…On the other hand, Mendes et al(2009) adapted the article by Baker and Wurgler (2002) for the Brazilian market. The authors used data from Brazilian non-financial companies that carried out IPO during the period from 1996 to 2002.…”

Section: Evidence Of Market Timing In Brazilmentioning

confidence: 99%

“…However, other studies raise doubts as to whether this behavior is a significant determinant of capital structure in publicly traded Brazilian companies (Minardi & Sanvicente, 2009;Mendes et al, 2009).…”

Section: Evidence Of Market Timing In Brazilmentioning

confidence: 99%

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Capital Structure Analysis of EBXGroup’s Companies: Combining Theory and Practice

Gomes

Magnani

Valle

2017

CGG

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RESUMODe acordo com a teoria de market timing, as companhias tendem a emitir ações ou dívidas de modo a explorar janelas de oportunidade, e esse comportamento é um determinante significativo da estrutura de capital das empresas. Com base nessa assertiva e nas evidências recentes encontradas no mercado brasileiro, este trabalho tem por objetivo analisar o comportamento de market timing de seis empresas do Grupo EBX (MPX, MMX, OGX, LLX, OSX e CCX), com ações cotadas na BM&FBovespa, até meados de 2013. Para tanto, utilizou-se a metodologia de estudo de caso e, como principais fontes de evidências, indicadores relacionados à estrutura de capital e ao mercado de ações. Foi inserida, também, uma abordagem econométrica utilizando-se o estimador de efeitos fixos para dados em painéis. Os resultados encontrados apontam que as decisões financeiras tomadas pelos gestores das empresas do Grupo EBX indicam tentativas de explorar janelas de oportunidades relacionadas, sobretudo, ao mercado de ações, mensuradas tanto pelo price-to-earnings (PE) de Shiller, um índice agregado de mercado, quanto pelo índice market-to-book (M/B) de cada empresa analisada. Este trabalho contribui para a discussão sobre market timing no Brasil, ao unir teoria e prática, de maneira intuitiva e dinâmica, trazendo aspectos relativos às empresas e às condições de mercado. (MPX, MMX, OGX, LLX, OSX and CCX), up to mid-2013. For Palavras-chave:

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Section: Introductionmentioning

confidence: 91%

Section: Evidence Of Market Timing In Brazilmentioning

confidence: 99%

See 1 more Smart Citation

Capital Structure Analysis of EBXGroup’s Companies: Combining Theory and Practice

Gomes

Magnani

Valle

2017

CGG

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“…Debt utilization is key to the emergence of conflicts of interest between shareholders and managers (Ross;Westerfield;Jaffe, 2002). Thus, because of such conflicts, Mendes et al (2009) show that the agency theory can be understood as the costs that come from the purpose of resolution of these conflicts, since managers and shareholders intervene in defense of their own interests. Grinblatt and Titmman (2005) elucidate that high company debt may be more favorable for shareholders as it would limit managers to adopt effective measures in personal terms and to expand the company more rapidly than advisable.…”

Section: Agency Theorymentioning

confidence: 99%

“…According to this theory, the optimal debt is defined by minimizing the total agency cost (Mendes et al, 2009).…”

Section: Agency Theorymentioning

confidence: 99%

Capital structure of Brazilian public companies: normality, global financial crisis and economic recession

Júnior

Santos

Gaio³

et al. 2018

CyA

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<p>This article aims to identify the determinants of the capital structure of Brazilian companies and compare it with financial theories. In addition, the normality periods (2007, 2009–2014) and financial crisis periods (2008 and 2015) will be considered in the analysis. The sample has 114 Brazilian public companies in the periods from 2007 to 2015. The methodology used for data analysis was multiple regression for panel data. The results showed that there are differences between the determinants of the capital structure in periods of crisis and of normality. Some of the hypotheses tested were accepted. These hypotheses relate financial theory to empirical analysis. Finally, the research contributed by demonstrating the main determinants of the capital structure in the analyzed periods, showing changes between such determinants.</p>

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Effects of market timing on primary share issues in the Brazilian capital market

Gomes

Magnani

Valle

2019

The North American Journal of Economics and Finance

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Estrutura de capital e janelas de oportunidade: testes no mercado brasileiro

Cited by 11 publications

References 20 publications

Capital Structure Analysis of EBXGroup’s Companies: Combining Theory and Practice

Capital Structure Analysis of EBXGroup’s Companies: Combining Theory and Practice

Capital structure of Brazilian public companies: normality, global financial crisis and economic recession

Effects of market timing on primary share issues in the Brazilian capital market

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