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Debt maturity determinants in Brazil: evidence from private and public corporate borrowings
(2015-05-15)
This study provides an empirical investigation of the determinants of long-term debt maturity in Brazil. We built a unique database that includes privately placed debt and public debt for 308 publicly traded, non-financial ...
Composição de dívidas corporativas no Brasil: fatores que explicam a emissão de debêntures
(2010-02-02)
The purpose of the debt and the enterprise’s sector are important variables for the debate on corporate indebtedness composition in the context of the agency theory. The Brazilian empirical literature does not include those ...
The role of bond covenants and short-term debt: evidence from Brazil
(2011-11-25)
This paper examines the relationship between covenants, short-term and long-term debt with companies which face growth opportunities. Using a sample of 159 Brazilian corporate bonds, we found evidence that: 1) Covenants ...
Características e determinantes da primeira emissão de debêntures
(2008-05-30)
Debt financing decisions have impact in capital structure by altering the leverage, ownership structure and maturity of debt. Most popular theories about composition of debt predicts negative reaction of stocks when a firm ...
Testing dynamic agency predictions to corporate finance
(2017-03-22)
This papers tests theoretical predictions concerning to agent compensation, debt structure and investment in the models of dynamic agency in DeMarzo and Fishman (2007), DeMarzo and Sannikov (2006) and DeMarzo, Fishman, He ...
Implied hazard rates analysis through Brazilian corporate debt
(2015-08-26)
No Brasil, o mercado de crédito corporativo ainda é sub-aproveitado. A maioria dos participantes não exploram e não operam no mercado secundário, especialmente no caso de debêntures. Apesar disso, há inúmeras ferramentas ...
Os determinantes do spread de crédito nas debêntures de infraestrutura
(2021-10-07)
O objetivo desse trabalho é analisar os determinantes do spread de crédito das debêntures de infraestrutura no mercado secundário. Para isso, calculamos o spread de crédito dos negócios de debêntures realizados diariamente ...
Corporate capital structure revisited: incomplete markets and default
(2007-04-11)
After Modigliani and Miller (1958) presented their capital structure irrelevance proposition, analysis of corporate Önancing choices involving debt and equity instruments have generally followed two trends in the literature, ...
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico
(2016-12-14)
Literature has often examined how hedging affects firm value and cost of capital, but its relation with cost of debt is less studied, especially for Latin American firms. This dissertation examined the impact of derivatives ...
A relação entre o spread de crédito e o rating de bonds de empresas brasileiras
(2019-04-04)
Este estudo busca investigar os efeitos das avaliações de qualidade de crédito da dívida corporativa brasileira promovidas pelas três principais agências de rating – Standard & Poor’s, Moody’s e Fitch – no spread de crédito ...