Title:	Influência dos anúncios de novos endividamento de longo prazo nos retornos das ações de empresas brasileiras
Authors:	Santos, Sérgio Carlos dos
Orientador(es)::	Lustosa, Paulo Roberto Barbosa
Assunto::	Mercado de capitais Assimetria informacional Endividamento Estrutura de capital Empresas - Brasil
Data de defesa::	23-Aug-2005
Citation:	SANTOS, Sérgio Carlos dos. Influência dos anúncios de novos endividamento de longo prazo nos retornos das ações de empresas brasileiras. 2005. 116 f. Dissertação (Mestrado em Ciências Contábeis)— Programa Multi-Institucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, Universidade de Brasília, Universidade Federal da Paraíba, Universidade Federal do Rio Grande do Norte, João Pessoa, 2005.
Abstract:	There is no consensus regarding determinants of the capital structure adopted by companies, or about the impact of announcements of new debts on stock returns. Although this topic is widely discussed in foreign literature, it is relatively unexplored in Brazil. This paper attempts, through event studies, to assess the influence of announcements of new longterm debts on the stock returns of Brazilian companies. This assessment is done in the context of Brazilian market characteristics, which actually contradict Financial Theory in that longterm interest rates are less expensive than short-term interest rates. Events related to new long-term financing, include the issue of debentures, are identified based on sample comprised by member companies of the IBOVESPA (São Paulo Stock Exchange Index) portfolio from May to August 2004. On the basis of measurements of the abnormal returns, parametric and nonparametric tests were conducted on the hypotheses of equality between averages and the relationship between events and returns. The results evidence signs of a positive relationship between long-term debts and stock returns for Brazilian companies, thus coinciding with international research such as that of Miller and Rock (1985), Best (1997) and Blazenko (1987). In addition, the theory that returns revert to the average, presented by Fama e French (1999), provides reassurance for the results obtained in the F tests.
metadata.dc.description.unidade:	Faculdade de Economia, Administração, Contabilidade e Gestão de Políticas Públicas (FACE) Departamento de Ciências Contábeis e Atuariais (FACE CCA)
Description:	Dissertação (mestrado)—Universidade de Brasília, Universidade Federal da Paraíba, Universidade Federal do Rio Grande do Norte, Programa Multi-Institucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2005.
metadata.dc.description.ppg:	Programa de Pós-Graduação em Ciências Contábeis
Appears in Collections:	Teses, dissertações e produtos pós-doutorado

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