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A utilização de derivativos agrega valor à firma? um estudo do caso brasileiro

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  • Rossi Júnior, José Luiz

Abstract

This article examines the use of derivatives and its impact on firm value for a sample of non-financial Brazilian companies listed in the São Paulo Stock Exchange from 1996 to 2006. Using parametric and non-parametric methods, the results confirm that the use of derivatives adds value to the firm, indicating that, differently than asserted by Modigliani and Miller (1958), corporate financing policies do exert an impact on firm-value.

Suggested Citation

  • Rossi Júnior, José Luiz, 2008. "A utilização de derivativos agrega valor à firma? um estudo do caso brasileiro," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 48(4), October.
    • Handle: RePEc:fgv:eaerae:v:48:y:2008:i:4:a:36755
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