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Ganhos da Globalização do Capital Acionário em Crises Cambiais

Author

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  • Marcio Janot
  • Walter Novaes

Abstract

Uma literatura recente mostra que a listagem de ações nos Estados Unidos (via ADRs) protege acionistas minoritários de países que oferecem fraca proteção legal aos investidores. Entretanto, tal literatura não apresenta evidência de quais decisões corporativas são disciplinadas pela emissão de ADRs. Este artigo mostra que emissões de ADRs induzem uma gestão de risco cambial mais eficiente: em antecipação à crise cambial brasileira de 1999, em média, as empresas com ADRs reduziram em 6,4 pontos percentuais a proporção de descasamento cambial sobre ativos, relativamente às empresas sem ADRs. Resultados adicionais conectam esse forte ajuste à pressão de arbitradores internacionais.

Suggested Citation

  • Marcio Janot & Walter Novaes, 2009. "Ganhos da Globalização do Capital Acionário em Crises Cambiais," Working Papers Series 183, Central Bank of Brazil, Research Department.
    • Handle: RePEc:bcb:wpaper:183
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    File URL: https://www.bcb.gov.br/content/publicacoes/WorkingPaperSeries/wps183.pdf
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