Advanced Search
MyIDEAS: Login to save this paper or follow this series

A Taxa de Remuneração do Capital e a Nova Regulação das Telecomunicações

Contents:

Author Info

  • Gabriel Fiuza de Bragança
  • Katia Rocha
  • Fernando Camacho

Abstract

An adequate rate of return on capital yielded by the regulated firms is a central issuerelated to the new cost-based approach adopted by the Brazilian TelecommunicationRegulatory Agency (Anatel). In this context, careful attention must be given to theWeighted Average Cost of Capital (WACC) estimation. Downside bias can harminnovation and infrastructure future investment decisions and upside bias contradictsthe government main directive to reduce tariffs and foster competition, in fact, bothmistakes reduces social welfare.In this respect, the article intends to offer methodological insights, based onwell-accepted theoretical achievements and best practices abroad, for the task ofestimate a telecom WACC taking account of specific regulatory and sectorialBrazilian characteristics.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.ipea.gov.br/portal/images/stories/PDFs/TDs/td_1160.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Instituto de Pesquisa Econômica Aplicada - IPEA in its series Discussion Papers with number 1160.

as in new window
Length: 45 pages
Date of creation: Feb 2006
Date of revision:
Handle: RePEc:ipe:ipetds:1160

Contact details of provider:
Postal: SBS - Quadra 01 - Bloco J - Ed. BNDES, Brasília, DF - 70076-90
Phone: +55(061)315-5000
Fax: +55(61)321-1597
Email:
Web page: http://www.ipea.gov.br
More information through EDIRC

Related research

Keywords:

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Camacho, Fernando, 2004. "Custo de capital de indústrias reguladas no Brasil
    [Cost of capital of regulated industries in Brazil]
    ," MPRA Paper 5396, University Library of Munich, Germany.
  2. Hausman, Jerry & Myers, Stewart, 2002. "Regulating the United States Railroads: The Effects of Sunk Costs and Asymmetric Risk," Journal of Regulatory Economics, Springer, vol. 22(3), pages 287-310, November.
  3. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
  4. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, vol. 13(3), pages 341-360, December.
  5. Robert S. Pindyck, 2004. "Mandatory Unbundling and Irreversible Investment in Telecom Networks," NBER Working Papers 10287, National Bureau of Economic Research, Inc.
  6. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, 09.
  7. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
  8. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
  9. Pereiro, Luis E., 2001. "The valuation of closely-held companies in Latin America," Emerging Markets Review, Elsevier, vol. 2(4), pages 330-370, December.
  10. Camacho, Fernando & Bragança, Gabriel & Rocha, Katia, 2005. "A remuneração de capital nas telecomunicações e o novo contexto regulatório brasileiro
    [The remuneration of capital in the telecommunications and the new Brazilian regulatory context]
    ," MPRA Paper 5399, University Library of Munich, Germany.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:ipe:ipetds:1160. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fabio Schiavinatto).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.