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Testes empíricos sobre market timing na determinação da estrutura de capital das empresas brasileiras

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  • José Luiz Rossi Júnior
  • José Ignácio Céspedes

Abstract

O trabalho testa a teoria do equity market timing da determinação da estrutura de capital para uma amostra de empresas brasileiras no período de 1996 a 2006. Os resultados mostram que, consistente com a teoria de market timing, as empresas financiam uma fração maior do seu déficit de fundos com capital próprio quando o custo deste é baixo relativo ao capital de terceiros e quando seu valor de mercado é alto comparado a seu valor patrimonial.

Suggested Citation

  • José Luiz Rossi Júnior & José Ignácio Céspedes, 2008. "Testes empíricos sobre market timing na determinação da estrutura de capital das empresas brasileiras," Business and Economics Working Papers 026, Unidade de Negocios e Economia, Insper.
    • Handle: RePEc:aap:wpaper:026
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