Alguns Comentários sobre o Impacto da Privatização no Risco das Ações das Empresas
This paper summarizes the sources of impact of privatization on the risk of shares of the companies. The hypothesis that there is such impact is tested empirically, through econometric estimation using data from Light and Vale do Rio Doce, two Brazilian companies. Three sources are identified: (i) companies become subject to more competition, (ii) They face more credit constraint, and (iii) increase hiring flexibility and significant change in its costs and in its efficiency it interns. Tests of the existence hypothesis were carried on, using ARHC Model. Results confirmed the major hypothesis for the two companies studied.
|Date of creation:||2002|
|Date of revision:||2002|
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