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Alguns Comentários sobre o Impacto da Privatização no Risco das Ações das Empresas


  • Alexandre Rands

    () (Datamétrica Consultoria, Pesquisa e Telemarketing)

  • Pierre Lucena


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.

Suggested Citation

  • Alexandre Rands & Pierre Lucena, 2002. "Alguns Comentários sobre o Impacto da Privatização no Risco das Ações das Empresas," Working Papers 44, Datamétrica Consultoria Econômica, revised 2002.
  • Handle: RePEc:dtm:wpaper:44

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    References listed on IDEAS

    1. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, June.
    2. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-1278, December.
    3. Alexandre Rands Barros, 2011. "Desigualdades Regionais no Brasil: Natureza, causas, origens e soluções," Working Papers 63, Datamétrica Consultoria Econômica, revised 2011.
    4. Edward L. Glaeser & Joshua D. Gottlieb, 2009. "The Wealth of Cities: Agglomeration Economies and Spatial Equilibrium in the United States," Journal of Economic Literature, American Economic Association, vol. 47(4), pages 983-1028, December.
    5. Oded Galor & Joseph Zeira, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Oxford University Press, vol. 60(1), pages 35-52.
    6. Alexandre Rands & Cristiane Mesquita Soares, 2009. "The Role Of Social Capital On Individual Labor Incomes In Brazil," Working Papers 33, Datamétrica Consultoria Econômica, revised 2009.
    7. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
    8. Joanna Alexopoulos & Tiago V. Cavalcanti, 2010. "Cheap home goods and persistent inequality," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 45(3), pages 417-451, December.
    9. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    More about this item


    privatização; restrição creditícia; risco; modelo ARCH.;

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy


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