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

  • Gabriel Fiuza de Bragança
  • Katia Rocha
  • Fernando Camacho

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.

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

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Length: 45 pages
Date of creation: Feb 2006
Date of revision:
Handle: RePEc:ipe:ipetds:1160
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  1. 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.
  2. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
  3. 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.
  4. Robert S. Pindyck, 2004. "Mandatory Unbundling and Irreversible Investment in Telecom Networks," NBER Working Papers 10287, National Bureau of Economic Research, Inc.
  5. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
  6. 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.
  7. Ross, Stephen A., 1976. "The arbitrage theory of capital asset pricing," Journal of Economic Theory, Elsevier, vol. 13(3), pages 341-360, December.
  8. Pereiro, Luis E., 2001. "The valuation of closely-held companies in Latin America," Emerging Markets Review, Elsevier, vol. 2(4), pages 330-370, December.
  9. 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.
  10. 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.
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