Corporate capital structure revisited: incomplete markets and default
Autor(a) principal: | |
---|---|
Data de Publicação: | 2007 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/105 |
Resumo: | After Modigliani and Miller (1958) presented their capital structure irrelevance proposition, analysis of corporate Önancing choices involving debt and equity instruments have generally followed two trends in the literature, where models either incorporate informational asymmetries or introduce tax beneÖts in order to explain optimal capital structure determination (Myers, 2002). None of these features is present in this paper, which develops an asset pricing model with the purpose of providing a positive theory of corporate capital structure by replicating main aspects of standard contractual practice observed in real markets. Alternatively, the imperfect market structure of the economy is tailored to match what is most common in corporate reality. Allowance for default on corporate debt with an associated penalty of seizure of Örmís future cash áows by creditors is introduced, for instance. In this context, a qualitative assessment of Önancial managersídecisions is carried out through numerical procedures. |
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Brandão, Ricardo AlvesEscolas::EPGEFGVBraido, Luís H. B.2008-05-13T13:16:19Z2008-05-13T13:16:19Z2007-04-112007-04-11BRANDÃO, Ricardo Alves. Corporate capital structure revisited: incomplete markets and default. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2007.http://hdl.handle.net/10438/105After Modigliani and Miller (1958) presented their capital structure irrelevance proposition, analysis of corporate Önancing choices involving debt and equity instruments have generally followed two trends in the literature, where models either incorporate informational asymmetries or introduce tax beneÖts in order to explain optimal capital structure determination (Myers, 2002). None of these features is present in this paper, which develops an asset pricing model with the purpose of providing a positive theory of corporate capital structure by replicating main aspects of standard contractual practice observed in real markets. Alternatively, the imperfect market structure of the economy is tailored to match what is most common in corporate reality. Allowance for default on corporate debt with an associated penalty of seizure of Örmís future cash áows by creditors is introduced, for instance. In this context, a qualitative assessment of Önancial managersídecisions is carried out through numerical procedures.engCorporate capital structure revisited: incomplete markets and defaultinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisEconomiaSociedades comerciais - Finançasreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINAL2264.pdfapplication/pdf160091http://bibliotecadigital.fgv.br:80/dspace/bitstream/10438/105/1/2264.pdff32e69fd30b9d8e06a715a2818f68d34MD51TEXT2264.pdf.txt2264.pdf.txtExtracted Texttext/plain26355http://bibliotecadigital.fgv.br:80/dspace/bitstream/10438/105/2/2264.pdf.txt8265e5d31bbb10ce971d8631c6e21f76MD52THUMBNAIL2264.pdf.jpg2264.pdf.jpgGenerated Thumbnailimage/jpeg1548http://bibliotecadigital.fgv.br:80/dspace/bitstream/10438/105/3/2264.pdf.jpgaeba5b16b3cf73495e0319015dd16835MD5310438/1052018-08-23 10:06:48.435oai:bibliotecadigital.fgv.br:10438/105Repositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742018-08-23T13:06:48Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.eng.fl_str_mv |
Corporate capital structure revisited: incomplete markets and default |
title |
Corporate capital structure revisited: incomplete markets and default |
spellingShingle |
Corporate capital structure revisited: incomplete markets and default Brandão, Ricardo Alves Economia Sociedades comerciais - Finanças |
title_short |
Corporate capital structure revisited: incomplete markets and default |
title_full |
Corporate capital structure revisited: incomplete markets and default |
title_fullStr |
Corporate capital structure revisited: incomplete markets and default |
title_full_unstemmed |
Corporate capital structure revisited: incomplete markets and default |
title_sort |
Corporate capital structure revisited: incomplete markets and default |
author |
Brandão, Ricardo Alves |
author_facet |
Brandão, Ricardo Alves |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Brandão, Ricardo Alves |
dc.contributor.advisor1.fl_str_mv |
Braido, Luís H. B. |
contributor_str_mv |
Braido, Luís H. B. |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Sociedades comerciais - Finanças |
dc.subject.bibliodata.por.fl_str_mv |
Sociedades comerciais - Finanças |
description |
After Modigliani and Miller (1958) presented their capital structure irrelevance proposition, analysis of corporate Önancing choices involving debt and equity instruments have generally followed two trends in the literature, where models either incorporate informational asymmetries or introduce tax beneÖts in order to explain optimal capital structure determination (Myers, 2002). None of these features is present in this paper, which develops an asset pricing model with the purpose of providing a positive theory of corporate capital structure by replicating main aspects of standard contractual practice observed in real markets. Alternatively, the imperfect market structure of the economy is tailored to match what is most common in corporate reality. Allowance for default on corporate debt with an associated penalty of seizure of Örmís future cash áows by creditors is introduced, for instance. In this context, a qualitative assessment of Önancial managersídecisions is carried out through numerical procedures. |
publishDate |
2007 |
dc.date.submitted.none.fl_str_mv |
2007-04-11 |
dc.date.issued.fl_str_mv |
2007-04-11 |
dc.date.accessioned.fl_str_mv |
2008-05-13T13:16:19Z |
dc.date.available.fl_str_mv |
2008-05-13T13:16:19Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
BRANDÃO, Ricardo Alves. Corporate capital structure revisited: incomplete markets and default. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2007. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/105 |
identifier_str_mv |
BRANDÃO, Ricardo Alves. Corporate capital structure revisited: incomplete markets and default. Dissertação (Mestrado em Economia) - FGV - Fundação Getúlio Vargas, Rio de Janeiro, 2007. |
url |
http://hdl.handle.net/10438/105 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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