Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/17640 |
Resumo: | Literature has often examined how hedging affects firm value and cost of capital, but its relation with cost of debt is less studied, especially for Latin American firms. This dissertation examined the impact of derivatives usage over credit spread of the bonds issued by 66 non-financial companies from Brazil, Chile and Mexico, based on the secondary market transactions from 2005 to 2015. To test the hypothesis that hedging reduces credit spread, we performed different regressions based on Chen and King (2014) study. We only found a significant coefficient for hedging and leverage interaction for the post-2008 period, supporting Coutinho, Sheng and Lora (2012) findings that companies were not using derivatives for hedging purpose before the financial crisis and also corroborates Chen and King (2014) hypothesis that more leveraged firms obtain higher benefits from hedging. |
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Oliveira, Edypo Soares deEscolas::EESPSheng, Hsia HuaVaz, Daniela VerzolaLora, Mayra Ivanoff2016-12-22T13:14:53Z2016-12-22T13:14:53Z2016-12-14OLIVEIRA, Edypo Soares de. Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016.http://hdl.handle.net/10438/17640Literature has often examined how hedging affects firm value and cost of capital, but its relation with cost of debt is less studied, especially for Latin American firms. This dissertation examined the impact of derivatives usage over credit spread of the bonds issued by 66 non-financial companies from Brazil, Chile and Mexico, based on the secondary market transactions from 2005 to 2015. To test the hypothesis that hedging reduces credit spread, we performed different regressions based on Chen and King (2014) study. We only found a significant coefficient for hedging and leverage interaction for the post-2008 period, supporting Coutinho, Sheng and Lora (2012) findings that companies were not using derivatives for hedging purpose before the financial crisis and also corroborates Chen and King (2014) hypothesis that more leveraged firms obtain higher benefits from hedging.Há uma extensa literatura examinando como o uso de derivativos afeta o valor e o custo de capital da firma, porém sua relação com o custo da dívida (spread de crédito) é menos estudada, especialmente para os países da América Latina. Esta dissertação, a partir dos dados do mercado secundário dos títulos (bonds) emitidos por 66 empresas não financeiras de Brasil, Chile e México no período entre 2005 e 2015, analisa o impacto do uso de derivativos sobre o spread de crédito. Para testar a hipótese de que hedging reduz o spread de crédito pago pelas companhias, rodamos diferentes regressões baseadas no estudo de Cheng e King (2014). Encontramos resultados significativos apenas para a interação entre hedging e alavancagem no período posterior a 2008, em linha com o que foi reportado por Coutinho, Sheng e Lora (2012), que investigam a relação entre hedging e custo de capital. Resultado corrobora as hipóteses de que (1) empresas estariam utilizando derivativos para especular antes da Crise Financeira e (2) conforme Chen e King (2014), as empresas mais alavancadas (maior stress financeiro) são as que mais se beneficiam do uso de derivativos.engHedgingDerivativesFinancial riskCost of debtCusto da dívidaEconomiaDerivativos (Finanças)Risco financeiroSociedades comerciais - DívidasTaxas de jurosSociedades comerciais - FinançasDo bondholders value corporate hedging? 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dc.title.eng.fl_str_mv |
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico |
title |
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico |
spellingShingle |
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico Oliveira, Edypo Soares de Hedging Derivatives Financial risk Cost of debt Custo da dívida Economia Derivativos (Finanças) Risco financeiro Sociedades comerciais - Dívidas Taxas de juros Sociedades comerciais - Finanças |
title_short |
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico |
title_full |
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico |
title_fullStr |
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico |
title_full_unstemmed |
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico |
title_sort |
Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico |
author |
Oliveira, Edypo Soares de |
author_facet |
Oliveira, Edypo Soares de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Sheng, Hsia Hua Vaz, Daniela Verzola |
dc.contributor.author.fl_str_mv |
Oliveira, Edypo Soares de |
dc.contributor.advisor1.fl_str_mv |
Lora, Mayra Ivanoff |
contributor_str_mv |
Lora, Mayra Ivanoff |
dc.subject.eng.fl_str_mv |
Hedging Derivatives Financial risk Cost of debt |
topic |
Hedging Derivatives Financial risk Cost of debt Custo da dívida Economia Derivativos (Finanças) Risco financeiro Sociedades comerciais - Dívidas Taxas de juros Sociedades comerciais - Finanças |
dc.subject.por.fl_str_mv |
Custo da dívida |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Derivativos (Finanças) Risco financeiro Sociedades comerciais - Dívidas Taxas de juros Sociedades comerciais - Finanças |
description |
Literature has often examined how hedging affects firm value and cost of capital, but its relation with cost of debt is less studied, especially for Latin American firms. This dissertation examined the impact of derivatives usage over credit spread of the bonds issued by 66 non-financial companies from Brazil, Chile and Mexico, based on the secondary market transactions from 2005 to 2015. To test the hypothesis that hedging reduces credit spread, we performed different regressions based on Chen and King (2014) study. We only found a significant coefficient for hedging and leverage interaction for the post-2008 period, supporting Coutinho, Sheng and Lora (2012) findings that companies were not using derivatives for hedging purpose before the financial crisis and also corroborates Chen and King (2014) hypothesis that more leveraged firms obtain higher benefits from hedging. |
publishDate |
2016 |
dc.date.accessioned.fl_str_mv |
2016-12-22T13:14:53Z |
dc.date.available.fl_str_mv |
2016-12-22T13:14:53Z |
dc.date.issued.fl_str_mv |
2016-12-14 |
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 |
OLIVEIRA, Edypo Soares de. Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/17640 |
identifier_str_mv |
OLIVEIRA, Edypo Soares de. Do bondholders value corporate hedging? Evidence for Brazil, Chile and Mexico. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
url |
http://hdl.handle.net/10438/17640 |
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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