Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/10334 |
Resumo: | The present work tries to explain the evolution of credit spreads from non-convertible bonds issued by Brazilian companies during the period of 2005 to 2012. For this, a number of company specific variables are used, like, corporate leverage indexes, rating and volume outstanding. Besides that, more general variables related to economic sentiment are also used. For example, equity index, interest rates, economic indexes end yields paid by Latin American companies internationally. The econometric results tend to indicate that, diversely than the works made in developed markets, variables related to interest rates don’t seem to have relevant explanatory capabilities in determining the evolution of credit spreads during 2005 to 2012. After de 2008 crisis, however, Brazilian interest rates do seem to have some explanatory power, indicating a possible evolution to a more developed market. Equity indexes and international credit spreads levels are econometrically relevant to explain Brazilian credit spreads. Besides that, there seem to be a high tendency factor in the Brazilian corporate credit market. Changes in credit spreads in one period seem to have effects in the next period, according to the econometric model used. |
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Paula, Caio Crepaldi deEscolas::EESPRochman, Ricardo RatnerSavoia, José Roberto FerreiraDana, Samy2012-12-27T16:32:26Z2012-12-27T16:32:26Z2012-12-12PAULA, Caio Crepaldi de. Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2012.http://hdl.handle.net/10438/10334The present work tries to explain the evolution of credit spreads from non-convertible bonds issued by Brazilian companies during the period of 2005 to 2012. For this, a number of company specific variables are used, like, corporate leverage indexes, rating and volume outstanding. Besides that, more general variables related to economic sentiment are also used. For example, equity index, interest rates, economic indexes end yields paid by Latin American companies internationally. The econometric results tend to indicate that, diversely than the works made in developed markets, variables related to interest rates don’t seem to have relevant explanatory capabilities in determining the evolution of credit spreads during 2005 to 2012. After de 2008 crisis, however, Brazilian interest rates do seem to have some explanatory power, indicating a possible evolution to a more developed market. Equity indexes and international credit spreads levels are econometrically relevant to explain Brazilian credit spreads. Besides that, there seem to be a high tendency factor in the Brazilian corporate credit market. Changes in credit spreads in one period seem to have effects in the next period, according to the econometric model used.O presente trabalho tem o objetivo de explicar a evolução ao longo do tempo dos prêmios pagos por títulos de dívida de empresas não conversíveis em ações entre os anos 2005 e 2012. São utilizadas variáveis específicas das empresas emissoras, como índices de alavancagem, rating da emissão e volume emitido, além de variáveis de sentimento econômico como índices de ações, taxa de juros, índices de inflação e crescimento e taxas pagas por empresas no exterior. Os resultados econométricos indicam que, diferente de estudos feitos em mercados desenvolvidos, as variáveis de taxa de juros não possuem grande relevância na determinação da variação do spread de crédito no Brasil entre 2005 e 2012. No pós-crise de 2008, porém, taxas de juros se mostram relevantes, indicando um possível amadurecimento do mercado brasileiro na direção dos mercados desenvolvidos. Índices de ações e nível de spread de crédito no mercado internacional apresentaram coeficientes estatisticamente relevantes na evolução dos prêmios no mercado brasileiro. Além disso, o mercado parece ser influenciado por tendência, uma vez que alterações de spread em períodos anteriores ajudam a explicar mudanças no período atual.porÍndices de açõesDívida corporativaCrédito corporativoEconomiaTítulos (Finanças)Debêntures - BrasilTaxas de juros - BrasilFatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempoinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALDissertacao Caio Crepaldi Final.pdfDissertacao Caio Crepaldi Final.pdfapplication/pdf653843https://repositorio.fgv.br/bitstreams/2b43ef7b-797e-49cd-971a-23f8ae71e94d/download8c43dacfae37f705d4b6c335145fcafaMD52LICENSElicense.txtlicense.txttext/plain; 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dc.title.por.fl_str_mv |
Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo |
title |
Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo |
spellingShingle |
Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo Paula, Caio Crepaldi de Índices de ações Dívida corporativa Crédito corporativo Economia Títulos (Finanças) Debêntures - Brasil Taxas de juros - Brasil |
title_short |
Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo |
title_full |
Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo |
title_fullStr |
Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo |
title_full_unstemmed |
Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo |
title_sort |
Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo |
author |
Paula, Caio Crepaldi de |
author_facet |
Paula, Caio Crepaldi de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Rochman, Ricardo Ratner Savoia, José Roberto Ferreira |
dc.contributor.author.fl_str_mv |
Paula, Caio Crepaldi de |
dc.contributor.advisor1.fl_str_mv |
Dana, Samy |
contributor_str_mv |
Dana, Samy |
dc.subject.por.fl_str_mv |
Índices de ações Dívida corporativa Crédito corporativo |
topic |
Índices de ações Dívida corporativa Crédito corporativo Economia Títulos (Finanças) Debêntures - Brasil Taxas de juros - Brasil |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Títulos (Finanças) Debêntures - Brasil Taxas de juros - Brasil |
description |
The present work tries to explain the evolution of credit spreads from non-convertible bonds issued by Brazilian companies during the period of 2005 to 2012. For this, a number of company specific variables are used, like, corporate leverage indexes, rating and volume outstanding. Besides that, more general variables related to economic sentiment are also used. For example, equity index, interest rates, economic indexes end yields paid by Latin American companies internationally. The econometric results tend to indicate that, diversely than the works made in developed markets, variables related to interest rates don’t seem to have relevant explanatory capabilities in determining the evolution of credit spreads during 2005 to 2012. After de 2008 crisis, however, Brazilian interest rates do seem to have some explanatory power, indicating a possible evolution to a more developed market. Equity indexes and international credit spreads levels are econometrically relevant to explain Brazilian credit spreads. Besides that, there seem to be a high tendency factor in the Brazilian corporate credit market. Changes in credit spreads in one period seem to have effects in the next period, according to the econometric model used. |
publishDate |
2012 |
dc.date.accessioned.fl_str_mv |
2012-12-27T16:32:26Z |
dc.date.available.fl_str_mv |
2012-12-27T16:32:26Z |
dc.date.issued.fl_str_mv |
2012-12-12 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
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masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
PAULA, Caio Crepaldi de. Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2012. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/10334 |
identifier_str_mv |
PAULA, Caio Crepaldi de. Fatores determinantes no apreçamento de títulos de dívida corporativa ao longo do tempo. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2012. |
url |
http://hdl.handle.net/10438/10334 |
dc.language.iso.fl_str_mv |
por |
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por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
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MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
_version_ |
1810023812523098112 |