Speed of adjustment of capital structure: empirical study

Detalhes bibliográficos
Autor(a) principal: Lopes, Natalia Cristina
Data de Publicação: 2015
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/13493
Resumo: We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.
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spelling Lopes, Natalia CristinaEscolas::EESPFernandes, MarceloNovaes Filho, WalterMergulhão, João de Mendonça2015-03-06T13:06:44Z2015-03-06T13:06:44Z2015-02-06LOPES, Natalia Cristina. Speed of adjustment of capital structure: empirical study. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2015.http://hdl.handle.net/10438/13493We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.Analisamos o impacto de características específicas da empresa, bem como os fatores econômicos sobre a velocidade de ajustamento para alcançar o ponto ótimo da dívida. Usando métodos diferentes, encontramos velocidades de ajustamento que variam de 14,4% a 37%. Os resultados indicam que a velocidade de ajustamento é afetada por variáveis do ciclo de negócios: O termo de interação relacionado ao term spread revela, como esperado, um ajustamento mais rápido em booms do que em recessões e uma relação negativa entre o spread de curto prazo e velocidade de ajustamento. Mostramos também que a velocidade de ajustamento torna-se estacionária quando o aumento das de firmas com dívida zero é considerado.engCorporate financeCapital structureFinanças corporativasVelocidade de ajustamentoAdjustment speedMacroeconomic variablesEconomiaAdministração financeiraEstrutura de capitalSociedades comerciais - FinançasModelos macroeconômicosSpeed of adjustment of capital structure: empirical studyinfo: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/openAccessORIGINALNatalia Lopes_Final.pdfNatalia Lopes_Final.pdfArquivo Revisadoapplication/pdf1150711https://repositorio.fgv.br/bitstreams/0e82b0c2-b195-4545-a39d-36b1dbc6648e/download79a8982512192755c02ea2a9b32168e4MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv Speed of adjustment of capital structure: empirical study
title Speed of adjustment of capital structure: empirical study
spellingShingle Speed of adjustment of capital structure: empirical study
Lopes, Natalia Cristina
Corporate finance
Capital structure
Finanças corporativas
Velocidade de ajustamento
Adjustment speed
Macroeconomic variables
Economia
Administração financeira
Estrutura de capital
Sociedades comerciais - Finanças
Modelos macroeconômicos
title_short Speed of adjustment of capital structure: empirical study
title_full Speed of adjustment of capital structure: empirical study
title_fullStr Speed of adjustment of capital structure: empirical study
title_full_unstemmed Speed of adjustment of capital structure: empirical study
title_sort Speed of adjustment of capital structure: empirical study
author Lopes, Natalia Cristina
author_facet Lopes, Natalia Cristina
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.member.none.fl_str_mv Fernandes, Marcelo
Novaes Filho, Walter
dc.contributor.author.fl_str_mv Lopes, Natalia Cristina
dc.contributor.advisor1.fl_str_mv Mergulhão, João de Mendonça
contributor_str_mv Mergulhão, João de Mendonça
dc.subject.por.fl_str_mv Corporate finance
Capital structure
Finanças corporativas
Velocidade de ajustamento
topic Corporate finance
Capital structure
Finanças corporativas
Velocidade de ajustamento
Adjustment speed
Macroeconomic variables
Economia
Administração financeira
Estrutura de capital
Sociedades comerciais - Finanças
Modelos macroeconômicos
dc.subject.eng.fl_str_mv Adjustment speed
Macroeconomic variables
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Administração financeira
Estrutura de capital
Sociedades comerciais - Finanças
Modelos macroeconômicos
description We analyze the impact of firm-specific characteristics as well as economic factors on the speed of adjustment to the target debt ratio. Using different methods, we document speeds of adjustment ranging from 14.4% to 37%. The results indicate that the speed of adjustment is affected by business-cycle variables: The interaction term related to term spread reveals, as expected, faster adjustment in booms than in recessions and a negative relationship between short term spread and adjustment speed. We also show that the speed of adjustment becomes stationary when the increasing fractions of zero-debt firms are considered.
publishDate 2015
dc.date.accessioned.fl_str_mv 2015-03-06T13:06:44Z
dc.date.available.fl_str_mv 2015-03-06T13:06:44Z
dc.date.issued.fl_str_mv 2015-02-06
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 LOPES, Natalia Cristina. Speed of adjustment of capital structure: empirical study. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2015.
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/13493
identifier_str_mv LOPES, Natalia Cristina. Speed of adjustment of capital structure: empirical study. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2015.
url http://hdl.handle.net/10438/13493
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)
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instacron_str FGV
institution FGV
reponame_str Repositório Institucional do FGV (FGV Repositório Digital)
collection Repositório Institucional do FGV (FGV Repositório Digital)
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