Estimação de prêmio de risco de startup

Detalhes bibliográficos
Autor(a) principal: Romani, Mariana Omari
Data de Publicação: 2014
Tipo de documento: Dissertação
Idioma: por
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: https://hdl.handle.net/10438/11749
Resumo: Startups, by definition, are companies that are more exposed to risks and vulnerabilities than mature companies, which have already been established in the market. The aim of this study is to identify, apply and test a possible methodology to calculate additional risk premium for startups. This study develops a methodology to calculate risk premium based in the methodology to calculate size risk premium published by the independent investment research Morningstar. The adherence of the methodology proposed in this study is tested by the Kalman filter methodology, which was applied to calculate startup additional risk premium varying over time. The results of the application of both methodologies are similar. Therefore, it is possible to conclude that the Morningstar methodology, when applied to calculate startup premium varying over time, is robust.
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spelling Romani, Mariana OmariEscolas::EPGEFGVIachan, Felipe SaraivaAraújo, Gustavo SilvaGonçalves, Edson Daniel Lopes2014-05-20T11:39:17Z2014-05-20T11:39:17Z2014-01-23ROMANI, Mariana Omari. Estimação de prêmio de risco de startup. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2014.https://hdl.handle.net/10438/11749Startups, by definition, are companies that are more exposed to risks and vulnerabilities than mature companies, which have already been established in the market. The aim of this study is to identify, apply and test a possible methodology to calculate additional risk premium for startups. This study develops a methodology to calculate risk premium based in the methodology to calculate size risk premium published by the independent investment research Morningstar. The adherence of the methodology proposed in this study is tested by the Kalman filter methodology, which was applied to calculate startup additional risk premium varying over time. The results of the application of both methodologies are similar. Therefore, it is possible to conclude that the Morningstar methodology, when applied to calculate startup premium varying over time, is robust.Por definição as empresas startups estão expostas a mais riscos e vulnerabilidades que empresas maduras e já estabelecidas no mercado. O objetivo do presente estudo é identificar, aplicar e testar uma possível metodologia para calcular prêmio de risco adicional para startups. Para tanto este trabalho desenvolve um estudo de caso no qual a conhecida metodologia para cálculo de prêmio de risco de tamanho da Morningstar é aplicada a uma startup americana. A aderência da metodologia proposta neste estudo é testada pela metodologia do filtro de Kalman, que calcula o prêmio de risco por tamanho variando ao longo do tempo. Os resultados encontrados são similares em ambas as metodologias. 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dc.title.por.fl_str_mv Estimação de prêmio de risco de startup
title Estimação de prêmio de risco de startup
spellingShingle Estimação de prêmio de risco de startup
Romani, Mariana Omari
Risk premium
Startup
Valuation
Brazilian startups
Prêmio de risco
CAPM
Startups no Brasil
Economia
Risco (Economia)
Modelo de precificação de ativos
Empresas novas
title_short Estimação de prêmio de risco de startup
title_full Estimação de prêmio de risco de startup
title_fullStr Estimação de prêmio de risco de startup
title_full_unstemmed Estimação de prêmio de risco de startup
title_sort Estimação de prêmio de risco de startup
author Romani, Mariana Omari
author_facet Romani, Mariana Omari
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.member.none.fl_str_mv Iachan, Felipe Saraiva
Araújo, Gustavo Silva
dc.contributor.author.fl_str_mv Romani, Mariana Omari
dc.contributor.advisor1.fl_str_mv Gonçalves, Edson Daniel Lopes
contributor_str_mv Gonçalves, Edson Daniel Lopes
dc.subject.eng.fl_str_mv Risk premium
Startup
Valuation
Brazilian startups
topic Risk premium
Startup
Valuation
Brazilian startups
Prêmio de risco
CAPM
Startups no Brasil
Economia
Risco (Economia)
Modelo de precificação de ativos
Empresas novas
dc.subject.por.fl_str_mv Prêmio de risco
CAPM
Startups no Brasil
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Risco (Economia)
Modelo de precificação de ativos
Empresas novas
description Startups, by definition, are companies that are more exposed to risks and vulnerabilities than mature companies, which have already been established in the market. The aim of this study is to identify, apply and test a possible methodology to calculate additional risk premium for startups. This study develops a methodology to calculate risk premium based in the methodology to calculate size risk premium published by the independent investment research Morningstar. The adherence of the methodology proposed in this study is tested by the Kalman filter methodology, which was applied to calculate startup additional risk premium varying over time. The results of the application of both methodologies are similar. Therefore, it is possible to conclude that the Morningstar methodology, when applied to calculate startup premium varying over time, is robust.
publishDate 2014
dc.date.accessioned.fl_str_mv 2014-05-20T11:39:17Z
dc.date.available.fl_str_mv 2014-05-20T11:39:17Z
dc.date.issued.fl_str_mv 2014-01-23
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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status_str publishedVersion
dc.identifier.citation.fl_str_mv ROMANI, Mariana Omari. Estimação de prêmio de risco de startup. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2014.
dc.identifier.uri.fl_str_mv https://hdl.handle.net/10438/11749
identifier_str_mv ROMANI, Mariana Omari. Estimação de prêmio de risco de startup. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2014.
url https://hdl.handle.net/10438/11749
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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)
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instname_str Fundação Getulio Vargas (FGV)
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