Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?

Detalhes bibliográficos
Autor(a) principal: Nunes, Ricardo Machado
Data de Publicação: 2014
Outros Autores: Fernandes, Marcelo
Tipo de documento: Artigo
Idioma: por
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/11723
Resumo: The goal of this study is to analyze the yield difference between corporate debt issuance of Brazilian companies in local and foreign markets. From the perspective of the investor, we attempt to answer whether it is better, on average, to acquire a local debenture or an international bond from the same issuer after controlling for risk. To this end, we examine 177 local and 119 international bond issues of 31 Brazilian non-financial companies from January 2004 to April 2013. Panel regressions with fixed effects to control for the issuer’s characteristics show that, on average, international bonds yield 164 to 197 bps more than local debentures, and that this difference is statistically significant.
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spelling Nunes, Ricardo MachadoFernandes, MarceloEscolas::EESP2014-05-05T20:24:47Z2014-05-05T20:24:47Z2014-05-05TD 363http://hdl.handle.net/10438/11723The goal of this study is to analyze the yield difference between corporate debt issuance of Brazilian companies in local and foreign markets. From the perspective of the investor, we attempt to answer whether it is better, on average, to acquire a local debenture or an international bond from the same issuer after controlling for risk. To this end, we examine 177 local and 119 international bond issues of 31 Brazilian non-financial companies from January 2004 to April 2013. Panel regressions with fixed effects to control for the issuer’s characteristics show that, on average, international bonds yield 164 to 197 bps more than local debentures, and that this difference is statistically significant.O objetivo deste trabalho é analisar a diferença de rentabilidade entre emissões de títulos de dívida corporativa de empresas brasileiras nos mercados local e externo. Sob a ótica do investidor interessado em comprar esses títulos, busca-se responder se, protegendo-se contra oscilações de fatores como câmbio e juros e controlando pelo prazo de vencimento, seria mais rentável em média adquirir um título local ou externo de um mesmo emissor. Para isso, analisamos 177 emissões de debêntures e 119 emissões de títulos no exterior de 31 companhias não financeiras brasileiras no período entre janeiro de 2004 e abril de 2013. Regressões em painel com efeitos fixos para controlar pelas características de cada emissor verificam que, em média, o título no mercado externo paga de 164 a 197 bps a mais que o do mercado local, e que tal diferença é estatisticamente significante.porEESP - Texto para discussão;TD 363RentabilidadeDívida corporativaEconomiaDebênturesTítulos (Finanças)Sociedades comerciais - DívidasTítulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALTD 363 - CEQEF 20 -Ricardo Machado Nunes e Marcelo Fernandes.pdfTD 363 - CEQEF 20 -Ricardo Machado Nunes e Marcelo 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dc.title.por.fl_str_mv Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?
title Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?
spellingShingle Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?
Nunes, Ricardo Machado
Rentabilidade
Dívida corporativa
Economia
Debêntures
Títulos (Finanças)
Sociedades comerciais - Dívidas
title_short Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?
title_full Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?
title_fullStr Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?
title_full_unstemmed Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?
title_sort Títulos de dívida corporativa de empresas brasileiras: investir em emissões do mercado interno ou externo?
author Nunes, Ricardo Machado
author_facet Nunes, Ricardo Machado
Fernandes, Marcelo
author_role author
author2 Fernandes, Marcelo
author2_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.author.fl_str_mv Nunes, Ricardo Machado
Fernandes, Marcelo
dc.subject.por.fl_str_mv Rentabilidade
Dívida corporativa
topic Rentabilidade
Dívida corporativa
Economia
Debêntures
Títulos (Finanças)
Sociedades comerciais - Dívidas
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Debêntures
Títulos (Finanças)
Sociedades comerciais - Dívidas
description The goal of this study is to analyze the yield difference between corporate debt issuance of Brazilian companies in local and foreign markets. From the perspective of the investor, we attempt to answer whether it is better, on average, to acquire a local debenture or an international bond from the same issuer after controlling for risk. To this end, we examine 177 local and 119 international bond issues of 31 Brazilian non-financial companies from January 2004 to April 2013. Panel regressions with fixed effects to control for the issuer’s characteristics show that, on average, international bonds yield 164 to 197 bps more than local debentures, and that this difference is statistically significant.
publishDate 2014
dc.date.accessioned.fl_str_mv 2014-05-05T20:24:47Z
dc.date.available.fl_str_mv 2014-05-05T20:24:47Z
dc.date.issued.fl_str_mv 2014-05-05
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/11723
dc.identifier.sici.none.fl_str_mv TD 363
identifier_str_mv TD 363
url http://hdl.handle.net/10438/11723
dc.language.iso.fl_str_mv por
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dc.relation.ispartofseries.por.fl_str_mv EESP - Texto para discussão;TD 363
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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