What if firms adjust their debt-equity ratios toward a target range?

Detalhes bibliográficos
Autor(a) principal: Pereira, Ricardo Buscariolli
Data de Publicação: 2009
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/4254
Resumo: We estimate optimal target-ranges of capital structure controlling for a series of firmspecific characteristics and accounting for the serial correlation that arises from the dynamic component of the leverage choice. Then, we empirically examine if firms adjust their leverages toward the estimated optimal ranges. Our analysis suggests that the observed behavior of firms is consistent with the notion of range-adjustment.
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spelling Pereira, Ricardo BuscariolliEscolas::EESPCarvalho, Antonio Gledson deAlves, Denisard Cneio de OliveiraBueno, Rodrigo de Losso da Silveira2010-04-20T21:20:17Z2010-04-20T20:57:55Z2009-08-18PEREIRA, Ricardo Buscariolli. What if firms adjust their debt-equity ratios toward a target range?. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2009.http://hdl.handle.net/10438/4254We estimate optimal target-ranges of capital structure controlling for a series of firmspecific characteristics and accounting for the serial correlation that arises from the dynamic component of the leverage choice. Then, we empirically examine if firms adjust their leverages toward the estimated optimal ranges. Our analysis suggests that the observed behavior of firms is consistent with the notion of range-adjustment.Nós estimamos faixas-alvo ótimas de estrutura de capital controlando por uma série de características específicas de cada firma e levando em consideração a correlação serial proveniente do componente dinâmico da escolha do nível de alavancagem. Então nós examinamos empiricamente se as firmas ajustam dinamicamente em direção às faixas ótimas estimadas. Nossa análise sugere que o comportamento observado é consistente com a noção de ajustamento para faixas.engAlavancagemProbit ordenado dinâmicoEconomiaEstrutura de capitalAlavancagem (Finanças)Administração financeiraAnálise econômico-financeiraEmpresas - Finanças - Modelos matemáticosWhat if firms adjust their debt-equity ratios toward a target range?info: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/openAccessTHUMBNAILRicardo_Buscariolli.pdf.jpgRicardo_Buscariolli.pdf.jpgGenerated Thumbnailimage/jpeg2354https://repositorio.fgv.br/bitstreams/1f8ebd40-7ecd-41c0-97d4-69e38839511f/download720e2ffe6c0e984a51523d24af68d812MD59TEXTRicardo_Buscariolli.pdf.txtRicardo_Buscariolli.pdf.txtExtracted 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dc.title.eng.fl_str_mv What if firms adjust their debt-equity ratios toward a target range?
title What if firms adjust their debt-equity ratios toward a target range?
spellingShingle What if firms adjust their debt-equity ratios toward a target range?
Pereira, Ricardo Buscariolli
Alavancagem
Probit ordenado dinâmico
Economia
Estrutura de capital
Alavancagem (Finanças)
Administração financeira
Análise econômico-financeira
Empresas - Finanças - Modelos matemáticos
title_short What if firms adjust their debt-equity ratios toward a target range?
title_full What if firms adjust their debt-equity ratios toward a target range?
title_fullStr What if firms adjust their debt-equity ratios toward a target range?
title_full_unstemmed What if firms adjust their debt-equity ratios toward a target range?
title_sort What if firms adjust their debt-equity ratios toward a target range?
author Pereira, Ricardo Buscariolli
author_facet Pereira, Ricardo Buscariolli
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.member.none.fl_str_mv Carvalho, Antonio Gledson de
Alves, Denisard Cneio de Oliveira
dc.contributor.author.fl_str_mv Pereira, Ricardo Buscariolli
dc.contributor.advisor1.fl_str_mv Bueno, Rodrigo de Losso da Silveira
contributor_str_mv Bueno, Rodrigo de Losso da Silveira
dc.subject.por.fl_str_mv Alavancagem
Probit ordenado dinâmico
topic Alavancagem
Probit ordenado dinâmico
Economia
Estrutura de capital
Alavancagem (Finanças)
Administração financeira
Análise econômico-financeira
Empresas - Finanças - Modelos matemáticos
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Estrutura de capital
Alavancagem (Finanças)
Administração financeira
Análise econômico-financeira
Empresas - Finanças - Modelos matemáticos
description We estimate optimal target-ranges of capital structure controlling for a series of firmspecific characteristics and accounting for the serial correlation that arises from the dynamic component of the leverage choice. Then, we empirically examine if firms adjust their leverages toward the estimated optimal ranges. Our analysis suggests that the observed behavior of firms is consistent with the notion of range-adjustment.
publishDate 2009
dc.date.issued.fl_str_mv 2009-08-18
dc.date.accessioned.fl_str_mv 2010-04-20T21:20:17Z
dc.date.available.fl_str_mv 2010-04-20T20:57:55Z
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 PEREIRA, Ricardo Buscariolli. What if firms adjust their debt-equity ratios toward a target range?. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2009.
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/4254
identifier_str_mv PEREIRA, Ricardo Buscariolli. What if firms adjust their debt-equity ratios toward a target range?. Dissertação (Mestrado em Economia de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2009.
url http://hdl.handle.net/10438/4254
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
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collection Repositório Institucional do FGV (FGV Repositório Digital)
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