A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro

Detalhes bibliográficos
Autor(a) principal: Terenzi, Victor Eduardo
Data de Publicação: 2016
Tipo de documento: Dissertação
Idioma: por
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/15771
Resumo: In the context of the Capital Asset Pricing Model (CAPM), the present study investigates the significance of financial leverage on the development of systematic risk. Based on Brazilian data, we tested the beta unleveraged and leveraged process, widely used by practitioners in order to compute the cost of equity capital for non-traded firms. Our results suggest that including tax shields in the unleverage/leverage formula and the use of market data led to more robust information, while the industry sectors have little capacity to determine systematic risk classes.
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spelling Terenzi, Victor EduardoEscolas::EESPSheng, Hsia HuaRochman, Ricardo RatnerLora, Mayra Ivanoff2016-03-11T13:48:21Z2016-03-11T13:48:21Z2016-02-15TERENZI, Victor Eduardo. A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016.http://hdl.handle.net/10438/15771In the context of the Capital Asset Pricing Model (CAPM), the present study investigates the significance of financial leverage on the development of systematic risk. Based on Brazilian data, we tested the beta unleveraged and leveraged process, widely used by practitioners in order to compute the cost of equity capital for non-traded firms. Our results suggest that including tax shields in the unleverage/leverage formula and the use of market data led to more robust information, while the industry sectors have little capacity to determine systematic risk classes.No contexto do Capital Asset Pricing Model (CAPM), este trabalho investiga a significância da alavancagem financeira na construção do risco sistemático. Testamos com dados brasileiros o procedimento de desalavancagem e realavancagem do beta comumente realizado por analistas financeiros para a construção do custo de capital próprio de empresas não negociadas em bolsa de valores. Os resultados apontam que a inclusão do tax shield na fórmula de desalavancagem/realavancagem e a utilização de valores de mercado produzem resultados mais robustos, ao passo que as divisões por setores possuem pouca capacidade como segmentadores de classe de risco sistemático.porCAPMBetaCapital próprioDesalavancagemRealavancagemEconomiaAlavancagem (Finanças)Mercado de capitaisRisco (Economia)Capital (Economia) - CustosA influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiroinfo: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/openAccessORIGINALVictor_Terenzi (final).pdfVictor_Terenzi (final).pdfDissertação - Victor 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dc.title.por.fl_str_mv A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro
title A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro
spellingShingle A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro
Terenzi, Victor Eduardo
CAPM
Beta
Capital próprio
Desalavancagem
Realavancagem
Economia
Alavancagem (Finanças)
Mercado de capitais
Risco (Economia)
Capital (Economia) - Custos
title_short A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro
title_full A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro
title_fullStr A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro
title_full_unstemmed A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro
title_sort A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro
author Terenzi, Victor Eduardo
author_facet Terenzi, Victor Eduardo
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EESP
dc.contributor.member.none.fl_str_mv Sheng, Hsia Hua
Rochman, Ricardo Ratner
dc.contributor.author.fl_str_mv Terenzi, Victor Eduardo
dc.contributor.advisor1.fl_str_mv Lora, Mayra Ivanoff
contributor_str_mv Lora, Mayra Ivanoff
dc.subject.por.fl_str_mv CAPM
Beta
Capital próprio
Desalavancagem
Realavancagem
topic CAPM
Beta
Capital próprio
Desalavancagem
Realavancagem
Economia
Alavancagem (Finanças)
Mercado de capitais
Risco (Economia)
Capital (Economia) - Custos
dc.subject.area.por.fl_str_mv Economia
dc.subject.bibliodata.por.fl_str_mv Alavancagem (Finanças)
Mercado de capitais
Risco (Economia)
Capital (Economia) - Custos
description In the context of the Capital Asset Pricing Model (CAPM), the present study investigates the significance of financial leverage on the development of systematic risk. Based on Brazilian data, we tested the beta unleveraged and leveraged process, widely used by practitioners in order to compute the cost of equity capital for non-traded firms. Our results suggest that including tax shields in the unleverage/leverage formula and the use of market data led to more robust information, while the industry sectors have little capacity to determine systematic risk classes.
publishDate 2016
dc.date.accessioned.fl_str_mv 2016-03-11T13:48:21Z
dc.date.available.fl_str_mv 2016-03-11T13:48:21Z
dc.date.issued.fl_str_mv 2016-02-15
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 TERENZI, Victor Eduardo. A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016.
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/15771
identifier_str_mv TERENZI, Victor Eduardo. A influência da alavancagem financeira na construção do custo de capital próprio: um estudo voltado para o mercado brasileiro. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2016.
url http://hdl.handle.net/10438/15771
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dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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