O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil
Autor(a) principal: | |
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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/10438/18048 |
Resumo: | The liquidity of the secondary market of corporate bonds has been the subject of a wide debate by several players in the Brazilian capital market – either by investors, who are looking for a better way to identify and price the cost to discard a position, or by companies that seek alternatives to reduce the cost of debt, or by regulators, who seek to encourage the financing of companies through the capital market, promoting financial disintermediation. Using a complete database of bonds transactions in the Brazilian secondary market and econometric models for panel data analysis (longitudinal), this work presents the effect caused by the implementation of the Brazilian Single Price Registration System (REUNE) in the liquidity of the secondary market of bonds between January 2010 and December 2015. Results suggest that investors have become able to getting better deals or even get vaccinated against bad managers and fraudulent operations, a typical situation in resource management of pension funds. This paper seeks to contribute to the literature by providing new evidence that increased transparency in secondary market transactions is an important determinant of better business for investors in the capital market. |
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Paula, Anderson Luiz Pereira deEscolas::EAESPMartits, Luiz AugustoBortoluzzo, AdrianaSheng, Hsia Hua2017-03-17T12:26:39Z2017-03-17T12:26:39Z2016-12-05PAULA, Anderson Luiz Pereira de. O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil. Dissertação (Mestrado Profissional em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2016.http://hdl.handle.net/10438/18048The liquidity of the secondary market of corporate bonds has been the subject of a wide debate by several players in the Brazilian capital market – either by investors, who are looking for a better way to identify and price the cost to discard a position, or by companies that seek alternatives to reduce the cost of debt, or by regulators, who seek to encourage the financing of companies through the capital market, promoting financial disintermediation. Using a complete database of bonds transactions in the Brazilian secondary market and econometric models for panel data analysis (longitudinal), this work presents the effect caused by the implementation of the Brazilian Single Price Registration System (REUNE) in the liquidity of the secondary market of bonds between January 2010 and December 2015. Results suggest that investors have become able to getting better deals or even get vaccinated against bad managers and fraudulent operations, a typical situation in resource management of pension funds. This paper seeks to contribute to the literature by providing new evidence that increased transparency in secondary market transactions is an important determinant of better business for investors in the capital market.A liquidez do mercado secundário de debêntures tem sido objeto de amplo debate por diversos atores no mercado de capitais brasileiro – seja por parte dos investidores, que procuram uma melhor maneira de identificar e precificar o custo para se desfazer de uma posição, seja por parte das empresas que buscam alternativas para reduzir o custo das dívidas, seja por parte dos reguladores, que buscam incentivar o financiamento das empresas por meio do mercado de capitais, promovendo a desintermediação financeira. Utilizando uma completa base de dados das transações de debêntures no mercado secundário brasileiro e de modelos econométricos para análise de dados em painel (longitudinais), este trabalho apresenta o efeito causado pela implantação do sistema de Registro Único de Preços (REUNE) na liquidez do mercado secundário de debêntures entre janeiro de 2010 e dezembro de 2015. Os resultados sugerem que os investidores se tornaram aptos a realizar melhores negócios ou até mesmo vacinaram-se contra maus gestores e operações fraudulentas, situação típica em gestão de recursos de fundações de previdência complementar. Este trabalho contribui para a literatura fornecendo novas evidências de que o aumento de transparência nas transações do mercado secundário é importante determinante de melhores negócios para investidores no mercado de capitais.porLiquidezTransparênciaVolumeMercado secundárioAdministração de empresasMercado de capitaisLiquidez (Economia)Debêntures - BrasilMercado secundárioO efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasilinfo: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/openAccessTEXTDissertacao - Versao Biblioteca.pdf.txtDissertacao - Versao Biblioteca.pdf.txtExtracted texttext/plain71573https://repositorio.fgv.br/bitstreams/1a7d6de8-f42d-48d4-b2ed-890a638e02b0/download41cbfba4252b2b63a9bdfffead4f0b1fMD59ORIGINALDissertacao - Versao Biblioteca.pdfDissertacao - Versao 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dc.title.por.fl_str_mv |
O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil |
title |
O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil |
spellingShingle |
O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil Paula, Anderson Luiz Pereira de Liquidez Transparência Volume Mercado secundário Administração de empresas Mercado de capitais Liquidez (Economia) Debêntures - Brasil Mercado secundário |
title_short |
O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil |
title_full |
O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil |
title_fullStr |
O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil |
title_full_unstemmed |
O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil |
title_sort |
O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil |
author |
Paula, Anderson Luiz Pereira de |
author_facet |
Paula, Anderson Luiz Pereira de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.member.none.fl_str_mv |
Martits, Luiz Augusto Bortoluzzo, Adriana |
dc.contributor.author.fl_str_mv |
Paula, Anderson Luiz Pereira de |
dc.contributor.advisor1.fl_str_mv |
Sheng, Hsia Hua |
contributor_str_mv |
Sheng, Hsia Hua |
dc.subject.por.fl_str_mv |
Liquidez Transparência Volume Mercado secundário |
topic |
Liquidez Transparência Volume Mercado secundário Administração de empresas Mercado de capitais Liquidez (Economia) Debêntures - Brasil Mercado secundário |
dc.subject.area.por.fl_str_mv |
Administração de empresas |
dc.subject.bibliodata.por.fl_str_mv |
Mercado de capitais Liquidez (Economia) Debêntures - Brasil Mercado secundário |
description |
The liquidity of the secondary market of corporate bonds has been the subject of a wide debate by several players in the Brazilian capital market – either by investors, who are looking for a better way to identify and price the cost to discard a position, or by companies that seek alternatives to reduce the cost of debt, or by regulators, who seek to encourage the financing of companies through the capital market, promoting financial disintermediation. Using a complete database of bonds transactions in the Brazilian secondary market and econometric models for panel data analysis (longitudinal), this work presents the effect caused by the implementation of the Brazilian Single Price Registration System (REUNE) in the liquidity of the secondary market of bonds between January 2010 and December 2015. Results suggest that investors have become able to getting better deals or even get vaccinated against bad managers and fraudulent operations, a typical situation in resource management of pension funds. This paper seeks to contribute to the literature by providing new evidence that increased transparency in secondary market transactions is an important determinant of better business for investors in the capital market. |
publishDate |
2016 |
dc.date.issued.fl_str_mv |
2016-12-05 |
dc.date.accessioned.fl_str_mv |
2017-03-17T12:26:39Z |
dc.date.available.fl_str_mv |
2017-03-17T12:26:39Z |
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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masterThesis |
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publishedVersion |
dc.identifier.citation.fl_str_mv |
PAULA, Anderson Luiz Pereira de. O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil. Dissertação (Mestrado Profissional em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/18048 |
identifier_str_mv |
PAULA, Anderson Luiz Pereira de. O efeito da transparência sobre a liquidez do mercado secundário de debêntures no Brasil. Dissertação (Mestrado Profissional em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2016. |
url |
http://hdl.handle.net/10438/18048 |
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por |
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por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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https://repositorio.fgv.br/bitstreams/1a7d6de8-f42d-48d4-b2ed-890a638e02b0/download https://repositorio.fgv.br/bitstreams/618ce0e0-4343-4a83-a7f3-e232c45a396b/download https://repositorio.fgv.br/bitstreams/5b5198cf-7dd9-4bf5-8974-75c7017c2fd2/download https://repositorio.fgv.br/bitstreams/81aca57b-dafd-4d58-b3b1-7131a1aa018f/download |
bitstream.checksum.fl_str_mv |
41cbfba4252b2b63a9bdfffead4f0b1f 7d48d36093dc6bf7c4a499597901dd7f dfb340242cced38a6cca06c627998fa1 ed02e27ede74fe20e8fe71e7526383ff |
bitstream.checksumAlgorithm.fl_str_mv |
MD5 MD5 MD5 MD5 |
repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
_version_ |
1802749891969024000 |