Mercado de capitais e financiamento privado para o desenvolvimento

• Autor(a) principal: Malaga Butron, Guillermo Roberto Tomas
• Data de Publicação: 1996
• Tipo de documento: Relatório
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: http://hdl.handle.net/10438/3199
• topic: Preferred and common shares; Monitoring; Public goods; Controle corporativo; Ações preferenciais e ordinárias; Monitoramento; Bem público; Administração de empresas; Mercado de capitais; Desenvolvimento econômico

This research argues that Brazil should create conditions for long run financing of development. The end of the inflationary process is just a first step. A second step is the development of an institutional framework to offer good alternatives to investors that have long run targets, such as pension funds etc. Particularly, in the Brazilian market predominates the trade of preferred shares instead of common shares that give more prerrogatives for investors that plan to hold these shares on long term basis. This attitude turns the market more volatile and in this way corporations lose the chance of financing their projects with large amounts of capital and have to rely instead on more debt which weakens their financial strenght.