A decisão de investimento nas empresas e a reação do mercado de capitais : uma abordagem informacional

AUTOR(ES)
FONTE

IBICT - Instituto Brasileiro de Informação em Ciência e Tecnologia

DATA DE PUBLICAÇÃO

1993

RESUMO

This is an exploratory essay within the framework of Finance Theory. It attempts to join two frameworks: Information Economics and Option Pricing Theory to develop a conceptual signaling model which proposes the firm s investment in real assets as a costly signal of the existence of future investment opportunities. The possible reaction of the capital markets to actual changes of balance sheet data on fixed assets steers the essay. The behavior of economic agents in an informationally asymetric capital market is reviewed with attention to the moral hazard and adverse selection problems. An exploratory research in the brazilian capital market is described in an attempt to investigate possible correlations between balance sheet data and share prices in order to establish conditions and procedures for future research on the subject.

ASSUNTO(S)

análise de risco investimento mercado de capitais teoria de opcoes economia da informação

ACESSO AO ARTIGO

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