Decisões de estrutura de capital: evidências empíricas a partir de modelo estrutural de crédito / Capital structure decisions: empirical evidences from credit structural model

AUTOR(ES)

Liliam Sanchez Carrete

DATA DE PUBLICAÇÃO

2007

RESUMO

This research examines two theories: capital structure and credit structural model that are based on two factors: tax benefit and default costs, as determinants of optimal capital structure and default decision. The model examined if the estimated default-triggering value was the one that maximized net worth market value and the results are consistent with shareholder value maximization. Additionally, this thesis examined if relation between default-triggering point and asset volatility, financial leverage, earnings and investment opportunities are consistent with capital structure theory and the results shows statistically strong evidences in favor to that theory. Finally, this research implemented the first-passage density function to estimate default probability and it seams reasonable efficient when comparing the estimated probability from one to 20 years to the historical default frequency for the respect term.

ASSUNTO(S)

análise de valor finanças das empresas análise de risco value analysis corporate finance risk analysis

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