CAPITAL STRUCTURE AND WINDOWS OF OPPORTUNITIES: TESTS IN THE BRAZILIAN MARKET

Authors

  • Eduardo Alexandre Mendes Serviço Nacional de Aprendizagem Comercial
  • Leonardo Fernando Cruz Basso Universidade Presbiteriana Mackenzie
  • Eduardo Kazuo Kayo Universidade de São Paulo

Keywords:

Initial public offerings, Capital structure, Equity market timing, Leverage, Value Creation.

Abstract

This study tests the market timing theory (EMTT) in the Brazilian Stock Market. The study is an adaptation from the Baker and Wurgler’s article (2002) that successfully tested this theory in the American Stock Market. The theory has not been proven in the Brazilian Market. The leverage decreased in the first year after the initial public offerings (IPO), but it grew once again without presenting the persistency required to corroborate the theory.

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Author Biographies

Eduardo Alexandre Mendes, Serviço Nacional de Aprendizagem Comercial

Mestre em Administração de Empresas pelo Programa de Pós-Graduação em Administração de Empresas da Universidade Presbiteriana Mackenzie (UPM). Departamento de Administração do Serviço Nacional de Aprendizagem Comercial (Senac).

Leonardo Fernando Cruz Basso, Universidade Presbiteriana Mackenzie

PhD em Economia pelo Departmento de Economia da New School of Social Research, Estados Unidos. Professor do Programa de Pós-Graduação em Administração de Empresas da Universidade Presbiteriana Mackenzie (UPM).

Eduardo Kazuo Kayo, Universidade de São Paulo

Livre-docente em Administração pela Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo (FEA-USP). Professor da Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo (FEA-USP).

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Published

2009-10-23

Issue

Vol. 10 No. 6 (2009): Thematic Special Editon - Golden Jubilee of Modigliani & Miller

Section

Golden Jubilee of Modigliani & Miller

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