MUDANÇA NO MERCADO DE CAPITAIS BRASILEIRO: SUBSCRIÇÕES PRIVADAS VERSUS OFERTAS PÚBLICAS DE AÇÕES APÓS O PLANO REAL / BRAZILIAN`S CAPITAL MARKET CHANGE: PRIVATE VERSUS PUBLIC STOCK PLACEMENTS AFTER PLANO REAL
AUTOR(ES)
RICARDO BORDEAUX REGO
DATA DE PUBLICAÇÃO
2004
RESUMO
This dissertation studies the decision for public issues or private placements of equity in Brazil as a source of capital. The national and international literature on the subject is reviewed. The empirical evidence of placements of the Brazilian capital market and the characteristics of the issuers are also presented. After the discussion of the evidence and literature, two models are constructed: Multiple Discriminant Analysis and Logistic Regression, relating the characteristics of firms to the decision of type of issue. The regulation of stock issues is also discussed. The results show that firms with less liquid stocks, more debt, lower returns on equity and profits, more concentration of control and smaller issues, more probably use private issues.
ASSUNTO(S)
mercado de capitais stock markets estrutura de capital capital structure eficiencia de mercado market efficiency
ACESSO AO ARTIGO
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