Oportunidades de Investimento Corporativo e Restrições Financeiras no Brasil / Corporative Investment Opportunities and Financial Restrictions in Brazil

AUTOR(ES)
DATA DE PUBLICAÇÃO

2007

RESUMO

In this paper we used models not only to estimate the power of investment opportunities, but also to identify the existence of credit frictions trying to understand whether, and in an affirmative situation, how these facts explain the investment in Brazilian companies. Considering the existence of investment opportunities as the only necessary factor to explain the investment in a perfect capital market and the dependency of the profit to realize investments as a signal of credit constraints, we conclude, even with lack of significance, that in Brazil the companies have problems associated with financing constraints, that the investment opportunities by themselves just explain the investment for our subset of publicly listed companies and that bigger and better structured companies, in our case companies that belong to conglomerates, seem to have more access to capital markets than the others. We also conclude that when investment opportunities and profit happens at the same time, it seems that investments appear to happen

ASSUNTO(S)

profit and fundamental q investimento investment investment opportunities lucro e q fundamental economia oportunidade de investimento

ACESSO AO ARTIGO

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