Teste empírico sobre existência e persistência de market timing na estrutura de capital de empresas brasileiras / Empirical analysis of existence and persistence of market timing on Brazilian Firms capital structure

AUTOR(ES)
DATA DE PUBLICAÇÃO

2008

RESUMO

This papers main objective is to verify the impact of market timing on IPO issuance volumes and observe short and mid-term consequent variation in companies capital structure. To isolate timing attempts the focus of this paper is the initial public offering (IPO) event registered at the CVM form January 2004 to December 2007. Evidence that firms that go public in hot issue markets distribute a superior volume of equity and distribute part of the excess cash in dividends is found. Moreover, such firms are found to be less profitable than cold market firms. It is also observed that pre-IPO leverage ratio levels for cold and hot market firms are virtually the same. However, in seven quarters, after a strong deleverage processes faced during the IPO quarter, hot market firms reverse the leverage ratio to the pre-IPO levels. Hence, the immediate market timing effect shows no persistence over the companies capital structure

ASSUNTO(S)

leverage economia market timing market timing estrutura de capital janelas de oportunidade windows of opportunity alavancagem financeira capital structure

ACESSO AO ARTIGO

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