Guilherme Kirch

Determinants of Corporate Debt Maturity in South America: Do Institutional Quality and Financial Development Matter?

We test whether a countrys level of financial development or institutional quality (or both) has a first‐order effect on corporate debt maturity decisions on a sample of 359 non-financial firms from five South American countries over a 12‐year period. We find that there is a substantial dynamic component in the determination of a firms debt maturity, and firms face moderate adjustment frictions toward their optimal maturities. More importantly, the level of financial development does not influence debt maturity, whereas the institutional quality of a country has a significant positive effect on the level of long-term debt in a firms financial structure. Our results support the hypothesis that the quality of national institutions is an important determinant of corporate financing in general and of debt maturity in particular.

Restrições financeiras e a decisão de investimento das firmas brasileiras

O estudo objetiva testar a relacao entre restricoes ao credito e investimentos das firmas brasileiras utilizando a estrategia delineada por Almeida e Campello (2007), a qual se mostra robusta as diversas criticas levantadas pela literatura. Os resultados encontrados sugerem que: 1) firmas classificadas como nao restritas, em geral, comportam-se exatamente como preve o modelo neoclassico; e 2) firmas classificadas como restritas comportam-se de maneira consistente com o modelo de Almeida e Campello (2007). Esses resultados diferem substancialmente daqueles evidenciados em estudos anteriores no Brasil e constituem uma evidencia (original) da existencia do efeito multiplicador de credito no nivel de firma.

Accessing Financial Reports and Corporate Events with GetDFPdata

This paper presents and discusses the contributions and usage of GetDFPData, which is an open and free software for accessing corporate data from the Brazilian financial exchange, B3. The distribution and popularization of an open-source algorithm for gathering and managing financial data can improve finance research and practice in two ways. First, it increases the number and quality of research in accounting and corporate finance. Secondly, it provides retail investors with reliable data that may help their allocation decisions. Initially, we analyze the use of this kind of data in a list of recent publications to show the relevance of financial reports and corporate events data for research in the fields of accounting and finance. Finally, we illustrate the use of GetDFPData in large-scale research, an empirical and reproducible example of a corporate finance study.