Kelmara Mendes Vieira

Reação dos investidores a bonificações e desdobramentos: o caso brasileiro

This paper analyses market reaction to splits - stock splits and stock dividends made by companies traded at the Sao Paulo Stock Exchange. We found positive and significant returns around first day ex. Due to Brazilian characteristics of the capital market and of its economy, signaling, tick size and optimal price range hypothesis seems not to be good explanations, liquidity tests give us mixed signals.

ESTRUTURA DE CAPITAL DO SETOR DE CONSTRUÇÃO CIVIL BRASILEIRO E SUA RELAÇÃO COM A ATIVIDADE ECONÔMICA AGREGADA

The objective of this study is to analyze the impact of the aggregate economic activity on the capital structure of companies from the civil construction sector in Brazil. The discussions are based on the capital structure and its external determinants. For this, a panel data model was estimated for the period between 2003 and 2015. The results indicate that long-term debt and the use of third-party capital behaved in a similar way, regarding the influence of the interest rate, exchange rate and GDP, indicating that an increase of these leads to a decrease in the indebtedness of the companies studied. On the other hand, short-term debt presented opposite relations in terms of interest rate and exchange rate, suggesting that the criteria used to obtain short-term resources differs from those used for long-term financing.