Systematic risk variations (beta) convertible debenture brazilian companies

purpose of this article is to analyze the impact of issuing convertible debentures on the systematic risk of Brazilian companies. Some applied researches in the U.S. capital market (STEIN, 1992; LEWIS et al, 2002; RAI, 2005) indicate that convertible debentures may be used as an alternative financin...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	Renata Drumond Pinto Coelho Antonino, Wagner Moura Lamounier, Roberto Kaehler de Albuquerque Maranhão
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2010
Materias:	hybrid titles convertible debentures systematic risk (beta) adverse selection signaling Business HF5001-6182
Acceso en línea:	https://doaj.org/article/36eaa1c22e4f4ac3be9b07fce3628f2e
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:36eaa1c22e4f4ac3be9b07fce3628f2e
record_format	dspace
spelling	oai:doaj.org-article:36eaa1c22e4f4ac3be9b07fce3628f2e2021-11-11T15:48:04ZSystematic risk variations (beta) convertible debenture brazilian companies1807-734Xhttps://doaj.org/article/36eaa1c22e4f4ac3be9b07fce3628f2e2010-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123021649001https://doaj.org/toc/1807-734Xpurpose of this article is to analyze the impact of issuing convertible debentures on the systematic risk of Brazilian companies. Some applied researches in the U.S. capital market (STEIN, 1992; LEWIS et al, 2002; RAI, 2005) indicate that convertible debentures may be used as an alternative financing source when adverse selection problem makes stock issuing unattractive financing source. The analysis of Brazilian companies that issued convertible debentures recorded in the period from 1998 to 2006 and that presented liquidity on the market indicated that variation in beta, on average, is positive. These results are coherent with the signaling hypothesis and with the absence of convertible debenture issuing in 2005 and 2006 on the Brazilian market. They also may be related to the precarious financial situation of issuing companies, observed by the analysis of some financial indicators in year of issue and in two pre- e post-issuing years.Renata Drumond Pinto Coelho AntoninoWagner Moura LamounierRoberto Kaehler de Albuquerque MaranhãoFUCAPE Business Schoolarticlehybrid titlesconvertible debenturessystematic risk (beta)adverse selectionsignalingBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Vol 7, Iss 3, Pp 1-22 (2010)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	hybrid titles convertible debentures systematic risk (beta) adverse selection signaling Business HF5001-6182
spellingShingle	hybrid titles convertible debentures systematic risk (beta) adverse selection signaling Business HF5001-6182 Renata Drumond Pinto Coelho Antonino Wagner Moura Lamounier Roberto Kaehler de Albuquerque Maranhão Systematic risk variations (beta) convertible debenture brazilian companies
description	purpose of this article is to analyze the impact of issuing convertible debentures on the systematic risk of Brazilian companies. Some applied researches in the U.S. capital market (STEIN, 1992; LEWIS et al, 2002; RAI, 2005) indicate that convertible debentures may be used as an alternative financing source when adverse selection problem makes stock issuing unattractive financing source. The analysis of Brazilian companies that issued convertible debentures recorded in the period from 1998 to 2006 and that presented liquidity on the market indicated that variation in beta, on average, is positive. These results are coherent with the signaling hypothesis and with the absence of convertible debenture issuing in 2005 and 2006 on the Brazilian market. They also may be related to the precarious financial situation of issuing companies, observed by the analysis of some financial indicators in year of issue and in two pre- e post-issuing years.
format	article
author	Renata Drumond Pinto Coelho Antonino Wagner Moura Lamounier Roberto Kaehler de Albuquerque Maranhão
author_facet	Renata Drumond Pinto Coelho Antonino Wagner Moura Lamounier Roberto Kaehler de Albuquerque Maranhão
author_sort	Renata Drumond Pinto Coelho Antonino
title	Systematic risk variations (beta) convertible debenture brazilian companies
title_short	Systematic risk variations (beta) convertible debenture brazilian companies
title_full	Systematic risk variations (beta) convertible debenture brazilian companies
title_fullStr	Systematic risk variations (beta) convertible debenture brazilian companies
title_full_unstemmed	Systematic risk variations (beta) convertible debenture brazilian companies
title_sort	systematic risk variations (beta) convertible debenture brazilian companies
publisher	FUCAPE Business School
publishDate	2010
url	https://doaj.org/article/36eaa1c22e4f4ac3be9b07fce3628f2e
work_keys_str_mv	AT renatadrumondpintocoelhoantonino systematicriskvariationsbetaconvertibledebenturebraziliancompanies AT wagnermouralamounier systematicriskvariationsbetaconvertibledebenturebraziliancompanies AT robertokaehlerdealbuquerquemaranhao systematicriskvariationsbetaconvertibledebenturebraziliancompanies
_version_	1718433947061321728

Systematic risk variations (beta) convertible debenture brazilian companies

Ejemplares similares