O custo de imperfeições do mercado brasileiro de capitais: uma aplicação da moderna teoria de finanças

Antonio Sanvicente ()

RAE - Revista de Administração de Empresas, 1991, vol. 31, issue 1

Abstract: Using information on companies with shares traded on the São Paulo Stock Exchange, relative to the end of the 1988 fiscal year, the relationship between the Modigliani-Miller capital structure analysis, the capitalasset pricing model, and the Black-Scholes option pricing model, involving an equation for the firm's weighted cost of capital, is used for (1) estimating the cost of financiaI distress implied by the firm's choice of capitalstructure and (2) evaluating the impact of the absence of longer-term financing opportunities in the Brazilian capital market. The final results indica te that the cost of financial distress results in a one percent monthly additionto the cost of capital, in real terms, whereas the lack of longer-term financing has no significant economic consequences.

Date: 1991
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