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Firms’ capital structure and the bankruptcy law design:e vidence from Brazil

Bruno Funchal () and Mateus Clóvis

No 12, Fucape Working Papers from Fucape Business School

Abstract: This paper studies the effect of changes in creditors? priority order defined by the bankruptcy law on firms? capital structure. Taking advantage of the Brazilian bankruptcy law Reform and using firms? balance sheet data, we obtain results in line with theories that predict the effects on the capital structure due to changes in creditors? expectations. We find evidence of an increase in the debt portion of the capital structure.

Keywords: Capital Structure; Bankruptcy; Law. (search for similar items in EconPapers)
Pages: 11
Date: 2009-03
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Published in Fucape Working Papers Março 2009

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