Análise das Políticas de Financiamento das Firmas do IBRX 100 Utilizando Filtro de Kalman

Fernando Oliveira and Leandro Oliveira

No 355, Working Papers Series from Central Bank of Brazil, Research Department

Abstract: In this paper, we test two static theories of capital structure Static Tradeoff Theory (STT) e a Pecking Order Theory (POT) so as to analyze the capital structure of Brazilian firms. We built the optimum capital structure of firms estimating a state space model with a smooth Kalman Filter. Our results indicate that Brazilian firms follow STT and not POT.

Date: 2014-05
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