Alguns Comentários sobre o Impacto da Privatização no Risco das Ações das Empresas

Alexandre Rands () and Pierre Lucena
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Alexandre Rands: Datamétrica Consultoria, Pesquisa e Telemarketing
Authors registered in the RePEc Author Service: Pierre Lucena and Alexandre Rands Barros ()

No 44, Working Papers from Datamétrica Consultoria Econômica

Abstract: This paper summarizes the sources of impact of privatization on the risk of shares of the companies. The hypothesis that there is such impact is tested empirically, through econometric estimation using data from Light and Vale do Rio Doce, two Brazilian companies. Three sources are identified: (i) companies become subject to more competition, (ii) They face more credit constraint, and (iii) increase hiring flexibility and significant change in its costs and in its efficiency it interns. Tests of the existence hypothesis were carried on, using ARHC Model. Results confirmed the major hypothesis for the two companies studied.

Keywords: privatização; restrição creditícia; risco; modelo ARCH. (search for similar items in EconPapers)
JEL-codes: E44 G18 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2002, Revised 2002
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