O endividamento direto e o spread bancário ao longo dos ciclos econômicoso caso das firmas brasileiras e a crise de 2009

Resumo

Banks, as diligent agents, actively monitor their debtors in order to obtain a precise assessment of their financial position. This monitoring stance usually allows them to access non-public information regarding a firm and its business, and acquire hold up power in the credit granting activity. This hold up power is believed to allow banks to charge the firm higher interest rates than otherwise would be justified by the company’s credit risk profile through the economic cycle, mainly during recessions. The presence of hold up power is tested on this paper in businesses more or less dependent on bank credit. By comparing the evolution of bank spreads paid by Brazilian public companies with and without access to the corporate bond market and through the economic cycle comprising the 2009 crisis, some insight is gained on the impact of an economic downturn and of holding corporate bonds in reducing the bank’s hold up power and hence the spreads paid by the company. Data from 50 firms for the years 2007 to 2013 were organized in a panel and modeled using the Estimated Generalized Least Squares (EGLS) technique, as an alternative to the classic Least Squares (LS) technique. The dummies, i) access to corporate bond credit, ii) economic recession and iii) interaction of the 2 previous variables were created and tested after controlling for firm specific factors such as credit restriction, firm size, leverage, etc and statistical evidence was found supporting the intuition that having access to the bond market can reduce the bank spreads during recessions.

Ficha do documento

Tipo

Dissertação

Ano

2014

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/13006

Temas

Economia

Palavras-chave

Economic cycleBank creditEconomic recessionBank spreadsHold up powerSpread bancárioCrédito bancárioCiclo econômicoRecessão econômicaEconomiaMercado de capitais - BrasilDebêntures - BrasilSociedades comerciais - FinançasTaxas de juros - Brasil