Por que as empresas emitem títulos conversíveis? Uma continuidade do racional de sequential finance

Resumo

As in Mayers (1998), I check if the use of convertible bonds is aligned with the sequential finance hypothesis. Mayers defends that these assets are used when the managers of a company believe in the existence of investment opportunities that might become profitable in the future, and then, require additional financing to be undertaken. To test this hypothesis, I analyze a sample of 1768 issues of convertible bonds that happened between 1990 and 2018, and compare some financial indicators of the issuing firms with the same indicators of the firms that are part of the SPX index - S&P 500. This comparison is segmented by the companies that belong to the same sectors of industry. The results found indicate abnormal increases in the levels of CAPEX and Long Term Debt for the issuers in the years surrounding the conversion date. This study confirms the evidences verified by Mayers and, again, supports the sequential finance hypothesis.

Ficha do documento

Tipo

Dissertação

Ano

2019

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/28360

Temas

EconomiaDados

Palavras-chave

Debêntures conversíveisTítulosAçõesTítulos conversíveisEconomiaTítulos (Finanças)Ações (Finanças)