Made available in DSpace on 2015-12-03T18:33:09Z (GMT). No. of bitstreams: 1 Marcelo_LeitE_Esteves.pdf: 979118 bytes, checksum: 4a3545630278b1fbb9d0593fb16a7aa4 (MD5) Previous issue date: 2014-06-09 / For a few years the issue of debentures was restricted to publicly traded companies. From January 2009 through CVM Instruction 476, the Securities Commission has extended access to the capital market issuers allowing private companies could also issue Debentures. This access leads us to question what the main factors in the formation of spread in primary issuances of debentures of non-financial companies, listed and unlisted on stock exchanges in Brazil, from 2009 to 2013, and this is the goal of this work. The next question that seeks to answer is whether there is additional spread in the debentures of unlisted companies, and this is the main specific objective of this study. Also seeks to assess whether the spread is influenced by the tax benefit granted to the investor allocates resources debenture financing infrastructure projects. Additionally, the paper studies the influence of the choice of lead manager of the issuing bank in the formation process of the spread and a possible relationship between the spread of the emission and indicators Profitability, Performance and Indebtedness. The sample is composed only of primary emissions of listed and unlisted companies, which occurred between 2009 and 2013, through the SND - National Debenture System, maintained by ANBIMA. We used the OLS - OLS, estimated with the dependent variable spread and fifteen independent variables, resulting in nine statistically significant variables. The results indicate the existence of an additional premium to non- listed companies; influence in shaping the spread according to the choice of lead manager bank of the process; a statistically significant relationship between financial indicators and the formation of the spread / Por alguns anos a emiss??o de deb??ntures estava restrita a empresas de capital aberto. A partir de janeiro de 2009, atrav??s da Instru????o CVM 476, a Comiss??o de Valores Mobili??rios ampliou o acesso de emissores ao mercado de capitais permitindo que empresas de capital fechado tamb??m pudessem emitir deb??ntures. Este acesso nos leva questionar quais os principais fatores determinantes na forma????o do spread em emiss??es prim??rias de deb??ntures de empresas n??o financeiras, listadas e n??o listadas em Bolsa de Valores no Brasil, de 2009 a 2013, e este ?? o objetivo geral deste trabalho. A pergunta seguinte que se procura responder ?? se existe spread adicional nas deb??ntures de empresas n??o listadas, e este ?? o principal objetivo espec??fico deste estudo. Busca-se tamb??m avaliar se o spread ?? influenciado pelo benef??cio fiscal concedido ao investidor que aloca recursos em deb??ntures que financiam projetos de infraestrutura. Adicionalmente, o trabalho estuda a influ??ncia da escolha do banco coordenador l??der do processo de emiss??o na forma????o do spread e uma poss??vel rela????o entre o spread da emiss??o e indicadores de lucratividade, rentabilidade, desempenho e alavancagem (endividamento e composi????o de d??vida). A amostra ?? composta somente por emiss??es prim??rias, de empresas listadas e n??o listadas, ocorridas entre 2009 e 2013, atrav??s do SND Sistema Nacional de Deb??ntures , mantido pela ANBIMA. Utilizou-se o MQO M??nimos Quadrados Ordin??rios , estimado com a vari??vel dependente spread e com quinze vari??veis independentes, resultando em nove vari??veis estatisticamente significantes. Os resultados apontam a exist??ncia de um pr??mio adicional ??s empresas n??o listadas; a influ??ncia na forma????o do spread de acordo com a escolha do banco coordenador l??der do processo; a rela????o estatisticamente significante entre os indicadores cont??beis e a forma????o do spread

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-08-16T13:55:58Z No. of bitstreams: 2 MARCELO SANTANA DA SILVA.pdf: 579761 bytes, checksum: 31198b1e756da9a787c417c0e54d6c5a (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-08-16T13:55:58Z (GMT). No. of bitstreams: 2 MARCELO SANTANA DA SILVA.pdf: 579761 bytes, checksum: 31198b1e756da9a787c417c0e54d6c5a (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2017-02-22 / The objective of this study is to analyze the factors that determine the spread of the public issues of debentures indexed to the Broad Consumer Price Index (IPCA) in Brazil. Emissions indexed to the IPCA were choose because they are instruments usually used to capture resources of longer maturity by the issuing companies. The database had 245 series of issues occurred between January 2010 and December 2015. Regressions were estimated by ordinary least squares and weighted least squares methods, and the results presented by the last method were more robust. The rating-spread ratio was confirmed in all regressions and the results indicate that this variable explains, by itself, 58% of the spread variation. Other the rating, the results indicate that the main factors that determine the spread of the issues are: collateral, issuer experience, maturity, amount, prestige of the coordinating bank, tax benefits and economic scenario. Due to the results achieved, other issues related to market efficiency were approached, such as agency conflicts, information asymmetry and adverse selection. The results show that the collaterized issues remunerated the investors with a higher spread than the unsecured ones, and this premium ranged from 35 to 38 basis points. The results were interpreted in the context of agency theory and resemble those found by John, Lynch and Puri (2003) for the US corporate bonds market. Finally, the favorable economic scenario, as measured by the Emerging Market Bond Index - Brazil (EMBI + BR), showed negativelycorrelated with the spread, and these results were interpreted as effects of the information asymmetry and adverse selection present in the local market for debt issuance. / O objetivo deste estudo ?? analisar os fatores que determinam o spread das emiss??es p??blicas de deb??ntures indexadas ao ??ndice de Pre??os ao Consumidor Amplo (IPCA) no Brasil. Utilizou-se as emiss??es indexadas ao IPCA por serem instrumentos usualmente empregados na capta????o de recursos de maturidade mais longa pelas empresas emissoras. A base de dados contou com 245 s??ries de emiss??es realizadas entre janeiro de 2010 e dezembro de 2015. As regress??es foram estimadas pelos m??todos de m??nimos quadrados ordin??rios e m??nimos quadrados ponderados, e os resultados apresentados por este ??ltimo foram mais robustos. A rela????o rating-spread foi confirmada em todas as regress??es e os resultados indicam que essa vari??vel explica, isoladamente, 58% da varia????o do spread. Al??m do rating, os resultados indicam que os principais fatores que determinam o spread das emiss??es s??o: garantias, experi??ncia do emissor, maturidade, volume, prest??gio do banco coordenador, benef??cios fiscais e cen??rio econ??mico. Em raz??o dos resultados alcan??ados, foram abordados temas relacionados ?? efici??ncia de mercado, tais como conflitos de ag??ncia, assimetria de informa????o e sele????o adversa. Os resultados demonstram que, as emiss??es com garantia remuneraram seus investidores com spread maior que as sem garantia, e esse pr??mio variou de 35 a 38 basis points. Os resultados foram interpretados no contexto da teoria da ag??ncia e se assemelham aos encontrados por John, Lynch e Puri (2003) para o mercado norte-americano de corporatebonds. Finalmente, o cen??rio econ??mico favor??vel, medido pelo ??ndice Emerging Market Bond Index - Brazil (EMBI+ BR), demonstrou-senegativamentecorrelacionado com o spread, e esses resultados foram interpretados como efeitos de assimetria de informa????o e sele????o adversa presentes no mercado local de emiss??o de d??vida.