Submitted by Vinicius Augusto Brunassi Silva (vinicius.vitio@gmail.com) on 2011-12-06T18:47:12Z No. of bitstreams: 1 Vinicius_Dissertação.pdf: 237652 bytes, checksum: 20111eda1d23b9c396a750183cbdc94c (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-12-06T18:48:13Z (GMT) No. of bitstreams: 1 Vinicius_Dissertação.pdf: 237652 bytes, checksum: 20111eda1d23b9c396a750183cbdc94c (MD5) / Made available in DSpace on 2011-12-07T12:55:58Z (GMT). No. of bitstreams: 1 Vinicius_Dissertação.pdf: 237652 bytes, checksum: 20111eda1d23b9c396a750183cbdc94c (MD5) Previous issue date: 2011-11-25 / This paper examines the relationship between covenants, short-term and long-term debt with companies which face growth opportunities. Using a sample of 159 Brazilian corporate bonds, we found evidence that: 1) Covenants and short-term debt are substitute tools to minimize agency conflict, since they presented a negative and significant relation and; 2) The negative relation between short-term debt and growth opportunities might be attenuated in the presence of covenants. / Esta dissertação tem como objetivo analisar a relação entre covenants e alavancagem financeira no curto e longo prazo com oportunidades de crescimento. A partir de uma amostra de 159 debêntures, encontramos evidência de que: 1) Covenants e dívida de curto-prazo podem ser considerados substitutos na atenuação do conflito de agência, uma vez que apresentaram relação negativa e significante e; 2) A relação negativa existente entre dívida de curto prazo e oportunidades de crescimento pode ser reduzida através da utilização de covenants.

The thesis is focused on the assessment of the investment in the transport company by a variety of funding and its impact on capital structure. The operational objective is to evaluate the effect of financial leverage and impact of investments on the financial situation of the company. The investment is viewed from the perspective of market demand capital.

abstract: This dissertation sought to understand how leaders in a public-private strategic alliance collaboratively address complex community problems. The study responded to the gap in academic research of leadership and public relations in alliances to solve complex social issues, as well as the scant scholarly attention to alliance leaders' communications with stakeholders. Its findings corresponded to framing theory, stakeholder theory, SWOT (strengths/weaknesses/opportunities/threats) theory, complexity theory, and the subtopic of complex leadership -- all through the lens of public relations. This investigation culminated in the introduction of the C.A.L.L. to Action Model of Community Engagement, which demonstrates the confluence of factors that were integral to the alliance's success in eliminating chronic homelessness among veterans in Maricopa County, Arizona -- Communication, Alliance, Leadership, and Leverage. This qualitative case study used the method of elite or in-depth interviews and grounded theory to investigate the factors present in a community engagement that achieved its purpose. It served as a foundation for future inquiry and contributions to the base of knowledge, including 1) additional qualitative case studies of homeless alliances in other communities or of other social issues addressed by a similar public-private alliance; 2) quantitative methods, such as a survey of the participants in this alliance to provide triangulation of the results and establish a platform for generalization of the results to a larger population. / Dissertation/Thesis / Doctoral Dissertation Journalism and Mass Communication 2015

O presente estudo objetiva investigar a materialidade do rating de crédito sobre as decisões de estrutura de capital, uma vez que diferentes níveis de rating podem representar melhores ou piores condições para a captação dos recursos externos necessários ao financiamento empresarial. A hipótese rating de crédito-estrutura de capital sugere que, após um rebaixamento no rating, as empresas adotem um perfil mais conservador nas decisões de estrutura de capital visando restabelecer as condições que possibilitem a recuperação do rating anterior. Essa relação foi estudada por meio da análise do impacto das reclassificações do rating sobre o balanceamento da estrutura de capital ao nível-alvo de endividamento de empresas latino americanas não-financeiras com algum rating designado no período 2000- 2014. Os resultados evidenciam que muitos dos preceitos da hipótese teórica também prevalecem para as empresas latinas, principalmente quando avaliados sob a perspectiva das características institucionais da região. / This study investigates credit rating relevance on firm\'s capital structure decision-making once different rating levels may imply better or worse funding conditions. The credit ratingcapital structure hypothesis suggests that firms adopt conservative capital structure decisions after rating downgrades aiming to retrieve necessary conditions to restore a better rating. This relationship was studied by analyzing the impact of credit rating changes on target leverage balance of the capital structure of non-financial Latin American firms with a credit rating designated during the period of 2000-2014. Results show that many of the theoretical assumptions prevail for Latin American firms, especially if evaluated from a perspective of the region institutional characteristics.

The way the banks carry out their operations is determined by the size of the bank and by the banking regulation. In order to perform these operations, banks need to decide whether the operations are going to be financed with equity, debt or a with a mix of both. The mix of equity and debt financing is known as capital structure, and the previous literature on banks’ capital structures suggests that the size of the bank may affect the relation between leverage and the factors of leverage: profitability, size, growth, risk, collateral, and the bank’s dividend payments. This study examines whether the relation between leverage and the factors of leverage is depended on the size of the bank. In addition to this, the banking regulation has changed since the last studied on banks’ capital structures have been conducted, which means that the relation between the new regulatory requirements and capital structure needs to be investigated. The primary purpose of this study is to examine whether leverage and the factors of leverage are dependent on the size of the listed banks headquartered in one of the member countries of European Union between the years 2009 and 2017. In order to study this, data of the banks is gathered from the Eikon database. Another purpose of this study is to investigate the nature of the relationship between the capital structure in banks and the regulatory requirements.   The theories on capital structure such as the, MM propositions, trade-off theory, and pecking-order theory are used to explain the variables of this study and the relation between the capital structure and regulatory capital. Previous literature of the banks’ capital structures and of the relation between size and the banks’ operations were studied in order to come up with the research questions. This study takes a deductive research approach and utilizes the quantitative research strategy. The data is analyzed by conducting regressions analysis for panel data in order to determine the relations studied.   Conclusions about whether the bank size determines the relation between leverage and its factors, and of the nature of the relation between capital structure and regulatory capital will be drawn. This study finds that the bank size determines the relation between leverage and the factors of leverage. Further, the relation between capital structure and regulatory capital is found to be strong. Under the new regulation, the capital structure theories do not apply at all for the small banks. These theories do not apply either when the banks, small or large, are close to meeting their regulatory capital requirements.  For larger banks meeting their capital requirements, the larger the banks get, the more of their leverage can be explained by the classic capital structure theories.

Orientador: Luiz Koodi Hotta / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Matemática Estatística e Computação Científica / Made available in DSpace on 2018-08-23T04:22:11Z (GMT). No. of bitstreams: 1 Almeida_Danielde_M.pdf: 17481253 bytes, checksum: 669620c3fe4155707f86370dd1778d01 (MD5) Previous issue date: 2013 / Resumo: O objetivo da dissertação é estudar modelos de volatilidade que consideram dois tipos de assimetria usualmente encontradas em séries de finanças, a assimetria das perturbações e o efeito de alavancagem. Perturbações assimétricas são utilizadas devido ao fato estilizado de que perdas têm distribuição com cauda mais pesada do que ganhos. Já o efeito de alavancagem leva em consideração que perdas têm maior influência na volatilidade do que os ganhos. São estudados os modelos GARCH univariados que contemplam os dois tipos de assimetria separadamente e conjuntamente e modelos GARCH multivariados que permitem o efeito de alavancagem. Os resultados são apresentados em dois artigos. O primeiro descreve os principais modelos univariados que possam explicar estes dois fatos estilizados e analisa, com detalhes, oito séries: os índices Ibovespa, Merval e S&P 500, e as ações Itaú-Unibanco, Vale, Petrobras, Banco do Brasil e do Bradesco. A conclusão é que os dois tipos de assimetria estão presentes nas séries, na maioria das vezes simultaneamente. O segundo artigo faz uma revisão dos principais modelos multivariados da família GARCH, incluindo modelos com efeitos assimétricos nas variâncias e nas covariâncias condicionais. Alguns destes modelos são analisados com mais detalhes através de simulações. Considerou-se as perdas de eficiência na estimativa da matriz de volatilidade ao se ter erros de especificação, isto é ajustar um determinado modelo a séries geradas por outros modelos. Os modelo mais utilizados na literatura são aplicados a uma série trivariada, contendo o índice Ibovespa e as ações Petrobras e Vale. Os três modelos selecionados pelos critérios AIC e BIC, possuem o efeito de alavancagem / Abstract: The objective of this dissertation is to study volatility models that consider two types of asymmetry usually found in finance series, the skewness of the innovations and the leverage effect. Skewness means that the distribution of losses has a heavier tail than the distribution of gains. The leverage effect stems from the fact that losses have a greater influence on future volatilities than gains. It is considered univariate GARCH models that include both types of asymmetry, separately and jointly, and multivariate GARCH models that allow for leverage effects. The results are presented in two papers. The first one describes the main univariate models that consider these two stylized facts and analyzes, in detail, eight series: the Ibovespa, Nasdaq and S&P 500 indices, and the Itaú-Unibanco, Vale, Petrobras, Banco do Brasil and Bradesco stocks. The conclusion is that both stylized facts are present in some series, mostly simultaneously. The second paper reviews the main multivariate GARCH models, including models with asymmetric effects on conditional variances and covariance. Some of these models are analyzed in more detail through simulations. The most used models in the literature are applied to a three-dimensional time series, containing the Bovespa index and the Petrobras and Vale markets. The three models selected by AIC and BIC criteria allow for leverage effects / Mestrado / Estatistica / Mestre em Estatística

In this paper, I examine the top ten historical upward and downward daily shocks in the Dow Jones Industrial Average, and test whether industry specific abnormal returns can be explained by industry specific leverage ratios on those days. I use modified versions of the Capital Asset Pricing Model and the Fama French 3 Factor regression to examine within-industry abnormal returns. I then proceed to rank the industry abnormal returns and industry leverage ratios, from high to low, on days corresponding to these large shocks. Finally, I examine the correlation between these ranks on the days corresponding to the large moves. The results show that on upward moving days, there is no relationship between industry abnormal returns and industry leverage. However, on downward moving days, there is moderate negative correlation between industry abnormal returns and leverage, suggesting that higher leverage leads to lower abnormal returns. This paper explains these results in further detail, and discusses the implications to the greater field of financial economics.

With society’s growing population and the earth’s limited resources, the current world food system is unsustainable. Slow Food USA (SFUSA) is an existing food-related Non-Governmental Organization (NGO) focusing on the expansion of Good, Clean, and Fair food. This research aims to help SFUSA to strategically support society’s move towards sustainability. To do this, the authors used the Framework for Strategic Sustainable Development (FSSD) to examine the current reality of SFUSA, where the opportunities and challenges for the organization to strategically plan toward sustainability were identified. The authors then used Leverage Points (LPs) to identify opportunities for how SFUSA can strategically intervene in the world food system to create change and the challenges that exist in doing so. The results of this research allowed the team to create a list of recommendations. Of these results, five were picked as the most strategic recommendations for SFUSA: 1) Co-create a shared common vision of sustainable food for society 2) Define a common language and branding among chapters that are in alignment with SFUSA 3) Implement a strategic planning process founded in a principle-based definition of sustainability 4) Expand educational outreach to specific targeted groups at the chapter level 5) Advocate for policy changes to remove barriers to widely available and affordable, sustainably produced agriculture.

Face à une technique financière novatrice, le droit peut adopter trois postures. Il peut d'abord prévoir, a priori, un cadre juridique spécialement dédié. Il peut aussi la laisser se développer, puis intervenir a posteriori afin de l'encadrer. Il peut enfin choisir de ne lui consacrer aucun cadre particulier, laissant aux règles existantes le soin de la régir. C'est conformément à cette troisième méthode que les Leveraged Buy-Out (LBO), qui consistent pour un repreneur à prendre le contrôle d'une société par l'intermédiaire d'une holding interposée et par recours à l'endettement, ont été accueillis par le droit français. Reposant sur une instrumentalisation de la règle de droit, et étant risquée par nature car fondée sur l'endettement, l'emploi de cette méthode à l'endroit des LBO suscite forcément des questionnements. En tout état de cause, l'absence de cadre réglementaire particulier signifie, dans un regime de liberté, que le droit accepte par principe cette modalité de prise de contrôle. Néanmoins, les risques dont ils sont porteurs pouvant survenir lors de l'exercice du contrôle, le droit aura alors tendance à intervenir plus activement afin de l'encadrer. Un travail de recherche portant sur le LBO, sous le prisme du mode de réception adopté par le droit pour l'accueillir, doit permettre, d'une part, de cerner les singularités de son régime juridique dans le contexte français, et d'autre part, d'évaluer la pertinence et les effets de la méthode qui consiste à laisser une figure financière originale être appréhendée par les normes existantes. / Faced with an innovative financial technique, the law can adopt three postures. First, the law can provide, upstream, a specially dedicated legal framework. Secondly, the law can, also, let it develop, and then, act retrospectively to frame it. Finally, the law can also choose not to devote any particular framework, and let the operation be governed by existing rules. French law used this third method to welcome the Leveraged Buy-Out (LBO), which consist for a buyer to take control of a company using debt and through a Special Purpose Vehicle. Based on a manipulation of the rules of law, and risky because based on debt, the use of that method for the LBOs inevitably raises questions. In any case, the absence of specific regulatory framework mean, in a regime of liberty, that the law accepts, in principle, this particular type of acquisition of a company. However, because the risks they carry can occur during the exercise of control on the acquired company, the existing laws will intervene more actively to frame it. Research work on the LBO, from the perspective of the receiving mode adopted by the legal system to receive it, must, firstly, permit to identify the peculiarities of its legal status in the French context, and on the other hand, to assess the relevance and impact of the method which consist in leaving an original financial operation be governed by the existing standards.

Background: Swedish companies were negatively affected by the financial crisis between 2007 to 2009. Even if companies with a high level of financial leverage were hit harder due to the financial crisis than companies with financial leverage, the level of financial leverage about the same now as it was right before the financial crisis. Even if an increase of cash flows associated to financial leverage increase a company’s business opportunities, there are a lot of research done in the field that claim that the relation between financial leverage and financial performance is negative. Purpose: Since there is evidence that the relation between financial leverage and financial performance differ from different countries across the world, it is important to determine the relation in different countries. There is a research gap when it comes to the relation in Sweden, since the prior research have focused on specific industries or company sizes. By extending prior research in Sweden, companies, investors and creditors could get better understanding for Swedish companies’ relation between financial leverage and financial performance. Method: In the thesis, data from 750 companies listed on Stockholm stock exchange has been examined to determine the relation between financial leverage and financial performance. Totally, 3750 observation from the years 2012 to 2016, have been tested by a multivariate regression. Results: The evidence from the thesis showed that the relation between financial leverage and financial performance depends on which type of measurement for financial leverage and financial performance that is used. There is partly significant evidence that company size affect the relation