Efficiency, Leverage and Exit: The Role of Information Asymmetry in Concentrated Industries This paper develops a real options model of imperfect competition with asymmetric information that analyzes firms' exit decisions. Optimal exit decision is linked to firm characteristics such as financial leverage and efficiency. The model shows that informational asymmetries can lead more efficient and less leveraged firms to leave the product market prematurely. It also demonstrates how firm efficiency can increase debt capacity relative to rival firms. The model also has implications for firm risk and asset returns. Specifically, the paper shows that, when there is information asymmetry among rivals, rival actions can have a "news effect" that change a firm's dynamic risk structure. Human Capital Investment and the Completion of Risky R&D Projects We consider a firm that employs human capital to make a technological breakthrough. Since the probability of success of the breakthrough depends on the current stock of human capital the firm has an incentive to expand its human capital stock. The present value of the patent is stochastic but can be observed during the R\&D phase of the project. The exogenous value of the patent determines the firm's decisions to invest in human capital, to abandon the project if necessary, and to invest in marketing the new product. We study the corresponding optimal stopping times, determine their value and risk consequences, and derive optimal investment in the stock of human capital. While optimal investment in human capital is very sensitive to its productivity do increase the probability of a breakthrough it is insensitive to changes in the volatility of the present value of the patent. The value of the firm is driven by fixed labor costs that occur until the breakthrough is made, the call option to invest in human capital and market the product, and the put option to abandon the project. These options together with labor costs' based operating leverage determine the risk dynamics. Risk varies non-monotonically with the stochastic value of the patent and is U-shaped. Migration Options for Skilled Labor and Optimal Investment in Human Capital This paper develops a model of optimal education choice of an agent who has an option to emigrate. Using a real options framework, we analyze the time evolution of human capital in the country of origin and investigate the role of migration possibilities in the accumulation of different types of human capital. The analysis shows that the accumulation of human capital depends crucially on the level of uncertainty and the transferability of human capital across countries. Government subsidies are an important determinant of the composition of different types of human capital and can be crucial in alleviating the brain drain problem. (author's abstract)

[pt] O objetivo deste trabalho é verificar qual dentre as teorias de Trade-Off e Pecking Order predomina nos anos de crise financeira para explicar a forma como empresas brasileiras de capital aberto tomam suas decisões de financiamento. No Brasil, quatro crises financeiras relevantes aconteceram no período de 1998 até 2016: as crises de 1999, 2002, 2008 e 2015. A decisão da estrutura de capital das empresas tem implicações no valor de mercado da companhia e seu custo de capital. Por esse motivo, os estudos sobre a estrutura de capital têm se apresentado como um dos temas mais estudados e relevantes na área de finanças corporativas. Dentre as teorias estudadas, existem duas correntes teóricas que discutem como as empresas determinam sua estrutura de capital: a teoria de Trade-Off e a teoria de Pecking Order. Desta forma, inicialmente foram verificadas quebras estruturais no nível de alavancagem das empresas brasileiras de capital aberto nos anos de crises financeiras mencionados e, em seguida, aplicado o modelo de Tong e Green (2005) de regressão múltipla em cross section, a fim de verificar qual teoria melhor explica as decisões de financiamento das empresas nesses anos. / [en] The objective of this study is to verify which of the theories - trade-off or pecking order - prevails in the years of financial crisis to explain how Brazilian publicly held companies make their financing decisions. In Brazil, four major financial crises occurred from 1998 to 2016: the crises of 1999, 2002, 2008 and 2015. A company s decision on its capital structure is important because the composition of its different financing sources has implications for its market value and cost of capital. For this reason, capital structure has been one of the most studied and relevant topics in corporate finance. Among the theories studied, there are two theoretical currents that discuss how companies determine their capital structure: trade-off theory and pecking order theory. Thus, a methodology was initially applied to verify the existence of a structural break in the level of leverage of Brazilian publicly traded companies in those previously mentioned years of financial crises. Later, a model of multiple regression in cross section, based on Tong and Green (2005) was applied, in order to verify which theory best explains the financing decisions of the companies in those years.

Sedan år 2005 måste samtliga svenska börsnoterade företag presentera sin finansiella information samtredovisningen av densamma i enlighet med standarden IFRS. Detta har resulterat i att företagsledningenssubjektiva tolkningar, något som skapat möjligheter för ledningen att påverka redovisningen. Detta kanförklaras genom Agency Theory och Positive Accounting Theory, vilka beskriver att ledningen antas ageraopportunistiskt, i syfte att maximera sin egennytta. Ledningen tenderar att manipulera företagsredovisning, varav goodwill kan användas som en resultatjusterare.Denna studie belyser hur ledningens handlingsutrymme påverkar företags redovisning av goodwill,betingat av den organisatoriska nivån. Studiens hypoteser formas utifrån organisationsnivåns olikafaktorer, vilka även testas för att se hur faktorerna påverkar företags redovisning av goodwill. För attundersöka studiens syfte används en positivistisk forskningsfilosofi och därmed kvantitativforskningsdesign, vilket präglas av en deduktiv ansats. Insamling av data har åstadkommits via företagsårsredovisningar, något som sedan sammanställts.Studiens resultat indikerar att ju högre skuldsättning och starkare ägarkoncentration, desto mindregoodwill redovisar ledningen. Har företag en låg skuldsättning och svag ägarkoncentration leder det tillökat handlingsutrymme och därmed en potentiellt högre andel redovisad goodwill.Studien bidrar till insikt kring hanteringen av goodwill och att ledningens handlingsutrymme har enpotentiell inverkan på redovisningen av goodwill. Dessutom tillför studien kunskap för vilka faktorer sompåverkar företags redovisningsval. Avslutningsvis bidrar uppsatsen till ökade möjligheter att jämförastudiens resultat med tidigare studier, vilket kan resultera i att ägarna kan få mer kännedom om hur debäst reducerar ledningens handlingsutrymme och dess opportunistiska beslut. / Since year 2005 all Swedish listed companies has to present their financials and accountingaccording to the standard IFRS. This has allowed the management to make subjectiveinterpretations, which in turn has elaborated opportunities to influence the accounting. Thosepossibilities can be explained by Agency Theory and Positive Accounting Theory, which presumethe management acting opportunistically, in order to maximize self-interest. Management tend tomanipulate companies accounting, whereof goodwill can be used as an adjuster of results.The thesis disambiguate how management discretion affect companies accounting of goodwill,contingent of the organizational level. The thesis hypothesis elaborates thru factors of theorganizational level, which are also tested in order to see how the variables affect businesscorporations accounting of goodwill. A positive research philosophy is used in order to analyze thethesis purpose. The data collection has been accomplished using the company's annual reports.The thesis results indicates that the higher debt and stronger concentration of ownership, the lessamount goodwill is accounted. If companies has a lower debt and weaker concentration ofownership, it increases management discretion and thereby a potentially higher amount of goodwill.The thesis contribute to knowledge about managing goodwill and that management discretion hasa potentially impact on the accounting of goodwill. Finally, the thesis contributes to increasedopportunities to compare the thesis results with previous studies, which may result in the ownersbeing able to get more knowledge of how they best reduce management discretion and itsopportunistically decisions.

This literature review analyzes the global phenomenon of international project finance (PF) as both a management and finance instrument, allowing practitioners to realize large scale infrastructure projects in high risk contexts. After describing the characteristics of PF, its historical origins and its unique benefits for empirical inquiry, I summarize the findings of academic research from an interdisciplinary perspective. Based on this integration of Finance, Management and International Business research, I discuss the theoretical implications for each field that emanate from PF. Finally, I identify possibilities for future research and propose a more balanced, interdisciplinary academic treatment of PF.

Cette thèse a pour objectif d'analyser la structure du capital et la performance des entreprises familiales Françaises qui s'introduisent en Bourse. A partir d'un échantillon de 90 entreprises familiales appartenant à l'indice CAC All-Tradable de 2010 à 2013, nous constatons que la structure du capital des entreprises familiales est caractérisée par un faible niveau d'endettement avec une préférence pour l'endettement à court terme par rapport au long terme. De plus, la structure de capital des entreprises familiales vérifie les théories classiques du financement, l'hypothèse de ‘market timing', la théorie du ratio d'endettement optimal et de la théorie du financement hiérarchique. Ensuite, nous analysons les performances à court terme et à long terme des entreprises familiales françaises qui s'introduisent en Bourse. Les résultats montrent les différentes techniques d'expropriation employées par les propriétaires des entreprises familiales. A la date de l'introduction en bourse, la majorité des propriétaires des entreprises familiales sont à la fois les directeurs généraux et les présidents des conseils d'administration. Après l'introduction en bourse, les propriétaires des entreprises familiales détiennent environ 80% des droits des flux de trésorerie et nous constatons que la différence entre leurs droits aux flux de trésorerie et leurs droits de vote a augmenté. La sous-évaluation au premier jour est voisine de 2%, ce qui révèle que les entreprises familiales sont correctement évaluées lors de l'émission. Les entreprises familiales surperforment l'indice de marché dans les trois premiers mois de l'émission et après la troisième année. Nous trouvons aussi que le changement des droits de propriété et de contrôle avant et après l'introduction en Bourse explique les performances à court et à long terme contrairement aux mécanismes de gouvernance. / This thesis aims to analyze the capital structure and performance of French family firms going public. From a sample of 90 family firms belonging to CAC All-Tradable from 2010 to 2013, we find that the capital structure of family firms is characterized by a low level of debt with a preference for short-term debt relative to long-term debt. Moreover, the capital structure of family firms is in line with the classical theories of financing, the hypothesis of market timing, the theory of optimal debt ratio and the pecking order theory. Then we analyze the short-term and long-term performance of French family firms going public through Initial Public Offerings. The results show the different expropriation techniques employed by the family firms' owners. On the initial public offering date, the majority of family firms' owners are simultaneously CEOs and Chairmen of boards of directors. After going public, the family firms' owners hold around 80% of the firms' cash flow rights and we observe that the difference between their cash flow rights and their voting rights has increased. First-day underpricing is around 2% which shows that family firms are almost fairly priced upon issuance. The family firms outperform the market index in the first three months of issuance and after the third year. We also find that the ownership and control rights change from pre- to post-IPO date explains the short-term and long-term performance unlike governance mechanisms.

Submitted by Lucas Savassa (lucassavassa@hotmail.com) on 2014-02-26T18:04:28Z No. of bitstreams: 1 Dissertação_LUCAS SAVASSA _2014.pdf: 377143 bytes, checksum: b04dfa4ace9afd59fdc7e77de7e17696 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2014-02-26T18:10:02Z (GMT) No. of bitstreams: 1 Dissertação_LUCAS SAVASSA _2014.pdf: 377143 bytes, checksum: b04dfa4ace9afd59fdc7e77de7e17696 (MD5) / Made available in DSpace on 2014-02-26T19:32:15Z (GMT). No. of bitstreams: 1 Dissertação_LUCAS SAVASSA _2014.pdf: 377143 bytes, checksum: b04dfa4ace9afd59fdc7e77de7e17696 (MD5) Previous issue date: 2014-02-11 / The aim of this paper is to analyze what are the determinant factors of the degree of leverage on real estate projects. The main hypothesis is that specific factors on project characteristics, measured by dummies variables affect its capital structure, besides the classical variables profitability and size. The hypothesis that the type of the building, if it is for low income or high income, affects the level of debt was also tested. From a sample of 1,442 real estate projects in the period 2004-2013, we obtained empirical results that the independent variables, mentioned above, are factors that determine the degree of leverage of real estate projects. Such information about these determinants can be observed by investors and creditors before taking decision to provide funds for a specific project. / O trabalho em questão busca analisar quais são os fatores que determinam o grau de alavancagem de empreendimentos imobiliários. A principal hipótese é que fatores específicos das características do projeto, mensurados através de variáveis binárias, afetam sua estrutura de capitais, além das variáveis clássicas rentabilidade e tamanho. A hipótese de que o padrão do empreendimento afeta o nível de endividamento também foi testada. De uma amostra de 1.442 projetos imobiliários do período de 2004 a 2013, obtiveram-se resultados empíricos de que as variáveis independentes, mencionadas acima, são fatores que determinam o grau de alavancagem de projetos imobiliários. Tais informações sobre estes determinantes podem ser observadas por investidores e credores antes da tomada de decisão de prover recursos para um determinado empreendimento.

Submitted by VITOR HUGO DA SILVA DANTAS de MORAES (vitor.engmec@gmail.com) on 2015-02-24T23:43:41Z No. of bitstreams: 1 MPE - DISSERTAÇÃO MESTRADO - VITOR MORAES - REVISADO V2.pdf: 629479 bytes, checksum: 84bdb0a8f1a9a631f407867932459037 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2015-02-25T18:55:48Z (GMT) No. of bitstreams: 1 MPE - DISSERTAÇÃO MESTRADO - VITOR MORAES - REVISADO V2.pdf: 629479 bytes, checksum: 84bdb0a8f1a9a631f407867932459037 (MD5) / Made available in DSpace on 2015-02-25T18:59:56Z (GMT). No. of bitstreams: 1 MPE - DISSERTAÇÃO MESTRADO - VITOR MORAES - REVISADO V2.pdf: 629479 bytes, checksum: 84bdb0a8f1a9a631f407867932459037 (MD5) Previous issue date: 2015-01-28 / This paper seeks to go beyond such decision, own capital or third, and verify the decision of what type of third resource raise, so this study analyzes the company's debt composition with respect to the source of financing: private or public sources. Therefore, econometric models were built in order to investigate which features are relevant in seeking the decision of the best sources of financing their activities. Data were collected from panel of Brazilian companies outside the finance and insurance sector, whose shares are traded on the São Paulo Stock Exchange (BOVESPA). In this paper we report variables of enterprises regarding the quality and credibility of financial reporting, total fixed assets, profitability, leverage, sector, company size and internationalization. The results indicated that factors such as total fixed assets, leverage, profitability and some sectors of activity are relevant to establishing the firm's financing strategy. The variable level of disclosure, responsible for differentiating a company with higher accounting information quality from others, was not significant, as it was expected. Therefore, the results suggest that the studied companies tend to follow the theory of inefficient liquidation when they take their funding decisions. / O presente trabalho busca ir além da decisão, capital próprio ou terceiro, e verificar a decisão de qual tipo de recurso terceiro angariar, portanto, analisa a composição do endividamento da empresa com relação à fonte de financiamento: recursos privados ou públicos. Logo, foram construídos modelos econométricos com o intuito de investigar quais características, por parte da empresa, são relevantes na escolha de qual fonte recorrer para financiar suas atividades. Foram utilizados dados em painel de empresas brasileiras não pertencentes ao setor de Finanças e Seguros, cujas ações são negociadas na Bolsa de Valores de São Paulo (BOVESPA). Neste trabalho foram investigadas variáveis das empresas referentes à qualidade e credibilidade das informações contábeis, total de ativos imobilizados, lucratividade, alavancagem, setor de atuação, tamanho da empresa e internacionalização. Os resultados indicaram que fatores como total de ativos imobilizados, alavancagem, lucratividade e alguns setores de atuação são relevantes para determinar a estratégia de financiamento da firma. A variável nível de disclosure, responsável por diferenciar a empresa que possui qualidade da informação contábil superior às demais, não apresentou ser significante, embora, com o sinal esperado. Portanto, os resultados sugerem que as empresas estudadas tendem a seguir a teoria da liquidação ineficiente quando tomam as suas decisões de financiamento.

Submitted by Gilberto Orestis Picareta Giannakopoulos (gopg1990@gmail.com) on 2016-03-01T20:44:02Z No. of bitstreams: 1 FGV ver 01-03-16 PicaretaG Effects of Capital Structure on Markups and Competitive Performance - Evidence from Portugal.pdf: 3029750 bytes, checksum: 554d971335d17ca65f845dd8dc441364 (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-03-02T12:25:39Z (GMT) No. of bitstreams: 1 FGV ver 01-03-16 PicaretaG Effects of Capital Structure on Markups and Competitive Performance - Evidence from Portugal.pdf: 3029750 bytes, checksum: 554d971335d17ca65f845dd8dc441364 (MD5) / Made available in DSpace on 2016-03-02T13:00:03Z (GMT). No. of bitstreams: 1 FGV ver 01-03-16 PicaretaG Effects of Capital Structure on Markups and Competitive Performance - Evidence from Portugal.pdf: 3029750 bytes, checksum: 554d971335d17ca65f845dd8dc441364 (MD5) Previous issue date: 2016-01-22 / This paper examines the effects of capital structure on markups and competitive performance. It applies theories of markup counter cyclicality and product market outcomes by Chevalier and Scharfstein (1996) to Portuguese data following the methodology from Campello (2001). Using industry level panel data of the Portuguese manufacturing industry, the analysis provides evidence for markup counter cyclicality and a joint effect of leverage and economic downturn on markups. Using a firm level census of Portuguese companies the analysis provides no evidence for a significant relationship between capital structure and competitive performance. / Este estudo avalia os efeitos da estrutura de capital nas margens de lucro e no desempenho competitivo. Aplica teorias relativas à contra ciclicidade das margens de lucro, e aos resultados do mercado do produto de Chevalier e Scharfstein (1996), a dados portugueses, seguindo a metodologia de Campello (2001). Utilizando dados de painel de empresas pertencentes à indústria transformadora Portuguesa, a análise fornece evidencia para a contra-ciclicidade de margens de lucro e de um efeito conjunto de dívida e recessão económica nas margens de lucro. Tendo por base o recenseamento de empresas Portuguesas, a análise não fornece evidência de uma relação significativa entre a estrutura de capital e o desempenho competitivo.

Made available in DSpace on 2010-04-20T20:56:54Z (GMT). No. of bitstreams: 3 GeraldoMelloneJr2004.pdf.jpg: 17399 bytes, checksum: 84aeec344bd8489a75d01a4377fea921 (MD5) GeraldoMelloneJr2004.pdf.txt: 150020 bytes, checksum: 03588bfb94a7f47572514499a1fee12e (MD5) GeraldoMelloneJr2004.pdf: 353547 bytes, checksum: cfa53c7bfe51a3e78d43450a9c4d9d8e (MD5) Previous issue date: 2004-09-24T00:00:00Z / This work is divided in three essays. First, we develop a game-theoretical model, showing how the information costs can influence the external monitoring, and thus, the disciplining actions to the firm’s executive management. In this essay, we conclude that, under assumptions about the monitoring costs, there is a relationship between the business´ risk and the capital structure choice. In the second essay, we confirm a negative relationship between the managerial turnover and the performance in Brazilian listed firms. We also show how the monitoring actions by the owner, represented by the Board of Directors, can trigger or not the corporate disciplining process. In this essay, we show that some Board of Directors observable characteristics, as the number of directors, the share of directors that are not in management committee and the separation of the role of main executive and chairman, can contribute to accelerate the management turnover. We also find that some short-term debt indicators are also related to executive turnover. Finally, in the last essay, we explore the business risk theme. We show how the main shareholder characteristics toward to risk are related to the capital structure. Another point discussed in this essay is the relationship between financial indicators and executive turnover. As result, we found that firms where the main shareholder is an institutional fund are more leveraged that the one where the first shareholder is an individual investor. Also, the results show that the executive turnover is related to financial solvency. / Este trabalho está dividido em três ensaios. No primeiro ensaio, apresentamos um modelo utilizando teoria dos jogos, mostrando, sob determinadas situações, como os custos de informação podem influenciar o monitoramento externo, e conseqüentemente, as ações disciplinares dentro da empresa. Também mostramos que, sob algumas hipóteses sobre o custo do monitoramento, existe uma relação entre o risco do projeto e a estrutura de capital da empresa. No segundo ensaio, realizamos um estudo empírico, testando a relação entre a substituição de executivos no Brasil e o desempenho da empresa, e como o monitoramento exercido pelos controladores através do conselho de administração (CA) pode acelerar ou não o processo de disciplina corporativa. Como resultado, encontramos que a substituição de executivos está relacionada com o desempenho da empresa. Neste ensaio também encontramos que algumas características observáveis do CA, como o número de membros, o percentual de diretores do conselho que não fazem parte da administração e a separação das funções de principal executivo e de presidente do CA podem contribuir para acelerar o processo de substituição de executivos no caso de fraco desempenho. Por último, também mostramos que indicadores de endividamento de curto prazo, que podem servir tanto como um indicador do monitoramento exercido pelos credores ou como o resultado de uma gestão financeira pouco eficiente, têm um papel na determinação da substituição de executivos das empresas brasileiras. No terceiro ensaio, exploramos o tema risco do negócio, mostrando a sua relação com a estrutura de capital. Também mostramos como as características do principal acionista com relação ao risco podem estar relacionadas com a estrutura de capital. Outro tema também tratado neste ensaio é a relação entre indicadores financeiros e substituição de executivos. Como resultado, encontramos que empresas onde os principais acionistas são fundos de investimentos são mais endividadas do que empresas onde os maiores acionistas são pessoas físicas, e também que a substituição de executivos está relacionada com a saúde financeira da empresa.

La thèse étudie les comportements en matière de structure de capital dans les pays en voie de développement d'Asie. Elle débute avec le cas du Vietnam qui prouve que l'objectif à long terme de ratio d'endettement existe dans le marché Vietnamien tandis que la Pecking Order Theory ne semble pas lui être applicable. Au Vietnam, tant les entreprises privées que publiques s'ajustent rapidement aux niveauxoptimaux d'endettement. La thèse élargit ensuite l'étude en prenant en compte les effets de la concentration bancaire et ceux de la liberté économique dans douze pays émergents d'Asie. Elle décrit une relation négative entre la concentration bancaire et l'endettement dans l'Asie émergente et confirme que ce signe corrélé change à un seuil donné. L'étude trouve aussi des effets significatifs directs etindirects de la concentration bancaire et de la liberté économique sur la dette. Enfin, l'article suggère que le déficit de dette et la fenêtre d'opportunités affectent sensiblement les décisions de financement des entreprises en Asie émergente. Il apporte des preuves qui démontre la domination de l'émission de titres de créances sur tout autre mode de financement en Asie émergente et cette domination s'accroit après la crise financière. / Case and find the results proving that the long-run target debt ratio does exist in the Vietnamese market while the pecking order theory seems not be applicable in Vietnam market. In addition, both Vietnamese private firms and state-owned firms rapidly adjust to their optimal levels of debt. The thesis continues toextend the study by considering the effects of bank concentration and economic freedom effects on debt in 12 developing countries in Asia. It describes a negative relationship between bank concentration and leverage in Asian developing countries and confirms that this correlated sign changes at a given threshold level. It also finds significant direct and indirect effects of bank concentration and economicfreedom on debt. Finally, the paper suggests that the debt deficit and window of opportunities significantly affect firms’ financing decisions in developing Asia. It provides evidence which indicates that pure debt issuance is dominant compared to other financing choices in Asian developing countries, and this dominance becomes more significant after the financial crisis.