Relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y EE.UU.
This paper tests whether financial leverage fluctuates in a way which is consistent with the existence of a target leverage or, on the contrary, it freely fluctuates with the observed changes on stock returns. Using a sample of non-financial publicly-traded firms of 5 Latin-American countries and th...
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Universidad de Chile
2009-02-01
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Series: | Estudios de Administración |
Online Access: | https://estudiosdeadministracion.uchile.cl/index.php/EDA/article/view/56403 |
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doaj-9a379978ec214a26a01a9373080aa6a22020-11-25T02:53:01ZengUniversidad de ChileEstudios de Administración0717-06530719-08162009-02-01161335710.5354/0719-0816.2009.5640356403Relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y EE.UU.Erwin HansenJuan Pablo TorresThis paper tests whether financial leverage fluctuates in a way which is consistent with the existence of a target leverage or, on the contrary, it freely fluctuates with the observed changes on stock returns. Using a sample of non-financial publicly-traded firms of 5 Latin-American countries and the US in the period 2000-2007, we find that firms allow their leverages fluctuate almost one to one with stock returns variations. This evidence does not mean at all that firms are not involve in corporate debt issuing activity but they do not care too much about hit a particular target.https://estudiosdeadministracion.uchile.cl/index.php/EDA/article/view/56403 |
collection |
DOAJ |
language |
English |
format |
Article |
sources |
DOAJ |
author |
Erwin Hansen Juan Pablo Torres |
spellingShingle |
Erwin Hansen Juan Pablo Torres Relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y EE.UU. Estudios de Administración |
author_facet |
Erwin Hansen Juan Pablo Torres |
author_sort |
Erwin Hansen |
title |
Relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y EE.UU. |
title_short |
Relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y EE.UU. |
title_full |
Relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y EE.UU. |
title_fullStr |
Relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y EE.UU. |
title_full_unstemmed |
Relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y EE.UU. |
title_sort |
relación entre estructura de capital y retorno de acciones: evidencia de mercados latinoamericanos y ee.uu. |
publisher |
Universidad de Chile |
series |
Estudios de Administración |
issn |
0717-0653 0719-0816 |
publishDate |
2009-02-01 |
description |
This paper tests whether financial leverage fluctuates in a way which is consistent with the existence of a target leverage or, on the contrary, it freely fluctuates with the observed changes on stock returns. Using a sample of non-financial publicly-traded firms of 5 Latin-American countries and the US in the period 2000-2007, we find that firms allow their leverages fluctuate almost one to one with stock returns variations. This evidence does not mean at all that firms are not involve in corporate debt issuing activity but they do not care too much about hit a particular target. |
url |
https://estudiosdeadministracion.uchile.cl/index.php/EDA/article/view/56403 |
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AT erwinhansen relacionentreestructuradecapitalyretornodeaccionesevidenciademercadoslatinoamericanosyeeuu AT juanpablotorres relacionentreestructuradecapitalyretornodeaccionesevidenciademercadoslatinoamericanosyeeuu |
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