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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Main Authors: Erwin Hansen, Juan Pablo Torres
Format: Article
Language:English
Published: Universidad de Chile 2009-02-01
Series:Estudios de Administración
Online Access:https://estudiosdeadministracion.uchile.cl/index.php/EDA/article/view/56403
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spelling 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 juanpablotorres relacionentreestructuradecapitalyretornodeaccionesevidenciademercadoslatinoamericanosyeeuu
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