Banca de QUALIFICAÇÃO: ALESSANDRO HENRIQUE DE ARAUJO JANUARIO

Uma banca de QUALIFICAÇÃO de MESTRADO foi cadastrada pelo programa.
STUDENT : ALESSANDRO HENRIQUE DE ARAUJO JANUARIO
DATE: 22/12/2020
TIME: 15:00
LOCAL: Videoconferência
TITLE:

MARKET TIMING AND VALUE CREATION FOR THE SHAREHOLDER UNDER THE PERSPECTIVE OF CASH HOLDING

KEY WORDS:

Capital Structure. Market Timing. Financial Policy. Cash Holding. Value Creation.

PAGES: 48
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:

The capital structure is a thematic widely addressed in the brazilian context, however, the works mostly focus on the trade-off and pecking order approaches, while the minority of them are developed in the context of market timing, even if it is a theory alternative that explains in a more natural way how companies choose their source of financing (BAKER; WURGLER, 2002). Due to the opportunistic behavior attributed to the practice of market timing, the literature provides that market timers issue more equity than their capital needs dictate, incurring in maintaining cash balances. According to Iyer and Javadi (2018), despite the empirical results of several studies
demonstrating the existence of market timing, including, pointing to it as a common practice, the literature on its effectiveness as a financial policy for creating value for shareholders is scarce. Thus, the general objective of this study is to investigate the relationship between cash holding and the creation of value for shareholders of companies that practice market timing in the brazilian stock market. The study sample consists of the non-financial companies listed in [B]³ that undertook an IPO between 2004 and 2017, in addition, the time frame of analysis comprises the period from 2004 to 2019. To achieve the general objective, two econometric models are proposed, and the method of analysis used will be regression in a dynamic panel with GMM-System estimators (BLUNDELL; BOND, 1998). The financial data, essential for the calculation of the variables that make up the econometric models, will be collected through the Thomson Reuters® database.

BANKING MEMBERS:
Presidente - 1561014 - ADILSON DE LIMA TAVARES
Externo à Instituição - MELQUIADES PEREIRA DE LIMA JUNIOR - IFRN
Externo à Instituição - RAIMUNDO MARCIANO DE FREITAS NETO - UFERSA