A política de compra de dívida corporativa do Banco Central Europeu e o seu impacto na emissão de capital próprio

dc.contributor.advisorForte, Denis
dc.contributor.advisor-co1Loureiro, Gilberto Ramos
dc.contributor.advisor1Latteshttp://lattes.cnpq.br/0075062531510292por
dc.contributor.authorMauad, Rogério Paulucci
dc.creator.Latteshttp://lattes.cnpq.br/0661328871818728por
dc.date.accessioned2019-10-10T14:59:56Z
dc.date.accessioned2020-05-28T18:03:05Z
dc.date.available2020-05-28T18:03:05Z
dc.date.issued2019-07-25
dc.description.abstractIn response to the economic crisis of 2008 and the debt crises of some eurozone countries, several central banks began expansionary monetary policies, which became a massive injection of resources through the purchase of assets known as Quantitative Easing. The European Central Bank (ECB) took a step forward with its peers and, in addition to buying sovereign bonds through the Public Sector Purchase Program (PSPP), it also created the Corporate Sector Purchase Program (CSPP) in March 2016 to buy corporate bonds from non-financial companies located in the euro zone, with ratings rated higher by rating agencies. The PSPP program led risk-free interest rates to negative levels and the CSPP program reduced corporate yields for both companies with bonds eligible for purchase and those whose bonds are not purchased by the ECB. This thesis is devoted to investigating the effects of the CSPP program on the seasoned equity offerings and to conjecture the moment these programs dedicated to purchase sovereign and corporate assets begin to close and their possible future effects on equity issues in the euro area companies. Using the event study methodology, the results indicate that the cumulative abnormal return (CAR) of the SEOs carried out after the CSPP announcement generated even more negative returns, when compared to those conducted prior to this economic policy, suggesting that, even with low corporate yields, investors are demanding higher equity returns.eng
dc.description.sponsorshipCoordenação de Aperfeiçoamento de Pessoal de Nível Superiorpor
dc.formatapplication/pdf*
dc.identifier.citationMAUAD, Rogério Paulucci. A política de compra de dívida corporativa do Banco Central Europeu e o seu impacto na emissão de capital próprio. 2019. 132 f. Tese (Doutorado em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo, 2019.por
dc.identifier.urihttp://dspace.mackenzie.br/handle/10899/23326
dc.keywordsCSPPeng
dc.keywordsSEOeng
dc.keywordsequityeng
dc.keywordsdebteng
dc.keywordsbondseng
dc.languageporpor
dc.publisherUniversidade Presbiteriana Mackenziepor
dc.rightsAcesso Abertopor
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectCorporate Sector Purchase Program (CSPP)por
dc.subjectativos (economia)por
dc.subjectpolítica econômicapor
dc.subjectinvestidorespor
dc.subjectpolíticas monetárias expansionistas,por
dc.subject.cnpqCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESASpor
dc.thumbnail.urlhttp://tede.mackenzie.br/jspui/retrieve/19926/ROG%c3%89RIO%20PAULUCCI%20MAUAD.pdf.jpg*
dc.titleA política de compra de dívida corporativa do Banco Central Europeu e o seu impacto na emissão de capital própriopor
dc.typeTesepor
local.contributor.board1Nakamura, Wilson Toshiro
local.contributor.board2Minardi, Andrea Maria Accioly Fonseca
local.contributor.board3Kimura, Herbert
local.contributor.board4Barros, Lucas Ayres Barreira de Campos
local.publisher.countryBrasilpor
local.publisher.departmentCentro de Ciências Sociais e Aplicadas (CCSA)por
local.publisher.initialsUPMpor
local.publisher.programAdministração de Empresaspor
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