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Firms’ capital structure and the bankruptcy law design:e vidence from Brazil

Author

Listed:
  • Bruno Funchal

    (FUCAPE Business School)

  • Mateus Clóvis

Abstract

This paper studies the effect of changes in creditors? priority order defined by the bankruptcy law on firms? capital structure. Taking advantage of the Brazilian bankruptcy law Reform and using firms? balance sheet data, we obtain results in line with theories that predict the effects on the capital structure due to changes in creditors? expectations. We find evidence of an increase in the debt portion of the capital structure.

Suggested Citation

  • Bruno Funchal & Mateus Clóvis, 2009. "Firms’ capital structure and the bankruptcy law design:e vidence from Brazil," Fucape Working Papers 12, Fucape Business School.
    • Handle: RePEc:bbz:fcpwps:12
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    File URL: http://www.fucape.br/_public/workingpapers/12-2009.pdf
    File Function: Primeira Versão, 2009
    Download Restriction: no
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    Cited by:

    1. Wang, Jin-Meng & Cheng, Teng Yuan, 2023. "Do the differences in legal systems hinder international enterprises’ debt financing?," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).

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