Produção Nacional
Derivatives and Financial Crisis: The Costs of Speculation in Brazil (Aracruz and Sadia)
2011; RELX Group (Netherlands); Linguagem: Inglês
10.2139/ssrn.2142870
ISSN1556-5068
AutoresLuiz Carlos Jacob Perera, Carlos dos Reis Neto, Cavalcanti Alves, Roberto Borges Kerr,
Tópico(s)Corporate Finance and Governance
ResumoThis study aimed to verify the speculation costs incurred by Aracruz and Sadia due to their high degree of leverage with derivative instruments. The main results evidenced agency problems, with disproportionate investments in hedge transactions. Faced with a sudden appreciation of the US dollar, resulting from the exacerbation of the global financial crisis, the firms took heavy financial losses of R$ 4.7 billion reais for Aracruz and R$ 2.6 billions for Sadia. Investors witnessed Sadia and Aracruz shares end 2008 down about 70% against 28% of the market index.
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