Alavancagem financeira, estrutura patrimonial e a volatilidade dos ativos negociados na BM&FBOVESPA

Abstract

This article aims to measure the effect of the financial leverage and equity structure of the companies listed on BM&FBOVESPA on the volatility of their assets traded on the stock exchange. To do this, we estimate a fixed-effects panel model using quarterly data and calculate quarterly volatility through the standard deviation of daily asset prices. The data used include information contained in the quarterly balance sheet results disclosed by companies and also the daily prices of the assets We have not found significant effects of financial leverage on asset volatility, nevertheless, some capital structure indexes were important to determine volatility of the assets.