Valuation

Estimando o custo de capital de companhias fechadas no brasil para uma melhor gestão estratégica de projetos
Andrea Minardi Antônio Zoratto Sanvicente Carlos Mauro Gali Montenegro Danielle Hatem Donatelli Fernando Graciano Bignotto

IBMEC WORKING PAPER - WPE – 33 - 2007

! " # ! ! ! ! (%) ' ( ) %* & ) +( ) ) %&' ( )) )'% ( )' * +%' ! * , * + ( & % & %))'% . * ' / * * ) &' +( +(% * + ( %' ' &' ! ( * & %( %) * , * ) ( () ) %&' (& ) * (0 &%1 . *%2 ()%3% * 4 *%( * ) + &5 ( & ( ( !5 ( ) / '%2 )4 ' + ) )) & % %) + ( !%&5 ( )'( '60% * +( ) (0 &%1 . (% . * 2 ! ( + ( % &%)' - /%)' + !7 % ( 1 82 ! ) ( * ' ( %& ( ) + (9 '( ) * : ;4 * ! %) '%!%1 * + ( )'% ( )' * +%' ! +( )4

*%* ) * * ) ! ( )' * 3 &.

J& ) +( + ( % & ! &' 6 ) + (% ( )' * * ' ( +%' ! * &' &* (%) ( ! . +%' !

&J % 4 + & ) ) +%' !* (%) 6

)' 6 + )%'%2 4

) @ 4

( ' (& * %&2 )'% + ( . * , * *

%' % + (' &' 4 + %) 3 ' (8 &' 4 )'( '60% * ) (%) 4 ) * ( +( ) +( ) &' *

%& &'%2 * ) / )' ' &* (8 3 ' )'% %'8B!

'%2 ) * *

+( @ ' ) 4 +( @ ' 3 ( ' ' !4 &

&) ,K &' %'

%/ 4 * *

% ( + (' * ) 2 1 ) ) +( ) ' &* (8 ( ( @ %' (

)' 3 ( !'

(%) 4

+( @ ' ,

+ * (% ) ( )'( ' 0% + '%'%2 ) $ )'% . * )' *

&' %&' ( )) &' 4 + %)4 $ + )%'%2 4 ' &* (%

+( @ ' + * )) '( 1 ( 2 &' 0 &) ) ( ( @ %' * + ( + ( . (( * *

*%* ) + ( )

+%' !4 +(%& %+ ! * ! 4

&' )'%

* (

+%' ! * )' * *

% &%)' 4 6 +%' ! +( ) ( )%! %( )N & ) . * +( ) ) *

$ 6 +( + )'

' * ! 0% + (

+%' ! 3 5 *

&%* * ) * & 0< % )4

& ) .

)' * 6

& ! =* -

-

)'

6*% *

+%' ! + &* ( * :F

;

)' *

+%' ! +( ,

&' -

( %)) 4

+( @ ' ) (8 L

3%& & % * %&' 0( ! 3%& & % ,

&'

+%' ! +( ) +%' ! * )

) )' &' ( ) )'

+ !='% ( 0 + (M

)'( ' ( *

+( ) )-

& %( 4 + * B)

0R

×

:X;

&* ( ' &. ( ' (&

6

( ' (& ) ( (( )+ &*

+ '(% J&% !=, %* 4 B' / * + 0 ( *

6 ' / * ( ' &. &' * *%2%* &* )-

* ! ( )-

' / *

* ! ( ) )+ ( * *

(' %( *

:( ; + * ) ( )'% $

*