Banca de DEFESA: JAIRO HENRIQUE MACEDO MOREIRA

Uma banca de DEFESA de MESTRADO foi cadastrada pelo programa.
DISCENTE: JAIRO HENRIQUE MACEDO MOREIRA
DATA : 20/02/2025
HORA: 16:00
LOCAL: sessão virtual
TÍTULO:

 

 Distorting Signals: The Role of Short-Selling in Capital Allocation Efficiency

PALAVRAS-CHAVES:
PÁGINAS: 20
RESUMO:

This paper examines the causal impact of financial market constraints on firm-level dis-
tortions, using the 2003 Job and Growth Tax Relief Reconciliation Act (JGTRRA) as a quasi-natural experiment. The JGTRRA introduced differential dividend taxation, creating an exogenous shock to short-selling supply. We employ the framework by Hsieh e Klenow (2009), our analysis shows that firms exposed to increased short-selling pressure face adverse effects on credit access and financial stability. However, the negative short-selling shock induced by the JGTRRA led to a 18.01% reduction in capital wedge. These results provide new insights into the role of financial frictions in resource allocation and firm productivity.

MEMBROS DA BANCA:
Interno - 3340336 - HENRIQUE VERAS DE PAIVA FONSECA
Presidente - 2145848 - PAULO HENRIQUE PEREIRA DE MENESES VAZ
Externo à Instituição - SERGIO DE HOLANDA ROCHA