This report evaluates and compares the evolution and the determinants of the capital structure of Brazilian firms, with a particular emphasis on external financing. One of its main conclusions is that country factors are nearly as important as firm level factors. Industry factors are not very...

This paper aims to examine the evolution of currency risk exposure of Brazilian corporations, especially exporting companies, from the 2008 crisis, when several companies suffered substantial losses due to the decline of the real. We analyze their financial based on the usage of derivatives, as...