O "corporate finance" das empresas norte-americanas no período recente

Resumo

In this article we will explore the corporate finance of the american
firms and the interfaces with the financial system. The capital markets in
the 80's and 90's became very significative in terms of the ammount and
extension, determining important impacts under the form of creation and
admnistration of wealth, with a deepening of the capital market-based
financial system paradigm. In the new system of highly sophisticated
actions and speculations the capital markets adopted the role of main
temple of finance, where the market oriented financial system is led to
paroxysm. However, most of these actions occurr among the financial
agents themselves. As to the relationships with the firms we will try to
Show that the corporations financing pattern, through the so called
"external capital market", shows very particular features. Capitals have
extreme mobility and fluidity. The resources from the stokholders transfer
from one firm to another based on expectations of short run appreciation
of their stocks. The firms with stocks traded on the stock market depend
on a "transitory" property structure, directed by the institutional investors
that act as agents for the individuals investors.