THE INFLUENCE OF LAW 12.431 OF 2011 ON ENCOURAGED DEBENTURE SPREAD
Applying resources in the infrastructure is vitally important for the expansion of national infrastructure. The government enacted Law No. 12.431/2011, which provides for income tax exemption for individuals residing in Brazil or foreigners who invest in debentures related to the infrastructure proj...
Gespeichert in:
| Veröffentlicht in: | RC&C. Revista de Contabilidade e Controladoria 2021-01, Vol.13 (1), p.72 |
|---|---|
| Hauptverfasser: | , , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | |
|---|---|
| container_issue | 1 |
| container_start_page | 72 |
| container_title | RC&C. Revista de Contabilidade e Controladoria |
| container_volume | 13 |
| creator | Nunes, Rodolfo Vieira Dos Santos, Agostinho Moura Sales, George André Willrich |
| description | Applying resources in the infrastructure is vitally important for the expansion of national infrastructure. The government enacted Law No. 12.431/2011, which provides for income tax exemption for individuals residing in Brazil or foreigners who invest in debentures related to the infrastructure projects implementation (encouraged debentures). Thus, it is expected that the tax benefit, granted by the Law, will be one of the determining factors in the pricing of debentures, since, by the rational choice theory, it seeks to test the hypothesis that the spread required for encouraged debentures is equivalent to the spread of any other debenture of the same level of risk adjusted for the income tax fiscal impact. However, the results do not show that the spread of encouraged debentures is lower than the spread of non-encouraged debentures. The research contribution addresses questions about government sectorial public policies and the characteristics of the debentures market in Brazil, the research showed a new outlook on this investment market in recent years. |
| doi_str_mv | 10.5380/rcc.v13i1.77569 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_journals_2610463685</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>2610463685</sourcerecordid><originalsourceid>FETCH-LOGICAL-c194t-293a344f7102f7855fce1e2a966a57e7025f3a6b8574dbc1b8123398ec31edf13</originalsourceid><addsrcrecordid>eNpNkM1rwkAQxZfSQsV67nWh58Sd_c4x6voBISnW0OMS111Q2mo3WvC_b9QeOpc3wzzegx9Cz0BSwTQZRufSH2BbSJUSMrtDPcg0TySV8v7f_ogGbbsj3ShBgegeGq3mBi_KaVGbcmxwNcVF_o6BppzB5aIEOi1x963qZT4zEzwxI1Ou6qXBb69Lk0-e0ENoPlo_-NM-qqdmNZ4nRTVbjPMicZDxY0Iz1jDOgwJCg9JCBOfB0yaTshHKK0JFYI1ca6H4Zu1grYEylmnvGPhNANZHL7fcQ9x_n3x7tLv9KX51lZZKIFwyqUXnGt5cLu7bNvpgD3H72cSzBWIvrGzHyl5Z2Ssr9gtI41RX</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>2610463685</pqid></control><display><type>article</type><title>THE INFLUENCE OF LAW 12.431 OF 2011 ON ENCOURAGED DEBENTURE SPREAD</title><source>Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals</source><creator>Nunes, Rodolfo Vieira ; Dos Santos, Agostinho Moura ; Sales, George André Willrich</creator><creatorcontrib>Nunes, Rodolfo Vieira ; Dos Santos, Agostinho Moura ; Sales, George André Willrich</creatorcontrib><description>Applying resources in the infrastructure is vitally important for the expansion of national infrastructure. The government enacted Law No. 12.431/2011, which provides for income tax exemption for individuals residing in Brazil or foreigners who invest in debentures related to the infrastructure projects implementation (encouraged debentures). Thus, it is expected that the tax benefit, granted by the Law, will be one of the determining factors in the pricing of debentures, since, by the rational choice theory, it seeks to test the hypothesis that the spread required for encouraged debentures is equivalent to the spread of any other debenture of the same level of risk adjusted for the income tax fiscal impact. However, the results do not show that the spread of encouraged debentures is lower than the spread of non-encouraged debentures. The research contribution addresses questions about government sectorial public policies and the characteristics of the debentures market in Brazil, the research showed a new outlook on this investment market in recent years.</description><identifier>ISSN: 1984-6266</identifier><identifier>EISSN: 1984-6266</identifier><identifier>DOI: 10.5380/rcc.v13i1.77569</identifier><language>eng</language><publisher>Curitiba: Universidade Federal do Paraná</publisher><subject>Debentures ; Income taxes ; Infrastructure ; Legislation ; Tax exemptions</subject><ispartof>RC&C. Revista de Contabilidade e Controladoria, 2021-01, Vol.13 (1), p.72</ispartof><rights>Copyright Universidade Federal do Paraná Jan-Apr 2021</rights><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><orcidid>0000-0001-7572-6234 ; 0000-0003-3075-2177</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,776,780,27901,27902</link.rule.ids></links><search><creatorcontrib>Nunes, Rodolfo Vieira</creatorcontrib><creatorcontrib>Dos Santos, Agostinho Moura</creatorcontrib><creatorcontrib>Sales, George André Willrich</creatorcontrib><title>THE INFLUENCE OF LAW 12.431 OF 2011 ON ENCOURAGED DEBENTURE SPREAD</title><title>RC&C. Revista de Contabilidade e Controladoria</title><description>Applying resources in the infrastructure is vitally important for the expansion of national infrastructure. The government enacted Law No. 12.431/2011, which provides for income tax exemption for individuals residing in Brazil or foreigners who invest in debentures related to the infrastructure projects implementation (encouraged debentures). Thus, it is expected that the tax benefit, granted by the Law, will be one of the determining factors in the pricing of debentures, since, by the rational choice theory, it seeks to test the hypothesis that the spread required for encouraged debentures is equivalent to the spread of any other debenture of the same level of risk adjusted for the income tax fiscal impact. However, the results do not show that the spread of encouraged debentures is lower than the spread of non-encouraged debentures. The research contribution addresses questions about government sectorial public policies and the characteristics of the debentures market in Brazil, the research showed a new outlook on this investment market in recent years.</description><subject>Debentures</subject><subject>Income taxes</subject><subject>Infrastructure</subject><subject>Legislation</subject><subject>Tax exemptions</subject><issn>1984-6266</issn><issn>1984-6266</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2021</creationdate><recordtype>article</recordtype><sourceid>8G5</sourceid><sourceid>BENPR</sourceid><sourceid>GUQSH</sourceid><sourceid>M2O</sourceid><recordid>eNpNkM1rwkAQxZfSQsV67nWh58Sd_c4x6voBISnW0OMS111Q2mo3WvC_b9QeOpc3wzzegx9Cz0BSwTQZRufSH2BbSJUSMrtDPcg0TySV8v7f_ogGbbsj3ShBgegeGq3mBi_KaVGbcmxwNcVF_o6BppzB5aIEOi1x963qZT4zEzwxI1Ou6qXBb69Lk0-e0ENoPlo_-NM-qqdmNZ4nRTVbjPMicZDxY0Iz1jDOgwJCg9JCBOfB0yaTshHKK0JFYI1ca6H4Zu1grYEylmnvGPhNANZHL7fcQ9x_n3x7tLv9KX51lZZKIFwyqUXnGt5cLu7bNvpgD3H72cSzBWIvrGzHyl5Z2Ssr9gtI41RX</recordid><startdate>20210101</startdate><enddate>20210101</enddate><creator>Nunes, Rodolfo Vieira</creator><creator>Dos Santos, Agostinho Moura</creator><creator>Sales, George André Willrich</creator><general>Universidade Federal do Paraná</general><scope>AAYXX</scope><scope>CITATION</scope><scope>3V.</scope><scope>7WY</scope><scope>7WZ</scope><scope>7X1</scope><scope>7XB</scope><scope>87Z</scope><scope>8A9</scope><scope>8FK</scope><scope>8FL</scope><scope>8G5</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>ANIOZ</scope><scope>AZQEC</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>CLZPN</scope><scope>DWQXO</scope><scope>FRAZJ</scope><scope>FRNLG</scope><scope>F~G</scope><scope>GNUQQ</scope><scope>GUQSH</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>M0C</scope><scope>M2O</scope><scope>MBDVC</scope><scope>PADUT</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PYYUZ</scope><scope>Q9U</scope><orcidid>https://orcid.org/0000-0001-7572-6234</orcidid><orcidid>https://orcid.org/0000-0003-3075-2177</orcidid></search><sort><creationdate>20210101</creationdate><title>THE INFLUENCE OF LAW 12.431 OF 2011 ON ENCOURAGED DEBENTURE SPREAD</title><author>Nunes, Rodolfo Vieira ; Dos Santos, Agostinho Moura ; Sales, George André Willrich</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c194t-293a344f7102f7855fce1e2a966a57e7025f3a6b8574dbc1b8123398ec31edf13</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2021</creationdate><topic>Debentures</topic><topic>Income taxes</topic><topic>Infrastructure</topic><topic>Legislation</topic><topic>Tax exemptions</topic><toplevel>online_resources</toplevel><creatorcontrib>Nunes, Rodolfo Vieira</creatorcontrib><creatorcontrib>Dos Santos, Agostinho Moura</creatorcontrib><creatorcontrib>Sales, George André Willrich</creatorcontrib><collection>CrossRef</collection><collection>ProQuest Central (Corporate)</collection><collection>ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>Accounting & Tax Database</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Global (Alumni Edition)</collection><collection>Accounting & Tax Database (Alumni Edition)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>Research Library (Alumni Edition)</collection><collection>ProQuest Central (Alumni Edition)</collection><collection>ProQuest Central UK/Ireland</collection><collection>Accounting, Tax & Banking Collection</collection><collection>ProQuest Central Essentials</collection><collection>ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>Latin America & Iberia Database</collection><collection>ProQuest Central Korea</collection><collection>Accounting, Tax & Banking Collection (Alumni)</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>ProQuest Central Student</collection><collection>Research Library Prep</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Global</collection><collection>Research Library</collection><collection>Research Library (Corporate)</collection><collection>Research Library China</collection><collection>ProQuest One Business</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ABI/INFORM Collection China</collection><collection>ProQuest Central Basic</collection><jtitle>RC&C. Revista de Contabilidade e Controladoria</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Nunes, Rodolfo Vieira</au><au>Dos Santos, Agostinho Moura</au><au>Sales, George André Willrich</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>THE INFLUENCE OF LAW 12.431 OF 2011 ON ENCOURAGED DEBENTURE SPREAD</atitle><jtitle>RC&C. Revista de Contabilidade e Controladoria</jtitle><date>2021-01-01</date><risdate>2021</risdate><volume>13</volume><issue>1</issue><spage>72</spage><pages>72-</pages><issn>1984-6266</issn><eissn>1984-6266</eissn><abstract>Applying resources in the infrastructure is vitally important for the expansion of national infrastructure. The government enacted Law No. 12.431/2011, which provides for income tax exemption for individuals residing in Brazil or foreigners who invest in debentures related to the infrastructure projects implementation (encouraged debentures). Thus, it is expected that the tax benefit, granted by the Law, will be one of the determining factors in the pricing of debentures, since, by the rational choice theory, it seeks to test the hypothesis that the spread required for encouraged debentures is equivalent to the spread of any other debenture of the same level of risk adjusted for the income tax fiscal impact. However, the results do not show that the spread of encouraged debentures is lower than the spread of non-encouraged debentures. The research contribution addresses questions about government sectorial public policies and the characteristics of the debentures market in Brazil, the research showed a new outlook on this investment market in recent years.</abstract><cop>Curitiba</cop><pub>Universidade Federal do Paraná</pub><doi>10.5380/rcc.v13i1.77569</doi><orcidid>https://orcid.org/0000-0001-7572-6234</orcidid><orcidid>https://orcid.org/0000-0003-3075-2177</orcidid><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 1984-6266 |
| ispartof | RC&C. Revista de Contabilidade e Controladoria, 2021-01, Vol.13 (1), p.72 |
| issn | 1984-6266 1984-6266 |
| language | eng |
| recordid | cdi_proquest_journals_2610463685 |
| source | Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals |
| subjects | Debentures Income taxes Infrastructure Legislation Tax exemptions |
| title | THE INFLUENCE OF LAW 12.431 OF 2011 ON ENCOURAGED DEBENTURE SPREAD |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-02-07T01%3A13%3A53IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=THE%20INFLUENCE%20OF%20LAW%2012.431%20OF%202011%20ON%20ENCOURAGED%20DEBENTURE%20SPREAD&rft.jtitle=RC&C.%20Revista%20de%20Contabilidade%20e%20Controladoria&rft.au=Nunes,%20Rodolfo%20Vieira&rft.date=2021-01-01&rft.volume=13&rft.issue=1&rft.spage=72&rft.pages=72-&rft.issn=1984-6266&rft.eissn=1984-6266&rft_id=info:doi/10.5380/rcc.v13i1.77569&rft_dat=%3Cproquest_cross%3E2610463685%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=2610463685&rft_id=info:pmid/&rfr_iscdi=true |