Utilização do Bottom-Up Beta no estudo do potencial de criação de riqueza das empresas do setor de calçados listadas na BM&FBOVESPA.

Abstract

The analysis of the potential for wealth creation through beta Bottom-Up consists of a method considerably useful to corporate financial management. The CAPM (Capital Asset Pricing Model) is positioned as the main tool for analyzing the cost of equity of companies. In practice, some restrictions in the case of companies that do not have shares traded on stock exchanges, as well as in situations where the actions of corporations traded lack adequate liquidity. Thus, the procedure for calculating the cost of equity based on the Bottom-Up beta solves the limitations deriving from the traditional CAPM and enables the analysis of wealth generation as it requires the reality of companies. This work aims to demonstrate how to use the general CAPM methodology adapted to the Bottom-up in the study of the potential for wealth creation sector companies Footwear listed on the BM&FBOVESPA. As for the purpose, it is a descriptive research, as for the means, literature, with technical data analysis of quantitative type. The research analyzes the potential for wealth creation according the methodologies for calculating the beta statistical adopted by rating agencies Bloomberg, Standard & Poor's and Value Line, each approach for calculating the statistical results in a beta beta Bottom-Up differently. The different values of the bottom-up beta also generate different results at the cost of capital and the ultimate consequence of this is getting different values the wealth created by the companies, having occurred exactly in the Footwear Industry