A Taxa de Remuneração do Capital e a Nova Regulação das Telecomunicações
Gabriel Fiuza de Bragança
An adequate rate of return on capital yielded by the regulated firms is a central issuerelated to the new cost-based approach adopted by the Brazilian TelecommunicationRegulatory Agency (Anatel). In this context, careful attention must be given to theWeighted Average Cost of Capital (WACC) estimation. Downside bias can harminnovation and infrastructure future investment decisions and upside bias contradictsthe government main directive to reduce tariffs and foster competition, in fact, bothmistakes reduces social welfare.In this respect, the article intends to offer methodological insights, based onwell-accepted theoretical achievements and best practices abroad, for the task ofestimate a telecom WACC taking account of specific regulatory and sectorialBrazilian characteristics.
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