Underpricing e Desempenho Acionário em IPOs de Companhias Brasileiras: uma análise pré-crise financeira internacional

Clicks: 319
ID: 46756
2013
Free PDF
Article Quality & Performance Metrics
Overall Quality Improving Quality
0.0 /100
Combines engagement data with AI-assessed academic quality
AI Quality Assessment
Not analyzed
Abstract
The underpricing is a strategy used by companies in IPOs - initial public offerings to attract new investors and increase the liquidity of the new shares. This paper aims to identify whether Brazilian companies that went public between 2002 and 2007 adopted the strategy of underpricing, providing positive returns in the short, medium and long term to investors. The sample was composed of 82 companies that listed in any of Differentiated Levels of Corporate Governance (DLCG) of BM&FBovespa. The analysis was performed for the entire sample, per segment of corporate governance and per year of IPO using the technique ANOVA. As a proxy for stock performance were used Initial Returns (IR), Abnormal Return (AR), Buy-and-Hold Market-Adjusted Returns (BHAR), Monthly Average Market-Adjusted (MMAR) and Market Value / Book Value (VM / VP). It was found that Brazilian companies that listed during the study period were used in the strategy of underpricing (5.79% depreciation on average), they had a negative stock performance in the long run, but there were no statistically significant differences between the different levels of governance and the years analyzed. The main contribution of this paper to show that IPOs represent traps for uninformed investors who buy the shares at a price below fair value (with underpricing), but instead of selling them in the short term, adopt a mistaken strategy of waiting for the increase in share value over the long term, which does not occur.
Reference Key
2013underpricingteoria Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors , Rodarte, José Rios;, Camargos, Marcos Antônio de;
Journal teoria e prática em administração
Year 2013
DOI
DOI not found
URL
http://periodicos.ufpb.br/ojs2/index.php/tpa/article/view/15970/9991
Keywords
Agriculture (General) Dentistry business economics as a science agriculture history of scholarship and learning. the humanities social sciences commerce mathematics

Citations

No citations found. To add a citation, contact the admin at info@scimatic.org

Comments

No comments yet. Be the first to comment on this article.