Análise do comportamento dos retornos acionários frente ao registro de ofertas públicas de aquisição de ações no Brasil

AUTOR(ES)
DATA DE PUBLICAÇÃO

2007

RESUMO

The informal asymmetric level, which means the time needed for transcribed assets to incorporate new information available in the market, allows abnormal gain by companies in the market, as it is the assumption that the market efficiency presents itself in a semi-strong form. According to this scenario, the present study aims to examine the relationship between the register of takeover bid and the behavior of stock returns of Brazilian companies concerned. The study methodology of events was used, which aims to measure the impact of events on the value of companies, considering the rationalism of the market. The measurement of influence of takeover bid recorded occurred through statistical tests from the abnormal returns registered in each company-object. The results show that for all the data analyzed, or all companies which presented takeover bid recorded and at least one hundred sixty points in two hundred fifty and two days of trading shares prior to the date of the bid registration, there was not a change, on average, in its stock return.

ASSUNTO(S)

retorno anormal efficient markets hypothesis ciencias contabeis hipótese de eficiência do mercado takeover bid abnormal return oferta pública de aquisição de ações

ACESSO AO ARTIGO

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