Análise dos impactos provocados pela assimetria de informações no mercado de capital brasileiro/Norte americano em cenários de crises : evidências do risco de mercado de ADRs

AUTOR(ES)
DATA DE PUBLICAÇÃO

2009

RESUMO

The evolution of the Brazilian capital market has been the subject of recent issues in the media, being evidenced by the volume and value of transactions made on the BOVESPA in recent years. This fact offers earning opportunities for Brazilian companies, as it allows reductions in their cost of capital when they decide to raise funds in this market. However, when there is the ambition of reaching the U.S. capital market, they can do this by issuing Depositary Receipt (DR) on the stock exchanges of the country, provided they are satisfied the disclosure requirements of regulatory bodies in this market. Through the changing circumstances of the information, financial crises interfere with the fundamentals of markets, affecting its pricing system. This research aims to assess the impacts they cause financial crises in the pricing of American Depositary Receipts and the influence of markets in these prices. The results indicate that in times of crises, both the asymmetry between the assets studied, and the influence of markets on their returns, are modified

ASSUNTO(S)

economia financial crisis assimetria de informações crises financeiras adrs asymmetric information adrs

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