Short-term abnormal returns of Brazilian IPOs / Análise dos retornos anormais no curto prazo das emissões primárias de ações no mercado brasileiro

AUTOR(ES)

Daniel Migliano de Azevedo

DATA DE PUBLICAÇÃO

2007

RESUMO

The subject of thesis is the analysis of short term IPO abnormal returns in the Brazilian market. The results shows average 5.39% abnormal return for the 1st day of IPOs during 1995 until February 2007, that can be explained by high liquidity issues (driven by numbers of tickets and % of IPO stock distribution), high volumes traded (driven excess volume adjusted by size) and massive dispersion (driven by number of investors), specially for big companies with high yields of Price/Earnings and Price/Book-to-Market

ASSUNTO(S)

finanças corporativas economia initial public offering brazilian ipos corporate finance initial public offering emissões no mercado brasileiro

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