Desempenho no curto e longo prazo das ações brasileiras que realizaram IPO de 2012 a 2019
The present work aims to analyze the behavior in the short and long term of Brazilian companies that carried out IPOs in the stock market between the years 2012 and 2019, in addition to seeking evidence that may explain the stock performance of the companies in question. The research included 30 com...
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| Formato: | bachelorThesis |
| Idioma: | pt_BR |
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Universidade Federal do Rio Grande do Norte
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| Endereço do item: | https://repositorio.ufrn.br/handle/123456789/51118 |
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| Resumo: | The present work aims to analyze the behavior in the short and long term of Brazilian companies that carried out IPOs in the stock market between the years 2012 and 2019, in addition to seeking evidence that may explain the stock performance of the companies in question. The research included 30 companies that carried out an IPO in Brazil between 2012 and 2019, and used the following variables: Booking days, IPO value, year, segment, commissions paid, Ibovespa variation and Corporate Governance. The database was built using samples taken from the financial platforms Status Invest, Google Finance and B3. Among the metrics studied,there is an analysis of the average returns for each month of all the shares analyzed on their firstday of trading, seeking to verify whether there was underpricing, monthly in the first year and after two years. In the period for up to 2 years, thus showing the monthly return of each asset. The results showed an abnormal result, when compared to the Ibovespa, statistically significantonly for the periods of seven, eight, nine and eleven months. As well as showing that unlike previous research, there was no underpricing on average among the analyzed companies, although this data is not statistically significant. This means that, if the investor used the flippingtechnique and acquired shares in all the IPOs of the studied period, considering the closing prices on the day the shares were launched, he would have a negative result. In addition, the averages of the analyzed companies worsened over time, a result that corroborates previous research. |
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