Initial public offering-ipo x retorno : uma investigação empírica nas empresas do setor de energia elétrica

AUTOR(ES)
DATA DE PUBLICAÇÃO

2009

RESUMO

This research has as objective evaluates the return of the stocks of the companies of the Brazilian electric section, striped in BOVESPA. In that sense, it was looked for to verify the accomplishment of IPO it caused over evaluation effect or of under evaluation in the price of the stocks of the companies of the electric power section that it accomplished the operation in the period from 2004 to 2007. The research is shown important mainly for the activity section that configures one of the pillars of the economy of the country and also because it can contribute to motivate the companies they look for it IPO as financing source. For execution of this work, it was necessary to make a documental research in the site of BOVESPA for collection of the prices of the stocks of the electric section, before, during and after the moment of IPO. Like this of each company that it compose the electric power Index (IEE) the information were collected for application of the profit multiples, of the patrimonial value, of CAPM and of the Real Return of the assets, for subsequent comparison with the companies study objects. It is also worth to point out that for the statistical tests was used it programs SPSS 13. In that way, it could be verified with the analysis of the companies of the section electric study object, that three (3) companies present results with mixed indications of abnormal returns, with accentuated tendency the over evaluation, one (1) it generated over evaluation characteristics exclusively and also (1) one, it just presented an only parameter with over evaluation indication, demonstrating a possible tendency to the normal price.

ASSUNTO(S)

ipo empresas do setor de energia elétrica ipo ciencias contabeis capm companies of the electric power section capm

ACESSO AO ARTIGO

Documentos Relacionados