文章基本信息

标题：INITIAL PUBLIC OFFERING GENERATES RETURNS ABOVE THE AVERAGE? EVIDENCE OF ABNORMAL RETURNS IN THE BRAZILIAN CAPITAL MARKET
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作者：Aziz Xavier Beiruth, Talles Vianna Brugni, Eduardo Flores, Vinicius Simmer de Lima
期刊名称：Revista de Gestão, Finanças e Contabilidade
印刷版ISSN：2238-5320
出版年度：2015
期号：3479
页码：87-98
出版社：University of State of Bahia
摘要：This study aims to analyze the performance of public offerings of primary shares (IPO) in order to verify the existence of abnormal returns. The abnormal returns were captured in six time intervals (30 , 90 , 180 , 365, 730 and 1095 days) that seek to analyze the behavior of these assets against the benchmark (Bovespa) in the short and medium / long-term (1 month to 3 years). The study is related to the period 2005-2013. The results suggest that differences between the returns over time cannot be statistically distinguished. However tests of individual means between the samples and descriptive statistics` graphs show that there is a positive abnormal return in the first 90 days, a negative abnormal return between 90 and365 days and an abnormal return close to zero in the longer interval (365-1095 days). The findings show a possibility of above average earnings buying the shares issued at the IPO and selling 90 days after the start of negotiations.