Public offer for shares acquisitions: evidence of value change in the financial market
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Data de Publicação: | 2017 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista ENIAC pesquisa |
Texto Completo: | https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/423 |
Resumo: | The market efficiency hypothesis in its semi-strong form, recommends the establishment of prices adjust instantly reflecting the public disclosure of all relevant information, restricting the opportunities for arbitrary abnormal returns. The aim of this study is to verify the occurrence of the variation of the stock price during the fixed-price self-tender offer, the Brazilian stock market between 2006 and 2015. The methodology used is the event study to assess the possibility of active abnormal returns relative to financial market. This research is distinguished by the number of takeover bids (65) occurred over a long period (10 years) studied, contributing through aggregation, to approximate the normal curve. Changes in the stock price were tested in the sprint, during and immediately after the event. The results were compared to fixed-price self-tender offer event, show that in most cases, is statistically significant change in the price of these parts. The conclusion is that there is evidence of the efficient market hypothesis in its semi-strong form during the study period, caused by the case of takeover bids, the Brazilian stock market. |
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Public offer for shares acquisitions: evidence of value change in the financial marketOferta pública de aquisições de ações: evidências de variação de valor no mercado financeiroFixed-price self-tender offerEvent studyEfficient marketOferta Pública de Aquisição de Ações (OPA)Estudo de eventosMercado eficiente.The market efficiency hypothesis in its semi-strong form, recommends the establishment of prices adjust instantly reflecting the public disclosure of all relevant information, restricting the opportunities for arbitrary abnormal returns. The aim of this study is to verify the occurrence of the variation of the stock price during the fixed-price self-tender offer, the Brazilian stock market between 2006 and 2015. The methodology used is the event study to assess the possibility of active abnormal returns relative to financial market. This research is distinguished by the number of takeover bids (65) occurred over a long period (10 years) studied, contributing through aggregation, to approximate the normal curve. Changes in the stock price were tested in the sprint, during and immediately after the event. The results were compared to fixed-price self-tender offer event, show that in most cases, is statistically significant change in the price of these parts. The conclusion is that there is evidence of the efficient market hypothesis in its semi-strong form during the study period, caused by the case of takeover bids, the Brazilian stock market.A hipótese de eficiência do mercado em sua forma semiforte, alvitra que os preços se ajustam instantaneamente refletindo a divulgação pública de quaisquer informações relevantes, coibindo oportunidades de retornos anormais arbitrários. O objetivo deste estudo é verificar a ocorrência de variação no preço das ações, por ocasião da Oferta Pública de Aquisição de Ações (OPA), no mercado acionário brasileiro, no período entre 2006 a 2015. A metodologia da pesquisa utilizada é o estudo de eventos para avaliar possibilidade de retornos anormais de ativos em relação ao mercado. Esta pesquisa se distingue pela quantidade de OPAs (65) ocorridas em um longo período (10 anos) estudados, contribuindo pela agregação, ao aproximar-se da curva normal. Foram testadas as variações no preço das ações no período que antecedeu, durante e imediatamente após o evento. Os resultados encontrados, em relação ao evento de OPA, evidenciam que, em sua maioria, há significância estatística de variação no preço destas ações. A conclusão é que há evidências da hipótese de eficiência do mercado brasileiro em sua forma semiforte, no período estudado, ocasionada pelo evento das OPAs.Centro Universitário ENIAC2017-07-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/42310.22567/rep.v6i1.423Revista Eniac Pesquisa; Vol. 6 No. 1 (2017); 15-21REVISTA ENIAC PESQUISA; Vol. 6 Núm. 1 (2017); 15-21REVISTA ENIAC PESQUISA; v. 6 n. 1 (2017); 15-212316-234110.22567/rep.v6i1reponame:Revista ENIAC pesquisainstname:Centro Universitário Eniacinstacron:ENIACporhttps://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/423/509Copyright (c) 2017 REVISTA ENIAC PESQUISAhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessMachado, Daniel JoséLamberti, José RenatoRebelo, Helene2024-07-09T18:47:48Zoai:ojs.pkp.sfu.ca:article/423Revistahttps://ojs.eniac.com.br/index.php/EniacPesquisaPRIhttp://ojs.eniac.com.br/index.php/EniacPesquisa/oai||revistaeniacpesquisa@fernandoasantos.com.br2316-23412316-2341opendoar:2024-07-09T18:47:48Revista ENIAC pesquisa - Centro Universitário Eniacfalse |
dc.title.none.fl_str_mv |
Public offer for shares acquisitions: evidence of value change in the financial market Oferta pública de aquisições de ações: evidências de variação de valor no mercado financeiro |
title |
Public offer for shares acquisitions: evidence of value change in the financial market |
spellingShingle |
Public offer for shares acquisitions: evidence of value change in the financial market Machado, Daniel José Fixed-price self-tender offer Event study Efficient market Oferta Pública de Aquisição de Ações (OPA) Estudo de eventos Mercado eficiente. |
title_short |
Public offer for shares acquisitions: evidence of value change in the financial market |
title_full |
Public offer for shares acquisitions: evidence of value change in the financial market |
title_fullStr |
Public offer for shares acquisitions: evidence of value change in the financial market |
title_full_unstemmed |
Public offer for shares acquisitions: evidence of value change in the financial market |
title_sort |
Public offer for shares acquisitions: evidence of value change in the financial market |
author |
Machado, Daniel José |
author_facet |
Machado, Daniel José Lamberti, José Renato Rebelo, Helene |
author_role |
author |
author2 |
Lamberti, José Renato Rebelo, Helene |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Machado, Daniel José Lamberti, José Renato Rebelo, Helene |
dc.subject.por.fl_str_mv |
Fixed-price self-tender offer Event study Efficient market Oferta Pública de Aquisição de Ações (OPA) Estudo de eventos Mercado eficiente. |
topic |
Fixed-price self-tender offer Event study Efficient market Oferta Pública de Aquisição de Ações (OPA) Estudo de eventos Mercado eficiente. |
description |
The market efficiency hypothesis in its semi-strong form, recommends the establishment of prices adjust instantly reflecting the public disclosure of all relevant information, restricting the opportunities for arbitrary abnormal returns. The aim of this study is to verify the occurrence of the variation of the stock price during the fixed-price self-tender offer, the Brazilian stock market between 2006 and 2015. The methodology used is the event study to assess the possibility of active abnormal returns relative to financial market. This research is distinguished by the number of takeover bids (65) occurred over a long period (10 years) studied, contributing through aggregation, to approximate the normal curve. Changes in the stock price were tested in the sprint, during and immediately after the event. The results were compared to fixed-price self-tender offer event, show that in most cases, is statistically significant change in the price of these parts. The conclusion is that there is evidence of the efficient market hypothesis in its semi-strong form during the study period, caused by the case of takeover bids, the Brazilian stock market. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-07-02 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/423 10.22567/rep.v6i1.423 |
url |
https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/423 |
identifier_str_mv |
10.22567/rep.v6i1.423 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojs.eniac.com.br/index.php/EniacPesquisa/article/view/423/509 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2017 REVISTA ENIAC PESQUISA https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2017 REVISTA ENIAC PESQUISA https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Centro Universitário ENIAC |
publisher.none.fl_str_mv |
Centro Universitário ENIAC |
dc.source.none.fl_str_mv |
Revista Eniac Pesquisa; Vol. 6 No. 1 (2017); 15-21 REVISTA ENIAC PESQUISA; Vol. 6 Núm. 1 (2017); 15-21 REVISTA ENIAC PESQUISA; v. 6 n. 1 (2017); 15-21 2316-2341 10.22567/rep.v6i1 reponame:Revista ENIAC pesquisa instname:Centro Universitário Eniac instacron:ENIAC |
instname_str |
Centro Universitário Eniac |
instacron_str |
ENIAC |
institution |
ENIAC |
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Revista ENIAC pesquisa |
collection |
Revista ENIAC pesquisa |
repository.name.fl_str_mv |
Revista ENIAC pesquisa - Centro Universitário Eniac |
repository.mail.fl_str_mv |
||revistaeniacpesquisa@fernandoasantos.com.br |
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1809207907881844736 |