A saída: uma análise da deslistagem na Bovespa
Autor(a) principal: | |
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Data de Publicação: | 2005 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/15553 |
Resumo: | By the definition of the characteristics that distinguish Brazilian listed companies which apply their delisting and the remaining listed companies in the market, this issue investigates, as a preliminary mean, the motivations that make companies to decide to go private. There are evidences that companies with small growth, shares that are not liquid and companies with low free float have higher probability of delisting. These results are consistent to the theory that delisting occurs when the company does not have perspectives of take benefits from being a public company, which means, it does not use the market as a source of funding, once there is no growth; its original shareholders did not reach the patrimonial liquidity, since the free float is low; and it is likely that the costs of adverse selection are high due to the lack of liquidity of its shares. |
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Eid Júnior, WilliamHorng, Wang JiangEscolas::EAESP2016-02-25T15:11:40Z2016-02-25T15:11:40Z2005-06http://hdl.handle.net/10438/15553By the definition of the characteristics that distinguish Brazilian listed companies which apply their delisting and the remaining listed companies in the market, this issue investigates, as a preliminary mean, the motivations that make companies to decide to go private. There are evidences that companies with small growth, shares that are not liquid and companies with low free float have higher probability of delisting. These results are consistent to the theory that delisting occurs when the company does not have perspectives of take benefits from being a public company, which means, it does not use the market as a source of funding, once there is no growth; its original shareholders did not reach the patrimonial liquidity, since the free float is low; and it is likely that the costs of adverse selection are high due to the lack of liquidity of its shares.Por meio da determinação das características que diferenciam empresas brasileiras listadas em bolsa a solicitarem a sua desalistagem e empresas brasileiras listadas que mantêm a sua condição de companhia aberta, o estudo explora, de forma preliminar, as motivações que levam companhias a fecharem o capital. Há evidências de que companhias cujo crescimento é pequeno, as ações são ilíquidas e possuem baixo percentual de ações em circulação (freefloat) apresentam maior probabilidade de fechar o capital. Esses resultados são consistentes com a noção de que a desalistagem ocorre quando a companhia não tem perspectivas de se beneficiar das vantagens em ser empresa de capital aberto, isto é, não necessita do mercado como fonte de financiamento, uma vez que não há crescimento; seus acionistas originais não atingiram a liquidez patrimonial, já que o free-float é baixo; e devido à iliquidez das suas ações, possivelmente os custos da seleção adversa devem ser elevados.porBolsa de valoresFinançasBolsa de valoresA saída: uma análise da deslistagem na Bovespainfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALA saída uma análise da deslistagem na Bovespa.pdfA saída uma análise da deslistagem na 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dc.title.por.fl_str_mv |
A saída: uma análise da deslistagem na Bovespa |
title |
A saída: uma análise da deslistagem na Bovespa |
spellingShingle |
A saída: uma análise da deslistagem na Bovespa Eid Júnior, William Bolsa de valores Finanças Bolsa de valores |
title_short |
A saída: uma análise da deslistagem na Bovespa |
title_full |
A saída: uma análise da deslistagem na Bovespa |
title_fullStr |
A saída: uma análise da deslistagem na Bovespa |
title_full_unstemmed |
A saída: uma análise da deslistagem na Bovespa |
title_sort |
A saída: uma análise da deslistagem na Bovespa |
author |
Eid Júnior, William |
author_facet |
Eid Júnior, William Horng, Wang Jiang |
author_role |
author |
author2 |
Horng, Wang Jiang |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EAESP |
dc.contributor.author.fl_str_mv |
Eid Júnior, William Horng, Wang Jiang |
dc.subject.por.fl_str_mv |
Bolsa de valores |
topic |
Bolsa de valores Finanças Bolsa de valores |
dc.subject.area.por.fl_str_mv |
Finanças |
dc.subject.bibliodata.por.fl_str_mv |
Bolsa de valores |
description |
By the definition of the characteristics that distinguish Brazilian listed companies which apply their delisting and the remaining listed companies in the market, this issue investigates, as a preliminary mean, the motivations that make companies to decide to go private. There are evidences that companies with small growth, shares that are not liquid and companies with low free float have higher probability of delisting. These results are consistent to the theory that delisting occurs when the company does not have perspectives of take benefits from being a public company, which means, it does not use the market as a source of funding, once there is no growth; its original shareholders did not reach the patrimonial liquidity, since the free float is low; and it is likely that the costs of adverse selection are high due to the lack of liquidity of its shares. |
publishDate |
2005 |
dc.date.issued.fl_str_mv |
2005-06 |
dc.date.accessioned.fl_str_mv |
2016-02-25T15:11:40Z |
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2016-02-25T15:11:40Z |
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