Prêmio por controle no mercado brasileiro

• Autor(a) principal: Souza, Vitor Frango de
• Data de Publicação: 2014
• Outros Autores: Fernandes, Marcelo
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: http://hdl.handle.net/10438/11722
• topic: Mercado acionário brasileiro; Economia; Ações (Finanças); Liquidez (Economia)

This study aims to estimate the control premium in the Brazilian stock market, based on the dual-class price differential. We first show that the average control premium is positive from July 01, 2003 to June 28, 2013. This is in contrast with the extant findings in the literature indicating the presence of a negative voting premium. We then investigate the determinants of the price difference in common and preferred shares. In particular, we examine how the voting premium relates to the relative liquidity, the difference in dividends, the extension of tag along rights to non-voting shares, the issuance of ADR in the New York Stock Exchange, the level of corporate governance, the shareholders’ composition, and the government as a large shareholder.