Impacto das classificações de rating no valor das empresas brasileiras
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/13408 |
Resumo: | The present study examines how the announcements of credit rating changes affect the market value of the Brazilian companies. It was considered the announcements made in a period of 3 years for the universe of companies that integrate the Bovespa equity index. The methodology chosen is the Event Study, using the Market Model to estimate the equity normal returns for a 1 year estimation window. The conclusion is that the announcements have influence in the price of the equities and that this effect is stronger in the case of ratings decrease announcements (downgrades): investors tend to anticipate the downgrade announcements as the accumulate return of equities is negative before the date of the announcement and positive after it. This conclusion is similar to the ones that studies using American and European equities have made. Another conclusion was that separating the downgrades sample into investment grade and non-investment grade companies, the effect of the ratings disclosure is more pronounced in the second group. |
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Augusto, DaniloEscolas::EESPEid Júnior, WilliamGonçalves Junior, WalterDana, Samy2015-02-24T13:41:40Z2015-02-24T13:41:40Z2015-02-03AUGUSTO, Danilo. Impacto das classificações de rating no valor das empresas brasileiras. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2015.http://hdl.handle.net/10438/13408The present study examines how the announcements of credit rating changes affect the market value of the Brazilian companies. It was considered the announcements made in a period of 3 years for the universe of companies that integrate the Bovespa equity index. The methodology chosen is the Event Study, using the Market Model to estimate the equity normal returns for a 1 year estimation window. The conclusion is that the announcements have influence in the price of the equities and that this effect is stronger in the case of ratings decrease announcements (downgrades): investors tend to anticipate the downgrade announcements as the accumulate return of equities is negative before the date of the announcement and positive after it. This conclusion is similar to the ones that studies using American and European equities have made. Another conclusion was that separating the downgrades sample into investment grade and non-investment grade companies, the effect of the ratings disclosure is more pronounced in the second group.Este trabalho tem como objetivo estudar como os anúncios de alterações nos ratings de crédito afetam o valor de mercado das empresas brasileiras. Isso foi feito considerando as divulgações de rating pelo período de 3 anos para o universo de empresas que compõem o índice Bovespa de ações. A metodologia escolhida foi a de Estudo de Evento, utilizando o Market Model como forma de estimação dos retornos normais das ações para uma janela de estimação de 1 ano. Como resultado verificou-se que as divulgações dos ratings têm influência no preço das ações, sendo esse efeito mais acentuado no caso dos rebaixamentos de rating (downgrades): os investidores tendem a antecipar a divulgação do downgrade já que o preço das ações cai antes dessa data e volta a subir depois dela. Essa conclusão está em linha com a de estudos semelhantes feitos com ações europeias e americanas. Outra conclusão foi a de que separando a amostra de downgrades entre empresas investment grade e non-investment grade o efeito dos anúncios de rating é mais acentuado no segundo grupo.porRatingsEstudo de eventoEconomiaInvestimentosCréditosAções (Finanças)Empresas brasileirasImpacto das classificações de rating no valor das empresas brasileirasinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALD N Augusto - Impacto das Classificações de Rating no Valor das Empresas Brasileiras.pdfD N Augusto - Impacto das Classificações de Rating no Valor das Empresas Brasileiras.pdfapplication/pdf3613666https://repositorio.fgv.br/bitstreams/7ccd524f-d089-4311-8afd-180a1c014f4a/downloadbfd2f56db1e8614d1f45588b36b2bd59MD53LICENSElicense.txtlicense.txttext/plain; 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dc.title.por.fl_str_mv |
Impacto das classificações de rating no valor das empresas brasileiras |
title |
Impacto das classificações de rating no valor das empresas brasileiras |
spellingShingle |
Impacto das classificações de rating no valor das empresas brasileiras Augusto, Danilo Ratings Estudo de evento Economia Investimentos Créditos Ações (Finanças) Empresas brasileiras |
title_short |
Impacto das classificações de rating no valor das empresas brasileiras |
title_full |
Impacto das classificações de rating no valor das empresas brasileiras |
title_fullStr |
Impacto das classificações de rating no valor das empresas brasileiras |
title_full_unstemmed |
Impacto das classificações de rating no valor das empresas brasileiras |
title_sort |
Impacto das classificações de rating no valor das empresas brasileiras |
author |
Augusto, Danilo |
author_facet |
Augusto, Danilo |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Eid Júnior, William Gonçalves Junior, Walter |
dc.contributor.author.fl_str_mv |
Augusto, Danilo |
dc.contributor.advisor1.fl_str_mv |
Dana, Samy |
contributor_str_mv |
Dana, Samy |
dc.subject.eng.fl_str_mv |
Ratings |
topic |
Ratings Estudo de evento Economia Investimentos Créditos Ações (Finanças) Empresas brasileiras |
dc.subject.por.fl_str_mv |
Estudo de evento |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Investimentos Créditos Ações (Finanças) Empresas brasileiras |
description |
The present study examines how the announcements of credit rating changes affect the market value of the Brazilian companies. It was considered the announcements made in a period of 3 years for the universe of companies that integrate the Bovespa equity index. The methodology chosen is the Event Study, using the Market Model to estimate the equity normal returns for a 1 year estimation window. The conclusion is that the announcements have influence in the price of the equities and that this effect is stronger in the case of ratings decrease announcements (downgrades): investors tend to anticipate the downgrade announcements as the accumulate return of equities is negative before the date of the announcement and positive after it. This conclusion is similar to the ones that studies using American and European equities have made. Another conclusion was that separating the downgrades sample into investment grade and non-investment grade companies, the effect of the ratings disclosure is more pronounced in the second group. |
publishDate |
2015 |
dc.date.accessioned.fl_str_mv |
2015-02-24T13:41:40Z |
dc.date.available.fl_str_mv |
2015-02-24T13:41:40Z |
dc.date.issued.fl_str_mv |
2015-02-03 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
AUGUSTO, Danilo. Impacto das classificações de rating no valor das empresas brasileiras. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2015. |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/13408 |
identifier_str_mv |
AUGUSTO, Danilo. Impacto das classificações de rating no valor das empresas brasileiras. Dissertação (Mestrado Profissional em Finanças e Economia) - FGV - Fundação Getúlio Vargas, São Paulo, 2015. |
url |
http://hdl.handle.net/10438/13408 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
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