Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system

Detalhes bibliográficos
Autor(a) principal: Mello, Márcio de Sá
Data de Publicação: 2010
Tipo de documento: Tese
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/8121
Resumo: Mercados financeiros e finanças corporativas
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spelling Mello, Márcio de SáEscolas::EAESPCarvalho, Antonio Gledson de2011-05-19T19:26:56Z2011-05-19T19:26:56Z2010-08-16MELLO, Márcio de Sá. Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2010.http://hdl.handle.net/10438/8121Mercados financeiros e finanças corporativasThis research paper investigates the issue of pre-IPO capital infusion and underwriting. During the bullish market from 2004 to 2008, a great number of Brazilian companies decided to go public. In many of these issues, the issuing company had received capital from its underwriters through lending and/or equity ownership. Recent research papers in Brazil argue that these loans had the intention to inflate issuing companies and deceive investors. Through an analysis of Earnings Management and Price Stabilization our research found evidences that underwriters stabilize more and with higher intensity those IPOs in which they lent money or bought equity stake in issuing companies. When looking at Earnings Management the result shows no difference between firms that received capital and those that did not.O presente trabalho busca investigar o impacto das relações de crédito entre underwriters e empresas emissoras. No período de 2004 à 2008 um crescente número de empresas brasileiras aproveitou o cenário de otimismo nos mercados financeiros para emitir ações na bolsa. Boa parte desses negócios envolveu aporte de capital dos underwriters às empresas emissoras, seja por meio de empréstimos ou participação no capital social. Estudos recentes realizados no Brasil acusam tal prática como de comportamento oportunista, onde underwriters estariam levando empresas não preparadas ao mercado. Utilizando-se de análises de Gerenciamento de Resultados e Estabilização de Preços nosso estudo identificou indícios de que underwriters fazem uso da estabilização de preços e em maior intensidade em ofertas onde possuem alguma relação de crédito com a empresa emissora. Já os níveis de Gerenciamento de Resultados são os mesmos para empresas que receberão aporte de capital e àquelas que não receberam.engUnderwriterConflito de interessesGerenciamento de resultadosEstabilização de preçosOferta pública de ações (IPO)EmpréstimosEquityBanco múltiploAdministração de empresasOferta pública inicial de títulos (Finanças)Sociedades comerciaisPreços - EstabilizaçãoDesempenho - AvaliaçãoPré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking systeminfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINAL61080100024.pdf61080100024.pdfapplication/pdf1412176https://repositorio.fgv.br/bitstreams/ab3ab406-b09c-4849-95ca-b5588f62e17d/download251a77ad3597c455b36047930775fd64MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system
title Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system
spellingShingle Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system
Mello, Márcio de Sá
Underwriter
Conflito de interesses
Gerenciamento de resultados
Estabilização de preços
Oferta pública de ações (IPO)
Empréstimos
Equity
Banco múltiplo
Administração de empresas
Oferta pública inicial de títulos (Finanças)
Sociedades comerciais
Preços - Estabilização
Desempenho - Avaliação
title_short Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system
title_full Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system
title_fullStr Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system
title_full_unstemmed Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system
title_sort Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system
author Mello, Márcio de Sá
author_facet Mello, Márcio de Sá
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EAESP
dc.contributor.author.fl_str_mv Mello, Márcio de Sá
dc.contributor.advisor1.fl_str_mv Carvalho, Antonio Gledson de
contributor_str_mv Carvalho, Antonio Gledson de
dc.subject.eng.fl_str_mv Underwriter
topic Underwriter
Conflito de interesses
Gerenciamento de resultados
Estabilização de preços
Oferta pública de ações (IPO)
Empréstimos
Equity
Banco múltiplo
Administração de empresas
Oferta pública inicial de títulos (Finanças)
Sociedades comerciais
Preços - Estabilização
Desempenho - Avaliação
dc.subject.por.fl_str_mv Conflito de interesses
Gerenciamento de resultados
Estabilização de preços
Oferta pública de ações (IPO)
Empréstimos
Equity
Banco múltiplo
dc.subject.area.por.fl_str_mv Administração de empresas
dc.subject.bibliodata.por.fl_str_mv Oferta pública inicial de títulos (Finanças)
Sociedades comerciais
Preços - Estabilização
Desempenho - Avaliação
description Mercados financeiros e finanças corporativas
publishDate 2010
dc.date.issued.fl_str_mv 2010-08-16
dc.date.accessioned.fl_str_mv 2011-05-19T19:26:56Z
dc.date.available.fl_str_mv 2011-05-19T19:26:56Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/doctoralThesis
format doctoralThesis
status_str publishedVersion
dc.identifier.citation.fl_str_mv MELLO, Márcio de Sá. Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2010.
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/8121
identifier_str_mv MELLO, Márcio de Sá. Pré-ipo capital infusion and underwriting in Brazil: a study on conflicts of interests in the universal banking system. Tese (Doutorado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2010.
url http://hdl.handle.net/10438/8121
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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