Empresas com CEO/Chairman fundador apresentam retorno superior ao mercado?

• Autor(a) principal: Silva, Guilherme Souto da
• Data de Publicação: 2012
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: https://hdl.handle.net/10438/9846
• topic: Retorno; Fundador; CEO; Return; Founder; Economia; Ações (Finanças); Empresas familiares

This paper shows that stock returns from firms that have CEO or Chairman as the founder of the company exceeds the return of the S&P 500 from 1995 to 2011. It’s also performed an analysis using the Fama-French 4 Factors Model and the result indicates that the portfolio has an excess risk-adjusted annualized return of 5.79% with high statistical and economic significance. The paper also proposes two additional analyses: a sector breakdown of the portfolio where it appears that the technology sector is the one that contributed the most; and a study on the portfolio’s P/E (price-earnings), which surprises by showing that the P/E is systematically higher than the P/E of the S&P 500.