ANALYSIS OF INFORMATIONAL CONTENT OF INVESTMENTS IN PERMANENT ASSETS: A STUDY OF EVENTS IN COMPANIES TRADED ON BOVESPA

• Autor(a) principal: Lyra, Ricardo Luiz Wust Correa de
• Data de Publicação: 2007
• Outros Autores: Olinquevitch, José Leônidas
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/217
• topic: Hipótese de mercado eficiente; Evento; Retorno anormal.

The objective of the research was to verity whether or not there is statistical evidence on the impact of decisions to investment in the permanent assets of company at the prices of their shares in capital markets. The event study method was used, considering the permanent asset as an independent variable the share price as a dependent variable; the release date of the financial statement and the Bovespa index were considered as parameters. This is an ex post facto exploratory study, in which variations in permanent assets were considered as investment decisions and the event considered was the release date of trimester financial statements on the CVM website. Results indicated a relationship between the variations in the permanent asset and variations in the share price of companies in capital markets. This permits us to infer that despite the limitations identified investments in permanent assets revealed through financial statements have informational content and therefore are events relevant to national capital markets. Keywords: Efficient Market Hypothesis. Event. Abnormal return.