IMPACT OF THE REGISTER OF SEASONED OFFERINGS IN THE RETURNS OF SHARES OF THE COMPANIES LISTED IN THE BOVESPA SEGMENT

• Autor(a) principal: Teixeira Guimarães, Nara Grossi
• Data de Publicação: 2013
• Outros Autores: Almeida Bispo, Oscar Neto de, Martins Soares, Marcos Valério, Marques, Vagner Antônio
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3018
• topic: Seasoned Equity Offering. Market Efficiency. Events Study.; Seasoned Equity Offering. Eficiencia de Mercado. Estudio de Eventos.; Seasoned Equity Offering. Eficiência de Mercado. Estudo de Eventos.

The present research had as objective generality to analyze the impacts of the Seasoned Public Offerings - SEO in the returns of shares of companies listed in the Bovespa segment, who had made emissions between the years of 2001 the 2010. Specifically, it is intended to identify the reaction of the stock market front to the emission of new shares, to check the normal returns of the titles and to verify if it has abnormal returns when of the Seasoned Public Offerings of Shares. To analyze such consequences it was applied methodology of study of event for the event of register of the Seasoned Public Offerings of Shares in the Commission of Movable Values. The study company was applied in a sample of 27 distinct 20 emissions of the varied sectors, looking itself to determine as the market reacted before, during and after the date of the register in the Commission of Movable Values. The determination model was the model of the return adjusted to the risk and the market. The found empirical results had statistical pointed significant abnormal returns in first, fourth and fifth day after the register in the Commission of Movable Values. There were no statistically significant abnormal returns, because all p-values are greater than the significance level used in the research. So do not reject the null hypothesis that the average abnormal returns are equal to zero. The results also showed that there were no statistically significant abnormal returns in the window of comparison, confirming the absence of reflexes in the event stock returns of companies that held the record Subsequent Public Offerings of Shares.