EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Universo Contábil |
Texto Completo: | https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1525 |
Resumo: | The effects on return and on average liquidity of the shares, in the two situations (when some companies adhere and meet the requirements of New Market and when some companies issue ADRs, and so meet the Sarbanes-Oxley requirements) are assessed in this research by using the Event Study methodology. The events considerate were the adherence dates to the New Market and the deposit dates of the form 20-F in SEC, after the adjustments due date to meet the law. The test-t of Student, at a significance level of 5%, was applied to the performance indexes of the abnormal return and average liquidity, in the period of (-15) to (+15) days around the events dates. The results show that there is no statistic difference that allows affirming that there is a return increase in companies that issue ADRs in the NYSE. Also, statistic differences were not identified in the behavior of the average liquidity of the shares in these companies. However, there are statistic differences in the behavior of the average liquidity of the preferential shares against the ordinary shares in the companies that issue ADRs in the NYSE. |
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EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKETEFEITOS NO RETORNO E NA LIQUIDEZ MÉDIA DAS AÇÕES DE EMPRESAS QUE EMITIRAM ADRs NA NYSE E DAS QUE ADERIRAM AO NOVO MERCADONew Market. Sarbanes-Oxley Law. ADRs. Event study.Novo Mercado. Lei Sarbanes-Oxley. ADRs. Estudo de eventos.The effects on return and on average liquidity of the shares, in the two situations (when some companies adhere and meet the requirements of New Market and when some companies issue ADRs, and so meet the Sarbanes-Oxley requirements) are assessed in this research by using the Event Study methodology. The events considerate were the adherence dates to the New Market and the deposit dates of the form 20-F in SEC, after the adjustments due date to meet the law. The test-t of Student, at a significance level of 5%, was applied to the performance indexes of the abnormal return and average liquidity, in the period of (-15) to (+15) days around the events dates. The results show that there is no statistic difference that allows affirming that there is a return increase in companies that issue ADRs in the NYSE. Also, statistic differences were not identified in the behavior of the average liquidity of the shares in these companies. However, there are statistic differences in the behavior of the average liquidity of the preferential shares against the ordinary shares in the companies that issue ADRs in the NYSE.Os efeitos no retorno e na liquidez média das ações, diante das duas situações: quando empresas aderem e atendem aos requisitos do Novo Mercado e quando empresas emitem ADRs e, por conseguinte, atendem aos requisitos da Sarbanes-Oxley, são avaliados neste trabalho por meio do método de Estudo de Eventos. Os eventos considerados foram as datas de adesão ao Novo Mercado e as datas de depósito do formulário 20-F na SEC, após o prazo limite de adequação das empresas estrangeira à Lei. O teste-t de Student, em um nível de significância de 5%, foi utilizado para os índices de desempenho dos retornos anormais e da liquidez média, no período de (-15) a (+15) dias ao redor das datas dos eventos. Os resultados evidenciam que não existem diferenças estatísticas que permitam afirmar que há valorização do retorno das empresas que emitem ADRs na NYSE, em relação às empresas que estão listadas no Novo Mercado. Também não foram identificadas diferenças estatísticas no comportamento da liquidez média das ações dessas empresas. No entanto são apontadas diferenças estatísticas no comportamento da liquidez das ações preferenciais em relação às ações ordinárias das empresas que emitem ADRs na NYSE.Universidade Regional de Blumenau2009-10-07info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/152510.4270/ruc.20095Revista Universo Contábil; v. 5 n. 3 (2009); 24-421809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1525/1022Copyright (c) 2014 Revista Universo Contábilinfo:eu-repo/semantics/openAccessNeves, Lóren CristinaLemes, Sirlei2009-10-07T17:34:24Zoai:ojs.bu.furb.br:article/1525Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2009-10-07T17:34:24Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false |
dc.title.none.fl_str_mv |
EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET EFEITOS NO RETORNO E NA LIQUIDEZ MÉDIA DAS AÇÕES DE EMPRESAS QUE EMITIRAM ADRs NA NYSE E DAS QUE ADERIRAM AO NOVO MERCADO |
title |
EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET |
spellingShingle |
EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET Neves, Lóren Cristina New Market. Sarbanes-Oxley Law. ADRs. Event study. Novo Mercado. Lei Sarbanes-Oxley. ADRs. Estudo de eventos. |
title_short |
EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET |
title_full |
EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET |
title_fullStr |
EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET |
title_full_unstemmed |
EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET |
title_sort |
EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET |
author |
Neves, Lóren Cristina |
author_facet |
Neves, Lóren Cristina Lemes, Sirlei |
author_role |
author |
author2 |
Lemes, Sirlei |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Neves, Lóren Cristina Lemes, Sirlei |
dc.subject.por.fl_str_mv |
New Market. Sarbanes-Oxley Law. ADRs. Event study. Novo Mercado. Lei Sarbanes-Oxley. ADRs. Estudo de eventos. |
topic |
New Market. Sarbanes-Oxley Law. ADRs. Event study. Novo Mercado. Lei Sarbanes-Oxley. ADRs. Estudo de eventos. |
description |
The effects on return and on average liquidity of the shares, in the two situations (when some companies adhere and meet the requirements of New Market and when some companies issue ADRs, and so meet the Sarbanes-Oxley requirements) are assessed in this research by using the Event Study methodology. The events considerate were the adherence dates to the New Market and the deposit dates of the form 20-F in SEC, after the adjustments due date to meet the law. The test-t of Student, at a significance level of 5%, was applied to the performance indexes of the abnormal return and average liquidity, in the period of (-15) to (+15) days around the events dates. The results show that there is no statistic difference that allows affirming that there is a return increase in companies that issue ADRs in the NYSE. Also, statistic differences were not identified in the behavior of the average liquidity of the shares in these companies. However, there are statistic differences in the behavior of the average liquidity of the preferential shares against the ordinary shares in the companies that issue ADRs in the NYSE. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-10-07 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1525 10.4270/ruc.20095 |
url |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1525 |
identifier_str_mv |
10.4270/ruc.20095 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1525/1022 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2014 Revista Universo Contábil info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2014 Revista Universo Contábil |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
dc.source.none.fl_str_mv |
Revista Universo Contábil; v. 5 n. 3 (2009); 24-42 1809-3337 1809-3337 reponame:Revista Universo Contábil instname:Universidade Regional de Blumenau (FURB) instacron:FURB |
instname_str |
Universidade Regional de Blumenau (FURB) |
instacron_str |
FURB |
institution |
FURB |
reponame_str |
Revista Universo Contábil |
collection |
Revista Universo Contábil |
repository.name.fl_str_mv |
Revista Universo Contábil - Universidade Regional de Blumenau (FURB) |
repository.mail.fl_str_mv |
||universocontabil@furb.br |
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1798945115436220416 |