Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market
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Data de Publicação: | 2012 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista de Ciências da Administração |
Texto Completo: | https://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2012v14n33p79 |
Resumo: | DOI: http://dx.doi.org/10.5007/2175-8077.2012v14n33p79This paper describes the results of a twofold study that compared the performance of Initial Public Offering (IPOs) in the Brazilian stock market with that of incorporated company in 2004 and 2005 and also checked if these IPOs were included in the Bovespa Index (IBOV) in this period. We first collected data on stock price variations every year subsequent to the public offering. Thereafter, we compared the IPOs’ rates with those of the public corporations. The results show that 81.25% of the IPOs had positive returns in the first and the second years of anniversary, and only 50% of them had positive return in the third year. The youngest companies had the highest returns, and 45% of them were included in the IBOV in the period under scrutiny. The comparison of the ratios showed that IPOs of any age are more valued than the comparison companies. As a conclusion, we can say that the IPOs’ performance was significantly better than that of the comparison companies in the period studied. |
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Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock marketAnálise do desempenho de longo prazo de Initial Public Offerings no mercado acionário brasileiroDOI: http://dx.doi.org/10.5007/2175-8077.2012v14n33p79This paper describes the results of a twofold study that compared the performance of Initial Public Offering (IPOs) in the Brazilian stock market with that of incorporated company in 2004 and 2005 and also checked if these IPOs were included in the Bovespa Index (IBOV) in this period. We first collected data on stock price variations every year subsequent to the public offering. Thereafter, we compared the IPOs’ rates with those of the public corporations. The results show that 81.25% of the IPOs had positive returns in the first and the second years of anniversary, and only 50% of them had positive return in the third year. The youngest companies had the highest returns, and 45% of them were included in the IBOV in the period under scrutiny. The comparison of the ratios showed that IPOs of any age are more valued than the comparison companies. As a conclusion, we can say that the IPOs’ performance was significantly better than that of the comparison companies in the period studied.Este trabalho descreve os resultados de uma pesquisa que teve dois objetivos: (i) comparar o desempenho das Ofertas Públicas Iniciais (IPOs, do inglês Initial Public Offerings) realizadas no mercado acionário brasileiro nos anos de 2004 e 2005 com o desempenho de empresas de capital aberto; e (ii) identificar se as IPOs passaram a fazer parte do Índice Bovespa (IBOV) no período pesquisado. Em um primeiro momento, foi feito o levantamento das variações nos preços das ações a cada ano subsequente à abertura de capital. Posteriormente, foi feita a comparação entre os múltiplos das IPOs com os múltiplos das empresas de capital aberto selecionadas. Os resultados mostraram que, no primeiro e no segundo ano de aniversário, 81,25% das IPOs apresentaram retorno positivo e, no terceiro ano, apenas 50% delas tiveram retorno positivo. Observou-se que as empresas com menor idade de fundação apresentaram os maiores retornos e que 45% delas começaram a fazer parte do IBOV no período pesquisado. Comparando-se os múltiplos, observou-se que, em todas as faixas etárias, as IPOs estão mais valorizadas em relação às empresas de comparação. Conclui-se, portanto, que o desempenho das IPOs, no período pesquisado, foi superior ao desempenho das empresas de comparação.Universidade Federal de Santa Catarina2012-07-17info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPesquisa Teórico-empíricaapplication/pdfhttps://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2012v14n33p7910.5007/2175-8077.2012v14n33p79Revista de Ciências da Administração; v. 14, n. 33, agosto de 2012; 79-922175-80771516-3865reponame:Revista de Ciências da Administraçãoinstname:Universidade Federal de Santa Catarina (UFSC)instacron:UFSCporhttps://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2012v14n33p79/22542Teixeira, Elisa Elaine MoreiraBarbosa, Francisco VidalSouza, Antônio Artur deinfo:eu-repo/semantics/openAccess2022-11-21T14:12:52Zoai:periodicos.ufsc.br:article/15389Revistahttp://www.periodicos.ufsc.br/index.php/admPUBhttps://periodicos.ufsc.br/index.php/adm/oairevista@cse.ufsc.br||mfpcris@gmail.com||rca.cse@contato.ufsc.br2175-80771516-3865opendoar:2022-11-21T14:12:52Revista de Ciências da Administração - Universidade Federal de Santa Catarina (UFSC)false |
dc.title.none.fl_str_mv |
Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market Análise do desempenho de longo prazo de Initial Public Offerings no mercado acionário brasileiro |
title |
Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market |
spellingShingle |
Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market Teixeira, Elisa Elaine Moreira |
title_short |
Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market |
title_full |
Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market |
title_fullStr |
Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market |
title_full_unstemmed |
Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market |
title_sort |
Analysis of Long-Term Performance of Initial Public Offerings in the brazilian stock market |
author |
Teixeira, Elisa Elaine Moreira |
author_facet |
Teixeira, Elisa Elaine Moreira Barbosa, Francisco Vidal Souza, Antônio Artur de |
author_role |
author |
author2 |
Barbosa, Francisco Vidal Souza, Antônio Artur de |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Teixeira, Elisa Elaine Moreira Barbosa, Francisco Vidal Souza, Antônio Artur de |
description |
DOI: http://dx.doi.org/10.5007/2175-8077.2012v14n33p79This paper describes the results of a twofold study that compared the performance of Initial Public Offering (IPOs) in the Brazilian stock market with that of incorporated company in 2004 and 2005 and also checked if these IPOs were included in the Bovespa Index (IBOV) in this period. We first collected data on stock price variations every year subsequent to the public offering. Thereafter, we compared the IPOs’ rates with those of the public corporations. The results show that 81.25% of the IPOs had positive returns in the first and the second years of anniversary, and only 50% of them had positive return in the third year. The youngest companies had the highest returns, and 45% of them were included in the IBOV in the period under scrutiny. The comparison of the ratios showed that IPOs of any age are more valued than the comparison companies. As a conclusion, we can say that the IPOs’ performance was significantly better than that of the comparison companies in the period studied. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012-07-17 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Pesquisa Teórico-empírica |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2012v14n33p79 10.5007/2175-8077.2012v14n33p79 |
url |
https://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2012v14n33p79 |
identifier_str_mv |
10.5007/2175-8077.2012v14n33p79 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicos.ufsc.br/index.php/adm/article/view/2175-8077.2012v14n33p79/22542 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Catarina |
publisher.none.fl_str_mv |
Universidade Federal de Santa Catarina |
dc.source.none.fl_str_mv |
Revista de Ciências da Administração; v. 14, n. 33, agosto de 2012; 79-92 2175-8077 1516-3865 reponame:Revista de Ciências da Administração instname:Universidade Federal de Santa Catarina (UFSC) instacron:UFSC |
instname_str |
Universidade Federal de Santa Catarina (UFSC) |
instacron_str |
UFSC |
institution |
UFSC |
reponame_str |
Revista de Ciências da Administração |
collection |
Revista de Ciências da Administração |
repository.name.fl_str_mv |
Revista de Ciências da Administração - Universidade Federal de Santa Catarina (UFSC) |
repository.mail.fl_str_mv |
revista@cse.ufsc.br||mfpcris@gmail.com||rca.cse@contato.ufsc.br |
_version_ |
1789435141633867776 |