MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Latin American Journal of Business Management |
Texto Completo: | https://www.lajbm.com.br/index.php/journal/article/view/602 |
Resumo: | The market efficiency hypothesis defines that stock prices reflect all available market information, which may be strong, semi-strong or weak depending on investors' actual access to information (FAMA, 1970). Thus, the present study aimed to test the market-efficiency hypothesis of the four largest publicly traded listed financial institutions in the Brazilian stock market in view of the victory of the PSL candidate Jair Bolsonaro in the Brazilian elections of 2018. In this way, the stocks of Banco do Brasil S.A, Itaú Unibanco S.A, Bradesco S. A. and Banco Santander do Brasil S.A. were analyzed based on the methodology of events study aiming to test market efficiency, identify the returns correlation between the mixed capital and private capital financial institutions and continue the work developed by Santos et al. (2017). As a result, it was observed that the null hypothesis that the market presented itself in the semi-strong form was rejected, since abnormal returns were statistically significant in the whole window of events. Moreover, the returns of the private and the mixed capital institutions did not show any kind of correlation. |
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MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONSREAÇÃO DO MERCADO ÀS ELEIÇÕES PRESIDENCIAIS DE 2018: UM ESTUDO DE EVENTOS EM INSTITUIÇÕES FINANCEIRAS DE CAPITAL ABERTORisk managementEvents studyStock marketEconometricsElectionsGestão de riscosEstudo de eventosMercado de açõesEconometriaEleições.The market efficiency hypothesis defines that stock prices reflect all available market information, which may be strong, semi-strong or weak depending on investors' actual access to information (FAMA, 1970). Thus, the present study aimed to test the market-efficiency hypothesis of the four largest publicly traded listed financial institutions in the Brazilian stock market in view of the victory of the PSL candidate Jair Bolsonaro in the Brazilian elections of 2018. In this way, the stocks of Banco do Brasil S.A, Itaú Unibanco S.A, Bradesco S. A. and Banco Santander do Brasil S.A. were analyzed based on the methodology of events study aiming to test market efficiency, identify the returns correlation between the mixed capital and private capital financial institutions and continue the work developed by Santos et al. (2017). As a result, it was observed that the null hypothesis that the market presented itself in the semi-strong form was rejected, since abnormal returns were statistically significant in the whole window of events. Moreover, the returns of the private and the mixed capital institutions did not show any kind of correlation.A hipótese de eficiência do mercado define que os preços das ações refletem todas as informações disponíveis do mercado, podendo apresentar-se nas formas forte, semiforte ou fraca, a depender do acesso real dos investidores a estas informações (FAMA, 1970). Desta maneira, o presente trabalho teve como objetivo testar a hipótese de eficiência de mercado das quatro maiores instituições financeiras de capital aberto em relação à vitória do candidato do PSL, Jair Bolsonaro, nas eleições brasileiras de 2018. Para tal, analisou-se o preço das ações do Banco do Brasil S.A, Itaú Unibanco S.A, Bradesco S.A e Banco do Santander S.A, a partir da metodologia de estudos de eventos visando testar a forma de eficiência do mercado, identificar a correlação dos retornos das instituições financeiras de capital misto e privado e dar continuidade ao trabalho desenvolvido por Santos et al. (2017). Como resultados se observou-que a hipótese nula de que o mercado se apresentou na forma semiforte foi rejeitada, visto que foram identificados retornos anormais estatisticamente significativos em toda janela de eventos. Além disso, os retornos das instituições de capital misto e privado não apresentaram nenhum tipo de correlação.edUNITAU2020-11-28info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por paresapplication/pdfhttps://www.lajbm.com.br/index.php/journal/article/view/602Latin American Journal of Business Management; Vol. 11 No. 1 (2020)Latin American Journal of Business Management; Vol. 11 Núm. 1 (2020)Latin American Journal of Business Management; v. 11 n. 1 (2020)2178-4833reponame:Latin American Journal of Business Managementinstname:Universidade de Taubaté (UNITAU)instacron:UNITAUporhttps://www.lajbm.com.br/index.php/journal/article/view/602/285Copyright (c) 2020 Latin American Journal of Business Managementinfo:eu-repo/semantics/openAccessJacob Júnior, Alexandre BernardesSouza, João Carlos Felix2020-11-28T21:21:59Zoai:ojs2.lajbm.com.br:article/602Revistahttps://www.lajbm.com.br/index.php/journal/indexPUBhttp://www.lajbm.net/index.php/journal/oaimarcela.moraes@unitau.com.br||editor@lajbm.net2178-48332178-4833opendoar:2020-11-28T21:21:59Latin American Journal of Business Management - Universidade de Taubaté (UNITAU)false |
dc.title.none.fl_str_mv |
MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS REAÇÃO DO MERCADO ÀS ELEIÇÕES PRESIDENCIAIS DE 2018: UM ESTUDO DE EVENTOS EM INSTITUIÇÕES FINANCEIRAS DE CAPITAL ABERTO |
title |
MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS |
spellingShingle |
MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS Jacob Júnior, Alexandre Bernardes Risk management Events study Stock market Econometrics Elections Gestão de riscos Estudo de eventos Mercado de ações Econometria Eleições. |
title_short |
MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS |
title_full |
MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS |
title_fullStr |
MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS |
title_full_unstemmed |
MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS |
title_sort |
MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS |
author |
Jacob Júnior, Alexandre Bernardes |
author_facet |
Jacob Júnior, Alexandre Bernardes Souza, João Carlos Felix |
author_role |
author |
author2 |
Souza, João Carlos Felix |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Jacob Júnior, Alexandre Bernardes Souza, João Carlos Felix |
dc.subject.por.fl_str_mv |
Risk management Events study Stock market Econometrics Elections Gestão de riscos Estudo de eventos Mercado de ações Econometria Eleições. |
topic |
Risk management Events study Stock market Econometrics Elections Gestão de riscos Estudo de eventos Mercado de ações Econometria Eleições. |
description |
The market efficiency hypothesis defines that stock prices reflect all available market information, which may be strong, semi-strong or weak depending on investors' actual access to information (FAMA, 1970). Thus, the present study aimed to test the market-efficiency hypothesis of the four largest publicly traded listed financial institutions in the Brazilian stock market in view of the victory of the PSL candidate Jair Bolsonaro in the Brazilian elections of 2018. In this way, the stocks of Banco do Brasil S.A, Itaú Unibanco S.A, Bradesco S. A. and Banco Santander do Brasil S.A. were analyzed based on the methodology of events study aiming to test market efficiency, identify the returns correlation between the mixed capital and private capital financial institutions and continue the work developed by Santos et al. (2017). As a result, it was observed that the null hypothesis that the market presented itself in the semi-strong form was rejected, since abnormal returns were statistically significant in the whole window of events. Moreover, the returns of the private and the mixed capital institutions did not show any kind of correlation. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-11-28 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.lajbm.com.br/index.php/journal/article/view/602 |
url |
https://www.lajbm.com.br/index.php/journal/article/view/602 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.lajbm.com.br/index.php/journal/article/view/602/285 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2020 Latin American Journal of Business Management info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2020 Latin American Journal of Business Management |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
edUNITAU |
publisher.none.fl_str_mv |
edUNITAU |
dc.source.none.fl_str_mv |
Latin American Journal of Business Management; Vol. 11 No. 1 (2020) Latin American Journal of Business Management; Vol. 11 Núm. 1 (2020) Latin American Journal of Business Management; v. 11 n. 1 (2020) 2178-4833 reponame:Latin American Journal of Business Management instname:Universidade de Taubaté (UNITAU) instacron:UNITAU |
instname_str |
Universidade de Taubaté (UNITAU) |
instacron_str |
UNITAU |
institution |
UNITAU |
reponame_str |
Latin American Journal of Business Management |
collection |
Latin American Journal of Business Management |
repository.name.fl_str_mv |
Latin American Journal of Business Management - Universidade de Taubaté (UNITAU) |
repository.mail.fl_str_mv |
marcela.moraes@unitau.com.br||editor@lajbm.net |
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1809281664279379968 |