MARKET REACTION TO THE 2018 PRESIDENTIAL ELECTIONS: AN EVENTS STUDY IN PUBICLY TRADED FINANCIAL INSTITUTIONS

Detalhes bibliográficos
Autor(a) principal: Jacob Júnior, Alexandre Bernardes
Data de Publicação: 2020
Outros Autores: Souza, João Carlos Felix
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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spelling 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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