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Artigo Produção Nacional Revisado por pares
BIBTEX RIS

Effects of market timing on primary share issues in the Brazilian capital market

2019; Elsevier BV; Volume: 49; Linguagem: Inglês

10.1016/j.najef.2019.03.022

ISSN

1879-0860

Autores

Matheus da Costa Gomes, Vinícius Medeiros Magnani, Tatiana Albanez, Maurício Ribeiro do Valle,

Tópico(s)

Financial Markets and Investment Strategies

Resumo

This paper analyzes the occurrence of market timing and its effects on primary share issues (IPOs and SEOs) of 123 Brazilian firms in the 2004–2015 period, by investigating the relation between the cumulative abnormal returns and amount of proceeds raised. We use cumulative abnormal returns, before and after the share issue, as a proxy for equity market timing. The results indicate the existence of market timing in the decision to issue shares in the Brazilian capital market, reflected in the abnormal returns, resulting in obtaining a larger volume of resources by the companies practicing this behavior.

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