PERFORMANCE OF BRAZILIAN COMPANIES AFTER THEIR IPO: SHORT AND LONG TERM EVIDENCE

  • Bruno Cals de Oliveira
  • Eduardo Kazuo Kayo Universidade de São Paulo
Keywords: IPO, Performance, Short Term, Long Term.

Abstract

The purpose of this article is to analyze the short-term and long-term returns of the stocks of Brazilian
companies that made IPO between 2004 and 2011. The results show that the short-term performance of
Brazilian IPOs is positive, but significantly lower than the performance in various countries and Brazil itself
in past decades, while the long-term performance of IPOs is negative, confirming several international
studies. In addition, for companies that have made their IPOs in 2007, at the height of the wave, negative
returns were observed earlier, suggesting a significant higher assessment on the price at the time of
the launch of their shares.

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Author Biography

Eduardo Kazuo Kayo, Universidade de São Paulo

Professor Associado do Departamento de Administração da Faculdade de
Economia, Administração e Contabilidade da Universidade de São Paulo –
São Paulo-SP, Brasil
Livre-Docente, Doutor e Mestre em Administração pela Faculdade de Economia,
Administração e Contabilidade da Universidade de São Paulo

Published
2015-08-21
How to Cite
Oliveira, B., & Kayo, E. (2015). PERFORMANCE OF BRAZILIAN COMPANIES AFTER THEIR IPO: SHORT AND LONG TERM EVIDENCE. REGE Revista De Gestão, 22(2), 173-186. Retrieved from https://www.revistas.usp.br/rege/article/view/102644
Section
Finanças