The underpricing of Brazilian IPOs and the adjustment to public and private information
The underpricing of Brazilian IPOs and the adjustment to public and private information
| dc.creator | Avelino, Ricardo | |
| dc.date | 2013-04-02 | |
| dc.date.accessioned | 2022-11-03T20:54:49Z | |
| dc.date.available | 2022-11-03T20:54:49Z | |
| dc.identifier | https://bibliotecadigital.fgv.br/ojs/index.php/rbe/article/view/3851 | |
| dc.identifier.uri | https://repositorioslatinoamericanos.uchile.cl/handle/2250/5043990 | |
| dc.description | This paper examines the underwriters’ treatment of information throughout the IPO pricing process based on a sample of Brazilian companies that went public between 2004 and 2011. There is evidence that the offer price partially incorporates the information contained into the Bovespa index during the book-building period, reacting symmetrically to upward and downward movements. The first-day return, as a result, is predictable on the basis of this information. Positive private information disclosed during the book-building period is also partially incorporated into the offer price. Issues priced above the midpoint of the initial price range are associated with higher initial returns. | en-US |
| dc.description | Este artigo examina o tratamento da informação pelo coordenador líder durante o processo de apreçamento do IPO baseado em uma amostra de firmas brasileiras que abriram o capital entre 2004 e 2011. O preço de oferta incorpora parcialmente a informação contida no Ibovespa durante o período de book-building, reagindo simetricamente a movimentos de alta e baixa. O retorno inicial, como resultado, pode ser previsto com base nesta informação. Informação privada positiva revelada durante o período de book-building também é parcialmente incorporada no preço de oferta. Ofertas com preço acima do ponto médio do intervalo inicialmente estabelecido produzem maiores retornos iniciais. | pt-BR |
| dc.format | application/pdf | |
| dc.format | application/pdf | |
| dc.language | por | |
| dc.language | eng | |
| dc.publisher | EGV EPGE | pt-BR |
| dc.relation | https://bibliotecadigital.fgv.br/ojs/index.php/rbe/article/view/3851/4529 | |
| dc.relation | https://bibliotecadigital.fgv.br/ojs/index.php/rbe/article/view/3851/6320 | |
| dc.source | Revista Brasileira de Economia; Vol. 67 No. 1 (2013): Jan-Mar; 3-23 | en-US |
| dc.source | Revista Brasileira de Economia; v. 67 n. 1 (2013): Jan-Mar; 3-23 | pt-BR |
| dc.source | 1806-9134 | |
| dc.source | 0034-7140 | |
| dc.subject | IPO | en-US |
| dc.subject | Underpricing | en-US |
| dc.subject | Partial adjustment | en-US |
| dc.subject | Book-building. | en-US |
| dc.subject | IPO | pt-BR |
| dc.subject | Underpricing | pt-BR |
| dc.subject | Partial adjustment | pt-BR |
| dc.subject | Book-building. | pt-BR |
| dc.title | The underpricing of Brazilian IPOs and the adjustment to public and private information | en-US |
| dc.title | The underpricing of Brazilian IPOs and the adjustment to public and private information | pt-BR |
| dc.type | info:eu-repo/semantics/article | |
| dc.type | info:eu-repo/semantics/publishedVersion | |
| dc.type | Articles | en-US |
| dc.type | Artigos | pt-BR |