Underpricing e Desempenho Acionário em IPOs de Companhias Brasileiras: uma análise pré-crise financeira internacional

The underpricing is a strategy used by companies in IPOs - initial public offerings to attract new investors and increase the liquidity of the new shares. This paper aims to identify whether Brazilian companies that went public between 2002 and 2007 adopted the strategy of underpricing, providing positive returns in the short, medium and long term to investors. The sample was composed of 82 companies that listed in any of Differentiated Levels of Corporate Governance (DLCG) of BM&FBovespa. The analysis was performed for the entire sample, per segment of corporate governance and per year of IPO using the technique ANOVA. As a proxy for stock performance were used Initial Returns (IR), Abnormal Return (AR), Buy-and-Hold Market-Adjusted Returns (BHAR), Monthly Average Market-Adjusted (MMAR) and Market Value / Book Value (VM / VP). It was found that Brazilian companies that listed during the study period were used in the strategy of underpricing (5.79% depreciation on average), they had a negative stock performance in the long run, but there were no statistically significant differences between the different levels of governance and the years analyzed. The main contribution of this paper to show that IPOs represent traps for uninformed investors who buy the shares at a price below fair value (with underpricing), but instead of selling them in the short term, adopt a mistaken strategy of waiting for the increase in share value over the long term, which does not occur.O objetivo deste artigo é identificar se a abertura de capital - initial public offering (IPO), de empresas brasileiras apresentou underpricing e proporcionou retornos positivos no curto, médio e longo prazos. A amostra foi composta por 82 empresas que abriram o capital em algum dos Níveis Diferenciados de Governança Corporativa (NDGC) da BM&FBovespa entre 2002 e 2007. A análise foi realizada para a amostra toda e, de maneira segregada, por NDGC e por ano de listagem, utilizando-se para isso da técnica ANOVA. Como proxy do desempenho acionário foram utilizadas as variáveis Initial Returns (IR), Abnormal Return (AR), Buy-and-Hold Market-Adjusted Returns (BHAR), Average Monthly Market-Adjusted (MMAR) e Valor de Mercado/Valor Patrimonial (VM/VP). Concluiu-se, por um lado, pela existência de um underpricing médio de 5,79% nos IPOs estudados e desempenho acionário negativo no longo prazo, e, por outro, não foram encontradas evidências de underpricing diferenciado entre os NDGC e os anos analisados