Panorama dos Retornos dos IPO's sob o Ponto de Vista do Investidor

The aim of this work is to analyze the processes of IPO companies that occurred in Brazil in the period of 2004-2010 and assess whether they have brought benefits to individual investors. To analyze the performance of the Brazilian stock market IPO methods Market Adjusted Abnormal Returns (MAARSS) and Buy-and-Hold Adjusted Returns (BHARs) are employed, the same used by Toniato (2007) that compare the return of any share with their respective benchmarks. The returns calculated from the date of IPO's were extracted from the Bloomberg platform and measured for the following windows: 1 day, 1 year and 3 years, being similar to those chosen by Ritter and Welch (2002) periods. The results of this work confirm the phenomenon of underpricing in the sample and also show that the long-term returns are affected by the of the market in the IPO's launch. For future studies, it is suggested to isolate the effect caused by the coordinators in the pricing of the offer and therefore, in the performance of shares caused by the market heating. To do so, the returns of IPO's with respect to the benchmark were calculated through of the MAARS and BHARs methods. The phenomenon of underpricing in the sample was observed and the long-term returns are really affected by the market heating in the launch of IPO's.O objetivo deste trabalho é analisar os processos de abertura de capital de empresas que ocorreram no Brasil no período de 2004 a 2010 e avaliar se eles têm trazido benefícios para os investidores individualmente. Para analisar o desempenho do IPO no mercado acionário brasileiro serão empregados os métodos Market Adjusted Abnormal Returns (MAARSS) e Buy-and-Hold Adjusted Returns (BHARS), os mesmos utilizados por Toniato (2007) que comparam o retorno de uma ação qualquer com o seu respectivo benchmarks. As rentabilidades calculadas a partir da data dos IPO's foram extraídas da plataforma Bloomberg. e mensuradas para as seguintes janelas: 1 dia, 1 ano e 3 anos, períodos semelhantes aos escolhidos por Ritter e Welch (2002). Os resultados obtidos nesse trabalho confirmam o fenômeno do underpricing na amostra e apontam ainda que os retornos de longo prazo são afetados pelo aquecimento do mercado no lançamento dos IPO's. Fica como sugestão para trabalhos futuros isolar o efeito provocado pelos coordenadores na precificação da oferta e, por conseguinte, no desempenho das ações, em função do aquecimento de mercado