Desempenho de ações de empresas brasileiras após seu IPO: evidências de curto e de longo prazo

ABSTRACTThe 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