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Efeito da divulgação de informações contábeis sobre o desempenho das ações de empresas que migraram para o nível de governança corporativa novo mercado
(2016-06) Borges, Wemerson Gomes; Silva, Eliane Cristina da; Rech, Ilírio José; Carvalho, Luciano Ferreira
The objective of the study is to investigate the effect of disclosure of quarterly financial reports, companies that traded shares in the traditional market of BOVESPA and migrated to New Market, before and after migration. For this, we developed a descriptive and quantitative study based on event study research strategy. The sample consists of companies returns from 2001 to 2013. The results indicate that the market negatively reacted to migration of companies to the level of New Market Governance. In addition, it was observed that the abnormal returns after the publication of the ITRs and after migration were lower than those before migration. The results of this research have practical implications for investors, regulators and shareholders who are interested in understanding the functioning of the financial market and companies need to adopt strategies for the recovery of their actions and measures for the protection of minority shareholders.