Avaliação de empresas: uma análise sob a ótica do "viés de avaliação" nos laudos de oferta pública de aquisição ações
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Data
2014-07-03
Autores
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Editor
Universidade Federal de Goiás
Resumo
The process of valuation of companies is widely used and aims reach the fair value of the
company. This research aimed to examine if the relation of appraisal company with the
contractor evaluation cause bias in the fair value of the share based on valuation reports with
the purpose of Public Offer of Acquisition of Shares (POA), compared to the share price. The
analyzed 106 reports published between 2002 and 2013 were divided into groups according to
the evaluation contractor. In each group, for the realization tests of measures in paired
samples were performed with the application of non-parametric Wilcoxon test. The results
showed the existence of bias in the evaluation process especially in situations in which the
contractor evaluation is the company evaluated. With a lower level of confidence, it was also
the finding of bias when the contractor evaluation is not company evaluated or the parent
company of the evaluated. In the group in which the contractor evaluation is the parent
company of evaluated no bias was identified.
Descrição
Palavras-chave
Avaliação de empresas, Viés de avaliação, Valor Justo por ação, Preço da ação, Share price, Valuation of companies, Bias in the valuation, Fair value of the share
Citação
SANTOS, T. B. dos. Avaliação de empresas: uma análise sob a ótica do "viés de avaliação" nos laudos de oferta pública de aquisição ações. 2014. 41 f. Trabalho de Conclusão de Curso (Graduação) - Faculdade de Administração, Ciências Contábeis e Economia, Universidade Federal de Goiás, Goiânia, 2014.