Retornos anormais de ações no anúncio de dividendos: um estudo de evento sobre o comportamento nos anos 2011 e 2012

• Ano de defesa: 2013
• Autor(a) principal: Daniel Luiz Amorim Couto
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais; UFMG
• Palavras-chave em Português: Dividendos; Retornos anormais; Eficiência de mercado; Estudo de eventos; Bolsa de valores Brasil; Administração; Investimentos
• Link de acesso: http://hdl.handle.net/1843/BUOS-9HTKLU

Latest developments in the world economy have generated a climate of mistrust on the part of I investors and at the same time a challenge for managers and leaders who need to attract capital for their investments and also to the desired economic recovery. This research takes advantage of this situation to retest the concepts that relate dividend announcements and the behavior of actions on these developments, and the units were surveyed companies in the Bovespa index, Methodology chosen was the Event Study that measures the possible V abnormal returns against an event. The main estimation window was 60 working days and the i event window ol` 20 days with weekly data, and the results showed no abnormal findings, suggesting consistency with the irrelevance of dividend policy in the period 2011 and 2012, confirmed by students T Test. certified companies in corporate governance model of the V BM&FBOVEPSA and not listed as such and that this difference occurred it was not i confirmed by T-test. In another aspect was investigated whether companies would draw up a strategy to take advantage of market anomalies seen to be a period eminently news pessimistic, using iiequency tests for such eliects were tested "cnd of`ycar" and "January" and "Fridayweekend", where the results cannot confirm anything out of the first expected to I show effects but rather a use of effects" Fridayweekend ".