Please use this identifier to cite or link to this item:
http://hdl.handle.net/11422/12316
Type: | Relatório |
Title: | Brazilian initial public offerings, underwriters, and premium corporate governance segments listing |
Author(s)/Inventor(s): | Almeida, Vinicio de Souza e Leal, Ricardo Pereira Câmara |
Abstract: | Indisponível. |
Abstract: | We examined 89 offers in the most recent Brazilian IPO wave between 2004 and 2007, all listed in premium segments of the exchange that demand better corporate governance practices. Two non-US underwriters dominated the market, often acting as co-leaders and rarely as second-tier underwriters. Twenty-eight percent of issuers received pre-IPO loans from underwriters, which may constitute a conflict of interest. Syndicate membership increased with offer size, suggesting that distribution risk was relevant. Underwriter compensation increased with offer size, but percentage fees suggested scale effects. There was no evidence in favor of the relevance of underwriter reputation, certification, and price discovery roles. The study brings a portrait of underwriter relationships in this unique period of the Brazilian capital market. |
Keywords: | Banco de investimentos Sindicatos Brasil |
Subject CNPq: | CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS::ADMINISTRACAO FINANCEIRA |
Production unit: | Instituto COPPEAD de Administração |
Publisher: | Universidade Federal do Rio de Janeiro |
In: | Relatórios COPPEAD |
Issue: | 423 |
Issue Date: | 2015 |
Publisher country: | Brasil |
Language: | eng |
Right access: | Acesso Aberto |
ISBN: | 9788575081105 |
ISSN: | 1518-3335 |
Citation: | ALMEIDA, Vinicio de Souza e; LEAL, Ricardo Pereira Câmara. Brazilian initial public offerings, underwriters, and premium corporate governance segments listing. Rio de Janeiro: UFRJ, 2015. (Relatórios COPPEAD, 423). |
Appears in Collections: | Relatórios |
Files in This Item:
File | Description | Size | Format | |
---|---|---|---|---|
RC_423-Comp.pdf | 217.66 kB | Adobe PDF | View/Open |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.