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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
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

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