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http://hdl.handle.net/11422/12316
Especie: | Relatório |
Título : | Brazilian initial public offerings, underwriters, and premium corporate governance segments listing |
Autor(es)/Inventor(es): | Almeida, Vinicio de Souza e Leal, Ricardo Pereira Câmara |
Resumen: | Indisponível. |
Resumen: | 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. |
Materia: | Banco de investimentos Sindicatos Brasil |
Materia CNPq: | CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS::ADMINISTRACAO FINANCEIRA |
Unidade de producción: | Instituto COPPEAD de Administração |
Editor: | Universidade Federal do Rio de Janeiro |
Es parte de: | Relatórios COPPEAD |
Número: | 423 |
Fecha de publicación: | 2015 |
País de edición : | Brasil |
Idioma de publicación: | eng |
Tipo de acceso : | Acesso Aberto |
ISBN: | 9788575081105 |
ISSN: | 1518-3335 |
Citación : | 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). |
Aparece en las colecciones: | Relatórios |
Ficheros en este ítem:
Fichero | Descripción | Tamaño | Formato | |
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RC_423-Comp.pdf | 217.66 kB | Adobe PDF | Visualizar/Abrir |
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