Influência dos fundos de Private Equity e Venture Capital no Retorno Após o IPO
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Trabalho de Conclusão de Curso
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2024
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Esse artigo estuda o impacto dos fundos de PE/VC no desempenho das empresas investidas
após essas empresas realizarem a abertura de capital na bolsa de valores em comparação com as
empresas que foram listadas e não tiveram investimentos de fundos de PE/VC. Para estimar o
resultado foram utilizados dados do software Economática juntamente com a base de dados de
IPOs fornecida pelo site da B3. A metodologia de cálculo foi o Cumulative abnormal returns
(CAR) e Cumulative abnormal return ponderado pelo market cap (CARP), a fim de se obter
qual subgrupo teve melhor desempenho em um período de 262 dias úteis ou seja em 1 ano de
negociação na bolsa de valores em relação ao índice Ibovespa. As variáveis utilizadas foram
Dummy de Crise, Dívida Líquida/PL, Market Cap, Dummy PE/VC, Price to Book e Dummy de
setor. O resultado do artigo suporta a tese de que as empresas investidas por fundos de Private
equity e venture capital tem retorno superior para 262 dias úteis de análise, positivo em 180 dias
úteis mas somente a 10% de significância e positivo para 1 dia útil com 1% de significância.
This article investigates the impact of PE/VC funds on the performance of companies invested in the stock market compared to companies that went public without having such funds in their shareholder structure. To estimate the results, data from the Economática software was used in conjunction with the IPO database provided by the B3 website. The calculation methodology employed Cumulative Abnormal Returns (CAR) and Cumulative Abnormal Returns Weighted by the market cap of listed companies (CARP) to determine which subgroup performed better over a period of 262 business days, equivalent to one year of trading on the stock market relative to the Ibovespa index. The variables used included Crisis Dummy, Net Debt/Equity, Market Cap, PE/VC Dummy, Price to Book, and Sector Dummy. The findings of the article support the thesis that companies invested in by private equity and venture capital funds exhibit superior returns over 262 business days of analysis. Specifically, they were positive over 180 business days, albeit only at a 10% significance level, and positive over one business day with a 1% significance level.
This article investigates the impact of PE/VC funds on the performance of companies invested in the stock market compared to companies that went public without having such funds in their shareholder structure. To estimate the results, data from the Economática software was used in conjunction with the IPO database provided by the B3 website. The calculation methodology employed Cumulative Abnormal Returns (CAR) and Cumulative Abnormal Returns Weighted by the market cap of listed companies (CARP) to determine which subgroup performed better over a period of 262 business days, equivalent to one year of trading on the stock market relative to the Ibovespa index. The variables used included Crisis Dummy, Net Debt/Equity, Market Cap, PE/VC Dummy, Price to Book, and Sector Dummy. The findings of the article support the thesis that companies invested in by private equity and venture capital funds exhibit superior returns over 262 business days of analysis. Specifically, they were positive over 180 business days, albeit only at a 10% significance level, and positive over one business day with a 1% significance level.
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Português
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Membros da banca
Área do Conhecimento CNPQ
CIENCIAS SOCIAIS APLICADAS
CIENCIAS SOCIAIS APLICADAS::ECONOMIA
CIENCIAS SOCIAIS APLICADAS::ECONOMIA