Made available in DSpace on 2015-12-03T18:33:09Z (GMT). No. of bitstreams: 1 Luciana_Maia_Campos_Machado.pdf: 1574359 bytes, checksum: cabec8c037b6327cf603054ec242e15d (MD5) Previous issue date: 2014-06-24 / When compared to other Brazilian companies traded at BOVESPA, real estate listed companies, in the period 2005-2013, had a sharp drop in market value. In this period, the years of 2006 and 2007 were marked by particularly strong concentration of IPOs in the Brazilian market, and in the same way that other companies, real estate companies turned to the stock market in an unusual high frequency to finance their operations. Specifically in the real estate industry, a high percentage of companies went public in these two years: 60% of all companies in the sector. Studies on the annomalies due to IPOs usually address the undervaluation of the issuing companies, the concentrated emission at hot market times (Market Timing) and the poor performance of stocks and operations of these companies in the long run. Thus, this work aimed to investigate whether there was a relationship between the poor performance of the real estate industry in the Brazilian market and the significant number of IPOs that companies of this sector performed. For this purpose, non-financial companies from all sectors traded at BOVESPA were studied, comparing the market value divided by total assets of the companies that went public in the period with companies that was already traded. Furthermore, the behavior of the same indicator for real estate developers was contrasted with other sectors. In order to isolate any other incident effects on the test variable, different panel data regressions were estimated, controlling for risk, size, profitability, growth, years and sectors. Empirical evidence suggests that the poor performance observed in the real estate developers would be linked to the unusually high incidence of IPOs in the sector in the period, not to any particularities of these companies, directing the results primarily to issues of Market Timing in the IPO market timing, not to any operational difficulties in the real statebusiness. / When compared to other Brazilian companies traded at BOVESPA, real estate listed companies, in the period 2005-2013, had a sharp drop in market value. In this period, the years of 2006 and 2007 were marked by particularly strong concentration of IPOs in the Brazilian market, and in the same way that other companies, real estate companies turned to the stock market in an unusual high frequency to finance their operations. Specifically in the real estate industry, a high percentage of companies went public in these two years: 60% of all companies in the sector. Studies on the annomalies due to IPOs usually address the undervaluation of the issuing companies, the concentrated emission at hot market times (Market Timing) and the poor performance of stocks and operations of these companies in the long run. Thus, this work aimed to investigate whether there was a relationship between the poor performance of the real estate industry in the Brazilian market and the significant number of IPOs that companies of this sector performed. For this purpose, non-financial companies from all sectors traded at BOVESPA were studied, comparing the market value divided by total assets of the companies that went public in the period with companies that was already traded. Furthermore, the behavior of the same indicator for real estate developers was contrasted with other sectors. In order to isolate any other incident effects on the test variable, different panel data regressions were estimated, controlling for risk, size, profitability, growth, years and sectors. Empirical evidence suggests that the poor performance observed in the real estate developers would be linked to the unusually high incidence of IPOs in the sector in the period, not to any particularities of these companies, directing the results primarily to issues of Market Timing in the IPO market timing, not to any operational difficulties in the real statebusiness. / Quando comparadas ??s demais empresas brasileiras de capital aberto negociadas na BOVESPA, as incorporadoras imobili??rias apresentaram, no per??odo de 2005 a 2013, acentuada queda no valor de mercado. Neste intervalo, os anos de 2006 e 2007 foram notadamente marcados por forte concentra????o de IPOs no mercado brasileiro, e da mesma forma que outras empresas, as incorporadoras imobili??rias recorreram com frequ??ncia pouco usual ao mercado acion??rio para financiamento de suas opera????es. Especificamente no setor de incorpora????o imobili??ria, um percentual elevado de empresas abriu capital nestes dois anos: 60% do total de empresas do setor listadas na BOVESPA. Estudos sobre anomalias decorrentes da abertura de capital costumam abordar a subavalia????o das empresas emissoras, a concentra????o das emiss??es em momentos de alta (Market Timing) e o fraco desempenho das a????es e opera????es destas empresas no longo prazo. Assim, esta disserta????o teve como objetivo principal investigar se houve rela????o entre o fraco desempenho do setor de incorpora????o imobili??ria no mercado acion??rio brasileiro com a expressiva quantidade de IPOs que as empresas que comp??em o setor realizaram. Com este objetivo, foram estudadas empresas n??o financeiras de todos os setores negociadas na BOVESPA, comparando-se o valor de mercado sobre ativo total das empresas que abriram capital no per??odo com o de empresas que j?? possu??am capital aberto. Ademais, verificou-se o comportamento do mesmo indicador para incorporadoras imobili??rias, contrastando-as com empresas de outros setores. Com a finalidade de isolar outros efeitos incidentes sobre a vari??vel de teste, diferentes regress??es com dados em painel foram estimadas, controlando-se risco, tamanho, rentabilidade, crescimento, anos e setores. Os resultados encontrados sugerem que, em m??dia, as empresas que recorreram ao mercado acion??rio, realizando IPOs entre 2005 e 2013, iniciaram o per??odo sobrevalorizadas, ou seja, com valor de mercado sobre ativo total superior ??s demais, sendo que esse valor teve forte decr??scimo nos anos seguintes. As evid??ncias emp??ricas sugerem que o fraco desempenho observado nas incorporadoras imobili??rias estaria ligado ?? anormalmente elevada incid??ncia de IPOs no setor no per??odo, e n??o a particularidades destas empresas, direcionando os resultados principalmente para quest??es de Market Timing nos IPOs, e n??o a eventuais dificuldades operacionais no ramo de atividade de incorpora????o imobili??ria.