Pagrindinių universitetinių studijų baigiamasis darbas 93 puslapių, 17 paveikslų, 4 lentelės, 65 literatūros šaltiniai, 4 priedai, lietuvių kalba. Tyrimo objektas - Tauragės, Šilalės, Pagėgių rajonų senelių globos namai. Tyrimo dalykas - socialinių paslaugų teikimo organizavimas. Darbo tikslas – parengti rekomendacijas Tauragės apskrities strateginio plano papildymui, išplečiant socialinių paslaugų teikimo organizavimą Tauragės apskrities senelių globos namuose. Uždaviniai: 1. Išanalizuoti socialinių paslaugų teikimo organizavimą teoriniu aspektu. 2. Ištirti specialiųjų socialinių paslaugų teikimo organizavimo pagyvenusiems asmenims ypatumus. 3. Nustatyti specialiųjų socialinių paslaugų teikimo organizavimo pagyvenusiems asmenims prieinamumą ir pasiekiamumą Tauragės apskrityje. 4. Pasiūlyti specialiųjų socialinių paslaugų teikimo organizavimo pagyvenusiems asmenims gerinimo kryptis ir geresnio organizavimo galimybes Taurgaės apskrrityje. Tyrimo metodai: Mokslinės literatūros, norminių dokumentų, statistinių duomenų, pirminių ir antrinių duomenų analizė, palyginimo, anketinio ir interviu – diskusijos, grafinio vaizdavimo metodai. / Final work of University Undegradeduate Studies, 93 Pages, 17 Figures, 4 Tables, 65 References, 4 Appendix, the Lithuanian language. Research object – Tauragė, Šilalė, Pagėgiai regions rest - homes. Research subject - organizationg of social services. Research aim. – to prepare recomendations for Tauragė region strategy supplement, expanding organization of social services in Tauragė rest - homes. Objectives: 1. To analyse organization of special social services rendering in theoretical method. 2. To investigate organization of social services specific features for elderly persons. 3. To find out organization of special social services accessibility and possibilities for elderly persons in Tauragė region. 4. To propose offering planing of social favour for elderly persons improving directions and better organizing possibilities in Tauragė region. Research methods: sciential literature, the analysis of articles, induction and standart documents, statistical, primary and second facts analysis, comparision, questionnaire questioning and interview researches, graphic depiction.

Baltijos šalių kapitalo rinkos pripažįstamos kaip augančios ir perspektyvios, tačiau įmonės vis dar nesiryžta dėl įvairių priežasčių įtraukti savo akcijas į vertybinių popierių rinkos prekybos sąrašus. Nors užsienio autorių darbuose yra plačiai nagrinėjamos pirminio viešų akcijų platinimo prielaidos ir pasekmės bendrovėms, mokslinių tyrimų, sistemingai atliekamų Baltijos šalyse, nėra. Šio diplominio darbo tikslas yra ištirti pirminio viešo akcijų platinimo pasekmes bendrovių veiklos rezultatyvumui. Analizuojamos įmonės, OMX biržoje vykdžiusios pirminius viešus akcijų siūlymus 2004 – 2006 m.. Remiantis atliktu tyrimu, teigiama, kad po pirminio viešo akcijų platinimo įmonėse padidėja pardavimai ir pelningumas, išauga investicijos, sumažėja finansinis svertas. Taip pat patvirtinama, kad pirminio viešo akcijų siūlymo pasekmės yra skirtingos didelės, vidutinės ir mažos kapitalizacijos įmonėms. Pirminio viešo akcijų platinimo pasekmės įmonių veiklos rezultatyvumui didelės ir vidutinės kapitalizacijos įmonėms yra teigiamos, tuo tarpu mažos kapitalizacijos įmonės, bent jau nagrinėjamame trumpame laikotarpyje patvirtina užsienio autorių tyrimų rezultatus apie veiklos rezultatyvumo pablogėjimą, vertinant pelningumo rodiklius. / This diploma paper investigates the change in operating performance of firms as they make the transition from private to public ownership. The sample is based on 30 OMX firms that go public during 2004 -2006, examining their financial performance one year prior to the IPO, at the time of the IPO and following year. The firms’ pre-IPO and post-IPO financial performance is compared. Although few recent studies find a decline in operating performance among IPO firms in foreign countries, this paper documents a significant increase in selected measures of financial performance. The results of this paper suggest that IPO firms display high growth in sales, profits, assets and measures of profitability. Moreover, the IPO firms reduce their financial leverage after going public. The results also provide strong support that transition from private to public ownership has different impact on large, medium and small capitalization firms.

There are plenty of things said about the financial industry, an always ongoing debate, to say the least. We have identified a complex situation with three dimensions: Initial public offerings, Venture capital, and Lockup agreements. IPOs are generally difficult to put a price on because the market is not united yet, which creates uncertainties. Venture capital firms invest into startups, often with the incentive of bringing them to an IPO and then make a fast cash out exit. Lockup agreements are contracts that prevent insiders from dumping their shares during a set period in the beginning of the IPO. Additionally, based on the market efficiency theory, a market should always be efficient. But does it play out when these characteristics are affecting each other? The purpose of this research was to investigate whether there are abnormal returns in the financial performance for publicly listed companies on the London Stock Exchange at the end of their lockup period. We sorted on venture capital backed companies and sought to explore differences between VC backed, Non-VC backed firms, and the entire market. The research question for this study is: ‘Does The theoretical aspects of this research’s ontological and epistemological views were set in positivism and objectivism with a deductive approach. The financial performance was key in this research, and it was essential to get ample and appropriate data, therefore a quantitative research method was used with an archival research strategy and explanatory research design. We explored a big research gap in this area after the financial crisis 2008, which made us look at IPOs from 2009 to 2012 with an event window as our time horizon. To answer the research question and fulfill our purpose, four hypotheses were developed with focus on VC backed firms, Non-VC backed firms, the entire market, and one shorter event window. Our results prove that the market efficiency theory does not hold. To answer the research question, we found negative abnormal returns after the lockup expiration date for both Non- VC backed firms and the entire market. However, we were unable to provide a statistically significant result for VC backed firms. There was an extra clear trend during the middle 20 days, and we suggest and encourage to further research with a longer time horizon than [- 20, +20] days.

Syftet är att identifiera olika typer av värdeskapande och konkurrensfördelar som kan uppstå i den fysiska resebyrån genom att undersöka och analysera; användandet av informationsteknologin, det fysiska servicelandskapet och erbjudandet för kunden. Relaterat till syftet har vi formulerat en forskningsfråga som blev enligt följande: Hur möjliggör traditionella resebyråer skapandet av olika typer av värde för sina kunder genom sitt fysiska servicelandskap? Vår uppsats är en kvalitativ forskningsmetod, då vi eftersträvat en djup undersökning för vår valda forskningsfråga. Vi har i uppsatsens gång använt oss av både primär- och sekundärkällor. Våra primära källor har bestått av sex intervjupersoner där vi använt oss av semistrukturerade intervjuer. Under uppsatsens analys har vi kunnat urskilja att informationsteknologin, servicelandskapet och erbjudandet har en stor påverkan för den traditionella resebyråns möjligheter att skapa värde och konkurrensfördelar för sina kunder. Under denna process har vi förstått att den personliga servicen och tryggheten spelar en stor roll för kunden. Det har framkommit att de traditionella resebyråerna jobbar väldigt starkt för att behålla interaktionen med sina kunder genom att bland annat skräddarsy olika typer av reseerbjudanden och vara aktiva på internet. / The purpose of this study is to identify various types of value creation and competitive advantages that may occur in the physical travel agency by examining and analyzing; the use of information technology, the physical servicescape and the customer offering. In relation to the purpose we have chosen the following research question: How do traditional travel agencies enable the creation of various types of value for its customers through its physical servicescape? Our study is based on a qualitative research methodology, because we wanted a deep examination of our chosen research question. We have throughout our study used both primary sources and secondary sources. Our primary sources consisted of six interview respondents that have been collected through semi-structured interviews. During the analysis of the study we can distinguish that informationtechnolgy, the servicescape and the offering have a great impact on the traditional travel agencies opportunities to create value and competitive advantages to its customers. During this process we understood that the personal service and security plays a major role for the customer. It has emerged that the traditional travel agencies work very hard to retain the interaction with its customers by for example customize different types of travel offerings and being active online.

With the objective of improving their market image and, consequently, the demand for its shares, companies use Corporate Governance practices as a way to increase the consistency of the financial statements and as a guarantee of respect to the minorities shareholders rights. In the last three years, the increase in the number of corporations that performed an IPO in Brazil, has boosted the search to implement Corporate Governance practices in not open capital companies who intend to open their capital. The standard Corporate Governance structure to perform an IPO operation in the new segments of the São Paulo Stock Exchange (BOVESPA) assumes the adoption of practices that, among other characteristics, increase the company disclosure and the strictness in dealing with account and tax issues that can affect their results. Those effects are taken in consideration during the process of the IPO go - no go -decision. In this sense, the objective of the research was to analyze, comparatively to the North-American case, if the structure of the Brazilian tax system has characteristics that motivates or not the IPO decision in the new corporate governance situation. Beyond those features that can have direct effects to the management of results by the companies, the research studied tax and legal aspects that could have indirect influence in the IPO decision, as it stimulates the investment in the stock market and the growing of the capital market. The main motivation for this research was to make clear the challenges that the adoption of the standard corporate governance structure can bring to the companies, in terms of the treatment of its fiscal and tax issues, and its impacts in the IPO decision. / A adoção de práticas de Governança Corporativa (GC), que visem aumentar a transparência das demonstrações financeiras e o respeito aos direitos dos acionistas minoritários, tem sido utilizada com o objetivo de melhorar a percepção das empresas pelo mercado e, consequentemente, a demanda por suas ações. O aumento expressivo do número de companhias que realizaram abertura de capital no Brasil, nos últimos três anos, tem acelerado a busca por implementação de tais práticas de governança em empresas de capital fechado, que tenham como objetivo realizar o IPO (Initial Public Offering). A estrutura de GC definida para a realização de IPO nos novos segmentos de listagem da Bolsa de Valores de São Paulo (BOVESPA) pressupõe a adoção de práticas que, dentre outras características, aumentam a exposição e o rigor no tratamento das questões contábeis e tributárias pelas empresas, podendo ter efeitos em seus resultados. Tais efeitos são levados em consideração durante o processo de tomada de decisão de abertura de capital. Nesse sentido, o objetivo do trabalho foi o de analisar, comparativamente ao caso norte-americano, se a estrutura do sistema tributário brasileiro traz características que incentivam ou não a decisão de abertura de capital na nova realidade de GC. Além desses fatores, que podem ter efeitos diretos para as empresas na gestão de seus resultados, o estudo avaliou aspectos tributários e legais que tenham influência indireta na decisão de abertura de capital, à medida que proporciona estímulos à aplicação em ações e crescimento do mercado de capitais. A principal motivação para a elaboração do estudo foi explicitar os desafios que a adoção da estrutura padrão de GC pode trazer para as empresas, no tocante ao tratamento de suas questões fiscais e tributárias, e seus impactos na decisão de abertura de capital. / Mestre em Economia

This paper uses an osteological approach and applies the study of entanglement in an attempt to understand the crematoria on Rapa Nui (Easter Island), which represent a unique tradition within the ceremonial spheres of the Polynesian area. Skeletal remains from the crematorium of ahu Hanga Hahave, which consist of both cremated - and unburned remains, have been analysed to reveal the different practices that took part in the cremation process and to identify the individuals that were deposited in such structure. Ethnohistorical records were applied to interpret the osteological evidence and to discuss the circumstances surrounding the possible use of the crematorium, as either a site for sacrificial offerings or a site for burials.  This paper aims at creating an underlying basis for the study of crematoria on Rapa Nui and provides an overview of the processes central to the disposal of the dead and the usage and significance of this structure. The results of this study showed that the ancient Rapanui through the practice of cremation, followed an internalised structure within their society to complete each cultural act that constituted the crematorium, and these were divided in the construction of the crematorium, the making of fire, and the treatment of the dead. The complexity of each cultural act presents the possibility that an organised society, with at least one designated head, may have been in charge of the practice of cremation physically and spiritually. The skeletal remains could not be applied to determine whether the crematorium of Hanga Hahave was used for sacrificial offering or for burial since the analysed remains only represented one-fifth of the entire bone collection from the crematorium. However, the findings of this study have pointed towards a burial practice rather than a sacrificial one. / Denna uppsats använder ett osteologiskt tillvägagångssätt och Hodders’’entanglement’ studie i tolkningen av krematorierna på Rapa Nui (Påskön), som representerar en unik tradition inom Polynesien. Skelettmaterialet från krematoriet i ahu Hanga Hahave har analyserats för att upptäcka de olika metoder som deltog i kremeringsprocessen och identifiera vilka individer som deponerades här. Etnohistoriska källor användes också i tolkningen av det osteologiska materialet och för att behandla frågorna kring krematoriernas användning: antigen som en plats för offring eller en plats för begravning. Syftet är att skapa en underliggande grund för studiet av krematorierna på Rapa Nui för att ge en överblick på de centrala processerna. Resultatet visade att den forntida Rapanui följde en internaliserad struktur inom sitt samhälle för att slutföra varje kulturell handling som utgjorde kremerings praktik och var uppdelade i konstruktionen av krematoriet, bruken av eld och hantering av de döda. Komplexiteten hos varje handling möjliggör att ett organiserat samhälle, där minst en ledare har varit ansvarig i fysisk eller andlig form. Skelettmaterialet från krematoriet i ahu Hanga Hahave kunde inte användas för att bestämma krematoriets användning eftersom det analyserade materialet endast representerade en femtedel av den totala bensamlingen, dock pekar studiet på en begravningsritual snarare än en offer.

Servitization is a popular term referring to the innovation of an organization’s capabilities and processes to better create mutual value through a shift from selling products to selling Product-Service Systems. It is generally regarded as an innovative business model with great potential for smoother revenue streams, higher profit margins and longer, more closely-knit customer relationships. It is seldom easy to reengineer the business model of an entire organization and the servitization concept does not come without risks and uncertainties. One of the biggest changes when servitizing is the ownership of products; it is no longer necessarily the customer who owns the product, but the producer. This entails new uncertainties surrounding the use and care of the product, leaving the provider with a risk because of a lack of information about how the product is being used. The technology Internet of Things (IoT) can potentially solve this problem by enabling a constant remote data flow from the products in use back to the provider. IFS, the company at which the research of this study took place, develops and supplies enterprise systems (ES) such as enterprise resource planning systems (ERP) and can be described as forward-thinking and innovative. The ERP is a central point for any manufacturing firm, governing data and enabling an organization to automate and integrate a comprehensive part of their business processes, and to produce and access information in real time. In order to build functionality which can be referred to as the “best practice”, and to make a profit doing it, ES providers, such as IFS, need to stay in touch with the market and develop attractive applications in line with the general demand. One way to do this is to collaboratively develop functionality together with customers. In recent years, IFS has developed the product IFS IoT Business Connector in such a collaborative way with a number of pioneer customers. The product enables the collection and analysis of IoT data as well as seamless integration into IFS’ other products. This has opened up possibilities to utilize IoT functionality to support a more efficient provision of services, but the continued successful development of the Business Connector in this direction entails several more collaborative ventures into many different industries. To assist in this, we have concretized how IoT can be used to support a servitization process, as well as how the market has realized and adopted this. This has rendered a conceptual model for judging the suitability of a company, based on the readiness to utilize IoT and servitization respectively. We have then presented which types of customers an ES provider should aim to collaborate with for joint development of functionality in the enterprise system, to enable IoT solutions which can support servitization. This is followed by a presentation of a short market review, and the visualization of the market in the model. From this we draw conclusions about the fit and usefulness of the model, and the market maturity in general. Finally, we present a number of suggestions on how ES providers can work to develop such support in a more efficient manner.

Made available in DSpace on 2010-04-20T20:51:35Z (GMT). No. of bitstreams: 3 61060100564.pdf.jpg: 17349 bytes, checksum: d837c6cb5938fcb949cc0d74ead03bf1 (MD5) 61060100564.pdf: 565702 bytes, checksum: 439100ec3690ea1b5453811be8f3b6cf (MD5) 61060100564.pdf.txt: 183906 bytes, checksum: cd1615a368540fef58fa7ea6d396e274 (MD5) Previous issue date: 2008-02-27T00:00:00Z / Normalmente os underwriters recompram ações no mercado secundário dos IPOs coordenados pelos mesmos. O objetivo da recompra é o de postergar ou evitar a queda do valor dos IPOs. As ações recompradas são aquelas provenientes da opção dada pelo emissor ao underwriter para a venda em excesso de até 15% das ações inicialmente ofertadas, opção esta chamada de greenshoe. Esta dissertação analisa os principais determinantes e conseqüências do processo de estabilização de IPOs no Brasil. Os resultados indicam que IPOs estabilizados são aqueles com maior risco inicial de preços, com menor demanda de investidores institucionais nacionais e estrangeiros e que são conduzidos por underwriters de melhor reputação, além disso, o underwriter apreça ex-ante a possibilidade de exercício do greenshoe através da redução da comissão cobrada pela colocação das ações. O greenshoe é normalmente efetivado quando está “no dinheiro”. Quanto aos efeitos no retorno dos IPOs, os resultados indicaram que no Brasil a estabilização, a demanda de investidores institucionais nacionais e estrangeiros e o greenshoe possuem efeito significante nos retornos, efeitos estes que apesar de curto prazo, vão além do período de estabilização, ou seja, após o término das recompras realizadas pelos underwriters. Ademais, após o término da estabilização, o valor das ações dos IPOs em média não caem significativamente, indicando um efeito positivo desta prática no Brasil. Constatou-se também que o nível de preço em que a estabilização é efetuada pelo underwriter, ou seja, se abaixo ou acima do preço líquido de comissão, possui grande poder explicativo sobre o retorno pós-estabilização. Finalmente, o último teste indica que a estabilização de preços é responsável por um terço do underpricing verificado no mercado brasileiro. / Usually underwriters repurchase stocks of their IPOs in the aftermarket, avoiding or postponing the falling of their prices. The issuer gives an option to oversell the IPO up to 15% from the initial offering to the underwriter, then the underwriter can repurchase the stocks when the prices fall below the offer price, giving them back do the issuer. This option is named greenshoe. The aim of this study is to investigate the main causes and results of the stabilization process of Brazilian IPOs. The results show that stabilized IPOs are riskier, have less local and foreign institutional demand and are issued by more reputable underwriters, moreover, the underwriter determine ex-ante the likelihood of exercise of greenshoe, lowering the spread. The greenshoe is usually exercised when is “in the money”. Relating to the effects over the IPOs returns, the study documented that the stabilization, the demand of national and foreign institutional investors and the greenshoe affect significantly the returns, and these effects are maintained even after the end of stabilization, that is, after the end of repurchases of stocks by underwriters. In addition, after the conclusion of stabilization, on average, the IPO value do not fall significantly, indicating the positive effect of stabilization on the Brazilian market as a whole. The level of price of stock repurchases revealed a positive relation with the returns after the stabilization. Finally, the last test indicates that the stabilization account for a third part of observed underpricing.

Submitted by Cristiane Oliveira (cristiane.oliveira@fgv.br) on 2011-06-10T21:14:05Z No. of bitstreams: 1 61080200033.pdf: 1142896 bytes, checksum: d68a7268291f8dffb69301ecf4ccbc46 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-10T21:15:07Z (GMT) No. of bitstreams: 1 61080200033.pdf: 1142896 bytes, checksum: d68a7268291f8dffb69301ecf4ccbc46 (MD5) / Approved for entry into archive by Vera Lúcia Mourão(vera.mourao@fgv.br) on 2011-06-10T21:16:20Z (GMT) No. of bitstreams: 1 61080200033.pdf: 1142896 bytes, checksum: d68a7268291f8dffb69301ecf4ccbc46 (MD5) / Made available in DSpace on 2011-06-10T21:36:08Z (GMT). No. of bitstreams: 1 61080200033.pdf: 1142896 bytes, checksum: d68a7268291f8dffb69301ecf4ccbc46 (MD5) Previous issue date: 2011-02-02 / This paper paper analyzes the applicability of civil liability regimes to compensate investors for damages arising from violations of the lead underwriter of initial public offering. The accountability of this agent is based on the duty to act with high standards of care to: (i) ensure the quality of information, (ii) disclose information in a manner that allows the investor make an informed decision, and (iii) act in accordance with the principle of good faith. For this, we studied the regimes of liability subjective, based on the wrongful conduct of the lead underwriter, and strict liability based on the Consumer Protection Code and the risk of financial intermediation activity in public offerings. It is intended to eventually identify the most appropriate regime for compensate the investors damages. / O presente trabalho analisa a aplicabilidade dos regimes de responsabilidade civil para indenizar os investidores por danos decorrentes de infrações do coordenador líder de oferta pública de ações. A responsabilização desse agente tem por base o dever de agir com elevado padrão de diligência para: (i) assegurar a qualidade das informações; (ii) divulgar informações de forma que permita o investidor tomar uma decisão fundamentada; e (iii) atuar em conformidade com o princípio da boa-fé. Para tanto, serão estudados os regimes de responsabilidade civil subjetiva, fundado na conduta culposa do coordenador líder, e de responsabilidade objetiva, com base no Código de Defesa do Consumidor e no risco da atividade de intermediação financeira em ofertas públicas de ações. Pretende-se, por fim, identificar o regime mais apropriado para a reparação de danos dos investidores.

Submitted by Ricardo Fuscaldi de Figueiredo Baptista (rfuscaldi@uol.com.br) on 2011-07-16T21:36:15Z No. of bitstreams: 1 Thesis_RFuscaldi_14.07.2011_IMPRESSÃO.pdf: 2129610 bytes, checksum: 9b4f08f17097d988cfd7a3c2b340dd62 (MD5) / Rejected by Gisele Isaura Hannickel (gisele.hannickel@fgv.br), reason: Bom Dia Ricardo Fuscaldi, O arquivo PDF deve ser inserido já com a ficha catalográfica. O arquivo anexado não consta a mesma. Em caso de dúvidas estamos à disposição. Att, Gisele on 2011-07-18T11:10:02Z (GMT) / Submitted by Ricardo Fuscaldi de Figueiredo Baptista (rfuscaldi@uol.com.br) on 2011-07-18T12:42:05Z No. of bitstreams: 1 Thesis_RFuscaldi_com ficha.pdf: 2271072 bytes, checksum: b4df31e522a6a117529b915607ebdb38 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-07-18T12:45:36Z (GMT) No. of bitstreams: 1 Thesis_RFuscaldi_com ficha.pdf: 2271072 bytes, checksum: b4df31e522a6a117529b915607ebdb38 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-07-18T12:46:57Z (GMT) No. of bitstreams: 1 Thesis_RFuscaldi_com ficha.pdf: 2271072 bytes, checksum: b4df31e522a6a117529b915607ebdb38 (MD5) / Made available in DSpace on 2011-07-18T12:52:30Z (GMT). No. of bitstreams: 1 Thesis_RFuscaldi_com ficha.pdf: 2271072 bytes, checksum: b4df31e522a6a117529b915607ebdb38 (MD5) Previous issue date: 2011-06-16 / The purpose of this study is to empirically analyze the main factors that determine the first-day return and the Flipping activity in Brazilian IPOs, taking into account expected results according to national and international researches. The data base encompasses IPOs that took place between May 2004 and February 2011, summing up to 129 IPOs and approximately R$ 128 billion offering. The first-day return, which means the ‘money left on the table’, was on average 4.6% taking into consideration the issue price, while the Flipping activity totalized R$ 7.2 billion, meaning 5.6% of the offering. The first-day return was analyzed before and after the first trade, and evidences were found supporting (a) the exogenous determination of the issue price, (b) the opening price dependence of prospectus disclosure and of other variables, observable previously to the bookbuilding process, and (c) the cascade behavior of investors in the pricing after the first trade, particularly driven by the underwriter behavior. In regards to the Flipping, it was notorious depending on how much the IPO succeeded, being concentrated in and homogeneous along the first-day, despite the intense negotiation in the first minute. As a general contribution to literature, it was concluded that Information Asymmetry Theory arguments are not sufficient to explain the first-day Underpricing and the Flipping, being necessary arguments based on Behavioral Finance adapted to an intraday perspective. / Este trabalho analisa empiricamente os fatores determinantes do retorno e do ‘Flipping’ no primeiro dia de negociação em IPOs no Brasil, levando em consideração os resultados esperados pela literatura nacional e internacional. A base de dados inclui IPOs realizados entre maio de 2004 e fevereiro de 2011, totalizando 129 IPOs com ofertas primária e/ou secundária e envolvendo em torno de R$ 128 bilhões. O retorno do primeiro dia, que caracteriza o ‘dinheiro deixado na mesa’, foi em média de 4,6% com relação ao preço de emissão, enquanto o ‘Flipping’ totalizou R$ 7,2 bilhões, ou seja, 5,6% da oferta. Para o retorno, analisado antes e depois da abertura, evidenciou-se (a) a determinação exógena do preço de emissão, além da (b) influência no preço de abertura do ‘disclosure’ do prospecto e de outras variáveis observáveis antes do processo de ‘bookbuilding’, como também (c) o comportamento em ‘cascata’ dos investidores na formação de preços após a abertura, particularmente catalisada pela atuação do ‘underwriter’. Já o ‘Flipping’ foi mais proeminente conforme o sucesso do IPO, sendo concentrado no primeiro dia, mas homogêneo ao longo deste, apesar da intensa negociação no primeiro minuto. Como contribuição geral para a literatura, foi constatada a insuficiência dos argumentos baseados na Teoria da Assimetria da Informação na explicação do ‘Underpricing’ e do ‘Flipping’ no primeiro dia, sendo identificada a complementaridade de argumentos baseados em Finanças Comportamentais adaptados para o mercado intradiário