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Previous issue date: 2015-08-25 / By investigating the IPO pricing process from the moment of the release of preliminary prospectus when the price range is revealed, going through the bookbuilding until the moment of the definition of final price. This research contributes in an unprecedented way for national literature, by finding empirical evidence that IPO price update is predictable according to factors such as: (1) Offer characteristics: the offer size, the volume of secondary issues and also the presence of Retail investors can influence the level of price update; (2) As well as the company characteristics as industry sector, for example; (3) the investment bank's reputation also is directly related to the price update. (4) Contrary to intuition, the prices are not updated in accordance with market movements related to bookbuilding period, and neither the updates are higher during hot market periods / Investigando o processo de forma????o de pre??o do IPO desde o momento do lan??amento do Prospecto Preliminar com a divulga????o do range de pre??os para o bookbuilding, at?? o momento da defini????o do pre??o final de lan??amento. Esta pesquisa contribui de forma in??dita para literatura nacional, por encontrar evid??ncias emp??ricas de que a atualiza????o de pre??o do IPO pode ser previs??vel de acordo com fatores como: (1) caracter??sticas da oferta: tamanho da emiss??o, volume de emiss??o secund??ria e ainda a presen??a de investidores do varejo podem influenciar o n??vel de atualiza????o do pre??o; (2) Bem como as caracter??sticas da empresa como setor, por exemplo; (3) a reputa????o do banco de investimentos tamb??m tem rela????o direta com a atualiza????o deste pre??o. (4) Contrariamente a intui????o, os pre??os n??o s??o atualizados de acordo com movimentos de mercado relativos ao per??odo de bookbuilding, e tampouco, as atualiza????es s??o maiores em momentos de mercado aquecido
| Identifer | oai:union.ndltd.org:IBICT/oai:132.0.0.61:tede/402 |
| Date | 25 August 2015 |
| Creators | Araujo, Claudia Silva |
| Contributors | Yoshinaga, Claudia Emiko, Nakamura, Wilson Toshiro, Lucchesi, Eduardo Pozzi |
| Publisher | FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, Mestrado em Administra????o de Empresas, FECAP, BR, Administra????o estrat??gica |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações do FECAP, instname:Fundação Aramando Álvares Penteado, instacron:FAAP |
| Rights | info:eu-repo/semantics/openAccess |
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