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Previous issue date: 2015-08-27 / This dissertation analyzes the equity issuance activity (IPOs and follow-ons) relation with economics fundamentals and investor sentiment between 2004 and 2013 in the Brazilian market. Measures of the economy such as GDP (Gross Domestic Product), Selic rate, Gross Fixed Capital Formation (FBCF), exchange rate variance and Bovespa Index were associated to IPOs and follow-ons that occurred in the analyzed period summarized quarterly in monetary and quantitative terms. A modest relation between measures of the economy and equity issuance activity was observed, roughly 30%. The Optimism Index (IO) developed by NEFIN and the Consumer Sentiment Index (ICC) calculated by Fecomercio was defined as sentiment measures on the model and they were not statistically significant in the empirical analysis, contradicting studies about investor sentiment relation with the financial market. / Esta disserta????o analisa a rela????o da atividade de emiss??o de a????es (IPOs e follow-ons) com as vari??veis macroecon??micas e com o sentimento do mercado entre os anos de 2004 e 2013 no Brasil. Fatores macroecon??micos como PIB (Produto Interno Bruto), Taxa Selic, Forma????o Bruta de Capital Fixo (FBCF), varia????o cambial e o ??ndice Bovespa foram relacionados aos IPOs e follow-ons ocorridos no per??odo e sumarizados trimestralmente em termos monet??rios e quantitativos. Identificou-se uma modesta rela????o dessas vari??veis com a atividade de emiss??o de a????es em torno de 30%. O ??ndice de Otimismo (IO) desenvolvido pelo NEFIN e o ??ndice de Confian??a do Consumidor (ICC) apurado pela Fecomercio representaram o sentimento de mercado e n??o possu??ram signific??ncia estat??stica na an??lise emp??rica, contrariando estudos acerca da representatividade do sentimento do investidor no mercado financeiro.
| Identifer | oai:union.ndltd.org:IBICT/oai:132.0.0.61:jspui/708 |
| Date | 27 August 2015 |
| Creators | TEIXEIRA, Michele Svaiger |
| Contributors | YOSHINAGA, Claudia Emiko, SAITO, Andre Taue, LUCCHESI, Eduardo Pozzi |
| Publisher | FECAP, Mestrado em Administra????o, FECAP, Brasil, Funda????o Escola de Com??rcio ??lvares Penteado |
| 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 | http://creativecommons.org/licenses/by-nc-nd/4.0/, info:eu-repo/semantics/openAccess |
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