A emissão de um alerta ao investidor pela CVM e seu efeito no mercado de capitais

Abstract

This study has investigated, through a study of events in the Brazilian stok market, whether the alert regarding the disclosure of information to investors developed by CVM during the period of January 2008 to July 2012 has had reflections in the price of stokes of Brazilian companies traded listed on the BM & FBovespa. During this period, 193 events were analyzed, with a sample of 52 companies during the period of this study showed a list and quotations from the stok market. With the sample and extracted and after the collection of data and creation of dummy variables, regressions were performed using the least squares method. The empirical results have indicated that the changes in the stock price on the day and within 30 days after the disclosure of the CVM warning of default are insignificant for a sample. Thus, this study contributes to the hypothesis that delinquency reports published by CVM does not interfere in the decisions ofthe market.