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dc.contributor.advisorDecourt, Roberto Frota
dc.contributor.authorSilva, Marcelo Pinto da
dc.date.accessioned2015-05-19T17:42:55Z
dc.date.accessioned2022-09-22T19:12:00Z
dc.date.available2015-05-19T17:42:55Z
dc.date.available2022-09-22T19:12:00Z
dc.date.issued2015-02-23
dc.identifier.urihttps://hdl.handle.net/20.500.12032/58079
dc.description.abstractThis work focuses on an empirical investigation about the relation between institutional investors and the abnormal returns of shares after earnings announcement, anomaly known in the foreign literature as post-earnings-announcement drift (PEAD). It aims at verifying alterations in the market efficiency hypothesis through the relationship between institutional investors and PEAD. Thus, it was developed four regression models with panel data based on previous studies, in which the dependent variable is the cumulative abnormal return (CAR) and the independent explanatory variables, the standardized unexpected earnings (SUE) and the share participation of investors (SPI). The hypothesis test was applied to verify whether the CAR average was different from zero, as well as it was applied the Hausman’s test to identify the variable or fixed effect of panel data. It was verified that the coefficients of SPI and CAR were negative and significative to 1% and 10%. Thus, it was evidenced for the period and companies investigated that the institutional investors contribute for the market efficiency, as well as for the informative content of accounting data through the relationship with PEAD.en
dc.description.sponsorshipNenhumapt_BR
dc.languagept_BRpt_BR
dc.publisherUniversidade do Vale do Rio dos Sinospt_BR
dc.rightsopenAccesspt_BR
dc.subjectRetornos anormaispt_BR
dc.subjectPost-earnings-announcment driften
dc.titleA relação entre os investidores institucionais e o post-earnings-announcement drift: uma análise da eficiência de mercado no Brasilpt_BR
dc.typeDissertaçãopt_BR


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