FUNDOS DE INVESTIMENTO E DESEMPENHO PÓS-IPO NO BRASIL/INVESTMENT FUNDS AND POST-IPO PERFORMANCE IN BRAZIL

• Published in: Revista Pensamento Contemporâneo em Administração Vol. 10; no. 3; p. 134
• Main Authors: Bastos, Ricardo Martins de Paiva, Pinto, Antonio Carlos Figueiredo, Klotzle, Marcelo Cabus, Silva, Paulo Vitor Jordão da Gama
• Format: Journal Article
• Language: Portuguese
• Published: Niteroi Universidade Federal Fluminense, Faculdade de Administração, Ciências Contábeis e Turismo 01-07-2016
• Subjects: Initial public offerings; Private equity; Regression analysis; Stocks; Studies; Brazil
• ISSN: 1982-2596
• DOI: 10.12712/rpca.v10i3.648

Private Equity and Venture Capital (PE / VC) Investment funds investing primarily in private companies (of larger size and in early stage respectively). Their partnership with companies, aims to provide fast growth and disinvest with high profitability. The objective of this study is to investigate the relationship between the participation of PE / VC funds before the initial public offering (IPO) and the stock performance of post-IPO companies. Therefore, the companies were divided by economic sector of activity and two analyzes were performed: buy and hold and cumulative abnormal return (CAR). It was found that companies with initial presence of PE/VC funds performed better in the sectors of Consumption, Real Estate, Healthcare and Utilities. The regressions indicated that the participation from the funds influences the CAR at six months post-IPO. No significant evidence were found of these funds in long-term returns.