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Qual o melhor momento para a abertura de capital? Analisando o timing dos IPOS das empresas brasileiras de energia a partir da teoria de opções reais [What is the best time for initial public offer? Analyzing the timing of IPOS of brazilian energy companies based on the theory of actual options]

Author

Listed:
  • Fernanda Finotti Cordeiro Perobelli

    (UFJF)

  • Luiz Eduardo Teixeira Brandão

    (PUC-RJ)

  • Taiany Abreu Soares

    (UFJF)

Abstract

For some private companies, it is not a question of why go public, but rather what is the most appropriate time to conduct an IPO. In this context, this study aimed to verify IF IPO decisions taken by eight Brazilian energy companies (CPFL, EDP, Cosan, Brasil Ecodiesel, São Martinho, Açúcar Guarani, MPX and OGX) during the period 2000-2009 were based on an IPO timing model developed by Draho (2000), following the Real Options approach. As a result, we found that all the companies studied have anticipated their IPO timing related to Draho’s model estimates.

Suggested Citation

  • Fernanda Finotti Cordeiro Perobelli & Luiz Eduardo Teixeira Brandão & Taiany Abreu Soares, 2014. "Qual o melhor momento para a abertura de capital? Analisando o timing dos IPOS das empresas brasileiras de energia a partir da teoria de opções reais [What is the best time for initial public offer? A," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 24(2), pages 337-362, May-Augus.
    • Handle: RePEc:nov:artigo:v:24:y:2014:i:2:p:337-362
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    More about this item

    Keywords

    IPO; real options; dynamic programming;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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