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Reação dos investidores a bonificações e desdobramentos: o caso brasileiro

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  • Kelmara Mendes Vieira
  • Jairo Laser Procianoy

Abstract

This paper analyses market reaction to splits - stock splits and stock dividends made by companies traded at the São Paulo Stock Exchange. We found positive and significant returns around first day ex. Due to Brazilian characteristics of the capital market and of its economy, signaling, tick size and optimal price range hypothesis seems not to be good explanations, liquidity tests give us mixed signals.

Suggested Citation

  • Kelmara Mendes Vieira & Jairo Laser Procianoy, 2003. "Reação dos investidores a bonificações e desdobramentos: o caso brasileiro," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 7(2), pages 9-33.
    • Handle: RePEc:abg:anprac:v:7:y:2003:i:2:215
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