Diferenciais de preços entre classes de ações no mercado brasileiro no período de 2011-2020

Resumo

Over time, several authors have studied the possible determinants that can explain the differential pricing between share classes in public equity market around the world and have highlighted, mainly, the private benefit of control as one of the main determinants for such differential. In the case of the Brazilian public equity market, there are still other factors that need to be evaluated considering the characteristics of the listed companies on the Brazilian public equity market, such as the presence of preferred non-voting of companies, the presence of premium listing governance segments of B3 and the extension of tag along rights. This paper aims to analyze the potential determinants of the price differential between share classes in the Brazilian public equity market in the period from 2011 to 2020, focusing on the following factors: (i) liquidity; (ii) shareholding concentration; (iii) differentials in the payment of dividends; (iv) degree of protection for minority shareholders; and (iv) corporate governance aspects.

Ficha do documento

Tipo

Dissertação

Ano

2021

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/30983

Temas

EconomiaGovernança

Palavras-chave

Tag alongPrice differential between share classesVoting premiumPrivate control benefitsLiquidityDiferencial de preços entre classes de açõesPrêmio de votoBenefícios privados do controleLiquidezEconomiaAções (Finanças) - PreçosLiquidez (Economia)Sociedades por ações - Brasil - Legislação