%0 Journal Article
%T EFEITOS NO RETORNO E NA LIQUIDEZ M¨¦DIA DAS A  ES DE EMPRESAS QUE EMITIRAM ADRs NA NYSE E DAS QUE ADERIRAM AO NOVO MERCADO EFFECTS ON RETURN AND ON AVERAGE LIQUIDITY OF THE SHARES OF THE COMPANIES THAT ISSUED ADRS IN NYSE AND THE ONES THAT ADHERED TO THE NEW MARKET
%A L¨®ren Cristina Neves
%A Sirlei Lemes
%J Revista Universo Cont¨¢bil
%D 2009
%I Universidade Regional de Blumenau
%X Os efeitos no retorno e na liquidez m¨¦dia das a  es, diante das duas situa  es: quando empresas aderem e atendem aos requisitos do Novo Mercado e quando empresas emitem ADRs e, por conseguinte, atendem aos requisitos da Sarbanes-Oxley, s o avaliados neste trabalho por meio do m¨¦todo de Estudo de Eventos. Os eventos considerados foram as datas de ades o ao Novo Mercado e as datas de dep¨®sito do formul¨¢rio 20-F na SEC, ap¨®s o prazo limite de adequa  o das empresas estrangeira ¨¤ Lei. O teste-t de Student, em um n¨ªvel de significancia de 5%, foi utilizado para os ¨ªndices de desempenho dos retornos anormais e da liquidez m¨¦dia, no per¨ªodo de (-15) a (+15) dias ao redor das datas dos eventos. Os resultados evidenciam que n o existem diferen as estat¨ªsticas que permitam afirmar que h¨¢ valoriza  o do retorno das empresas que emitem ADRs na NYSE, em rela  o ¨¤s empresas que est o listadas no Novo Mercado. Tamb¨¦m n o foram identificadas diferen as estat¨ªsticas no comportamento da liquidez m¨¦dia das a  es dessas empresas. No entanto s o apontadas diferen as estat¨ªsticas no comportamento da liquidez das a  es preferenciais em rela  o ¨¤s a  es ordin¨¢rias das empresas que emitem ADRs na NYSE. The effects on return and on average liquidity of the shares, in the two situations (when some companies adhere and meet the requirements of New Market and when some companies issue ADRs, and so meet the Sarbanes-Oxley requirements) are assessed in this research by using the Event Study methodology. The events considerate were the adherence dates to the New Market and the deposit dates of the form 20-F in SEC, after the adjustments due date to meet the law. The test-t of Student, at a significance level of 5%, was applied to the performance indexes of the abnormal return and average liquidity, in the period of (-15) to (+15) days around the events dates. The results show that there is no statistic difference that allows affirming that there is a return increase in companies that issue ADRs in the NYSE. Also, statistic differences were not identified in the behavior of the average liquidity of the shares in these companies. However, there are statistic differences in the behavior of the average liquidity of the preferential shares against the ordinary shares in the companies that issue ADRs in the NYSE.
%K Novo Mercado. Lei Sarbanes-Oxley. ADRs. Estudo de eventos.
%U http://proxy.furb.br/ojs/index.php/universocontabil/article/view/1525