Reação dos investidores a bonificações e desdobramentos: o caso brasileiro

Kelmara Mendes Vieira and Jairo Laser Procianoy

RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), 2003, vol. 7, issue 2, 9-33

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.

Date: 2003
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