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]

Fernanda Perobelli, Luiz Eduardo Teixeira Brandão and Taiany Abreu Soares
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Luiz Eduardo Teixeira Brandão: PUC-RJ
Taiany Abreu Soares: UFJF

Nova Economia, 2014, vol. 24, issue 2, 337-362

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.

Keywords: IPO; real options; dynamic programming (search for similar items in EconPapers)
JEL-codes: C61 D92 G10 (search for similar items in EconPapers)
Date: 2014
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