Título: | PRIVATE EQUITY AND VENTURE CAPITAL: PERPETUITY OF ABNORMAL PERFORMANCE IN THE LONG TERM IN A RECESSION PERIOD IN BRAZIL | ||||||||||||
Autor: |
FELIPE MOREIRA DA SILVA |
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Colaborador(es): |
LUIZ FELIPE JACQUES DA MOTTA - Orientador |
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Catalogação: | 27/SET/2016 | Língua(s): | PORTUGUESE - BRAZIL |
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Tipo: | TEXT | Subtipo: | THESIS | ||||||||||
Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
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Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=27498&idi=1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=27498&idi=2 |
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DOI: | https://doi.org/10.17771/PUCRio.acad.27498 | ||||||||||||
Resumo: | |||||||||||||
This paper aims to vouch the perpetuity of the abnormal performance in the
long term, verified in previous studies of organizations listed in the
BMF&Ibovespa that had cash infusion of Private Equity and Venture Capital
companies (PE/VC), as well as check for behavior change in a year when there is
recession in Brazil. The sample includes 70 companies that went public between
2004 to 2008, in which after testing the presence of cumulative abnormal returns,
it was observed an expected inverse relationship – verified in previous studies –
being carried out a hypothesis test to verify the difference of means. Thus, the
results indicate that companies that had the presence of PE/VC funds have
significantly worse atypical results that companies who have not had this type of
financing, which places this work with a divergent assessment to previous studies
in a recession period. Subsequently, through a multiple linear regression with five
independent variables, wherein one was the existence or absence of PE/VC, it was
evaluated the explanatory factors of companies performance. The regression
model corroborates the worse abnormal performance in companies with the
presence of funds.
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