Probabilidade de informação privilegiada no mercado de ações, liquidez intra-diária e níveis de governança corporativa

Barbedo, Cláudio Henrique da Silveira; Silva, Eduardo Camilo da; Leal, Ricardo Pereira Câmara

doi:10.1590/s0034-71402009000100004

Cited by 24 publications

(48 citation statements)

References 5 publications

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“…In the Brazilian market, the most recent estimate was performed by Barbedo, Silva and Leal (2009) for 48 shares using the EHO model with a market trend adjustment: an average of 12.5%. This adjustment was not used in this study.…”

Section: Resultsmentioning

confidence: 99%

“…This adjustment was not used in this study. Instead, the original EHO model was used because of its greater empirical consistency and widespread use in the international literature, which is why the PIN estimated by this study differs from that estimated by Barbedo, Silva and Leal (2009).…”

Section: Resultsmentioning

confidence: 99%

“…In Brazil, although the number of studies that use this metric are few, Barbedo et al (2009) attest its consistency and applicability.…”

Section: Information Asymmetry Measures: Thementioning

confidence: 95%

“…This study's central research hypothesis is based on Bopp (2003), Cruces and Kawamura (2005) and Barbedo, Silva and Leal (2009). We assume that there is evidence of the use of insider trading in the Brazilian stock market and relate this information asymmetry in stock trading to the economic and financial characteristics and corporate governance of the investigated companies (similar to Aslan et al (2011) Carvalho (2002) notes that the Brazilian capital market is characterized by most of the companies belonging to family groups and, consequently, a high rate of issuance of preferred shares (PS) without voting rights because to financial needs must be met without losing the controlling interest by these family groups.…”

Section: Research Hypothesis Developmentmentioning

confidence: 99%

“…In Brazil, despite the lack of research with a relevant focus, Barbedo, Silva and Leal (2009) investigated and confirmed the presence of information asymmetry between market participants in stock trading. Moreover, Bopp (2003) and Cruces and Kawamura (2005) investigated the ADR of Brazilian companies traded on the New York Stock Exchange (NYSE) and found evidence of negotiations informed by these papers.…”

Section: Introductionmentioning

confidence: 97%

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Assimetria de informação na negociação de ações, características econômico-financeiras e governança corporativa no mercado acionário brasileiro

Martins

Paulo

2014

Rev. contab. finanç.

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This study sought to investigate the relationship between information asymmetry in the stock trading, economic and financial characteristics and corporate governance of listed companies in the Brazilian stock market in 2010 and 2011. To this end, the study relied on a theoretical framework for information asymmetry in the capital market to measure the asymmetry's magnitude based on the intraday stock-trading data of 194 companies. The primary results demonstrated that the informational asymmetry in the stock trading was positively related to the risk, return and liquidity of the shares as well as the cost of equity and the size of the companies. In addition, the asymmetry was negatively related to the abnormal return of shares. During the investigated period, the information asymmetry relationship with the liquidity and size (positive) and the abnormal return (negative) were at odds with previous research. The reasons for our results may be related to specific aspects of the Brazilian market, for example, in the case of abnormal returns, the deceleration of the Bovespa Index (IBovespa) or the reflection of the average return to negotiators without insider information during the period. In case of liquidity and size, the high index of issuance and negotiation of preferred shares may have influenced the results. Thus, this research contributes to the analysis of idiosyncratic characteristics of the capital market of a developing country, such as information asymmetry in stock trading and its association with the economic and financial characteristics and corporate governance of companies in the Brazilian stock market.

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Section: Resultsmentioning

confidence: 99%

Section: Resultsmentioning

confidence: 99%

“…In Brazil, although the number of studies that use this metric are few, Barbedo et al (2009) attest its consistency and applicability.…”

Section: Information Asymmetry Measures: Thementioning

confidence: 95%