Modelagem de Equações Estruturais Aplicada à Reação a Bonificações e Desdobramentos: integrando as hipóteses de sinalização, liquidez e nível ótimo de preços.

Abstract

This work develops a hybrid model of structural equations able to take simultaneously the hypotheses of signaling, liquidity, and optimal price level to explain the reaction to the stock dividends and stock splits. In the measurement model four constructs were defined: trading activity, spread, size, and price. The structural model defines extant relations from the proposition of 22 sub-hypotheses. A sample of 321 splits performed in the Brazilian market between 1990 and 2004 was used for assessing the model. Confirmatory factor analysis revealed the validity and coherence of the four constructs. The structural model confirmed 9 original sub-hypotheses.

Stock splits and reverse splits in the Brazilian capital market

“…It is important to note that the literature on stock splits has primarily focused on developed countries; however, emerging markets have recently gained attention (Pandow and Ganai, 2023;Pandey et al, 2022;Gupta and Arya, 2020;Pandow and Butt, 2019;Bodhanwala, 2015;Charitou et al, 2005;Gorkittisunthorn et al, 2006). Surprisingly, the Brazilian stock market, one of the largest in Latin America (World Bank, 2021), has received relatively little academic attention (Vieira and Procianoy, 2003;Vieira and Becker, 2011;Antônio et al, 2018). The literature is limited and restricted to the Portuguese language.…”

“…In the case of studies performed on the Brazilian capital market, the most commonly used index is Ibovespa (Vieira and Procianoy, 2003;Vieira and Becker, 2011). We use the Ibovespa index return as a proxy for the return on the market portfolio.…”

Análise Do Efeito Moderador Da Liquidez No Modelo De Relevância Da Informação Contábil No Brasil

“…Diversos estudos tentaram analisar quais fatores de mercado que poderiam impactar o preço e o retorno das ações, tais como a concentração de propriedade e controle, a redução do free-float e, consequentemente, o fechamento do capital (Bortolon & Silva Junior, 2015;Perobelli, Famá & Sacramento, 2016), o aumento no caixa e, consequentemente a redução dos custos de capital (Machado & Medeiros, 2012;Perobelli et al, 2016), o evento do split (Vieira & Procianoy, 2003), o spread (Vieira, Júnior & Righi, 2015), a divulgação das demonstrações contábeis pontualmente (Correia & Amaral, 2014;Terra & Lima, 2006), a maior divulgação das empresas maiores (Vieira & Becker, 2011) e o after market short covering (Carvalho e Tolentino, 2010;Fama & French, 1993;Machado & Medeiros, 2012).…”