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A Influência Do Mercado De Capitais No Setor De Real Estate Brasileiro: Geração Ou Destruição De Valor?

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  • Daniel Pitelli de Britto

Abstract

Entre o período de 2005 e 2007 houve uma onda de abertura de capital de empresas de Real Estate brasileiras seguida de uma onda de Fusões e Aquisições nesse mesmo setor. Pode haver várias motivações pela decisão estratégica em um IPO, porém há vasta literatura indicando que as vantagens de ser uma empresa de capital aberto estão ligadas, principalmente, ao aumento do potencial de captação de recursos, redução de assimetrias informacionais, melhorias na governança corporativa e na estrutura de capital (Dolvin e Pyles, 2009; Ling e Ryngaert, 1997; Copeland, Weston e Shastri, 2005 entre outros). Utilizando a metodologia de dados em painel através do método MQO de Efeitos Fixos e também MQO Cross-section de empresas que abriram o capital entre 2004 e 2010, o presente artigo tem o objetivo de medir e explorar a influência do mercado de capitais no setor de Real Estate brasileiro testando [i] – se houve melhora no desempenho operacional, [ii] – as motivações da abertura de capital, [iii] – a assimetria informacional do setor e [vi] – possíveis alterações no modelo de negócio.

Suggested Citation

  • Daniel Pitelli de Britto, 2011. "A Influência Do Mercado De Capitais No Setor De Real Estate Brasileiro: Geração Ou Destruição De Valor?," LARES lares-2011-559-798-1-rv, Latin American Real Estate Society (LARES).
    • Handle: RePEc:lre:wpaper:lares-2011-559-798-1-rv
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    abertura de capital; dados em painel; initial public offer; Panel Data; real estate;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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