Equity Market Timing: Testando atrav´ es de IPO no Mercado Brasileiro

Abstract

e robusto a explicac ¸ ˜ oes alternativas e que o impacto deste comportamento na estrutura de capital das empresas limita-se ao curto prazo. Embora haja uma significativa redu cno n´ ivel da alavancagem das empresas logo apos o IPO, os resultados apontam que este retorna quase aos n´ iveis anteriores alguns trimestres apos a emissao. Palavras-chave: market timing; janelas de oportunidade; estrutura de capital; alavancag em financeira. Codigos JEL: G32; G15. Abstract This paper analyzes whether the behavior related to the equity market timing affected the recent IPO wave of Brazilian firms and exerted an impact on com panies'capital structure. Using data from january 2004 to december 2007 the paper classifies the months in the sam- ple in hot or cold according the number of IPOs that took place in each month. The paper confirms an oportunistic behavior by the firms that issue a hig her volume of stocks in peri- ods classified as hot. The paper also shows that the impact of t his behavior on companies' capital structure is very limited. Although there is a reduc tion in companies' leverage right after the IPO, this returns to its previous level only a few qu arters after the IPO.

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