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Private equity investment and the post-IPO performance: evidence from Brazil
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Orientador(es)
Resumo(s)
Using a dataset comprising 108 Initial Public Offerings (IPOs) between 2005 and 2014, in
Brazil, this dissertation studies the influence of Private Equity’s investment in the companies’
post-IPO performance. Following Ritter’s (1991) methodology, two portfolios were created:
one with Private Equity backed companies and another with no PE investment. Then, a “Buy
and Hold” strategy was performed and the Cumulative Abnormal Returns (CAR) were studied.
The main findings were that in this time span there is a loss in the stocks’ returns of companies
with recent IPOs and that it is indifferent if the IPOs are Private Equity backed or not, regarding
their long-run performance.
Descrição
Palavras-chave
Cumulative abnormal returns IPO Post-IPO performance Private equity