Corrupção e valor de mercado: os efeitos da Operação Lava Jato sobre o mercado de ações no Brasil

Content Provider	Semantic Scholar
Author	Araújo, E. C. Rodrigues, Victor Rangel Dos Santos Monte-Mor, Danilo Soares Correia, Rogério Dias
Copyright Year	2018
Abstract	This paper aims to identify the effects of the disclosure of corruption events on the market values of companies listed on the Brazilian Stock Exchange. For this purpose, we applied the event studies methodology to evaluate the influence of exposing the phases of one of the most extensive Brazilian anti-corruption operations - the Lava Jato Operation - on the cumulative abnormal return of shares, both of the companies cited in the investigations (direct involvement) and of those listed in the same segments as the cited companies. Results indicate that the Lava Jato Operation reduced the market values of the companies directly involved in the corruption scandals above market variations. For the other companies in the concerned segments, there was a positive effect on the cumulative abnormal returns. Such results suggest that the onset of anti-corruption operations such as the Lava Jato Operation has the potential to reduce pricing differences that exist between companies that directly participate in fraudulent contracts and other companies in the same segments. This pricing adjustment may be associated with the correction made by the market due to losses in competiveness caused by unfair competition.
Starting Page	41
Ending Page	58
Page Count	18
File Format	PDF HTM / HTML
DOI	10.16930/2237-7662/rccc.v17n51.2626
Volume Number	17
Alternate Webpage(s)	http://revista.crcsc.org.br/index.php/CRCSC/article/download/2626/2015
Alternate Webpage(s)	https://doi.org/10.16930/2237-7662%2Frccc.v17n51.2626
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article