PRIVATIZAÇÃO DO SETOR PETROQUÍMICO NO NORDESTE: UM ESTUDO DE EVENTOS SOBRE GERAÇÃO DE VALOR

Abstract

The possibility to take control over firms through the stock market is not a well-studied phenomenon in Brazil. For this reason, we know little about the relationship of market valuation on transference of control from public to private. If the market valuation of the acquired firm does not increase after acquisition, then the privatization does not generate value. Investigate this problem helps to identify the reasons of the success or failures of the control transference. In this sense, the objective of this paper is to test if the acquisition of companies through the privatization auctions created value. To execute such analysis, the methodology of study of events is used to verify the significance of the abnormal returns of the public companies after the publication of the sale proclamation and after the privatization auction. During these periods, the companies didn’t publish a report of annual balances of results, what leaves the market speculating about the efficiency of the new private administration. The analysis will be restricted to the petrochemicals sector in the Northeast. The results show that although some companies have suffered a positive valorization, such an amount is not significant statistically. This indicates that there was no generation...