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- Title
A interferência provocada pela (in) eficiência de mercado em relação a eventuais oscilações registradas no dia ex-dividendo.
- Authors
Lemos Júnior, Luiz Carlos; Lopes Rodrigues, Felipe; Rigoleto Soares, Guilherme; Rocha Neves, Israel
- Abstract
This research aims to find out what the interference caused by the (in)efficiency market related to possible fluctuations recorded on ex-dividend day. The methodological approach is quantitative, the explored attributes are the market efficiency concept, the importance of dividend policies in companies and their theories, and historic brief of the Brazilian electricity sector, where inserted target are companies the sample of this study. For the data collection are used data base Economática, to find out the ex-dividend days during the study period, check prices of stocks in the ex-dividend day and the day early for checking possible prices fluctuations and the value of dividends paid per share by the companies in the period. Posteriorly, the analysis of the information captured with the data collection, it was applied t-Student test (for one sample), with the purpose to check if the mean of the variation of prices in the opening and closing (dividend free) is equal to zero, as a way to check the real influence of the market efficiency in the variations on the ex-dividend day. The sample was also segmented into two groups of companies with controlling interest of public and non-public institutions. This context made the results suffer alterations, since some events of public companies control group were far below the overall average. On the other hand, some events presented to be above the overall mean and to belong to control group of non-public companies. As a result, the hypothesis assumed in H0 that the market is efficient has been rejected and the study concluded that the price fluctuations recorded on ex-dividend are rather influenced by the absence of market efficiency.
- Publication
Revista de Contabilidade & Controladoria, 2017, Vol 9, Issue 1, p67
- ISSN
1984-6266
- Publication type
Article
- DOI
10.5380/rcc.v9i1.44237