45815

Rogério Paulucci Mauad
Denis Forte

Revista Brasileira de Finanças

O crescimento vigoroso da indústria de Private Equity no mundo gerou questões fundamentais, como por exemplo explicar se as empresas abertas previamente investidas por estes gestores geram retornos reais aos seus acionistas, após o evento do IPO. Pouco se analisou, entretanto, sobre o risco dessas novas empresas. A contribuição deste artigo visa suprir especificamente essa lacuna com a inovação na ferramenta metodológica. A metodologia Wealth Relative Buy-and-Hold foi ajustada pelo seu risco idiossincrático, em cima da base de ofertas públicas realizadas na BM&FBovespa entre 2004-2014. Desconsiderando risco, os resultados sugerem o reconhecimento pelo mercado do prêmio de valor da gestão dos fundos nas empresas investidas, com retornos médios 36% superiores aos das empresas não-investidas, nos cinco primeiros anos pós-IPO. Ao incluir o ajustamento pelo risco, a presença de um fundo Private Equity não se mostra mais significante no retorno relativo das ações. A sugestão dos autores é que se testem amostras diferentes, períodos diferentes e artigos passados para verificar se as conclusões de geração de resultado se mantêm.

IPO, Private Equity, Retorno relativo, Risco

MAUAD, R. P.; FORTE, D. Private Equity gera valor ao acionista? Uma análise comparativa de retorno e risco após o IPO. Revista Brasileira de Finanças, v. 15, n. 1, p. 25-25, 2017.

Mauad, R. P., & Forte, D. (2017). Private Equity gera valor ao acionista? Uma análise comparativa de retorno e risco após o IPO. Revista Brasileira de Finanças, 15(1), 25-25.

https://www.spell.org.br/documentos/ver/45815/private-equity-gera-valor-ao-acionista--uma-analise-comparativa-de-retorno-e-risco-apos-o-ipo/i/pt-br

Artigo

Português

ABVCAP- ASSOCIAÇÃO BRASILEIRA DE PRIVATE EQUITY E VENTURE CAPITAL. Dados da Indústria de Private Equity e Venture Capital 2011-2012. http://www.abvcap.com.br/Download/Estudos/2003.pdf.

Assaf Neto, Alexandre. 2015. Mercado Financeiro. 13ª ed. São Paulo: Editora Atlas S.A.

Axelson, Ulf; Stromberg, Per; Weisbach, Michael S. 2009. Why are Buyouts Levered?The Financial Structure of Private Equity Funds. The Journal of Finance, 64, 1549-1582. Doi: http://doi/10.1111/j.1540-6261.2009.01473.x/full.

Barry, Chistopher B.; Muscarella, Chris J; Peavey, John; Vetsuypens, Michael R. 1990. The role of venture capital in creation of public companies.Evidence from the going-public process. Journal of Financial Economics, 27, 447-471. http://10.1016/0304405x(90)90064-7.

Bastos, Ricardo M. P.; Pinto, Antonio C. F.; Klotze, Marcelo C.; Silva, Paulo Vitor J. G. 2016. Fundos de Investimento e Desempenho PósIPO no Brasil. Revista Pensamento Contemporâneo em Administração, 10, 134-151. Doi: http://dx.doi.org/10.12712/rpca.v10i3.648.

Bodie, Zvi; Kane, Alex; Marcus, Alan, J. 2014. Investments, 10 ed. McGraw-Hill Education: New York, NY, USA.

Boulton, Thomas J.; Smart, Scott B.; Zutter, Chad J. 2011. Earnings Quality and International IPO Underpricing. The Accounting Review, v. 86, n. 2. Doi: http://dx.doi.org/10.2308/accr.00000018.

Brav, Alon; Gompers, Paul A. 1997. Myth or Reality?The Long-Run Underperformance of Initial Public Offerings: Evidence From Venture and Nonventure Capital-Backed Companies. The Journal of Finance, v. 52, n. 5. Doi: http://doi:10.1111/j.15406261.1997.tb02742x.

Brealey, Richard A.; Myers, Stewart C.; Allen, Franklin. 2014. Principles of Corporate Finance. 11a ed. McGraw-Hill Education.

Cao, Jerry; Lerner, Josh. 2009. The Performance of Reverse Leveraged Buyouts. Journal of Financial Economics, v. 92, p. 139-157. Doi: http://dx.doi.org/10.1016/j.fineco.2008.03.002.

Chambers, David; Dimson, Elroy. 2009. IPO Underpricing over the Very Long Run. The Journal of Finance, v. 64, p. 1407-1443. Doi: http://10.1111/j.1540-6261.2009.01468.x.

Chemmanur, Thomas J.; Loutskina, Elena. 2005. The Role of Venture Capital Backing in Initial Public Offerings: Certification, Screening or Market Power? EFA 2005 Moscow Meetings Paper. Doi: http://dx.doi.org/10.2139/ssrn.604882.

Ellul, Andrew; Pagano, Marco. 2006. IPO Underpricing and AfterMarket Liquidity. The Review of Financial Studies, n. 19, p. 381-421. Doi: http://10.1093/rfs/hhj018.

Engel, Dirk. 2002. The Impact of Venture Capital on Firm Growth: An Empirical Investigation. Centre for European Economic Research. Discussion Paper n. 02-02, Mannhein. Doi: http://dx.doi.org/10.2139/ssrn.319322.

Fama, Eugene F.; French, Kenneth R. 1993. Common risk factors in the returns on stock and bonds. Journal of Financial Economics, n. 33, p. 3-56. Doi: http://10.1016/0304-405X(93)90023-5.

Ferrari, Guilherme, L.; Minardi, Andrea M. A. F. 2010. O Desempenho de Ofertas Públicas Iniciais de Empresas Brasileiras Financiadas por Fundos de Private Equity. Insper Working Paper, WPE: 224/2010.

Folta, Timothy B.; Janney, Jay J. 2004. Strategic benefits to Firms Issuing Private Equity Placements. Strategic Management Journal, 25, p. 223-242. Doi: http://10.1002/smj.373.

Frank, Murray Z.; Goyal, Vidhan K. 2009. Capital Structure Decisions: Which Factors are Reliably Important? Financial Management, p. 1-37. Doi: http://10.1111/j.1755-053X.2009.01026.x.

Gompers, Paul. 1995. Optimal Investment, Monitoring, and the Staging of Venture Capital. The Journal of Finance, n. 50, p. 1461-1489. Doi: http://10.1111/j.1540-6261.1995.tb05185.x.

Gompers, Paul; Lerner, Josh. 2001. The Venture Capital Revolution. The Journal of Economic Perspectives, n. 15, p. 145-168. Doi: http://10.1257/jep.15.2.145.

Gompers, Paul; Lerner, Josh. 2003. The Really Long-run Performance of Initial Public Offerings: The Pre-Nasdaq Evidence. The Journal of Finance, 58, p. 1355-1392. Doi: http://10.1111/1540-6261.00570.

Hochberg, Yael V. 2012. Venture Capital and Corporate Governance in the Newly Public Firm. Review of Finance, n. 16, p. 429-480. Doi: http://10.1093/rof/rfr035.

Jain, Barat A.; Kini, Omesh. 1995. Venture Capitalist Participation and the Post-issue Operating Performance of IPO Firms. Managerial and Decision Economics, n. 16, p. 593-606. Doi: http://10.1002/mde.4090160603.

Kaiser, Kevin; Westarp, Christian. 2010. Value Creation in the Private Equity and Venture Capital Industry. Insead Working Papers, Social Science Research Network, SSRN. Doi: http://dx.doi.org/10.2139/ssrn.1592325.

Kaplan, Steven N.; Schoar, Antoinette. 2005. Private Equity Performance: Returns, Persistence, and Capital Flows. The Journal of Finance, 60, p. 1791-1823. Doi: http://10.1111/j.1540-6261. 2005.00780.x.

Kerins, Frank; Smith, Janet K.; Smith, Richard. 2004. Opportunity Cost of Capital for Venture Capital Investors and Entrepreneurs. The Journal of Financial and Quantitative Analysis, 39, p. 385-405. Doi: https://doi.org/10.1017/S0022109000003124.

Lee, Peggy. M.; Wahal, Sunil. 2002. Grandstanding, Certification and the Underpricing of Venture Capital Backed IPOs. Journal of Financial Economics, 73, p. 375-407. Doi: http://dx.doi.org/10.1016/j.fineco.2003.09.003.

Leone, Andrew J.; Rock, Steve; Willenborg, Michael. 2007. Disclosure of Intended Use of Proceeds and Underpricing in Initial Public Offerings. Journal of Accounting Research, 45, p. 111-153. Doi: http://10.1111/j.1475-679X.2006.00229.x.

Levis, Mario. 2011. The Performance of Private Equity-Backed IPOs. Financial Management, 40. Doi: http://10.1111/j.1755053X.2010.01141.x.

Lintner, John. 1965. The valuation of risk assets and the selection of risky investments in stocks portfolio and capital budgets. Review of Economics and Statistics, 47, p. 13-37. Doi: http://10.2307/1924119.

Megginson, William L.; Weiss, Kathleen A. 1991. Venture Capitalist Certification in Initial Public Offerings. The Journal of Finance, 46, p. 879-903. Doi: http://10.1111/j.1540-6261.1991.tb03770.x.

Minardi, Andrea M. A. F.; Ferrari, Guilherme L.; Tavares, Pedro C. A. 2013. Perfomances of Brazilian IPOs backed by private equity. Journal of Business Research, 66, p. 448-455. Doi: http://dx.doi.org/10.1016/j.busres.2012.04.012.

Minardi, Andrea M. A. F.; Moita, Rodrigo M.; Castanho, Rafael P. 2015. Investigating the partial adjustment effect of Brazilian IPOs. Journal of Business Research, 68, p. 189-198. Doi: http://dx.doi.org/10.1016/j.busres.2014.09.027.

Modigliani, Franco; Miller, Merton H. 1958. The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48, p. 261-297. http://www.jstor.org/stable/1809766.

Morsfield, Suzanne G.; Tan, Cristine E. L. 2006. Do Venture Capitalists Influence the Decision to Manage Earnings in Initial Public Offerings? The Accounting Review, 81, p. 1119-1150. Doi: http://dx.doi.org/10.2308/accr2006.81.5.1119.

Ogden, Joseph P.; Jen, Frank C.; O’Connor, Philip F. 2003. Advanced Corporate Finance – Policies and Strategies. Prentice Hall, New Jersey.

Ritter, Jay R. 1991. The Long-Run Performance of Initial Public Offerings. The Journal of Finance, v. 46, n. 1. Doi: http://10.1111/j.15406261.1991.tb03743.x.

Ross, Stephen A.; Westerfield, Randolph W.; Jaffe, Jeffrey.; Lamb, Roberto. (2015) Administração Financeira, versão brasileira de Corporate Finance, 10 ed. AMGH Editora, Porto Alegre, RS; McGraw-Hill New York, NY, USA.

Scholes, Louise; Wright, Mike; Westhead, Paul; Bruining, Hans; Kloeckner, Olivier. 2009. Family-Firm Buyouts, Private Equity, and Strategic Change. The Journal of Private Equity, 12, p. 7-18. Doi: http://dx.doi.org/10.2139/ssrn2002893.

Sharpe, William F. 1964. Capital asset prices: A theory of market equilibrium under condition of risk. The Journal of Finance, 19, p. 425-442. Doi: http://10.1111/j.1540-6261.1964.tb02865.x.

Silva, José M. A.; Famá, Rubens. 2011. Evidências de retornos anormais nos processos de IPO na Bovespa no período 2004-2007: um estudo de evento. Revista de Administração - RAU-USP, 46, p. 178-190. Doi: http://dx.doi.org/10.570/rauusp1006.

Tavares, Pedro C. A.; Minardi, Andrea M. A. F. 2010. Does Private Equity Investment Work as a Quality Certification for IPOs in Brazil? http://ssrn.com/abstract=1624876.

Welch, Ivo. 2004. Capital Structure and Stock Returns. Journal of Political Economy, 112, 106-131. Doi: http://dx.doi.org/10.1086/379933.