PROFA. DRA. TATIANA ALBANEZ
DEPARTAMENTO DE CONTABILIDADE E ATUÁRIA DA FEA/USP

Av. Prof. Luciano Gualberto, 908

Bloco FEA3 - Sala 205 

Cidade Universitária - São Paulo - SP 
CEP: 05508-010

Tel: (11) 3091-5820 - ramal: 165

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DATA IN BRIEF

A relevant research article to this dataset is:

Gomes MC, Magnani VM, Albanez T & Valle MR, Effects of market timing on primary share issues in the Brazilian capital market.

The North-American Journal of Economics and Finance, 49.

1) Dataset on share issuance, abnormal returns and market timing in the Brazilian stock market
Authors

Matheus da Costa Gomes (matheusgomes@usp.br)

Vinícius Medeiros Magnani (vinicius_magnani@hotmail.com)

Tatiana Albanez (tatiana.albanez@usp.br)

Mauricio Ribeiro do Valle (marvalle@usp.br)

The data on the firms that carried out IPOs and follow-on offerings in the Brazilian market between 2004 and 2015 were gathered from the online database of the São Paulo Securities, Commodities and Futures Exchange (BM&FBovespa) (http://www.bmfbovespa.com.br).

The quarterly data for calculation of the control variables, such as firm size, tangibility, profitability, book leverage and market-to-book, were obtained from the Economatica® database.

 

In this interval, there were 222 primary stock issues: 85 follow-on offerings and 137 IPOs. 

To compose the final sample, we excluded banks, insurers, insurance brokers and investment funds, due to the special characteristics of their capital structure.

 

Then, like other authors, we excluded firms that presented the following conditions: (1) total assets worth less than R$ 10 million; (2) missing accounting information in the main database used (Economatica®) that impairs the analysis; (3) book leverage higher than 1 (or 100%); and (4) market-to-book ratio greater than 10.

 

The final sample was composed of 123 companies and 165 primary share issues: 97 initial public offerings and 68 follow-on offerings.