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Revista de Gestão dos Países de Língua Portuguesa
Print version ISSN 1645-4464
Abstract
COLOMBO, Jéfferson Augusto and GALLI, Oscar Claudino. Corporate governance in Brazil: governance levels and abnormal returns. Rev. Portuguesa e Brasileira de Gestão [online]. 2010, vol.9, n.4, pp.26-37. ISSN 1645-4464.
The aim of this paper is to identify any significant relationship in stock returns ex ante and ex post adherence to a levels of Corporate Governance in the Brazilian stock market . To this end, the study uses the event study technique proposed by Mackinlay (1997 ), by using the nonparametric test called the sign test in different time windows. We found evidence that the 5 % window ( -5.5) shows a statistically superior to Ibovespa. However, when using an index composed of five actions more closely correlated with the assets as a benchmark , called ICORREL5 , the result suggests no positive relationship between variables.
Keywords : Corporate Governance; Corporate Finance; Event Studies; Abnormal Returns.