Assimetria informacional no mercado de capitais brasileiro: análise teórica e empírica (2002-2018)

Abstract

The financial market is extremely important for the development of the economy. So, the purpose of this paper is to investigate the theoretical and empiric evidences when the information asymmetry problems arise in the Brazilian stock market. An analysis of the behavior of different macroeconomic variables, especially the variables Bovespa index, corporate governance index and firms’ values traded in Ibovespa, when submitted to monetary policy shocks. The research started with a bibliographyc review of asymmetric information theory and how this asymmetric information impacts capital markets. The second step was to include an introduction about stock market and the evolution in Brazil. After that was developed a study of the concept of corporate governance, defining the corporate governance segments and index. To achieve the goal of this study, it was opted to estimate a model of vector autoregressive (VAR) inferring the functions of answers to the impulse of the main environment variables of interest. The results of this study allowed us to evidence that in an environment contaminated by the information asymmetry, uncertainty and risk, the monetary policy affects negatively the macroeconomic variables as well as capital market variables, however the impact on companies with corporate governance (IGC) is in small magnitude if observed with Ibovespa.