Correlação entre os indicadores da análise fundamentalista e a variação da cotação de ativos na Bolsa de Valores de São Paulo

Abstract

This study presents a possible correlation between the 18 indices used in fundamental analysis both in the context of market indicators such as balance, and fluctuations in the price of assets in the Bovespa during the 20 quarters between January 2005 and December 2009. The method used was the statistical correlation which is linear function determining the coefficient (r). Based on information from the database of the Bovespa and the financial statements disclosed by 15 companies studied, those companies that were chosen based on the Bovespa index indicates that firms with higher trading volume on the BOVESPA, including adding 64% of negotiated in 2009. Calculations were performed with the aid of the program Economatica and the results show that there is a degree of correlation of moderate to strong in four of the seven indicators in the market while indicators of balance sheet value indicator only showed moderate to strong correlation predominant.