Desempenho das empresas detentoras de marcas valiosas no mercado acionário da América Latina

Abstract

This study aimed to compare the performance, in terms of risk and return, of stocks of companies with recognized brand value with the actions of other companies listed on the stock market of emerging countries of Latin America: Brazil, Chile, Colombia, Mexico and Peru, as ranking of Morgan Stanley Capital International (2015). More specifically, it was analysed companies portfolio with most valuable brands - Valuable Brands Portfolio -, the portfolio of all companies listed on the stock exchanges of these countries - Total Market Portfolio -, and a portfolio with the companies on the stock exchanges that not belongs to the Valuable Brands Portfolio - Reduced Market Portfolio -. The valuable brands considered were those which are presented at the most valuable Latin America brands at Millward Brown's reports. The Carhart s four-factor model were utilized to analyze the performance of the three mentioned portfolios. The total sample included 732 stocks in the Latin American market, which the data for calculating the model factors were collected at Economatica, monthly, at period of 2004 to 2013, totalizing 120 observations of each action. Regarding the results, the return could not be analyzed because the intercept was not significant for any of the three portfolios, such as the results of Billet, Jiang and Rego (2014), Dutordoir, Verbeeten and Beijer (2015), Fehle et al. (2008), Oliveira (2009) and Oliveira et al. (2010). However, it was found that the Valuable Brands Portfolio presents lowest investment risk than the others portfolios, as in the studies of Billet, Jiang and Rego (2014), Dutordoir, Verbeeten and Beijer (2015), Fehle et al. (2008), Johansson, Dimofte and Mazvancheryl (2012), Madden, Fehle and Fournier (2006), Oliveira (2009) and Oliveira et al. (2010), suggesting that stocks of companies with valuable brands ensure lower risk investment to shareholders in these emerging markets.