A influência do parecer dos auditores independentes no preço de ações: uma análise das empresas listadas no índice Ibovespa no período de 2012 a 2018

Abstract

Investing in the stock exchange has become a means of diversifying risks for small investors, and it is important to use tools and information that enable them to choose good assets. In this sense, this study aims to verify whether the variation in the price of shares of companies listed on the Brazilian stock exchange in relation to the opinion of independent auditors published annually. For this purpose, they were selected from the industrial goods sector that make up the Trade Corporate Governance Index (IGCT B3) and used their return for the period 2012 to 2018. The methodology applied was based on the study of events, which includes an analysis of the behavior of the securities market to the detriment of the occurrence of economic and financial events. The windows were estimated based on the market model, using the GRETL statistical software, which calculates the regression between the return of stocks in the sample as a function of the return verified on the Ibovespa (Bovespa Index). The results did not show statistical significance between the publication of the independent auditors' report and the variation in stock prices, but they did demonstrate a risk relationship between the asset and the market.