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Revista de Administração (São Paulo)

Print version ISSN 0080-2107On-line version ISSN 1984-6142

Abstract

GIRAO, Luiz Felipe de Araújo Pontes; MARTINS, Orleans Silva  and  PAULO, Edilson. Business valuation and probability of insider information trading in the Brazilian capital market. Rev. Adm. (São Paulo) [online]. 2014, vol.49, n.3, pp.462-475. ISSN 0080-2107.  https://doi.org/10.5700/rausp1161.

The aim of this study was to investigate the information asymmetry influence on business valuation in Brazilian capital market. For this, a study was conducted based on information asymmetry measurement on stock trading and the Ohlson model (1995) for business valuation. This study analyzed the relationship between information asymmetry and the prices of 198 stocks listed on BM&FBovespa, during the four quarters of 2011. The results suggest that information asymmetry have additional informational content on business valuation, mainly for those companies unlisted in the differentiated segments of corporate governance.

Keywords : Ohlson model; information asymmetry; probability of insider information trading; valuation.

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