Análise do índice de especulação de valor agregado para empresas de capital aberto negociadas na Bovespa

Abstract

This study aims at demonstrating economic sectors’ life cycle of different area in Sao Paulo Stock Exchange (Bovespa). Therefore, data from 30 companies were analysed, selecting three companies of each area on stock exchange. Quarterly financial statements data were used for analyses regarding to the period from December 2000 to March 2006. For the development of this research the Speculation Index of Value Added (IEVA) was applied, considering the relation to CAPM – Capital Asset Pricing Model. The results applied to each economic sector IEVA evidences differences between them, as well influences in Bovespa’s performance results in the period of the research. Besides that, IEVA contributes to the understanding of how companies’ economic value is composed. The results demonstrate that each sector with well established companies is heterogeneity in its performance; even though, it is superior to the market expectation. This information allows quantify investments’ risks in the studied sectors.

Keywords

• IEVA
• CAPM
• Ibovespa
• Desempenho