Information disclosures and the effect on the return of stocks of the largest education company listed on B3 (Brasil, Bolsa, Balcão)

Abstract

The market is efficient if new relevant information causes change in stocks returns. Stocks can be affected by events and this can cause oscillations. The paper analyzes the reaction of the market to the disclosure of information about the largest education institution listed in B3. It was used the event study to confront the behavior of the return of stocks in the period from September 30, 2015 to September 30, 2017. The research starts from efficient market theory. The selected information was distributed in groups, being: A - Disclosure of quarterly results; B - Share purchase and sale transactions; C - Changes related to Student Funding. The results showed that the reaction that characterized the efficient market factor was identified in Group C, partly corroborated by the stock price behavior.

Keywords

• Eficiência de Mercado
• Estudo de Eventos
• Instituição de Ensino