2. Publicaciones

URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4068

Las publicaciones de ESAN reúnen una variedad de materiales académicos y prácticos que abarcan áreas fundamentales como la administración, economía, negocios, entre otros. Con enfoque en la formación y el desarrollo profesional, estas obras buscan contribuir al conocimiento y la innovación en diversas disciplinas; asimismo, proporciona información relevante y actualizada para la comunidad académica y empresarial en el ámbito local e internacional

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2023 - 20242

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Autor: search.filters.author.Gaio, Luiz EduardoFecha de inicio: 2022

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Mostrando 1 - 2 de 2
  • Miniatura
    ÍtemSolo Metadatos
    Stock splits and reverse splits in the Brazilian capital market
    (Universidad ESAN. ESAN Ediciones, 2024-10-28) Werner Lima Souza de Almeida, Daniel; Pimenta Junior, Tabajara; Gaio, Luiz Eduardo; Guasti Lima, Fabiano
    Purpose: This study aims to evaluate the presence of abnormal returns due to stock splits or reverse stock splits in the Brazilian capital market context. Design/methodology/approach: The event study technique was used on data from 518 events that occurred in a 30-year period (1987–2016), comprising 167 stock splits and 351 reverse stock splits. Findings: The results revealed the occurrence of abnormal returns around the time the shares began trading stock splits or reverse stock splits at a statistical significance level of 5%. The main conclusion is that stock split and reverse stock split operations represent opportunities for extraordinary gains and may serve as a reference for investment strategies in the Brazilian stock market. Originality/value: This study innovates by including reverse stock splits, as the existing literature focuses on stock splits, and by testing two distinct “zero” dates that of the ordinary general meeting that approved the share alteration and the “ex” date of the alteration, when the shares were effectively traded, reverse split or split.
  • Miniatura
    ÍtemSolo Metadatos
    Behavioural finance: the decoy effect on stock investment decisions
    (Universidad ESAN. ESAN Ediciones, 2023-12-11) Okumura, Bruno Uekane; Pimenta Junior, Tabajara; Maemura, Marcia Mitie Durante; Gaio, Luiz Eduardo; Gatsios, Rafael Confetti
    Purpose: This study aims to investigate the occurrence of the decoy effect in stock investment decisions based on fundamental analysis. Design/methodology/approach: In this study, the decoy effect was investigated by applying two questionnaires, one of them with the presence of a decoy alternative, to a set of 224 respondents with knowledge of business fundamentals, simulating investment decisions in stocks of companies listed on the Brazilian Stock Exchange. The data analysis was performed using the Fisher's exact test, Student's t-test and ANOVA. The research also aimed to detect a potential relationship between the variables gender, age, degree and professional experience with the type of decision made. Findings: The results pointed to the occurrence of the decoy effect when analysing the general response data. However, such evidence was not confirmed when the sample was analysed by classes (gender, course, age and professional experience). There is no statistical evidence that the decoy effect influences classes. Originality/value: The recent decoy effect literature is little explored in investment decision-making. This study is unique in examining the decoy effect in investment decisions in the Brazilian context.