IMPACTO AMBIENTAL E RETORNO ACIONÁRIO DE COMPANHIAS LISTADAS NA BM&FBOVESPA
Lima, Melquiades Pereira
Carvalho, Valdemir Galvão
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This study aimed to analyze if the information from an environmental incident causes impact on stock prices of the companies responsible, indirectly analyzing the loss of informational efficiency semi-strong level. For this, the event studies methodology was used together with a bootstrap simulation. Data from daily prices of assets were collected from Bloomberg® software and the news of environmental disasters were collected in newspaper advertisements. The events are summarized in the mining and oil sector companies listed on BM&FBovespa. The results suggest evidence of loss of efficiency for events in general, and that share prices suffered falling within 4 days after the event. Thus market efficiency did not behaved semi-strong form, the delay in the incorporation of this information. Our research suggests a need for increased credibility in the dissemination of information to the market, as investors cautiously observe the effects of these events in stock prices.