Dividendos e lucros anormais: um estudo nas empresas listadas na BOVESPA

Authors

  • Hércules Vander de Lima Freire Centro Universitário Vila Velha
  • Fernando Nascimento Zatta Centro Universitário Vila Velha
  • Flávia Zóboli Dalmácio FUCAPE
  • Luiz Cláudio Louzada FUCAPE
  • Valcemiro Nossa FUCAPE

DOI:

https://doi.org/10.1590/S1519-70772005000300005

Keywords:

Regression Analysis, Dividends, Abnormal Earnings and Ohlson Model

Abstract

Investing in stocks requires studies and the formulation of future earnings scenarios to determine possible returns, whether abnormal or not. This research aims to find empirical evidence for the relation between dividend behavior and abnormal earnings, with a view to getting a clearer view on this subject. We realized an empirical-analytical study, using Ohlson's model to calculate abnormal earnings. Next, we applied regression analysis and descriptive statistics. Data for analysis were collected from the database Economática, considering companies whose stocks were traded on the São Paulo Stock Exchange - BOVESPA between 1996 and 2001. The results evidence that there was no relation between yield and abnormal earnings, but that average dividends are higher than average abnormal earnings. However, new research is needed to find better evidence, using longer observation periods and/or applying other techniques.

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Published

2005-12-01

Issue

Vol. 16 No. 39 (2005)

Section

naodefinida

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How to Cite

Freire, H. V. de L., Zatta, F. N., Dalmácio, F. Z., Louzada, L. C., & Nossa, V. (2005). Dividendos e lucros anormais: um estudo nas empresas listadas na BOVESPA . Revista Contabilidade & Finanças, 16(39), 47-67. https://doi.org/10.1590/S1519-70772005000300005