Hipótese de mercado eficiente no mercado energético brasileiro

Abstract

This study aims to analyze the applicability of the Efficient Market Hypothesis in the capital market of energy companies listed on the Brazilian capital market exchange. The general objective of the research is to verify the relevance of applying the Efficient Market Hypothesis to companies listed on the exchange in the Brazilian Energy Sector, and if this relevance exists, what is its degree of applicability, whether strong, semi-strong, or weak. The classification of this study regarding its objectives is descriptive, as it examines the relationship between the Efficient Market Hypothesis and the Brazilian Energy Market. To this end, a documentary methodological approach was carried out, using information from secondary sources, as well as statistical tests to verify the behavior of the collected data. The analysis of the results was conducted, considering whether the results reflect the impact of disclosures of Standardized Financial Statements, a relevant event considered for the study. As a result, it was found that after the disclosure of relevant facts, the return on stocks aligned with the new public information, demonstrating the applicability of the Efficient Market Hypothesis.