O modelo de Ohlson (1995): será que a assimetria informacional na compra e venda de ações impacta a avaliação das empresas?

Abstract

The company valuation is a process which seeks to estimate the fair value using models and methodologies that vary in degree of complexity and applicability of the information, where that value measurement goes beyond pricing only the firm's material goods . The Ohlson model (1995) was the business assessment framework developed by Jim Ohlson proposing the increase of financial variables and other information. Thus, we tried to extract the information asymmetry in the purchase and immediate sale of the shares traded on the Stock Exchange, Commodities and Futures Exchange (BM & FBovespa). For as the ability to evaluate a company with the smallest margin of error is the key point of finance theory, many personal and business decisions are made by tools that can extract the maximum value of the investment. This study aimed to investigate the impact of information asymmetry in the valuation of the Brazilian capital market, and found the relationship of information asymmetry and the price of 51 shares listed on the (BM & FBovespa), from 2008 to 2014. The results indicate that the asymmetry of information has additional information content in the evaluation of 4% of companies.