Ãndice market-to-book das empresas componentes do iee/bovespa: cálculo e análise comparativa para empresas de capital social ordinário privado e de capital social misto ao final do exercício 2005 - doi: 10.4025/enfoque.v25i2.3490

Abstract

The subject of this article is to calculate and analyze the market-to-book ratio (referred on text as MBV or market-to-book value) for common stocks of companies listed under IEE/Bovespa (Electrical Energy Index of Brazil's Stock Exchange) during the first four months of 2006. From the results of a previous study, is formulated the hypothesis: mixed-capital companies do have smaller market-to-book ratios, when compared vis-à-vis with private companies akin, both in an individual and stratified average analysis. The calculated market-to-book ratios for mixed-capital and private companies indicates that, indeed, the ratio is much smaller in the first case. Macroeconomic variables, as a restrictive monetary policy that affects public investments on the industry, are considered as a possible explaining for such results.