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Advisor(s)
Abstract(s)
Esta dissertação tem como propósito analisar o impacto da divulgação de
informações privilegiadas pelas SAD’s do SL Benfica, FC Porto e Sporting CP. Analisaramse 844 comunicações de informação privilegiada divulgadas através da CMVM, das quais
334 pertencem ao Sporting CP, 283 ao SL Benfica e 227 ao FC Porto. O período temporal
analisado inicia-se em 23 de maio de 2007 e termina em 7 de outubro de 2022. A
metodologia aplicada é a de Estudo de Eventos.
Em geral, os resultados apurados nesta dissertação mostraram que o impacto da
informação divulgada é nulo ou baixo. Concluiu-se que tanto as informações privilegiadas
consideradas potencialmente positivas (relativas a alterações contratuais com o treinador,
venda de jogadores ou a contratos de direitos televisivos), tal como as consideradas
potencialmente negativas (relativas a ações judiciais), não têm, de uma maneira geral,
influência nas cotações das ações das SAD’s. Os resultados mantiveram-se quando se
dividiu e analisou a amostra por SAD. A inexistência de impacto da informação desportiva
e economicamente relevante sobre as cotações poderá explicar-se pelos níveis de liquidez
muito baixos destes títulos. De facto, isso comprovou-se através de diversos indicadores
como o número de dias sem variação da cotação e o número de dias com menos de 100 € de
valor transacionado, que são acima de 40% para os títulos do FC Porto e Sporting CP. Uma
análise exploratória das quantidades transacionadas evidencia um aumento do número de
ações negociadas na sequência da divulgação de informação.
This dissertation aims to analyse the impact of the disclosure of inside information by the SLC's of SL Benfica, FC Porto and Sporting CP. 844 communications of privileged information disclosed through CMVM were analysed, of which 334 belong to Sporting CP, 283 to SL Benfica and 227 to FC Porto. The analysed time period begins on the 23rd of May 2007 and ends on the 7th of October 2022. The methodology applied is the Event Study. In general, the results obtained in this dissertation showed that the impact of the information disclosed is null or low. It was concluded that both the inside information considered potentially positive (relative to contractual alterations with the coach, sale of players or television rights contracts), as well as that considered potentially negative (relative to lawsuits), do not have, in general, any influence on the SLC's share prices. The results were maintained, when the sample was divided and analysed by SLC. The inexistence of impact of sports and economically relevant information on share prices may be explained by the very low levels of liquidity of these securities. In fact, this have been proven throug various indicators such as the number of days with no variation in share prices and the number of days with less than 100 € of traded value, which are above 40% for FC Porto and Sporting CP securities. An exploratory analysis of the quantities traded shows an increase in the number of shares traded following the disclosure of information.
This dissertation aims to analyse the impact of the disclosure of inside information by the SLC's of SL Benfica, FC Porto and Sporting CP. 844 communications of privileged information disclosed through CMVM were analysed, of which 334 belong to Sporting CP, 283 to SL Benfica and 227 to FC Porto. The analysed time period begins on the 23rd of May 2007 and ends on the 7th of October 2022. The methodology applied is the Event Study. In general, the results obtained in this dissertation showed that the impact of the information disclosed is null or low. It was concluded that both the inside information considered potentially positive (relative to contractual alterations with the coach, sale of players or television rights contracts), as well as that considered potentially negative (relative to lawsuits), do not have, in general, any influence on the SLC's share prices. The results were maintained, when the sample was divided and analysed by SLC. The inexistence of impact of sports and economically relevant information on share prices may be explained by the very low levels of liquidity of these securities. In fact, this have been proven throug various indicators such as the number of days with no variation in share prices and the number of days with less than 100 € of traded value, which are above 40% for FC Porto and Sporting CP securities. An exploratory analysis of the quantities traded shows an increase in the number of shares traded following the disclosure of information.
Description
Keywords
Bolsa de Valores Fc Porto Informação
Privilegiada Mercado Acionista Sad Sl Benfica Sporting Cp