Avaliação de ações: análise da eficiência do modelo de gordon aplicado ao mercado de ações brasileiras

Abstract

Shares are the smallest portion of the capital stock of a company. People who invest in stocks expect larger returns compared to other financial assets. Gordon's stock valuation model is widely taught in business and finance courses in Brazil and the United States. However, does it present satisfactory results in the Brazilian stock market? The objective of this work is to verify if this model generates satisfactory results to the Brazilian investor. It is intended to verify if a hypothetical investor who has this methodology will obtain better results by investing his resources n shares compared to other types of investments. The research is exploratory. As for the method is of the survey type. The data collection is of the file data type. As for nature, research is of the quantitative type. The Novo Mercado segment was analyzed. The period of analysis comprised the years from 2006 to 2016. Assumptions were adopted for stock selection. They were priced in 2011 and held in the portfolio until 2016 when comparing the profitability with other financial assets in the same period. According to the methodology adopted, no satisfactory results were obtained for the investor. Therefore, it is concluded that the model was not applicable to the Brazilian stock market in the analyzed period. However, this period was strongly influenced by the economic crisis, which affected the results. In this sense, with the resumption of economic growth, new research is suggested in order to determine more clearly the suitability of the model.