Adesão aos Novos Mercados da BOVESPA: Novo Mercado, Nível 1 e Nível 2 – Determinantes e Conseqüências

This paper studies the determinants and consequences of rms thatadopted the Brazilian new stock exchanges – Novo Mercado, Nível 1 and Nível2. Since 2001 more than 61 companies chose to be traded in these exchangeswith the intention to raise their levels of disclosure and corporategovernance. In terms of determinants, rms that adopted the new markets arelarger, more protable, more likely to be traded as ADRs and have moredispersed ownership. As for the consequences, shares of rms that adoptedthe new markets are more liquid than shares of rms traded in the regularexchange (BOVESPA). In addition, rms that adopted the Nível 2 and the NovoMercado – markets with stricter disclosure and governance requirements -also experienced an increase in liquidity when compared to their liquidityprior to the adoption.