Recompra de ações: regulamentação e proteção dos minoritários

Abstract

This article reviews the legal aspects regarding the share repurchase process, including the recent changes introduced by the CVM Instruction #299, and analyze its impact on minority shareholders. Prior to the introduction of CVM #299, share repurchases could signal that the company would go private. This could expropriate the minority shareholders. We empirically test based on a sample with all share repurchase on BOVESPA from January 1994 to June 2002, and confirm that on average the minority shareholders had an accumulated return of –10% within three months after the announcement of share repurchase. After the enactment of the CVM Instruction #299, there was evidence of positive cumulative abnormal returns for the announced share repurchase programs, bringing benefits to minority shareholders.