Probabilidade de informação privilegiada no mercado de ações, liquidez intra-diária e níveis de governança corporativa

Abstract

Non-traditional listing rules on stock exchanges based on corporate governance practices criteria may ensure investors a higher level of protection and constrain expropriation of minority shareholders. We investigate how distinct listing levels, according to the quality of corporate governance practices, a experiment provided by the Brazilian stock exchange (Bovespa), and liquidity levels are associated to the probability of informed trading (PIN).We find that PIN is lower in stricter corporate governance practices listing levels, after controlling for liquidity. Greater liquidity is associated to a lower PIN particularly due to the presence of non-informed investors. © 2009 Fundação Getúlio Vargas.