Ações de empresas brasileiras e suas ADRs: Uma nota sobre datas ex-dividend

Abstract

This work analyses the performance of the Brazilian ADRs and their underlying stocks around the 1° ex-dividend day. The local stocks showed a better performance, on average, than the ADRs on the days preceding the event data. This fact suggests that investors prefer to buy local stocks on this period because they have to pay lower taxes in country-regionplaceBrazil when they receive the dividend. This tendency is reverted on the 1° ex-dividend day, when the ADRs had a better performance than their underlying stocks. The analysis of the prices showed that the ADRs are negotiated with a premium on average.