A utilização dos índices de valor de mercado no processo de seleção de ativos listados na Bovespa : aplicação na escolha de ações de empresas do setor de construção civil para o período de 2008 a 2011

Abstract

Investors in equities, specifically the stock market, should provide himself with tools that help to reduce the risks involved. This study has as main objective to verify the applicability of the market value indexes as tools in the selection of assets listed on the Bovespa. For this purpose was selected to study the Construction sector, because it is a sector with a significant amount of assets listed in the Bovespa Index. To reach its main objective, was first performed a literature search for conceptualizing the brazilian capital market and key financial ratios used in analysis. Then we calculated the main market value indexes of the selected papers, and developed a ranking of investment recommendations based on these indexes, using the statistical methodology of Index-Standard. Finally, we performed a simulation of returns from these equities in the period between 2008 and 2011. It was made a test where it was checked whether the recommendations obtained based on statistical analysis of market indexes have led investors to the best yields in fictitious time. There was, however, that the results were not the same, which suggests that only the isolated analysis of market value indexes is not sufficiently reliable tool for the choice of assets.