Avaliação do desempenho das ações listadas no Ibrx100 segundo um benchmark internacional – estudo exploratório amparado no downside risk.

Abstract

The decision process is like a field pervaded with risks and uncertainties. In doing so decisions associated with investments indicate the need of an accurate understanding and consistent in the risk taken by performing the choice. This way the Post-Modern Portfolio Theory consists in a meaningful and relevant theoretical framework for the study of the risk once it uses a perspective that considers the loss aversion as a natural characteristic from the investor. For this reason and considering the inherent complexity from venture capital market it was adopted the use of the downside risk as a way to evaluate the accomplishment of the stocks from the Brazilian IBRX100 index according to the international index market, the Dow Jones. With this purpose it was done a documentary research of the historical returns for the IBRX100 companies and the Dow Jones index during the period from January 2009 and December 2013. It’s a descriptive research once it was intended to describe the characteristics from the studied phenomenon, as well as exploratory conducted in an area with little systematic knowledge. The main result benchmarked from the

application of parametrical and non-parametrical statistical tests for the samples of semi- deviation up and down pattern from the index Dow Jones average refers to the superior

performance of the stocks from the Brazilian index on the analysed period.