Ceticismo ou reputação nas recompras de ações?
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This work investigates buybacks in Brazil focusing on the credibility and reputation of announcers companies. Using an unexploited data base, the annual reference form (Formulário de Referência), which, enables the differentiation of announcements of repurchases by their actual quantities purchased and event study methodology and regression, we analyze buyback programs on the open market from 2007 to 2014 in BOVESPA. Main results show the existence of reputation for companies that have an effective rate of repurchase of at least 70%, and a penalty for companies that has a low effective repurchase rates in previous ads. Finally, we found significant cumulative abnormal return in the Brazilian stock market for companies that advertise repurchase of its own shares on the open market of 1.12% on the first day, 1.56% on the fifth day and 1.97% at the end of the first month. For the group that had historical events was 0.98% on the first day, 1.33% on the fifth day and 1.38% after the first month. For the case which events were preceded immediately by repurchase with effective rates of at least 70%, it was 1.42% on the first day, 2.70% on the fifth day and 5.09% at the end the first month.