Analysis of the impact of Fies on the stock returns from the higher education sector

Q3 Economics, Econometrics and Finance

Revista Contabilidade e Financas Pub Date : 2019-08-22 DOI:10.1590/1808-057X201808070

Marília Cordeiro Pinheiro, A. Serrano

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Abstract

ABSTRACT This article aims to analyze if the issuance of Series E Treasury Bonds (CFT-Es) generates abnormal returns in a higher education stock portfolio and verify if the Brazilian higher education market is efficient in its semi-strong form. The main purpose of CFT-Es is to transfer funds to institutions with the aim of providing finance to students enrolled in private universities. These issuances have effects on the capital market, considering that after the program began, the first initial public offering (IPO) of a Brazilian university occurred. Moreover, according to the National Institute for Educational Studies and Research Anísio Teixeira/Ministry of Education and Culture (Inep/MEC), Brazil has the largest market for higher education in Latin America. Several studies have been conducted to analyze the relationship between monetary policy and financial markets, but this has not occurred within the scope of fiscal policy. Such research is appropriate, considering the discussion on the need to contain government spending, but at the same time stimulate the Brazilian economy. The main contribution of the study is it indicates that the higher education market has tended towards the efficiency hypothesis, considering that in the first analysis, H0 was not rejected for 82% of the windows of events, and in the second analysis, H0 was not rejected for any of the windows of events, with there being no evidence of abnormal gains due to funds being released for the Student Finance Fund (Fies). The event study methodology was used to test the hypotheses of abnormal returns obtained due to CFT-Es being issued through the release of ordinances. A portfolio composed of higher education stocks was elaborated, weighted by the quarterly amount receivable from Fies for each institution, and covering 2009 to 2017. The results show that the stocks of institutions benefiting from Fies tend to react efficiently to CFT-E issuances authorized by the National Treasury.

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外商投资企业对高等教育行业股票收益的影响分析

摘要本文旨在分析E系列国债(CFT-Es)的发行是否会在高等教育股票投资组合中产生异常收益，并验证巴西高等教育市场在半强形式下是否有效。cft - e的主要目的是将资金转移到机构，目的是为在私立大学入学的学生提供资金。这些发行对资本市场有影响，考虑到该计划开始后，巴西大学的首次公开募股(IPO)发生了。此外，根据国家教育研究所Anísio特谢拉/教育和文化部(Inep/MEC)的数据，巴西拥有拉丁美洲最大的高等教育市场。已经进行了一些研究来分析货币政策和金融市场之间的关系，但这并没有在财政政策的范围内发生。这样的研究是适当的，考虑到需要控制政府支出，但同时刺激巴西经济的讨论。该研究的主要贡献在于，它表明高等教育市场倾向于效率假设，考虑到在第一次分析中，H0对82%的事件窗口没有被拒绝，在第二次分析中，H0对任何事件窗口都没有被拒绝，没有证据表明由于学生资助基金(Fies)的资金被释放而产生异常收益。本研究采用事件研究方法，检验因cft - e透过法令发布而获得异常收益的假设。详细阐述了一个由高等教育股票组成的投资组合，并以每个机构的季度应收外资企业金额加权，涵盖2009年至2017年。结果表明，受益于外资企业的机构股票往往对财政部授权的CFT-E发行做出有效反应。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Revista Contabilidade e Financas Economics, Econometrics and Finance-Finance

CiteScore

1.00

自引率

0.00%

发文量

审稿时长

17 weeks

期刊介绍： Revista Contabilidade & Finanças (RC&F) publishes inedited theoretical development papers and theoretical-empirical studies in Accounting, Controllership, Actuarial Sciences and Finance. The journal accepts research papers in different paradigms and using various research methods, provided that they are consistent and relevant for the development of these areas. Besides research papers, its main focus, traditional papers and manuscripts in other formats that can contribute to communicate new knowledge to the community are also published.