This paper examines whether seasoned offerings priced below net asset value (NAV) harm incumbent investors in the Brazilian real estate fund (FII) market. Using an issuance-level sample of 249 seasoned offerings completed between June 21, 2019 and August 7, 2023 by FIIs that were constituents of the IFIX index in 2025Q2, we measure outcomes as the fund’s two-year post-issuance total return in excess of IFIX. We find no evidence of a systematic discount penalty: offerings priced below NAV are not followed by reliably weaker excess returns. The continuous issue price-to-NAV ratio is generally negative in sign, but it is imprecisely estimated and loses explanatory power once offering characteristics, liquidity, maturity, and segment controls are included. By contrast, issuer maturity and issuance sequence are more stable predictors of subsequent performance. Issuance pricing relative to NAV is therefore not a sufficient statistic for investor harm.
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