Resumen
This study aimed at analyzing the valuation reports for IFO (Initial Public Offering) of Brazilian publicly-traded companies to investigate the existence of some possible bias by the appraisers. Therefore, values of several ongoing valuations were analyzed based on the reports provided by CVM. It was chosen Wilcoxon non-parametric test, since the sample does not present normality. Statistical tests have confirmed the hypothesis of an optimistic bias in reports demanded by the evaluated companies themselves, which, according to the literature, come from some influences that may affect their relationship. The results have indicated that there is a bias in share value; so, when IFO reports are demanded by the evaluated company itself, on average, the valuation by the discounted cash flows method, subjective by itself, presents higher values than the valuation by the weighted average market method. However, in reports hired by external organizations, there were no significant differences among values obtained in valuations that were carried out between the objective and subjective methods by the tests. Appraisers, evaluated companies and investors can use the results from this study to prepare and, mostly, analyze future reports.