Resumen
This paper studies the determinants and consequences of ?rms that adopted the Brazilian new stock exchanges ? Novo Mercado, Nível 1 and Nível 2. Since 2001 more than 61 companies chose to be traded in these exchanges with the intention to raise their levels of disclosure and corporate governance. In terms of determinants, ?rms that adopted the new markets are larger, more pro?table, more likely to be traded as ADRs and have more dispersed ownership. As for the consequences, shares of ?rms that adopted the new markets are more liquid than shares of ?rms traded in the regular exchange (BOVESPA). In addition, ?rms that adopted the Nível 2 and the Novo Mercado ? markets with stricter disclosure and governance requirements - also experienced an increase in liquidity when compared to their liquidity prior to the adoption.