REAÇÕES DO MERCADO ACIONÁRIO FRENTE À REGULAÇÃO DA REMUNERAÇÃO DOS EXECUTIVOS: UMA INVESTIGAÇÃO SOBRE O SETOR BANCÁRIO NACIONAL E INTERNACIONAL LISTADO NA [B]3.

Objective: To understand how B3's banking sector shareholders had their investments impacted in view of the introduction of the mandatory disclosure of executive compensation in Brazil, as a result of the publication of IN CVM 480/2009. Method: In order to identify the structural breakage, it was conducted a comparison analysis of the conditional means, with the use of autoregressive vectors (VAR) to identify the structural break and the methodology for studying events. Main results: The results show that there has been a structural drop in the average shareholder return as well as in the growth rate of the average remuneration of executives, with a negative impact in the period after the regulation. The model captured the negative impact in the month after the publication of IN CVM 480/2009 and also in the following 3 days after the regulation. Relevance/Originality: The results are important to regulators and other market participants, as they indicate a change in the perception of market participants from regulation, showing that regulation can modify executive compensation contracts and thus promote the alignment of interests within the financial sector. Theoretical/methodological contributions: The study contributes to the understanding of the effects of regulation on the executives's remuneration in Brazilian financial sector. It also brings contributions to the literature as it stimulates the debate about the specificities of the Brazilian banking sector on the development of corporate governance mechanisms aimed, as a way to mitigate the risk taking that tends to compromise the entire economy of the country. The results are also important to regulators, insofar as they suggest that regulation was beneficial in reducing the conflict of interest between agent and principal. In addition, the methodological contribution consists of using the VAR model (Self-Regressive Vectors) in parallel to the study of events, reinforcing the originality of the research and promoting a deeper understanding of the theme. [ABSTRACT FROM AUTHOR]