A inserção de novos investidores na bolsa de valores do Brasil (B3) e o seu impacto no mercado de capitais no período de 2021 a 2024

Abstract

This study aims to analyze the impact of the entry of new investors into the B3 Stock Exchange from 2021, when the country was still grappling with the COVID-19 pandemic—until 2024, a year that marked both the consolidation of these investors and the launch of new products by B3. The research is guided by the following problem questions: What were the impacts of the entry of new investors into the stock market (B3) on the profitability of the Exchange? What were the reasons that led them to enter this type of market during the pandemic? And finally, what is the profile of these new investors? The theoretical framework regarding the National Financial System, with emphasis on the capital market, as well as a historical overview of stock exchanges in Brazil leading up to the formation of B3, was essential to connecting the study’s central problem with the research findings. The methodological structure is based on a bibliographic review, with a qualitative approach using observation and interpretation of statistical data collected from secondary sources made publicly available by B3 (Brasil, Bolsa, Balcão), in addition to specific study reports on investors, particularly the following: Annual Reports (2020–2024) and the Analysis of the Evolution of Retail Investors on B3 (2021–2024). The results demonstrate that the COVID-19 pandemic marked a turning point for B3, as it witnessed the entry of more than 500,000 new investors. The majority of these were young individuals over the age of 25 who began allocating their capital into stocks and both public and private bonds. Additionally, the number of women investors grew significantly. The research also revealed an increase in the number of investors from the North and Northeast regions of Brazil. B3 attributes this diversification in investor profiles—in terms of income, gender, and geographic location—to easier access to the Exchange’s digital platforms, which was enabled by internet expansion, the profitability of financial assets, and the country’s macroeconomic conditions during the period.