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This study aims to analyze the influence of public offering of stocks on the level of earnings management and its impact on market return of stocks of Brazilian companies. For this analysis, we have estimated the discretionary accruals, by using the model of Kang and Silvaramakrishnan (1995), and the average of accruals in the periods before and after of public stock offerings. For the market performance we have used the price of stocks in the quarters before and after the secondary public offering, and all the necessary data for this analysis were extracted from Economatica® database. The research has involved 30 companies listed on the BM&FBovespa S.A., which held public offering of stocks in the period 2011 and 2012. The results of the regression models have indicated that there is no statistically significant relationship among earnings management, public offering of stocks and the average return of the stocks prices. We have concluded, therefore, that there is no influence of earnings management on the stocks returns after conducting public offering of stock. [ABSTRACT FROM AUTHOR]