Edilson Paulo

Detecção do gerenciamento de resultados pela análise do diferimento tributário

This article had as an objective to confi rm if deferred tax income analysis increases signifi cantly the detection of earnings management. Data were collected for the mining, steelworks, metallurgy and textile industries for the period 2000-2004, through probit and logit analysis establishedon the Modifi ed Jones and Kang & Sivaramakrishnan models. The paper found evidences that analysis of deferred tax income does not increment the predictive power of the analyzed models. The divergence can be explained because most of the literature on the subject dealt with American fi rms and industries that supposedly have different incentive factors for earnings management. Further, the differences in Brazilian firms can be originated by the fl exible use of the partial method for recognition of tax deferral.

Information Asymmetry in Stock Trading, Economic and Financial Characteristics and Corporate Governance in the Brazilian Stock Market

This study sought to investigate the relationship between information asymmetry in the stock trading, economic and financial characteristics and corporate governance of listed companies in the Brazilian stock market in 2010 and 2011. To this end, the study relied on a theoretical framework for information asymmetry in the capital market to measure the asymmetrys magnitude based on the intraday stock-trading data of 194 companies. The primary results demonstrated that the informational asymmetry in the stock trading was positively related to the risk, return and liquidity of the shares as well as the cost of equity and the size of the companies. In addition, the asymmetry was negatively related to the abnormal return of shares. During the investigated period, the information asymmetry relationship with the liquidity and size (positive) and the abnormal return (negative) were at odds with previous research. The reasons for our results may be related to specific aspects of the Brazilian market, for example, in the case of abnormal returns, the deceleration of the Bovespa Index (IBovespa) or the reflection of the average return to negotiators without insider information during the period. In case of liquidity and size, the high index of issuance and negotiation of preferred shares may have influenced the results. Thus, this research contributes to the analysis of idiosyncratic characteristics of the capital market of a developing country, such as information asymmetry in stock trading and its association with the economic and financial characteristics and corporate governance of companies in the Brazilian stock market.

Gerenciamento de resultados por meio das transações entre companhias brasileiras interligadas

O objetivo na pesquisa aqui relatada foi analisar se as companhias abertas brasileiras utilizam as transacoes entre empresas interligadas, especificamente quando da existencia de relacao de controle, para gerenciar os resultados. Dentro desse contexto, a controladora pode utilizar sua influencia nas relacoes com as controladas de modo a transferir resultados da controlada para controladora ou vice-versa. Do ponto de vista metodologico, foi empregada a analise de distribuicao de frequencia (histograma), preconizada na literatura especifica sobre o tema, para verificar a existencia de evidencias de gerenciamento de resultados por meio das transacoes entre empresas interligadas. As informacoes necessarias para a pesquisa foram obtidas nos bancos de dados da Economatica, compreendendo os exercicios sociais de 2000 a 2004. Dentre os resultados encontrados, pode-se destacar o fato de existirem indicios de gerenciamento de resultados, porem, nao ha evidencias de que isso esteja sendo feito por meio das transacoes entre empresas interligadas. Por fim, propoe-se outro estudo dessa natureza com outras metodologias alem de distribuicao de frequencia (histograma), como o uso de modelos econometricos mais robustos.

Negociação com informação privilegiada e retorno das ações na BM&FBOVESPA

In Brazil, according to Law No. 10.303/2001, the improper use of inside information in the stock market is crime. However, in literature there are studies to indicate the existence of insider trading in this market (BOPP, 2003; BARBEDO; SILVA; LEAL, 2009). Therefore, this study aims to investigate the Probability of Informed Trading (PIN) in stock trading on the BM&FBOVESPA, trying to identify its relationship with stock returns. Based on Efficient Markets Theory and Agency Theory, we analyzed 198 stocks during the year 2011. The information asymmetry was measured (PIN) using the model of Easley, Hvidkjaer and O’Hara (2002) and related to stock returns through the model of Fama and MacBeth (1973) set. The results indicate that there is 22.9% probability of insider trading has occurred, that the segments with higher governance requirements together with the stocks that lower information asymmetry and an increase of 10.0% in PIN leads to an increase of 8.0 % in stock returns.

Accounting Information Quality in Latin- and North-American Public Firms

Purpose: We analyze the quality of accounting information reported by public firms in Latin-America and United States of America.Methodology/approach: To reach our objective, an exploratory and descriptive research was developed. To analyze the dimensions of accounting information quality, the operational model present in literature were applied which assess the persistence in earnings (Dechow and Schrand, 2004), the level of conservatism (Ball and Shivakumar, 2005), accounting earnings management (Pae, 2005) and accruals quality measurement (Dechow and Dichev, 2002), in a sample composed of publicly traded companies in the markets of Latin America and the North America (represented by USA), totaling 2,526 companies, from 2005 to 2011.Findings: Our results evidenced that financial reporting of Latin-American companies are less conservative (except for Brazilian companies) and has similar level of earnings management in comparison to the North-American ones. Concerning to the quality of accruals it was observed that there are significant differences especially related to accruals of Brazilian companies. Practical Implications: Our results suggest differences in the quality of accounting information, originated by the economic environment where the company is inserted. So, investors must be careful when they are comparing firms between these markets, because the results were different for some cases, which may lead the investors to make misallocation of his resources.Originality/Value of paper: We expanded previous literature by the use of various proxies for accounting quality, comparing firms on emerging markets with the major capital market (USA), and the crises period of time.

VALOR JUSTO: um estudo sobre a aplicação retrospectiva da IFRS 13 no setor bancário no Brasil

This study aimed to identify which accounting variables that better discriminate retrospective application of IFRS 13, in the Brazilian banks in the years 2010 and 2011. The study was motived by the importance of fair value measurement for financial institutions and by concern to follow accounting disclosures to enable a greater understanding of the accounting rules. As a contribution, the paper verifies that Brazilian banks are adapting international standards, degree of alignment of banks when the requirements of disclosure of fair value measurement. This paper used the model panel and discriminant analysis of the two groups. As a result, the study evidence an inverse relationship between the equity (and the return on equity) and the fair value disclosure. Thus, the evidence of the study suggest that the smaller equity of a bank, the greater are the possibilities of justify result by measuring fair value, probably motived political costs.

Informed trading and stock returns in the BM&FBOVESPA

In Brazil, according to Law No. 10.303/2001, the improper use of inside information in the stock market is crime. However, in literature there are studies to indicate the existence of insider trading in this market (BOPP, 2003; BARBEDO; SILVA; LEAL, 2009). Therefore, this study aims to investigate the Probability of Informed Trading (PIN) in stock trading on the BM&FBOVESPA, trying to identify its relationship with stock returns. Based on Efficient Markets Theory and Agency Theory, we analyzed 198 stocks during the year 2011. The information asymmetry was measured (PIN) using the model of Easley, Hvidkjaer and O’Hara (2002) and related to stock returns through the model of Fama and MacBeth (1973) set. The results indicate that there is 22.9% probability of insider trading has occurred, that the segments with higher governance requirements together with the stocks that lower information asymmetry and an increase of 10.0% in PIN leads to an increase of 8.0 % in stock returns.

A ciclicidade da provisão para créditos de liquidação duvidosa sob três diferentes modelos contábeis: Reino Unido, Espanha e Brasil

A controversy involving loan loss provisions in banks concerns their relationship with the business cycle. While international accounting standards for recognizing provisions (incurred loss model) would presumably be pro-cyclical, accentuating the effects of the current economic cycle, an alternative model, the expected loss model, has countercyclical characteristics, acting as a buffer against economic imbalances caused by expansionary or contractionary phases in the economy. In Brazil, a mixed accounting model exists, whose behavior is not known to be pro-cyclical or countercyclical. The aim of this research is to analyze the behavior of these accounting models in relation to the business cycle, using an econometric model consisting of financial and macroeconomic variables. The study allowed us to identify the impact of credit risk behavior, earnings management, capital management, Gross Domestic Product (GDP) behavior, and the behavior of the unemployment rate on provisions in countries that use different accounting models. Data from commercial banks in the United Kingdom (incurred loss), in Spain (expected loss), and in Brazil (mixed model) were used, covering the period from 2001 to 2012. Despite the accounting models of the three countries being formed by very different rules regarding possible effects on the business cycles, the results revealed a pro-cyclical behavior of provisions in each country, indicating that when GDP grows, provisions tend to fall and vice versa. The results also revealed other factors influencing the behavior of loan loss provisions, such as earning management.

A Teoria da Sinalização e a Recuperação Judicial: Um Estudo nas Empresas de Capital Aberto Listadas na BM&FBovespa

Baseado na Teoria da Sinalizacao, este trabalho partiu do pressuposto que os indicadores contabeis emitem sinais a respeito de algumas situacoes economicas-financeiras. Ao utilizar um modelo de previsao de insolvencia, trabalha-se com a hipotese de que os problemas de uma organizacao podem ser detectados antecipadamente, identificando dessa forma a saude financeira da empresa. Sendo assim, o objetivo deste artigo e identificar os indicadores contabeis que sinalizam o estado de recuperacao judicial das organizacoes. Foram selecionadas todas as empresas de capital aberto listadas na BM&FBovespa, durante o periodo de 2005 a 2013, totalizando 330 empresas e 2.664 observacoes. Os dados foram agrupados ( pooled ) de forma desbalanceada e os parâmetros estimados por meio da tecnica econometrica Regressao Logistica ( Logit ). Os resultados demonstraram que quatro indicadores sao estatisticamente significativos para previsao de recuperacao judicial, sendo os indices de Liquidez Corrente, Produtividade dos Ativos e Retorno sobre o Ativo significativos ao nivel de 1% e Retorno sobre o Patrimonio Liquido significativo a 5%. Alem disso, o modelo estimado classificou 93,69% das observacoes corretamente, no entanto, apenas em relacao ao nivel de empresas solvente o percentual de previsao foi satisfatorio, atingindo 100%. Apesar do modelo nao apresentar um percentual de previsao satisfatorio para as empresas em recuperacao judicial, os resultados individuais apresentados para cada um deles (significâncias e coeficientes de regressao) foram estatisticamente significativos.

CONSEQUÊNCIAS DA IMPLANTAÇÃO DO BALANCED SCORECARD NAS COMPANHIAS ABERTAS BRASILEIRAS

O presente trabalho teve como objetivo verificar os efeitos da implantacao do Balanced Scorecard nos resultados divulgado pelas companhias abertas brasileiras . Para tanto , foi realizado uma revisao bibliografica e um levantamento junto a Symnetics do Brasil, onde se procurou extrair as firmas brasileiras que fazem uso do modelo de gestao Balanced Scorecard . Este trabalho utiliz ou apenas os indicadores possiveis de serem mensurados atraves das demonstracoes contabeis e dos relatorios da administracao das companhias objeto do estudo. Assim, foram escolhidos 14 indicadores nas quatro perspectivas contempladas pela metodologia do BSC. Os resultados, de modo geral, revelaram que os indicadores analisados nao sao significativamente melhores apos a implantacao do modelo Balanced Scorecard , sugeri ndo que esta ferramenta agregou, parcialmente, beneficios as companhias apos a implantacao, pois, so houve diferenca positiva estatisticamente significante nos resultados dos indicadores das Perspectivas Financeira e Processos Internos.