Gerlando Augusto Sampaio Franco de Lima

Nível de evidenciação × custo da dívida das empresas brasileiras

This study aims to investigate the relation between the voluntary disclosure level and the cost of capital of third parties. Increased disclosure by companies is expected to result in decreased information asymmetry, reducing the risk offered to the companys financial backers, as well as a rise in visibility and liquidity of its bonds and in the information quantity disseminated to its stakeholders in general. Before analyzing the regression with panel data, the multivariate Correspondence Analysis (ANACOR) technique was used for an exploratory analysis of the study variables. We examined 23 publicly-traded companies between 2000 and 2004, looking at the disclosure level (ND), and between 2001 and 2005 to look at the cost of capital of third parties (Kd) and the control variables, in accordance with the following equation: (Kdt) = ƒ(NDt-1, control variablest -1). The empirical results demonstrated that, based on the use of the pooling effect and the generalized least squares method, whose R2 was approximately 28.49%, the voluntary disclosure level is inversely related to the cost of capital of third parties, that is, the higher the disclosure level, the lower the cost of capital of third parties. Thus, the study hypothesis was not rejected.

Modelos de precificação hedônica de imóveis residenciais na região metropolitana de São Paulo: uma abordagem sob as perspectivas da demanda e da oferta

Este trabalho utiliza-se da tecnica de modelos de precos hedonicos em uma amostra de 1860 apartamentos residenciais com lancamentos no ano de 2004, localizados em distritos de renda baixa, media e alta da Regiao Metropolitana de Sao Paulo. Por meio da utilizacao da especificacao logaritmica em equacoes de dois estagios de Rosen, o modelo verifica quais atributos mais interferem nas condicoes de oferta e demanda dos imoveis e compara a importância relativa de cada um quando se varia o perfil socio-demografico. Para tanto, atributos intrinsecos e extrinsecos sao analisados, possibilitando o estudo de estrategias de projetos designadas para cada tipo de imovel, consistentes com as preferencias dos consumidores.

Efeito da Lei 11.638/07 sobre o conservadorismo condicional das empresas listadas BM&FBOVESPA

Law no 11.638/07 has substantially changed Brazilian accounting practices and standards, and such changes can exert significant impacts on earnings conservatism. Understanding the role of conservatism and its determinants is important to interpret the nature, purpose and implications of accounting estimates. This study aimed to investigate whether the promulgation of Brazilian Law no 11.638/07 changed the degree of conditional accounting conservatism of Brazilian companies listed on Bovespa & BMF BOVESPA. An empirical analytical research was carried out collecting information about non-financial companies listed on the Brazilian Stock Exchange from the first quarter of 2005 to the third quarter of 2009 in the Economatica® system. Basus model was adjusted to measure the effect of Law no 11.638/07 on conditional conservatism. In conservativeness hypotheses, earnings reflect bad news (negative stock returns) more quickly than good news (positive stock returns). In this model, the measure of conservatism (asymmetrical treatment of gains and losses) is based on the extent to which the earnings-return association is stronger during periods of bad news as compared with periods of good news. For the sample analyzed, results suggest that it cannot be inferred whether the new rules had some effect on the degree of asymmetric recognition of gains and losses.

TOWARD IFRS: ECONOMIC CONSEQUENCES OF ACCOUNTING CONVERGENCE IN AN EMERGING ECONOMY

Purpose – The purpose of this article is to investigate whether underlying firm-level incentives influence firms’ compliance with International Financial Reporting Standards (IFRS) convergence practices and whether this adoption impacts firms’ cost of equity capital and market liquidity in Brazil, a setting with a poor institutional environment but high growth opportunities. Methodology/approach – Using a sample of 54 companies from the Sao Paulo Stock Exchange, this article employs three measures of accounting convergence based on: (i) compliance to a 37-item index, called the International Accounting Standards Convergence Index (IASCI), (ii) increase in annual reports disclosure, and (iii) increase in accounting earnings quality. Furthermore, the article employs statistical analysis to test the influence of firm-level incentives on IFRS compliance and its economic consequences for the capital market. Findings – The results indicate that firm-level incentives are important drivers of compliance with IFRS convergence practices. The results suggest that firms that (i) are larger, (ii) are more exposed to international markets, and (iii) have greater financing needs are more likely to adopt IFRS practices by implementing material changes in their accounting policies. The economic consequence analysis shows that cost of capital does not seem to be related to any of the convergence measures used. However, there is a statistically significant relationship between all the market liquidity variables and the IASCI, indicating that companies that best meet the convergence requirements have lower trading costs and greater liquidity, and their share price is less susceptible to the influence of individual investors. Research limitations and implications – The scope of the study is limited to a relatively small sample of listed Brazilian companies, and they may not represent all listed companies. The sample restriction is due to information availability, since the study requires earnings estimates from the Thomson ONE Analytics database. Originality/value – The study extends the work of Barth (2008) considering Balls (2006) observation that superior accounting standards do not necessarily translate into higher quality reporting, since reporting quality may be largely shaped not only by accounting standards, but also by economic/political forces and firm-level economic incentives.

Utilização de informações de custos no processo gerencial: estudo comparativo entre a hotelaria do Estado do Rio Grande do Norte e a região nordeste, sob a ótica da gestão econômico-financeira

This study aims to present the results of a research carried out in medium and large-sized hotels in Rio Grande do Norte, Brazil, about the use of cost information in the management process. The importance of cost information is discussed, the obtained results are disclosed in relation to the use of costing methods, cost centers and knowledge about the contribution margin, comparing them to the result of a research carried out in the Northeast. After analyzing the research results, it is observed that, although hotels from Rio Grande do Norte, mainly independent ones, as well as those from the Northeast recognize the importance of cost information, they need to insert tools that are capable of supplying this information into their management, which may lead to increased competitiveness.

EL ESTUDIO DEL ANUNCIO DE LA ADHESIÓN A LOS NIVELES DIFERENCIADOS DE GOBIERNO CORPORATIVO CON LA UTILIZACIÓN DE ESTUDIO DE EVENTO

Esta investigacion tiene como objetivo verificar si la informacion suministrada al mercado de capitales sobre la intencion de adhesion a los niveles diferenciados de Gobierno Corporativo de la BOVESPA genera retornos anormales en los precios de las acciones de esas companias. Se espera que esa adhesion resulte en el aumento de la visibilidad de la empresa y negociacion de sus papeles, como tambien, aumento en la cantidad de informacion divulgada a sus inversionistas. Para la investigacion, se ha realizado un estudio de evento con una muestra de 18 empresas que habian emitido la informacion al mercado, teniendo como base los presupuestos de MacKinlay (1997). La regresion no parametrica fue empleada para obtener los parametros del modelo de mercado del estudio de evento, siendo esa herramienta obtenida a partir de la bibliografia de Dombrown, Rodriguez y Sirmans (2000) y Lima (2005). Los resultados del estudio de evento demostraron que no ocurrieron retornos anormales positivos en los precios de las acciones de las empresas, demostrando, asi, que la informacion de adhesion a los Niveles Diferenciados de Gobierno Corporativo de la BOVESPA no fue captada, de forma general, por el mercado. A pesar de los resultados obtenidos y de las conclusiones presentadas, se debe tener en consideracion algunas limitaciones de la investigacion, como son las conclusiones obtenidas, las cuales se han quedado restringidas a la muestra, a las variables y a la herramienta econometrica utilizada.This research aims to verify if the information supplied to the stock market on the intention of adhesion to the Differentiated Levels of Corporate Governance on the Sao Paulo Stock Exchange generates abnormal returns in the stock prices of these companies. Adherence to this market is expected to result in the growth of company image, negotiability of its papers and the amount of information disclosed to its investors. An event study, based on the assumptions of MacKinlay (1997), was used for the empirical research, with a sample of 18 companies that send the relevant information to the market. Non-parametric regression was applied to test the parameters of the market model of the event study. This tool was taken from the bibliography by Dombrown, Rodriguez and Sirmans (2000) and Lima (2005). The results of the event study demonstrated no abnormal returns in the prices of the companies stocks, demonstrating that information about adherence to the Differentiated Levels of Corporate Governance on the Sao Paulo Stock Exchange was not important for the market. Despite the results and conclusions, some research limitations must be taken into account, such as: the conclusions were been restricted to the sample, the variable and the econometric tool.

NARCISISMO E DESONESTIDADE ACADÊMICA

O objetivo do trabalho e investigar quais sao os efeitos das Hipoteses da Teoria Positiva da Contabilidade (TPC) na Qualidade da Informacao Contabil, a qual pode ser determinada pelas medidas de relevância, tempestividade, conservadorismo condicional e gerenciamento de resultados das informacoes divulgadas nas Demonstracoes Financeiras. A amostra contara com observacoes de empresas com mais de 80% das acoes negociadas na BM&FBOVESPA, no periodo de 2010 a 2014. As observacoes serao segregadas entre aquelas que sofrem maior e menor influencia das Hipoteses da TPC e, serao criadas dummies para esses quartis. Com o intuito de analisar e comparar os grupos com maior e menor influencia serao rodados os modelos originais para Q1 e Q3 separadamente e, numa segunda analise, serao feitas interacoes das dummies dos quartis com as variaveis originais dos modelos de relevância, tempestividade, conservadorismo condicional e gerenciamento de resultados.

A divulgação voluntária e o gerenciamento de resultados contábeis: evidências no mercado de capitais brasileiro

This study examines the association between the voluntary disclosure of economic and financial information and earnings management. The outlined arguments on the subject are based on the assumption that consistent voluntary disclosure policies may reduce earnings management. The analysis is conducted on a random sample of 66 non-financial Brazilian listed companies in the 2005-2012 period. To measure voluntary disclosure, the index proposed by Consoni and Colauto (2016) is used. As a proxy for earnings management, discretionary accruals (DA) are estimated based on the model by Dechow, Sloan, and Sweeney (1995). The relationship between these measurements is analyzed using a model of simultaneous equations and by the random effects regression method with panel data. A significant negative relationship was expected a priori; however, the main result of the study indicates that voluntary disclosure and earnings management are not simultaneously determined or associated. Although the results obtained contradict certain theoretical assumptions, there are alternative explanations for this finding. The empirical set of evidence in this research, in addition to those in previous studies, should be interpreted with caution because there is no consensus on the measures for voluntary disclosure and earnings management. Second, several companies in Brazil may not be interested in providing high-quality voluntary disclosure because most of their shareholders enjoy private benefits of control. This issue reduces the importance of the potential market demand for information, stratifies information asymmetry, and does not prevent earnings management.

Análisis de la homogeneidad de indicadores sociales de los países de América Latina y el Caribe

This study analyzes the level of homogeneity of social indicators released by the countries members of the Economic Commission for Latin America and the Caribbean. Social indicators of the period from 2010 to 2012 provided by the Brazilian Institute of Geography and Statistics of 18 out of the 44 member countries were analyzed with the application of Correspondence Analysis. The results show that the selected variables are grouped into two dimensions, life quality and nutritional quality. Four groups with homogeneous characteristics were identified in the perceptual map of categorical variables and four groups of countries with similar characteristics in their social indicators in the perceptual map of objects by countries.

COMPARAÇÃO DA ACURÁCIA DE ANALISTAS COM O MODELO DE OHLSON-JUETTNER (OJ) NO MERCADO BRASILEIRO

A presente pesquisa foi desenvolvida com o objetivo de avaliar o grau de acuracia dos modelos de avaliacao baseado em informacoes contabeis e do preco-alvo indicado pelos analistas de mercado, quando comparados ao valor real da acao. Para chegar as conclusoes do trabalho, foi utilizada uma abordagem quantitativa que, por meio de testes estatisticos, buscou verificar qual dos resultados, dentre o indicado pelo modelo de avaliacao baseado em informacoes contabeis Ohlson-Juettner (OJ) e o fornecido pelos analistas de mercado, ficou mais proximo ao valor real da acao. A amostra utilizada para a realizacao do estudo continha as empresas listadas no Indice Brasil (IBrX), com informacoes financeiras no periodo de 2004 a 2011, que geraram precos alvo de 2005 a 2012. O teste dos sinais, que foi o teste estatistico utilizado, mostrou uma maior similaridade entre o valor da acao e o modelo de precificacao baseado em informacoes contabeis OJ quando comparado ao preco-alvo indicado pelos analistas de mercado, o que foi corroborado pelo teste dos sinais com postos de Wilcoxon, utilizado como contraprova. Uma das possiveis explicacoes para o resultado se deve ao fato das previsoes dos analistas de mercado serem demasiadamente otimistas frente ao valor da acao nas datas de analise.