Marina Mitiyo Yamamoto

Governança corporativa: nível de evidenciação das informações e sua relação com a volatilidade das ações do Ibovespa

This empirical-analytical study investigates the role of accounting as a source of information to the Brazilian capital market. It aims to verify whether the accounting disclosure level provided by Brazilian entities is related to the volatility of their share prices on Bovespa (Brazilian Stock Exchange). Entities with greater accounting disclosure level are expected to present lower volatility of their stock returns. To analyze the relation between disclosure level and stock price volatility, we collected information published by 42 companies listed on Ibovespa, using the annual reports for 2002. After segregating these companies into three different groups in accordance with their specific disclosure level, using cluster analysis, we statistically verified the existence or not of significant differences between their disclosure and stock price volatility levels. The analyses indicated that the companies with better average accounting disclosure presented lower mean volatility levels, while the cluster with worse average disclosure presented higher mean volatility levels. This evidences that higher average disclosure levels result in lower mean volatility of stock returns.

Ensaio Sobre a Teoria da Divulgação

The present essay is based on the paper by Verrecchia (2001) and seeks to present and discuss the analytical models developed from the theory of disclosure. Initially, research on this subject is classified into three categories: based on association, discretion and efficiency. Mathematical relations are shown for each category seeking to represent the disclosure phenomenon and the variables related to it. Besides this, game theory is presented as another possible approach to model the disclosure process. It is hoped that such models will serve as a theoretical base to develop hypotheses and conduct further research for empirical verification of these hypotheses, and consequently, based on such evidence, to improve the models to better represent the reality of the disclosure process.

OS MÉTODOS DE DIVULGAÇÃO DA DEMONSTRAÇÃO DOS FLUXOS DE CAIXA NO BRASIL

One of the most discussed issues in Brazil recently has been the substitution of the Statement of Origins and Applications of Funds for the Statement of Cash Flow. This substitution is included in the project to change Law no 6.404/76, known as the “Law for Public Companies”. Thus it seems necessary to discuss the Statement of Cash Flow, mainly its disclosure method: direct or indirect. The theory indicates that the Direct Method is simpler to understand than the Indirect Method. However, the Indirect Method is considered to be more informative because it reconciles earnings and cash. This paper analyses the opinions of academics, market analysts and accountants, and with the objective of identifying whether one of the disclosure methods is preferred. The results indicate that there is no specific