Wagner Moura Lamounier

Assimetria de Informações e Pagamento de Dividendos na Bovespa

In this research it is evaluated the effect of the asymmetric information, the agency costs and the property structure in the determination of the dividend payments. The Tobit regression model was used for censured data, giving consistence to the estimates with the payout index truncated at zero. They were considered the statements of 178 open companies quoted at Bovespa, in the period of 2000-2004. It was verified that the probability of dividend payments increases with the growth possibilities, the size, the cash flow, the decrease of the company’s debt and the adhesion of the company to the governance levels. Companies with ADRs at NYSE, or with smaller asymmetric information, pay smaller dividends, what is in line with the signaling hypothesis. It was verified a negative relationship of the dividend payments with the growth opportunities and positive with the cash flow, as foreseen by the pecking order hypothesis. Lastly, after controlling by asymmetric information, the property concentration for the controller (insider) presented a negative relationship with the dividends policy.

Impactos da divulgação de prejuízos nos retornos de ações de companhias participantes do IBOVESPA

The main intention of this communication is to show that throughout the history of Humanity the disciplines of Accounting and Mathematics have had an intimate connection and a parallel development, one next to the other. Today, as well as in the past, the mathematical models are necessary and we would even say indispensable to deepen the discussion, and to be able to advance in our collective intention to formalize our accounting discipline as a science. With the development of this investigation we try to contribute to the improvement of the quality of accounting education, by studying how accounting is taught, and based on this analysis, to promote pertinent changes in the curricula of Public Accountants office, particularly regarding contents, methodologies, bibliography and evaluation . To contribute concrete tools of analyses, that allow the focus of education on mathematical issues in a local, regional and national context, and which in addition may have parameters of evaluation, analysis and synthesis, on the aspects that concern the suitable use of mathematics in the development of the Public Accountant’s daily tasks, in order to improve their processes of analysis and decision making.On the basis of the principles of a global society, a New Economy is emerging. The Corporate Social Responsibility (CSR) is an increasingly important topic in the New Economy in general, and in the European Union in particular. Thus, an important role is played by companies’ social responsibility to achieve Lisbon Summit goal “the most competitive and dynamic knowledge-based economy in the world”. The CSR reporting has a triple-bottom line approach in the assessment of a company’s performance: the economic, the environment and the social factors. Mutatis mutandis, more and more the assessment of company’s competitiveness takes into account the principles of sustainability. The link between the intangible assets and CSR is intimate and multifaceted. In order to develop company’s abilities to create future economic value, one step should consist in the expansion of the financial reporting process in order to incorporate the valuation of a company’s intangible and intellectual assets. These mentioned factors have become most important to business success and economic growth in the 21st century.This paper provides an analysis of the financial conditions and activities developed by the construction companies in The Canary Islands during the period 2000-2002. The analyzed sample is composed of 318 companies that were involved in production activities during the period considered. Firstly, a descriptive analysis of the composition of the sample is made, in reference to the age, legal status and nature and conditions of companies that have been audited or not audited. It was also considered advisable to classify the set of economic units based on turnover, assets and the number of workers, in order to obtain a better idea of the size of each company. In order to perform the economic and financial analysis of assets and the activities d carried out by the companies of the sector, we examined balance sheets and the income statements, along with profitability and solvency. In order to complete the analysis and place it in context, we conclude with a reference to the economic framework and expectations of the sector, as well as the competitive position of the Canary Islands construction sector and its future perspectives.This article provides an overall tax analysis of the complexity of the Portuguese tax system. Before discussing whether we should change the way we tax ourselves, it will be useful to compare the Portuguese tax system to other OCDE and European countries. However, the main aim of this study is to discuss the main aspects that make the Portuguese tax system complex and difficult to enforce. Then, in order to simplify the Portuguese tax system, we will focus on economic, administrative and legislative issues that have introduced some kind of complexity in the tax system.

Causalidade entre os retornos de mercados de capitais emergentes e desenvolvidos

Using statistical instruments for the analysis of time series, - this work aims to verify the relation of returns of stock investments between the main emerging and the developed capital markets. The sample was divided in two periods: 1995-2002 and 2003-2005, in view of their different external vulnerability moments. At the beginning, - in spite of - several economic crises, only Russiax92s stock market returns - suffered great impacts, compared with those at other marketsx92. Between 2003-2005, however, the returns of other emerging markets, as Brazilx92s and Mexicox92s, answered in a more significant form to the shocks in the returns of other markets.

Tendência, ciclos e sazonalidade nos preços spot do café brasileiro na NYBOT

The main aim of this research was to detect the existence of the stochastic (and/or deterministic) components of Trend, Cycle and Seasonality in the spot market prices of the most important Brazilian agricultural commodity: coffee. The methodology used was the analysis in the time domain (to trend and seasonality) and the analysis in the frequency domain, also known as spectral analysis for the study of cycles in prices. The results found that the trend in coffee prices is compounded by a mix of deterministic and stochastic trends. With relation to the cycles in the prices, the spectral analysis to whole sample data (from January 1946 to December 2000) has confirmed the rate of a cycle of medium duration between the interval of 22 and 44 months. With relation to seasonality, the research found that this component of the price series has had a very unstable characteristic throughout the decades analyzed. It has a stochastic nature and varies in function of time.

Análise do "efeito tamanho" nos retornos das ações de empresas listadas na Bovespa

This study analyzes the performance of stocks listed on Bovespa - the Sao Paulo Stock Exchange - between 03/17/1998 and 08/03/2004. First, stationarity was tested in order to check whether these stocks followed the random walk model. The results showed that all returns were stationary. In relation to prices, 90% of all stock prices revealed a unit root, that is, they followed the random walk model at level. The other 10% were rarely traded. These findings suggest that the Brazilian stock market is efficient in its weak form. Then, the efficiency of the Brazilian market in its semi-strong form was also tested in terms of the firms size, by estimating a conditional CAPM. The traditional proxy used to measure a firms size is the market value. However, other size proxies like book value and profit were also used. The results revealed that, independently of the proxy used, no size portfolio was capable of obtaining systematically abnormal returns. Finally, a significant correlation was found between beta and size only when book value is used as a size proxy. Nevertheless, its coefficients were low and their signals were inconsistent. In general terms, these results suggest that the Brazilian market is also efficient in its semi-strong form.

The influence of some factors about the earnings response coefficient (ERC) from the perspective earnings management (GR)

Este estudo teve por objetivo avaliar no contexto brasileiro, como determinantes, previamente citados pela literatura, influenciam o Coeficiente de Resposta de Ganhos (ERC) das empresas listadas no IBrX 100 dado a perspectiva do gerenciamento de resultados (GR). O periodo de analise se deu entre os anos de 2005 e 2010 por compreender um periodo marcado pela convergencia as normas internacionais de contabilidade, alem disso a amostra final englobou 28 empresas dado a exclusao de algumas por apresentarem dados faltantes e de empresas financeiras. O presente estudo possui caracteristica descritiva, classificada como uma pesquisa documental, e abordagem quantitativa, com tratamento estatistico de regressao de dados em painel. A analise do modelo permitiu verificar que a constante e as variaveis TAM e EC foram significativas ao nivel de 1%, 5% e 10%. Desse modo, dentre as tres variaveis abordadas neste estudo, duas: Tamanho e Estrutura de Capital apresentaram influencia significativa sobre o ERC, de forma semelhante, ou seja, influencia negativa permitindo aceitar as hipoteses 1 e 3 levantadas no trabalho. Enquanto a outra determinante Oportunidade de Crescimento, nao demonstrou ser um fator significativo do ERC para a amostra estudada, o que levou a rejeicao da hipotese 2. Alem disso, dado o periodo de convergencia as normas internacionais de contabilidade e o ambiente mais propicio ao gerenciamento de resultados e possivel que o ERC possa ter sofrido alguma distorcao.

LIQUIDEZ CORPORATIVA E O MARKET VALUE ADDED

O objetivo deste trabalho consistiu em analisar o relacionamento entre liquidez corporativa e o Market value added (MVA). Para tanto, utilizaram-se dados de 2003 a 2007 das empresas que compunham a carteira teorica 2007-2008 do indice de sustentabilidade empresarial (ISE). O Nivel de ativo liquido (NAL) foi utilizado como proxy para a liquidez corporativa. A partir de estudos sobre os determinantes de liquidez corporativa, principalmente internacionais, foi possivel identificar uma variavel formada a partir da divisao do disponivel pelo ativo total. Realizaram-se estimacoes em corte transversal para explicar: a) a media do MVA do periodo compreendido entre 2003 e 2007; e b) o MVA do ano de 2007. Em seguida, para contemplar as varias empresas em corte transversal e tambem ao longo dos anos, foram realizadas estimacoes em dados em painel. A validacao dos dados encontrados baseou-se na realizacao de testes econometricos dos pressupostos dos metodos de estimacoes utilizados. Para os modelos em que se utilizou o MVA como variavel dependente, conseguiu-se apenas um, com pressupostos validados, em que o NAL apresentou efeito estatisticamente significativo. Esses resultados evidenciam uma dificuldade de se perceber esse efeito quando a expectativa do mercado e levada em consideracao, como e caso do MVA.