Disclosure da utilização de derivativos por companhias abertas não-financeiras brasileiras

A pesquisa avaliou o grau de disclosure da utilização de derivativos, por companhias abertas não-financeiras brasileiras. Dez "dimensões" dessa utilização foram analisadas, à luz principalmente do que dispõe a regulamentação americana sobre a matéria. Os resultados mostram que, em comparação com o que esta exige, o grau de disclosure da utilização de derivativos pelas empresas brasileiras deixa muito a desejar; nesse mister, as empresas com participação de capital estrangeiro não apresentam práticas de disclosure superiores às empresas simplesmente domésticas.

Enforcing international financial standards in Brazil: limits and possibilities for adoption of IOSCO principles

Foreign capital and institutional investors play a key role in the Brazilian capital and financial markets. Internationally promoted regulatory patterns, especially IOSCO principles, have been increasingly influencing administrative rule making by the Brazilian Securities and Exchange Commission (CVM) as well as the adoption of transnational rules in Brazil by means of self-regulatory activity. Even though there is a certain level of convergence of market regulatory standards at the transnational level, implementation and enforcement of rules remains essentially domestic. We analyze two case studies regarding the transposition of international standards into the Brazilian legal system, which illustrate this tension between the transnational and domestic dimensions of financial markets regulation. The first case concerns a CVM rule on disclosure of executive compensation and the its interpretation by local courts. The second case refers to the adoption of suitability rules.

Knowledge disclosure as a weapon in technological change battles: straight shot or backfire?

This work aims at evaluating how effective is knowledge disclosure in attenuating institutional negative reactions caused by uncertainties brought by firms’ new strategies that respond to novel technologies. The empirical setting is from an era of technological ferment, the period of the introduction of the voice over internet protocol (VoIP) in the USA in the early 2000’s. This technology led to the convergence of the wireline telecommu- nications and cable television industries. The Institutional Brokers’ Estimate System (also known as the I/B/E/S system) was used to capture reactions of securities analysts, a revealed important source of institutional pressure on firms’ strategies. For assessing knowledge disclosure, a coding technique and a established content analysis framework were used to quantitatively measure the non-numerical and unstructured data of transcripts of business events occurred at that time. Eventually, several binary response models were tested in order to assess the effect of knowledge disclosure on the probability of institutional positive reactions. The findings are that the odds of favorable institutional reactions increase when a specific kind of knowledge is disclosed. It can be concluded that knowledge disclosure can be considered as a weapon in technological changes situations, attenuating adverse institutional reactions to the companies’ strategies in environments of technological changes.

An essay on impression management: three randomized experiments with financial analysts

This thesis aims to explore the concept of impression management from the financial analysts’ point of view. Impression management is the definition of the act of an agent manipulating an impression that another person have of this agent, in the context of this thesis it happens when a company make graphics to disclosure financial-accounting information in order to manipulate the market’s perception of their performance. Three types of impression management were analyzed: presentation enhancement (color manipulation), measurement distortion (scale manipulation) and selectivity (the disclosure of positive information only). While presentation enhancement improved only the most impulsive financial analysts’ perception of firm’s performance, the measurement distortion improved the perception of performance for both groups of financial analysts (impulsive and reflective). Finally, selectivity improved the financial analysts’ perception of firm’s performance for both groups (impulsive and reflective), although impulsive financial analysts assigned lower ratings when compared to their reflective peers, on average, to a hypothetical company.

Compliance com os requisitos de divulgação do IFRS - International Financial Reporting Standards e sua relação com o erro de previsão dos analistas de mercado

O objetivo deste estudo é fazer uma análise da relação entre o erro de previsão dos analistas de mercado quanto à rentabilidade das empresas listadas na BM&FBOVESPA S.A. (Bovespa) e os requerimentos de divulgação do International Financial Reporting Standards (IFRS). Isto foi feito através da regressão do erro de previsão dos analistas, utilizando a metodologia de dados em painel no ano de implantação do IFRS no Brasil, 2010, e, complementarmente em 2012, para referenciamento desses dados. Partindo desse pressuposto, foi determinado o erro de previsão das empresas listadas na Bovespa através de dados de rentabilidade (índice de lucro por ação/earnings per share) previstos e realizados, disponíveis nas bases de dados I/B/E/S Earnings Consensus Information, providos pela plataforma Thomson ONE Investment Banking e Economática Pro®, respectivamente. Os resultados obtidos indicam uma relação negativa entre o erro de previsão e o cumprimento dos requisitos de divulgação do IFRS, ou seja, quanto maior a qualidade nas informações divulgadas, menor o erro de previsão dos analistas. Portanto, esses resultados sustentam a perspectiva de que o grau de cumprimento das normas contábeis é tão ou mais importante do que as próprias normas. Adicionalmente, foi verificado que quando a empresa listada na BM&FBOVESPA é vinculada a Agência Reguladora, seu erro de previsão não é alterado. Por fim, esses resultados sugerem que é importante que haja o aprimoramento dos mecanismos de auditoria das firmas quanto ao cumprimento dos requerimentos normativos de divulgação, tais como: penalidades pela não observância da norma (enforcement), estruturas de governança corporativa e auditorias interna e externa.