Revista Contabilidade e Financas最新文献

{"title":"Complexity in financial disclosure: the role of the characteristics of hiring firms","authors":"Pablo Zambra, R. Malaquias, Ilírio José Rech, Anísio Candido Pereira","doi":"10.1590/1808-057X201807940","DOIUrl":"https://doi.org/10.1590/1808-057X201807940","url":null,"abstract":"The main purpose of this research is to analyze the relationship between characteristics of hiring firms and the perception of auditors/accountants that provide services to them regarding complexity in the elaboration/disclosure of sensitivity analyses and risk management. We seek to analyze whether characteristics of firms that have a better level of disclosure could also be associated with the complexity perceived by the professionals that provide services to such firms concerning the information to do with sensitivity analyses and risk management. Information about risk management arouses considerable debate in the area of accounting and finance; nevertheless, how it is addressed, from the point of view of the professionals, still deserves more attention. The results of this study may lead to an improvement, or even a revision, of the standards related with sensitivity analyses and risk management involving financial instruments. The study sample was composed of respondents from South America, namely accountants and auditors from Brazil and Chile. The perception of complexity was evaluated through a structured questionnaire, which was applied using electronic forms. Regarding the explanatory variables, the quantitative model considers the following characteristics of hiring firms: auditor type; firm size; industry; listed firms; transparency; exporting firms. The main advancement provided by this research lies in it revealing that some characteristics of companies usually associated with better levels of disclosure are not necessarily reflected in the perception by accountants/auditors of lower levels of complexity in the elaboration/disclosure of sensitivity analyses and risk management.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"30 1","pages":"324-337"},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48999349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Thirty years of Accounting & Finance Review: past, present, dreams for the future","authors":"Eliseu Martins, Sérgio de Iudícibus","doi":"10.1590/1808-057X201990310","DOIUrl":"https://doi.org/10.1590/1808-057X201990310","url":null,"abstract":"The MSc in Accounting of the School of Economics, Business Administration, and Accounting (Faculdade de Economia, Administração e Contabilidade – FEA USP), a pioneer in Brazil, was created and began to operate in 1970, after a major reform in the structure of the University of São Paulo (Universidade de São Paulo –USP). José da Costa Boucinhas was the head of our department. Some years later, the course was renamed as MSc in Accounting and Controllership, at the initiative of the then coordinator Stephen Charles Kanitz, who planned to change it, a few years later, to MSc in Controllership and Accounting. Was it a matter of status? In that case, it has worked! The Ph.D. in Accounting began in 1978 – then, there was not another MSc program in the area in the country, yet. New MSc programs only emerged in other Brazilian institutions in the 1980s, also encouraged and supported by the Department of Accounting and Actuarial Science (Departamento de Contabilidade e Atuária – EAC) of the FEA USP and the Foundation Institute for Accounting, Actuarial Science, and Financial Research (Fundação Instituto de Pesquisas Contábeis, Atuariais e Financeiras – FIPECAFI) – such as that of the Pontifical Catholic University of São Paulo (Pontifícia Universidade Católica de São Paulo – PUC-SP) and that of the Getulio Vargas Foundation (Fundação Getulio Vargas – FGV) in Rio de Janeiro (later transferred to the University of the State of Rio de Janeiro – Universidade do Estado do Rio de Janeiro – UERJ). At the time, the authors of this Editorial were head of department (Sérgio de Iudicibus) and coordinator of the program (Eliseu Martins), with Antonio Peres Rodrigues Filho presiding the FIPECAFI (which had been created at his initiative, in 1974). No one asks how a Ph.D. program was created already having Ph.D. holders? Doctors coming from where, if this 1978 Ph.D. program was the first in Brazil? To understand this, we need to know that before 1970 the Ph.D. studies were directly offered by the university unit’s congregation (the FEA, in this case) and the subjects were addressed individually and directly along with the professors; there was no ‘course’ or classrooms, but a rather lonely ‘Ph.D. thesis process;’ sometimes, only advisors looked at it. Thus, before the Ph.D. course was created, the authors of this Editorial and many other colleagues were already Ph.D. holders, educated under the old regime. Our MSc and Ph.D. program participated, despite its area is Accounting, in the creation of the National Association of Graduate Studies and Research in Administration (Associação Nacional de PósGraduação e Pesquisa em Administração – ANPAD). First, because it was the only course in Accounting in the country; and, second, because our coordinator was Stephen Kanitz, always innovative. With this, we managed not to feel so lonely and gained much experience. In 2006 the National Association of Graduate Programs in Accounting (ANPCONT) was founded with 13 Accounting Graduat","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Upper and lower bounds for annuities and life insurance from incomplete mortality data","authors":"Filipe Costa de Souza","doi":"10.1590/1808-057X201807320","DOIUrl":"https://doi.org/10.1590/1808-057X201807320","url":null,"abstract":"ABSTRACT This study aimed to set upper and lower bounds for the expected present value of whole life annuities and whole life insurance policies from incomplete mortality data, generalizing previous results on life expectancy. Since its inception, in the 17th century, actuarial science has been devoted to the study of annuities and insurance plans. Thus, setting intervals that provide an initial idea about the cost of these products using incomplete mortality data represents a theoretical contribution to the area and this may have major applications in markets lacking historical records or those having little reliability of mortality data, as well as in new markets still poorly explored. For both the continuous and discrete cases, upper and lower bounds were constructed for the expected present value of whole life annuities and whole life insurance policies, contracted by a person currently aged x, based on information about the expected present value of these respective financial products subscribed to by a person of age x + n and the probability that an individual of age x survives to at least age x + n. Through the bounds of a continuous annuity, in an environment where the instantaneous interest rate is equal to zero, the results shown also set bounds for the complete life expectancy, which implies that the contribution of this research generalizes previous results in the literature. It was also found that, for both annuities and insurance plans, the length of constructed intervals increases as the data gap size increases and it decreases as the survival curve becomes more rectangular. Illustratively, bounds for life expectancy at 40 and 60 years of age, for the 10 municipalities showing the highest life expectancy at birth in Brazil in 2010, were constructed by using data available in the Atlas of Human Development in Brazil.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"24 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Adherence to the compliance program of Brazil’s anti-corruption law and internal controls implementation","authors":"Patricia R Castro, Juliana Ventura Amaral, R. Guerreiro","doi":"10.1590/1808-057X201806780","DOIUrl":"https://doi.org/10.1590/1808-057X201806780","url":null,"abstract":"ABSTRACT The aim of this study is to investigate the adherence of Brazilian publicly listed companies to the parameters of the anti-corruption law compliance program as well as its association with internal controls implementation. In light of the accounting scandals and corporate frauds reported in several countries, including Brazil, Law n. 12,846, known as the anti-corruption law, was approved on August 1st, 2013, and Decree n. 8,420, approved on March 18, 2013, regulated this law and defined criteria for the functioning of compliance programs. Considering that compliance programs can affect internal controls, it is important to understand the adherence of companies to their parameters as well as identifying the internal controls derived from them. The findings show a substantial degree of adherence among listed companies to the parameters of the compliance program. Additionally, the results revealed the existence of new internal controls, such as the emergence of the “compliance officer” function. A survey in the form of a questionnaire was adopted. The questionnaire was sent to companies associated with ABRASCA (Brazilian Association of Publicly Listed Companies). The final sample included 32 publicly listed companies. Paraconsistent logic was applied to analyze the data. This paper contributes by empirically showing that, in Brazil, publicly listed companies are adherent to the anti-corruption law. Furthermore, this paper reveals that higher levels of adherence to compliance programs are associated with greater implementation of internal controls.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201806780","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47933535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Modeling conditional volatility by incorporating non-regular trading hours into the APARCH model","authors":"Breno Valente Fontes Araújo, Marcos Antônio de Camargos, Frank Magalhães Pinho","doi":"10.1590/1808-057X201806100","DOIUrl":"https://doi.org/10.1590/1808-057X201806100","url":null,"abstract":"ABSTRACT This study aims to evaluate how the after-market and pre-opening periods affect the estimation of conditional volatility one day ahead. Volatility features quite a lot in Finance studies because it is a fundamental parameter in derivatives pricing, the efficient allocation of portfolios, and risk management. The results are relevant for investment agents to be able to refine volatility forecasting models and achieve better results in derivatives pricing, risk management, and portfolio optimization. We used the asymmetric power autoregressive conditional heteroscedasticity (APARCH) model, incorporating the after-market, pre-opening, and total overnight periods to assess whether they contain important information for modeling volatility. We analyzed the 20 stocks of Brazilian companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa) and also belonging to the BR Titans 20 with ADRs listed on the New York Stock Exchange and the Nasdaq. The results were evaluated in-sample using the corrected Akaike information criterion (AICc) and the statistical significance of the coefficients, and out-of-sample using root mean squared error (RMSE), mean absolut percentage error (MAPE), the R² of the Mincer-Zarnowitz regression, and the Diebold Mariano test. The analysis does not enable it to be claimed which is the best model, because there is no unanimity among all the stocks; however, non-regular trading hours were shown to incorporate important information for most of the stocks. Furthermore, the models that incorporated the pre-opening period generally obtained superior results to the models that incorporated the after-market period, demonstrating that this period contains important information for forecasting conditional volatility.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201806100","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198705","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Business cycles and earnings management strategies: a study in Brazilian public firms,","authors":"Edilson Paulo, Renato Henrique Gurgel Mota","doi":"10.1590/1808-057X201806870","DOIUrl":"https://doi.org/10.1590/1808-057X201806870","url":null,"abstract":"ABSTRACT This study contributes to the literature dealing with the influence of macroeconomic factors on accounting information quality, since it analyzes the earnings management strategies of firms, specifically identifying different discretionary behaviors among economic cycles: 1) different levels of earnings management through accruals between phases of the business cycle, and 2) the trade-off between earnings management through accruals and real earnings management. The results indicate that the accounting information reported should be analyzed with greater caution by its users, especially in periods of great economic oscillations, when managers can increase or reduce opportunistic behavior. The research population comprised non-financial companies with shares traded on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa) and the sample was composed of 247 firms per year, covering the period from 2000 to 2015 and totaling 2,501 observations. The phases of business cycles were used as a proxy for the economic environment and were based on Schumpeter's (1939) study, which divides an business cycle into four distinct phases: expansion, recession, contraction, and recovery. Discretionary accruals were estimated according to the Pae (2005) and Paulo (2007) models. Real earnings management was estimated as described by Roychowdhury (2006), using only the abnormal behavior of production costs and operational decisions. The results of this research show that earnings management strategies, using either accruals or real manipulation, as well as the choice between these strategies, are impacted by the economic environment. The evidence suggests that managers have different opportunistic behavior in each phase of the business cycle. Specifically, they increase the level of discretionary accruals in contractionary phases and reduce it during recoveries, while they manage earnings downwards via real manipulation in recessions and contractions.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201806870","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Factors associated with the structural liquidity of banks in Brazil","authors":"Vanessa Rodrigues dos Santos Cardoso, Lorena Almeida Campos, Jose Alves Dantas, O. Medeiros","doi":"10.1590/1808-057X201806350","DOIUrl":"https://doi.org/10.1590/1808-057X201806350","url":null,"abstract":"ABSTRACT This study aimed to identify the relationship between the Structural Liquidity Index (SLI) and macroeconomic variables, bank characteristics, and the validity period of the Basel III Agreement. Although the academic discussion on bank liquidity essentially addresses short-term issues, monitoring long-term liquidity helps assess any excessive dependency of banks on unstable resources, thus contributing to mitigating the risks of systemic liquidity crises such as that of 2008. As it provides evidence of the relationship between the SLI and the selected explanatory variables, the study can be included in the context of the discussions involving the Basel III Agreement, which establishes the implementation of the long-term liquidity index regulatory requirement as of 2018. The model was formulated based on fourteen research hypotheses, tested using panel data regressions estimated via pooled ordinary least squares, least squares with fixed effects, and two-stage least squares with fixed effects. The dependent variable was constructed based on the accounting data of 184 conglomerates and individual financial institutions operating in the country between June 2002 and December 2014. The SLI presented a positive relationship with changes in the exchange rate, international reserves, and reserve requirements, as well as with the profitability, size, and main specialization of the institution. On the other hand, we found a negative relationship between the SLI and the basic interest rate, country risk, balance of trade, validity period of the Basel III Agreement, type of equity control (private vs. government), and the bank being publicly listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa) or privately held. The validation of the relationships between these explanatory variables and the SLI provides a broader understanding of the risks to which financial institutions are exposed, contributing to the preventive analysis of bank liquidity risk - an antecedent indicator of financial crises, diminished confidence, and economic instability.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201806350","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47992961","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Market reaction to bank merger and acquisition events in Brazil: an analysis of the effects of market waves","authors":"João Gabriel de Moraes Souza, Ivan Ricardo Gartner","doi":"10.1590/1808-057X201806320","DOIUrl":"https://doi.org/10.1590/1808-057X201806320","url":null,"abstract":"ABSTRACT The aim of this study is to investigate the stock market’s reaction to bank merger and acquisition (M&A) events in Brazil when the market is heated. This article aims to fill the research gap involving bank M&As and their effects, especially those arising from M&A waves. This field remains open in the literature; there is no consensus as to the abnormal returns the investor can expect from this mechanism. The notion that bank M&A markets heat up is discussed and still does not present a consensus in the literature. Therefore, topics that involve research on specific M&A strategies and their effects are interesting for the literature. The results of this research point to the emergence of positive cumulative abnormal returns for rivals of newly-merged acquiring banks and zero ones for acquired banks. This analysis occurs because in heated markets the probability of rival banks becoming involved in M&As increases, leading to market gains and greater market power for acquiring banks and the rapid pricing of acquired bank assets. This result corroborates with the post-merger analysis, in which the accounting performance indicators of the acquiring banks are positive. The market reaction was verified through the use of the event study econometric technique, which was applied in the investigation of the occurrence of abnormal returns in time windows of up to 41 days around the bank M&A events. The study measured the stock market’s reaction to a motivation for M&As, which is the effect of M&A waves. This article contributes to the literature by highlighting specific forms of bank M&As. In particular, the logic of merger by market forces is addressed. This mechanism of mergers by market forces is presented as evidence of the tendency for M&As and not of paid-in earnings.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201806320","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Underreaction to open market share repurchases,","authors":"F. H. Castro, Claudia Emiko Yoshinaga","doi":"10.1590/1808-057X201806230","DOIUrl":"https://doi.org/10.1590/1808-057X201806230","url":null,"abstract":"ABSTRACT This article aims to investigate the long-term performance of a portfolio of firms that announced the repurchase of their own stocks in the Brazilian market from 2003 to 2014. Open market stock repurchase is a means to distribute cashflow to shareholders. Some of the reasons for a firm to buy back its own stocks are: to adjust its capital structure; to reduce excessive cash levels; as an alternative to dividends; and signaling to the market in order to reduce information asymmetry between the firm and its investors. If the signaling hypothesis is true, then forming a portfolio with shares that announce repurchases generates abnormal returns in the long run. Our results show that repurchase announcements in the open market signal stock underpricing, and abnormal returns can be earned using this strategy. Results are inconsistent with the semi-strong form of the efficient markets hypothesis, which states that one cannot earn abnormal returns with publicly available information. We obtained abnormal returns using the capital asset pricing model (CAPM) and Fama and French three-factor model. Additionally, we divided the sample in growth and value firms. We found that the average abnormal return for firms that announce repurchase programs ranges from 5.4% to 7.9% for up to a 3-year period after the announcement. For value companies (more likely to repurchase stocks due to undervaluation), abnormal returns can reach up to 11.5% per year.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201806230","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Last chance for a big bath: managing deferred taxes under IAS 12 in Brazilian listed firms","authors":"Alex A. T. Rathke, A. Rezende, R. Antônio, M. B. C. Moraes","doi":"10.1590/1808-057X201806340","DOIUrl":"https://doi.org/10.1590/1808-057X201806340","url":null,"abstract":"ABSTRACT This study investigates whether Brazilian loss-making firms manage deferred income tax as a form of big bath strategy. \"Big bath” is a strategy in which a firm manages earnings by intentionally recording large non-recurring losses. We found original evidence supporting the hypothesis of big bath through the managing of deferred taxes under CPC 32/IAS 12. Deferred tax expenses can be used as a tool for reducing earnings because of the subjectivity and timing involved. To analyze the excess of deferred taxes, we propose a particular research strategy that is based on the increased homogeneity of accounting standards and tax regulation in Brazilian listed firms. This analysis provides new evidence of big bath adjustments that was never described before in the literature. We analyze 226 Brazilian listed firms for the 2011-2015 period. We designed a linear model to estimate deferred tax excess that is based on the conditional independence between treatment and effect under accounting standard CPC32/IAS 12. For our baseline analysis, we used least squares with controlling covariates. We also used two-stage least squares to control for omitted variables bias. This paper finds evidence that Brazilian firms can manage deferred income tax as a form of big bath. Results indicate that loss-making firms disclose significantly higher excesses of net deferred tax expenses, and that these excesses increase with losses.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201806340","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}