THE PARTICIPATION OF SELL-SIDE AND BUY-SIDE ANALYSTS IN TELECONFERENCES OF RESULTS AND THE RETURN OF SHARES

• Autor(a) principal: Santos, Debora Cristine dos
• Data de Publicação: 2024
• Outros Autores: Scherer, Luciano Márcio, Barros, Cláudio Marcelo Edwards
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/8632
• topic: Conference calls; Sell-side; Buy-side; Abnormal Return; Teleconferencias; Sell-side; Buy-side; Retornos anormales; Teleconferências; Teleconferências. Sell-side. Buy-side. Retorno Anormal.; Sell-side; Buy-side; Retornos Anormais

This study aimed to verify the reflection of the participation of sell-side and buy-side analysts in teleconferences of results on the return of Brazilian publicly traded companies, based on the Theory of Disclosure and the Efficient Market Hypothesis (HME) in its Semi-form shape. The arguments outlined in the literature on the subject assume that the participation of sell-side and buy-side analysts in teleconferences of results impacts the abnormal returns of the capital market. The sample has 79 Brazilian publicly traded companies, with 1372 transcripts of teleconferences. The period of analysis comprised six years (2010 to 2016). Using the signal test, we analysed the abnormal returns and accumulated abnormal returns (CAR). It is possible to verify that the proportion of positive accumulated abnormal returns is statistically equal to that of negative abnormal returns. It does not point in a specific direction for the abnormal returns accumulated, showing a balance between positive and negative returns. However, in four sectors of the sample, Aerospace, Cosmetics, Retail and Sanitation, the results indicate that the participation of the sell-side and buy-side in the teleconferences generated information for the market, reflecting the abnormal return and accumulated abnormal return of the actions of the companies in these sectors, especially on the day of the conference call and short window one day after the event.