A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações da UFPB |
Texto Completo: | https://repositorio.ufpb.br/jspui/handle/123456789/20867 |
Resumo: | Investors are constantly looking for new ways to evaluate companies and find tools that can support their investment decisions aimed at reducing risks and increasing returns. This research aimed to analyze the relationship between the earnings acceleration and the return on shares in Brazil. In this sense, we sought to analyze the relationship between the earnings acceleration and the return on shares using as a sample the publicly traded non-financial companies listed in Brazil, Bolsa Balcão (B3), between the period 2010 to 2019. The model used to define the earnings acceleration proxy was the model of the study by He and Narayanamoorthy (2019), which defines earnings acceleration as the variation in earnings growth between quarters and considers earnings growth as the change in scale obtained in earnings in compared to the corresponding quarter of the previous year. As a control, gross profitability (RB), book to market (BM), past return (RETPAS) and asset growth (CA) made up the model. The effects of accelerated earnings on earnings growth in subsequent quarters were analyzed, as well as the effect of accelerated earnings on stock returns. Finally, two theoretical portfolios were created in order to compare the accumulated returns of the companies that most accelerate earnings with the returns of the companies that least accelerate earnings. The performance of these portfolios was also compared with the performance of Ibovespa. The results indicate that the acceleration earnings proxy has a significant relationship with the growth of earnings and with the return of shares in Brazil, as well as pointing out that the theoretical portfolios composed of the companies that least accelerated earnings presented a better performance than Ibovespa. The study contributes to the literature by demonstrating that in Brazil the proxy for earnings accelerating has a significant relationship with stock returns and that it can serve researchers, investors and shareholders as an attribute to be used in portfolio allocation strategies. |
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A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiroAceleração dos lucrosCrescimento dos lucrosRetorno das açõesMercado de ações brasileiroAnomalias de mercadoEarnings accelerationEarnings growthReturn on sharesBrazilian stock returnsMarket anomaliesCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISInvestors are constantly looking for new ways to evaluate companies and find tools that can support their investment decisions aimed at reducing risks and increasing returns. This research aimed to analyze the relationship between the earnings acceleration and the return on shares in Brazil. In this sense, we sought to analyze the relationship between the earnings acceleration and the return on shares using as a sample the publicly traded non-financial companies listed in Brazil, Bolsa Balcão (B3), between the period 2010 to 2019. The model used to define the earnings acceleration proxy was the model of the study by He and Narayanamoorthy (2019), which defines earnings acceleration as the variation in earnings growth between quarters and considers earnings growth as the change in scale obtained in earnings in compared to the corresponding quarter of the previous year. As a control, gross profitability (RB), book to market (BM), past return (RETPAS) and asset growth (CA) made up the model. The effects of accelerated earnings on earnings growth in subsequent quarters were analyzed, as well as the effect of accelerated earnings on stock returns. Finally, two theoretical portfolios were created in order to compare the accumulated returns of the companies that most accelerate earnings with the returns of the companies that least accelerate earnings. The performance of these portfolios was also compared with the performance of Ibovespa. The results indicate that the acceleration earnings proxy has a significant relationship with the growth of earnings and with the return of shares in Brazil, as well as pointing out that the theoretical portfolios composed of the companies that least accelerated earnings presented a better performance than Ibovespa. The study contributes to the literature by demonstrating that in Brazil the proxy for earnings accelerating has a significant relationship with stock returns and that it can serve researchers, investors and shareholders as an attribute to be used in portfolio allocation strategies.NenhumaOs investidores buscam constantemente novas formas de avaliar as empresas e encontrar ferramentas que possam apoiar suas decisões de investimento visando a diminuição dos riscos e o aumento dos retornos. Esta pesquisa teve por objetivo analisar a relação existente entre a aceleração dos lucros e o retorno das ações no Brasil. Neste sentido, buscou-se analisar a relação entre a aceleração dos lucros e o retorno das ações tendo como amostra as empresas não financeiras de capital aberto listadas na Brasil, Bolsa Balcão (B3), entre o período de 2010 a 2019. O modelo utilizado para definir a proxy de aceleração dos lucros foi o modelo do estudo de He e Narayanamoorthy (2019), que define aceleração dos lucros como a variação do crescimento dos lucros entre trimestres e considera o crescimento dos lucros como a mudança em escala obtida nos lucros em relação ao trimestre correspondente do ano anterior. Como controle, a rentabilidade bruta (RB), o book to market (BM), o retorno passado (RETPAS) e o crescimento do ativo (CA) compuseram o modelo. Foram analisados os efeitos da aceleração dos lucros no crescimento dos lucros em trimestres subsequentes, como também o efeito da aceleração dos lucros no retorno das ações. Por fim, montou-se duas carteiras teóricas com o intuito de comparar os retornos acumulados das empresas que mais aceleram lucros com os retornos das empresas que menos aceleram lucros. Os desempenhos dessas carteiras também foram comparados com o desempenho do Ibovespa. Os resultados indicam que a proxy de aceleração dos lucros tem relação significativa com o crescimentos dos lucros e com o retorno das ações no Brasil, como também apontam que as carteiras teóricas composta pelas empresas que menos aceleraram lucros apresentaram desempenho superior ao Ibovespa. O estudo contribui para a literatura ao demonstrar que no Brasil a proxy de aceleração dos lucros apresenta relação significativa com os retornos das ações e que pode servir a pesquisadores, investidores e acionistas como atributo a ser utilizado em estratégias de alocação de títulos em portfólios.Universidade Federal da ParaíbaBrasilFinanças e ContabilidadePrograma de Pós-Graduação em Ciências ContábeisUFPBLeite Filho, Paulo Amilton MaiaLattes com dados insuficientes para identidade. Em 17/08/2021 – http://lattes.cnpq.br/3508047836111003Martins, Orleans Silvahttp://lattes.cnpq.br/5012236039984008Silva, George Rogers Andrade2021-08-23T15:17:11Z2021-04-072021-08-23T15:17:11Z2021-02-25info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesishttps://repositorio.ufpb.br/jspui/handle/123456789/20867porAttribution-NoDerivs 3.0 Brazilhttp://creativecommons.org/licenses/by-nd/3.0/br/info:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações da UFPBinstname:Universidade Federal da Paraíba (UFPB)instacron:UFPB2022-08-09T18:43:35Zoai:repositorio.ufpb.br:123456789/20867Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufpb.br/PUBhttp://tede.biblioteca.ufpb.br:8080/oai/requestdiretoria@ufpb.br|| diretoria@ufpb.bropendoar:2022-08-09T18:43:35Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB)false |
dc.title.none.fl_str_mv |
A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro |
title |
A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro |
spellingShingle |
A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro Silva, George Rogers Andrade Aceleração dos lucros Crescimento dos lucros Retorno das ações Mercado de ações brasileiro Anomalias de mercado Earnings acceleration Earnings growth Return on shares Brazilian stock returns Market anomalies CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro |
title_full |
A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro |
title_fullStr |
A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro |
title_full_unstemmed |
A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro |
title_sort |
A aceleração dos lucros e o retorno das ações: evidências no mercado brasileiro |
author |
Silva, George Rogers Andrade |
author_facet |
Silva, George Rogers Andrade |
author_role |
author |
dc.contributor.none.fl_str_mv |
Leite Filho, Paulo Amilton Maia Lattes com dados insuficientes para identidade. Em 17/08/2021 – http://lattes.cnpq.br/3508047836111003 Martins, Orleans Silva http://lattes.cnpq.br/5012236039984008 |
dc.contributor.author.fl_str_mv |
Silva, George Rogers Andrade |
dc.subject.por.fl_str_mv |
Aceleração dos lucros Crescimento dos lucros Retorno das ações Mercado de ações brasileiro Anomalias de mercado Earnings acceleration Earnings growth Return on shares Brazilian stock returns Market anomalies CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
topic |
Aceleração dos lucros Crescimento dos lucros Retorno das ações Mercado de ações brasileiro Anomalias de mercado Earnings acceleration Earnings growth Return on shares Brazilian stock returns Market anomalies CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
Investors are constantly looking for new ways to evaluate companies and find tools that can support their investment decisions aimed at reducing risks and increasing returns. This research aimed to analyze the relationship between the earnings acceleration and the return on shares in Brazil. In this sense, we sought to analyze the relationship between the earnings acceleration and the return on shares using as a sample the publicly traded non-financial companies listed in Brazil, Bolsa Balcão (B3), between the period 2010 to 2019. The model used to define the earnings acceleration proxy was the model of the study by He and Narayanamoorthy (2019), which defines earnings acceleration as the variation in earnings growth between quarters and considers earnings growth as the change in scale obtained in earnings in compared to the corresponding quarter of the previous year. As a control, gross profitability (RB), book to market (BM), past return (RETPAS) and asset growth (CA) made up the model. The effects of accelerated earnings on earnings growth in subsequent quarters were analyzed, as well as the effect of accelerated earnings on stock returns. Finally, two theoretical portfolios were created in order to compare the accumulated returns of the companies that most accelerate earnings with the returns of the companies that least accelerate earnings. The performance of these portfolios was also compared with the performance of Ibovespa. The results indicate that the acceleration earnings proxy has a significant relationship with the growth of earnings and with the return of shares in Brazil, as well as pointing out that the theoretical portfolios composed of the companies that least accelerated earnings presented a better performance than Ibovespa. The study contributes to the literature by demonstrating that in Brazil the proxy for earnings accelerating has a significant relationship with stock returns and that it can serve researchers, investors and shareholders as an attribute to be used in portfolio allocation strategies. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-08-23T15:17:11Z 2021-04-07 2021-08-23T15:17:11Z 2021-02-25 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://repositorio.ufpb.br/jspui/handle/123456789/20867 |
url |
https://repositorio.ufpb.br/jspui/handle/123456789/20867 |
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por |
language |
por |
dc.rights.driver.fl_str_mv |
Attribution-NoDerivs 3.0 Brazil http://creativecommons.org/licenses/by-nd/3.0/br/ info:eu-repo/semantics/openAccess |
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Attribution-NoDerivs 3.0 Brazil http://creativecommons.org/licenses/by-nd/3.0/br/ |
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openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal da Paraíba Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
publisher.none.fl_str_mv |
Universidade Federal da Paraíba Brasil Finanças e Contabilidade Programa de Pós-Graduação em Ciências Contábeis UFPB |
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reponame:Biblioteca Digital de Teses e Dissertações da UFPB instname:Universidade Federal da Paraíba (UFPB) instacron:UFPB |
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Universidade Federal da Paraíba (UFPB) |
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UFPB |
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Biblioteca Digital de Teses e Dissertações da UFPB |
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Biblioteca Digital de Teses e Dissertações da UFPB |
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Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB) |
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