Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes
Autor(a) principal: | |
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Data de Publicação: | 2018 |
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/123456789/15047 |
Resumo: | The purpose of this study was to analyze the value relevance of the quality of analysts' forecasts and accounting information in the different information environments of emerging countries, supported by a theoretical framework on information relevance and the signaling of information in the capital market. The data were collected from non-financial companies in the Thomson Reuters Eikon database, which sampled 7,024 companies during the period 2000 to 2016, totaling 35,937 observations for the entire period. The data were analyzed using the linear regression technique, using OLS grouped estimate at country, year and sector level. Firstly, we sought to identify the quality of the analysts' forecasts - QPA and the information environment of the AIP countries, both formed through an index, using the technique of Principal Component Analysis - ACP. Subsequently, it was verified the value relevance of the quality of the analysts' forecasts, as well as their interaction with the accounting information and with the information environment of the countries to explain the stock price, using the model proposed by Collins, Maydew and Weiss (1997). The results suggest that the QPA index is relevant in emerging markets, adding informational content to explain the stock price in these markets. In addition, the study also obtained evidence that, when associated with the quality of analysts' forecasts, accounting information is relevant in these markets. At this point, a greater relevance of equity in relation to earnings per share is highlighted, but it was not possible to find a significant relation between the AIP index and the quality of the analysts' forecasts, not confirming the hypothesis 3 of research, related to the quality of analysts' forecasts is positively related to the information environment in emerging markets, although the study finds support for the positive influence of the information environment of countries on the accuracy of analysts' forecasts in those markets. Also, one can confirm the relevance of the QPA index when associated to the information environment of the emerging countries to explain the variations in the stock price of the analyzed companies. The main contribution of this study is the evidence that the quality of analysts' profit forecasts is value relevant in emerging markets, especially when considered aspects of the informational environment of countries and when associated with accounting information. In this way, it is understood that analysts' forecasts signal information in emerging markets, helping investors to make investment decisions and contributing to the efficiency of these markets. |
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Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentesValue relevanceQualidade das previsões dos analistasAmbiente informacional dos paísesMercados emergentesValue relevanceQuality of analyst's forecastsInformational environment of the countries. Emerging Markets.CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEISThe purpose of this study was to analyze the value relevance of the quality of analysts' forecasts and accounting information in the different information environments of emerging countries, supported by a theoretical framework on information relevance and the signaling of information in the capital market. The data were collected from non-financial companies in the Thomson Reuters Eikon database, which sampled 7,024 companies during the period 2000 to 2016, totaling 35,937 observations for the entire period. The data were analyzed using the linear regression technique, using OLS grouped estimate at country, year and sector level. Firstly, we sought to identify the quality of the analysts' forecasts - QPA and the information environment of the AIP countries, both formed through an index, using the technique of Principal Component Analysis - ACP. Subsequently, it was verified the value relevance of the quality of the analysts' forecasts, as well as their interaction with the accounting information and with the information environment of the countries to explain the stock price, using the model proposed by Collins, Maydew and Weiss (1997). The results suggest that the QPA index is relevant in emerging markets, adding informational content to explain the stock price in these markets. In addition, the study also obtained evidence that, when associated with the quality of analysts' forecasts, accounting information is relevant in these markets. At this point, a greater relevance of equity in relation to earnings per share is highlighted, but it was not possible to find a significant relation between the AIP index and the quality of the analysts' forecasts, not confirming the hypothesis 3 of research, related to the quality of analysts' forecasts is positively related to the information environment in emerging markets, although the study finds support for the positive influence of the information environment of countries on the accuracy of analysts' forecasts in those markets. Also, one can confirm the relevance of the QPA index when associated to the information environment of the emerging countries to explain the variations in the stock price of the analyzed companies. The main contribution of this study is the evidence that the quality of analysts' profit forecasts is value relevant in emerging markets, especially when considered aspects of the informational environment of countries and when associated with accounting information. In this way, it is understood that analysts' forecasts signal information in emerging markets, helping investors to make investment decisions and contributing to the efficiency of these markets.NenhumaA proposta deste estudo foi analisar o value relevance da qualidade das previsões dos analistas e das informações contábeis nos diferentes ambientes informacionais dos países emergentes, apoiado em um arcabouço teórico sobre relevância da informação e a sinalização de informações no mercado de capitais. Os dados foram coletados de empresas não financeiras na base de dados Thomson Reuters Eikon, cuja amostra foi composta por 7.024 empresas durante o período de 2000 a 2016, totalizando 35.937 observações para todo o período. Os dados foram analisados por meio da técnica da regressão linear, usando estimativa OLS agrupada a nível país, ano e setor. Primeiramente, buscou-se identificar a qualidade das previsões dos analistas - QPA e o ambiente de informação dos países - AIP, ambas formadas por meio de um índice, usando a técnica de Análise dos Componentes Principais – ACP. Posteriormente verificou-se o value relevance da qualidade das previsões dos analistas, bem como sua interação com as informações contábeis e com o ambiente de informação dos países para explicar o preço das ações, por meio do modelo proposto por Collins, Maydew e Weiss (1997). Os resultados sugerem que o índice de QPA é relevante nos mercados emergentes, adicionando conteúdo informacional para explicar o preço das ações nesses mercados. Ademais, o estudo também obteve evidências de que, quando associada à qualidade das previsões dos analistas, as informações contábeis apresentam relevância nesses mercados. Nesse ponto, destaca-se uma maior relevância do patrimônio líquido em relação ao lucro por ação, porém, não foi possível encontrar uma relação significante entre o índice AIP e a qualidade das previsões dos analistas, não confirmando a hipótese 3 de pesquisa, relacionada à qualidade das previsões dos analistas ser positivamente relacionada ao ambiente informacional nos mercados emergentes, apesar do estudo encontrar respaldo sobre a influência positiva do ambiente de informações dos países na acurácia das previsões dos analistas nesses mercados. Ainda, pode-se ratificar a relevância do índice QPA quando associado ao ambiente de informações dos países emergentes para explicar as variações no preço da ação das empresas analisadas. Este estudo apresenta como principal contribuição a evidência de que a qualidade das previsões de lucro dos analistas é value relevant no mercados emergentes, especialmente quando considerado aspectos do ambiente informacional dos países e quando associado as informações contábeis. Desse modo, entende-se que as previsões dos analistas, sinalizam informações nos mercado emergentes, auxiliando os investidores na tomada de decisão de investimentos e contribuindo para a eficiência desses mercados.Universidade Federal da ParaíbaBrasilFinanças e ContabilidadePrograma de Pós-Graduação em Ciências ContábeisUFPBMartins, Orleans Silvahttp://lattes.cnpq.br/5012236039984008Peixoto, Emanuelle Priscila de Almeida2019-07-11T16:20:09Z2019-07-112019-07-11T16:20:09Z2018-12-14info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesishttps://repositorio.ufpb.br/jspui/handle/123456789/15047porAttribution-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:UFPB2019-07-12T06:05:30Zoai:repositorio.ufpb.br:123456789/15047Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufpb.br/PUBhttp://tede.biblioteca.ufpb.br:8080/oai/requestdiretoria@ufpb.br|| diretoria@ufpb.bropendoar:2019-07-12T06:05:30Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB)false |
dc.title.none.fl_str_mv |
Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes |
title |
Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes |
spellingShingle |
Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes Peixoto, Emanuelle Priscila de Almeida Value relevance Qualidade das previsões dos analistas Ambiente informacional dos países Mercados emergentes Value relevance Quality of analyst's forecasts Informational environment of the countries. Emerging Markets. CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
title_short |
Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes |
title_full |
Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes |
title_fullStr |
Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes |
title_full_unstemmed |
Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes |
title_sort |
Relevância das previsões dos analistas nos diferentes ambientes informacionais dos países emergentes |
author |
Peixoto, Emanuelle Priscila de Almeida |
author_facet |
Peixoto, Emanuelle Priscila de Almeida |
author_role |
author |
dc.contributor.none.fl_str_mv |
Martins, Orleans Silva http://lattes.cnpq.br/5012236039984008 |
dc.contributor.author.fl_str_mv |
Peixoto, Emanuelle Priscila de Almeida |
dc.subject.por.fl_str_mv |
Value relevance Qualidade das previsões dos analistas Ambiente informacional dos países Mercados emergentes Value relevance Quality of analyst's forecasts Informational environment of the countries. Emerging Markets. CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
topic |
Value relevance Qualidade das previsões dos analistas Ambiente informacional dos países Mercados emergentes Value relevance Quality of analyst's forecasts Informational environment of the countries. Emerging Markets. CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS |
description |
The purpose of this study was to analyze the value relevance of the quality of analysts' forecasts and accounting information in the different information environments of emerging countries, supported by a theoretical framework on information relevance and the signaling of information in the capital market. The data were collected from non-financial companies in the Thomson Reuters Eikon database, which sampled 7,024 companies during the period 2000 to 2016, totaling 35,937 observations for the entire period. The data were analyzed using the linear regression technique, using OLS grouped estimate at country, year and sector level. Firstly, we sought to identify the quality of the analysts' forecasts - QPA and the information environment of the AIP countries, both formed through an index, using the technique of Principal Component Analysis - ACP. Subsequently, it was verified the value relevance of the quality of the analysts' forecasts, as well as their interaction with the accounting information and with the information environment of the countries to explain the stock price, using the model proposed by Collins, Maydew and Weiss (1997). The results suggest that the QPA index is relevant in emerging markets, adding informational content to explain the stock price in these markets. In addition, the study also obtained evidence that, when associated with the quality of analysts' forecasts, accounting information is relevant in these markets. At this point, a greater relevance of equity in relation to earnings per share is highlighted, but it was not possible to find a significant relation between the AIP index and the quality of the analysts' forecasts, not confirming the hypothesis 3 of research, related to the quality of analysts' forecasts is positively related to the information environment in emerging markets, although the study finds support for the positive influence of the information environment of countries on the accuracy of analysts' forecasts in those markets. Also, one can confirm the relevance of the QPA index when associated to the information environment of the emerging countries to explain the variations in the stock price of the analyzed companies. The main contribution of this study is the evidence that the quality of analysts' profit forecasts is value relevant in emerging markets, especially when considered aspects of the informational environment of countries and when associated with accounting information. In this way, it is understood that analysts' forecasts signal information in emerging markets, helping investors to make investment decisions and contributing to the efficiency of these markets. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-12-14 2019-07-11T16:20:09Z 2019-07-11 2019-07-11T16:20:09Z |
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/123456789/15047 |
url |
https://repositorio.ufpb.br/jspui/handle/123456789/15047 |
dc.language.iso.fl_str_mv |
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 |
rights_invalid_str_mv |
Attribution-NoDerivs 3.0 Brazil http://creativecommons.org/licenses/by-nd/3.0/br/ |
eu_rights_str_mv |
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 |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações da UFPB instname:Universidade Federal da Paraíba (UFPB) instacron:UFPB |
instname_str |
Universidade Federal da Paraíba (UFPB) |
instacron_str |
UFPB |
institution |
UFPB |
reponame_str |
Biblioteca Digital de Teses e Dissertações da UFPB |
collection |
Biblioteca Digital de Teses e Dissertações da UFPB |
repository.name.fl_str_mv |
Biblioteca Digital de Teses e Dissertações da UFPB - Universidade Federal da Paraíba (UFPB) |
repository.mail.fl_str_mv |
diretoria@ufpb.br|| diretoria@ufpb.br |
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1801842950687162368 |