SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS
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Data de Publicação: | 2009 |
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Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | ConTexto |
Texto Completo: | https://seer.ufrgs.br/index.php/ConTexto/article/view/11098 |
Resumo: | Brazilian companies’ presentations to financial analysts offer yet another disclosure channel for the stock market. Despite the fact that the information released in such meetings has already been disclosed previously through other means, there remains the concern that the discussion that follow such presentations may influence the stock market in terms of shaping analysts’ positive or negative expectations about the company. Depending upon the quality and depth of such questioning, such meetings may generate relevant information that is selectively disclosed only to participants. Employing standard event study techniques, this study investigates the behavior of abnormal stock returns of 91 companies in 247 presentations in São Paulo between 1997 and 2001. The findings indicate that in general the information released in these presentations have not given rise to significant abnormal returns over the period of the study. |
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SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTSDIVULGAÇÃO SELETIVA DE INFORMAÇÕES E AS APRESENTAÇÕES DAS COMPANHIAS ABERTAS BRASILEIRAS PARA OS ANALISTAS DO MERCADO DE CAPITAISCorporate governance. Material information. Selective disclosure. Financial analysts. Event study.Governança corporativa. Informações relevantes. Divulgação seletiva. APIMEC. Estudo de evento.Brazilian companies’ presentations to financial analysts offer yet another disclosure channel for the stock market. Despite the fact that the information released in such meetings has already been disclosed previously through other means, there remains the concern that the discussion that follow such presentations may influence the stock market in terms of shaping analysts’ positive or negative expectations about the company. Depending upon the quality and depth of such questioning, such meetings may generate relevant information that is selectively disclosed only to participants. Employing standard event study techniques, this study investigates the behavior of abnormal stock returns of 91 companies in 247 presentations in São Paulo between 1997 and 2001. The findings indicate that in general the information released in these presentations have not given rise to significant abnormal returns over the period of the study.As apresentações das companhias abertas brasileiras aos analistas de investimentos, também conhecidas como “Reuniões da Associação dos Analistas e Profissionais de Investimento do Mercado de Capitais (APIMEC)”, oferecem ao mercado mais um canal de divulgação de informações sobre estas empresas. Apesar das informações apresentadas nesses encontros já terem sido divulgadas aos investidores via outros meios de comunicação, existe uma preocupação quanto à influência das informações geradas pelas discussões nessas reuniões, em termos de construção de expectativas positivas ou negativas a respeito da empresa por parte dos analistas. Dependendo da qualidade e profundidade do questionamento, essas ocasiões podem gerar informações relevantes privilegiadas aos participantes do evento. Utilizando a metodologia do estudo de evento, foi investigado o comportamento dos retornos anormais das ações de 91 empresas brasileiras que promoveram 247 apresentações na APIMEC, na cidade de São Paulo, no período de 1997 a 2001. O resultado obtido indica que, em geral, as informações geradas nesses encontros não promoveram retornos anormais significativos no período analisado.UFRGS2009-10-27info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/11098ConTexto - Contabilidade em Texto; v. 8 n. 13 (2008): 1º semestre 20082175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/11098/6587Comerlato, Gloria Maria BaptistellaTerra, Paulo Renato Soaresinfo:eu-repo/semantics/openAccess2009-10-27T14:03:42Zoai:seer.ufrgs.br:article/11098Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2009-10-27T14:03:42ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS DIVULGAÇÃO SELETIVA DE INFORMAÇÕES E AS APRESENTAÇÕES DAS COMPANHIAS ABERTAS BRASILEIRAS PARA OS ANALISTAS DO MERCADO DE CAPITAIS |
title |
SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS |
spellingShingle |
SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS Comerlato, Gloria Maria Baptistella Corporate governance. Material information. Selective disclosure. Financial analysts. Event study. Governança corporativa. Informações relevantes. Divulgação seletiva. APIMEC. Estudo de evento. |
title_short |
SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS |
title_full |
SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS |
title_fullStr |
SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS |
title_full_unstemmed |
SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS |
title_sort |
SELECTIVE DISCLOSURE AND BRAZILIAN CORPORATIONS’ CONFERENCES TO FINANCIAL ANALYSTS |
author |
Comerlato, Gloria Maria Baptistella |
author_facet |
Comerlato, Gloria Maria Baptistella Terra, Paulo Renato Soares |
author_role |
author |
author2 |
Terra, Paulo Renato Soares |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Comerlato, Gloria Maria Baptistella Terra, Paulo Renato Soares |
dc.subject.por.fl_str_mv |
Corporate governance. Material information. Selective disclosure. Financial analysts. Event study. Governança corporativa. Informações relevantes. Divulgação seletiva. APIMEC. Estudo de evento. |
topic |
Corporate governance. Material information. Selective disclosure. Financial analysts. Event study. Governança corporativa. Informações relevantes. Divulgação seletiva. APIMEC. Estudo de evento. |
description |
Brazilian companies’ presentations to financial analysts offer yet another disclosure channel for the stock market. Despite the fact that the information released in such meetings has already been disclosed previously through other means, there remains the concern that the discussion that follow such presentations may influence the stock market in terms of shaping analysts’ positive or negative expectations about the company. Depending upon the quality and depth of such questioning, such meetings may generate relevant information that is selectively disclosed only to participants. Employing standard event study techniques, this study investigates the behavior of abnormal stock returns of 91 companies in 247 presentations in São Paulo between 1997 and 2001. The findings indicate that in general the information released in these presentations have not given rise to significant abnormal returns over the period of the study. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-10-27 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por Pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/11098 |
url |
https://seer.ufrgs.br/index.php/ConTexto/article/view/11098 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/11098/6587 |
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info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
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application/pdf |
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UFRGS |
publisher.none.fl_str_mv |
UFRGS |
dc.source.none.fl_str_mv |
ConTexto - Contabilidade em Texto; v. 8 n. 13 (2008): 1º semestre 2008 2175-8751 1676-6016 reponame:ConTexto instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
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UFRGS |
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UFRGS |
reponame_str |
ConTexto |
collection |
ConTexto |
repository.name.fl_str_mv |
ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
fernanda.momo@ufrgs.br||contexto@ufrgs.br |
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