IMPACT OF EVENTS SUBSEQUENT DISCLOSURE ON ABNORMAL RETURN: STUDY IN IBOVESPA COMPANIES

• Autor(a) principal: Kos, Sonia Raifur
• Data de Publicação: 2017
• Outros Autores: Edwards Barros, Claudio Marcelo, Colauto, Romualdo Douglas
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Ambiente Contábil
• Texto Completo: https://periodicos.ufrn.br/ambiente/article/view/9896
• topic: Subsequent Events. Abnormal Returns. Informational content. Relevance of Accounting Information.; Acontecimientos Posteriores. Las devoluciones anormales. Contenido informativo. La relevancia de la información contable.; Eventos Subsequentes. Retornos Anormais. Conteúdo Informacional; Relevância da Informação Contábil.

The objective of the study is to verify the impact of subsequent events disclosed on Abnormal Return of shares in companies participating in the Ibovespa. For statistical analysis, it was applied Events Study technic to determine whether events disclosed as subsequent ones caused abnormal stock returns. After that, the data was subjected to confirmatory analysis by multivariate procedures using Regression with Panel Data. Then, an individualized analysis was performed on the date of occurrence of 28 different types of Subsequent Events disclosed. The results show that 16 events had at least one significant abnormal return in the time window, while the other 12 did not impact the market. The research helps to explain to managers how the market reacts to the disclosure of material events occurring between the close of the reporting period and the date of authorization of the issuance of the financial statements, mainly because of subsequent events are related, usually with significant values within the organization.