ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH
Autor(a) principal: | |
---|---|
Data de Publicação: | 2022 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações do UNIOESTE |
Texto Completo: | https://tede.unioeste.br/handle/tede/6305 |
Resumo: | This research examined the effect of intangible assets on the performance of asset pricing models to explain returns in the context of the Brazilian capital market. In view of this, the concepts of the Arbitrage Pricing Theory (APT) were used, when testing the CAPM, Three, Four and Five Factor models, all with the inclusion of the intangible assets variable, measured from the VAICTM model, by Pulic (1998), which is based on the Value Added Statement (VAD), an important accounting statement that measures the generation of wealth of a company, highlighting the expenses with personnel and the added value, crucial elements for the calculation of intangible assets. The methodology for data analysis was the two-step process of Fama and MacBeth (1973), conducted by time series regression for the first step and cross section regression for the second step. The results of the first-step regressions indicated statistical significance in explaining returns only for the Rm-Rf variable (excess of market return over the risk-free rate), confirming the validity of the CAPM model for the Brazilian capital market. Even though the other models have not shown significance, there was an increase in the explanatory power of the Rm-Rf variable, with the inclusion of other factors, as occurred with research in developed countries. Furthermore, the results found point partially to the rejection of the research's alternative hypothesis, since intangible assets are positively related to stock returns when used as a parameter for the formation of portfolios in the CAPM model, measuring the return using the beta coefficient. Nevertheless, when added as an explanatory variable in the models, intangible assets are not significant in explaining the stock return, measured by the VAICTM. In the portfolios where the intangible assets were significant, they showed a negative relationship with the return on the shares listed on B3, indicating that this factor does not have a risk premium in the Brazilian market. As the VAICTM variable, in most of the portfolios, proved to be non-significant, one cannot state that the intangible assets, measured by VAICTM, are a factor to explain the stock return in the Brazilian stock market. This was confirmed by the second step regressions, in which the coefficients of the VAICTM model, obtained in the time series regressions, were not significant to explain the cross-section return of the portfolios of the ex-post sample. Therefore, given the results found, it is recommended to market agents, such as analysts and investors, the use of the CAPM model for decision making in the Brazilian stock market, since its simplicity, besides reducing the costs of portfolio maintenance, is more efficient than more complex models, since there is no clear and secure evidence of improved performance in factorial models applied to the Brazilian market |
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Dal Vesco, Delci Grapegiahttp://lattes.cnpq.br/3321706750568197Dal Vesco, Delci Grapegiahttp://lattes.cnpq.br/3321706750568197Toigo, Leandro Augustohttp://lattes.cnpq.br/3973674128626084Rodrigues Junior, Moacir Manoelhttp://lattes.cnpq.br/7547505288125179http://lattes.cnpq.br/9975731410085735Honorio, Filippi Mickael Martini2022-11-22T17:35:31Z2022-08-24Honorio, Filippi Mickael Martini. ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH. 2022. 124 f. Dissertação ( Mestrado em Contabilidade) - Universidade Estadual do Oeste do Paraná, Cascavel, 2022.https://tede.unioeste.br/handle/tede/6305This research examined the effect of intangible assets on the performance of asset pricing models to explain returns in the context of the Brazilian capital market. In view of this, the concepts of the Arbitrage Pricing Theory (APT) were used, when testing the CAPM, Three, Four and Five Factor models, all with the inclusion of the intangible assets variable, measured from the VAICTM model, by Pulic (1998), which is based on the Value Added Statement (VAD), an important accounting statement that measures the generation of wealth of a company, highlighting the expenses with personnel and the added value, crucial elements for the calculation of intangible assets. The methodology for data analysis was the two-step process of Fama and MacBeth (1973), conducted by time series regression for the first step and cross section regression for the second step. The results of the first-step regressions indicated statistical significance in explaining returns only for the Rm-Rf variable (excess of market return over the risk-free rate), confirming the validity of the CAPM model for the Brazilian capital market. Even though the other models have not shown significance, there was an increase in the explanatory power of the Rm-Rf variable, with the inclusion of other factors, as occurred with research in developed countries. Furthermore, the results found point partially to the rejection of the research's alternative hypothesis, since intangible assets are positively related to stock returns when used as a parameter for the formation of portfolios in the CAPM model, measuring the return using the beta coefficient. Nevertheless, when added as an explanatory variable in the models, intangible assets are not significant in explaining the stock return, measured by the VAICTM. In the portfolios where the intangible assets were significant, they showed a negative relationship with the return on the shares listed on B3, indicating that this factor does not have a risk premium in the Brazilian market. As the VAICTM variable, in most of the portfolios, proved to be non-significant, one cannot state that the intangible assets, measured by VAICTM, are a factor to explain the stock return in the Brazilian stock market. This was confirmed by the second step regressions, in which the coefficients of the VAICTM model, obtained in the time series regressions, were not significant to explain the cross-section return of the portfolios of the ex-post sample. Therefore, given the results found, it is recommended to market agents, such as analysts and investors, the use of the CAPM model for decision making in the Brazilian stock market, since its simplicity, besides reducing the costs of portfolio maintenance, is more efficient than more complex models, since there is no clear and secure evidence of improved performance in factorial models applied to the Brazilian marketEste estudo buscou avaliar o efeito dos ativos intangíveis no desempenho dos modelos de precificação de ativos para a explicação dos retornos no contexto do mercado de capitais brasileiro. Para isso, utilizaram-se os conceitos da Arbitrage Pricing Theory (APT), ao testar os modelos CAPM, Três, Quatro e Cinco Fatores, todos com a inclusão da variável ativos intangíveis, mensurada a partir do modelo VAICTM, de Pulic (1998), que tem como base a Demonstração do Valor Adicionado (DVA), importante demonstração contábil que mede a geração de riqueza de uma empresa, destacando os gastos com pessoal e o valor adicionado, elementos cruciais para o cálculo dos ativos intangíveis. Como metodologia para análise dos dados, foi realizado o procedimento de dois passos de Fama e MacBeth (1973), conduzido por regressões em séries temporais para o primeiro passo e cross-section para o segundo. Os resultados das regressões de primeiro passo apontaram para significância estatística na explicação dos retornos apenas para a variável Rm-Rf (excesso de retorno do mercado em relação à taxa livre de risco), confirmando a validade do modelo CAPM para o mercado de capitais brasileiro. Embora os demais modelos não tenham demonstrado significância, houve aumento no poder explicativo da variável Rm-Rf, com a inclusão de outros fatores, conforme ocorrido com pesquisas em países desenvolvidos. Além disso, os resultados encontrados apontaram parcialmente para a rejeição da hipótese alternativa da pesquisa, uma vez que os ativos intangíveis estão positivamente relacionados ao retorno das ações quando utilizados como parâmetro para a formação das carteiras no modelo CAPM, mensurando o retorno com a utilização do coeficiente beta. No entanto, acrescentados como variável explicativa nos modelos, os ativos intangíveis não são significativos para explicar o retorno das ações, medido pelo VAICTM. Nas carteiras em que os ativos intangíveis foram significativos, demonstraram relação negativa com o retorno das ações listadas na B3, indicando que tal fator não tem um prêmio pelo risco no mercado brasileiro. Como a variável VAICTM, na maioria das carteiras, demonstrou-se não significativa, não se pode afirmar que os ativos intangíveis, mensurados pelo VAICTM, constituem um fator para a explicação do retorno das ações no mercado acionário brasileiro, o que foi confirmado pelas regressões de segundo passo, em que os coeficientes do modelo VAICTM, obtidos nas regressões de série temporal, não foram significativos para a explicação do retorno cross-section das carteiras da amostra ex-post. Dessa forma, dados os resultados encontrados, recomenda-se aos agentes de mercado, tais como analistas e investidores, a utilização do modelo CAPM para as tomadas de decisões no mercado acionário brasileiro, uma vez que sua simplicidade, além de reduzir os custos de manutenção das carteiras, é mais eficiente do que modelos mais complexos, pois não há evidência clara e segura de acréscimo de desempenho nos modelos fatoriais aplicados ao mercado brasileiroSubmitted by Edineia Teixeira (edineia.teixeira@unioeste.br) on 2022-11-22T17:35:31Z No. of bitstreams: 2 Filippi_ Honorio.2022.pdf: 2535704 bytes, checksum: 104faf67e91abed714d2d713eb989176 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5)Made available in DSpace on 2022-11-22T17:35:31Z (GMT). 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dc.title.por.fl_str_mv |
ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH |
dc.title.alternative.eng.fl_str_mv |
ADDITION OF THE INTANGIBLE ASSETS FACTOR TO THE FAME & FRENCH ASSET PRICING MODE |
title |
ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH |
spellingShingle |
ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH Honorio, Filippi Mickael Martini Ativos intangíveis Teoria de Precificação de Arbitragem VAICTM Intangible assets Arbitrage Pricing Theory VAICTM CONTROLADORIA |
title_short |
ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH |
title_full |
ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH |
title_fullStr |
ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH |
title_full_unstemmed |
ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH |
title_sort |
ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH |
author |
Honorio, Filippi Mickael Martini |
author_facet |
Honorio, Filippi Mickael Martini |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Dal Vesco, Delci Grapegia |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/3321706750568197 |
dc.contributor.referee1.fl_str_mv |
Dal Vesco, Delci Grapegia |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/3321706750568197 |
dc.contributor.referee2.fl_str_mv |
Toigo, Leandro Augusto |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/3973674128626084 |
dc.contributor.referee3.fl_str_mv |
Rodrigues Junior, Moacir Manoel |
dc.contributor.referee3Lattes.fl_str_mv |
http://lattes.cnpq.br/7547505288125179 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/9975731410085735 |
dc.contributor.author.fl_str_mv |
Honorio, Filippi Mickael Martini |
contributor_str_mv |
Dal Vesco, Delci Grapegia Dal Vesco, Delci Grapegia Toigo, Leandro Augusto Rodrigues Junior, Moacir Manoel |
dc.subject.por.fl_str_mv |
Ativos intangíveis Teoria de Precificação de Arbitragem VAICTM |
topic |
Ativos intangíveis Teoria de Precificação de Arbitragem VAICTM Intangible assets Arbitrage Pricing Theory VAICTM CONTROLADORIA |
dc.subject.eng.fl_str_mv |
Intangible assets Arbitrage Pricing Theory VAICTM |
dc.subject.cnpq.fl_str_mv |
CONTROLADORIA |
description |
This research examined the effect of intangible assets on the performance of asset pricing models to explain returns in the context of the Brazilian capital market. In view of this, the concepts of the Arbitrage Pricing Theory (APT) were used, when testing the CAPM, Three, Four and Five Factor models, all with the inclusion of the intangible assets variable, measured from the VAICTM model, by Pulic (1998), which is based on the Value Added Statement (VAD), an important accounting statement that measures the generation of wealth of a company, highlighting the expenses with personnel and the added value, crucial elements for the calculation of intangible assets. The methodology for data analysis was the two-step process of Fama and MacBeth (1973), conducted by time series regression for the first step and cross section regression for the second step. The results of the first-step regressions indicated statistical significance in explaining returns only for the Rm-Rf variable (excess of market return over the risk-free rate), confirming the validity of the CAPM model for the Brazilian capital market. Even though the other models have not shown significance, there was an increase in the explanatory power of the Rm-Rf variable, with the inclusion of other factors, as occurred with research in developed countries. Furthermore, the results found point partially to the rejection of the research's alternative hypothesis, since intangible assets are positively related to stock returns when used as a parameter for the formation of portfolios in the CAPM model, measuring the return using the beta coefficient. Nevertheless, when added as an explanatory variable in the models, intangible assets are not significant in explaining the stock return, measured by the VAICTM. In the portfolios where the intangible assets were significant, they showed a negative relationship with the return on the shares listed on B3, indicating that this factor does not have a risk premium in the Brazilian market. As the VAICTM variable, in most of the portfolios, proved to be non-significant, one cannot state that the intangible assets, measured by VAICTM, are a factor to explain the stock return in the Brazilian stock market. This was confirmed by the second step regressions, in which the coefficients of the VAICTM model, obtained in the time series regressions, were not significant to explain the cross-section return of the portfolios of the ex-post sample. Therefore, given the results found, it is recommended to market agents, such as analysts and investors, the use of the CAPM model for decision making in the Brazilian stock market, since its simplicity, besides reducing the costs of portfolio maintenance, is more efficient than more complex models, since there is no clear and secure evidence of improved performance in factorial models applied to the Brazilian market |
publishDate |
2022 |
dc.date.accessioned.fl_str_mv |
2022-11-22T17:35:31Z |
dc.date.issued.fl_str_mv |
2022-08-24 |
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.citation.fl_str_mv |
Honorio, Filippi Mickael Martini. ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH. 2022. 124 f. Dissertação ( Mestrado em Contabilidade) - Universidade Estadual do Oeste do Paraná, Cascavel, 2022. |
dc.identifier.uri.fl_str_mv |
https://tede.unioeste.br/handle/tede/6305 |
identifier_str_mv |
Honorio, Filippi Mickael Martini. ADIÇÃO DO FATOR ATIVOS INTANGÍVEIS AO MODELO DE PRECIFICAÇÃO DE ATIVOS DE FAMA & FRENCH. 2022. 124 f. Dissertação ( Mestrado em Contabilidade) - Universidade Estadual do Oeste do Paraná, Cascavel, 2022. |
url |
https://tede.unioeste.br/handle/tede/6305 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.program.fl_str_mv |
-2782590517595009192 |
dc.relation.confidence.fl_str_mv |
600 600 |
dc.relation.department.fl_str_mv |
8872935161184826606 |
dc.rights.driver.fl_str_mv |
http://creativecommons.org/licenses/by/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
http://creativecommons.org/licenses/by/4.0/ |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Estadual do Oeste do Paraná Cascavel |
dc.publisher.program.fl_str_mv |
Programa de Pós-Graduação em Contabilidade |
dc.publisher.initials.fl_str_mv |
UNIOESTE |
dc.publisher.country.fl_str_mv |
Brasil |
dc.publisher.department.fl_str_mv |
Centro de Ciências Sociais Aplicadas |
publisher.none.fl_str_mv |
Universidade Estadual do Oeste do Paraná Cascavel |
dc.source.none.fl_str_mv |
reponame:Biblioteca Digital de Teses e Dissertações do UNIOESTE instname:Universidade Estadual do Oeste do Paraná (UNIOESTE) instacron:UNIOESTE |
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Universidade Estadual do Oeste do Paraná (UNIOESTE) |
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UNIOESTE |
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UNIOESTE |
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Biblioteca Digital de Teses e Dissertações do UNIOESTE |
collection |
Biblioteca Digital de Teses e Dissertações do UNIOESTE |
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http://tede.unioeste.br:8080/tede/bitstream/tede/6305/5/Filippi_+Honorio.2022.pdf http://tede.unioeste.br:8080/tede/bitstream/tede/6305/2/license_url http://tede.unioeste.br:8080/tede/bitstream/tede/6305/3/license_text http://tede.unioeste.br:8080/tede/bitstream/tede/6305/4/license_rdf http://tede.unioeste.br:8080/tede/bitstream/tede/6305/1/license.txt |
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repository.name.fl_str_mv |
Biblioteca Digital de Teses e Dissertações do UNIOESTE - Universidade Estadual do Oeste do Paraná (UNIOESTE) |
repository.mail.fl_str_mv |
biblioteca.repositorio@unioeste.br |
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1811723463864352768 |