Risk management and the effects of CVM instruction 550: empirical analysis
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Data de Publicação: | 2010 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/34313 |
Resumo: | The present study examines the effect of CVM normative instruction 550 on the use of derivatives and, consequently, on the risk management of Brazilian companies. The instruction requires companies to disclose the fair value of derivative instruments in their quarterly financial statements. However, this resolution does not establish on the accounting treatment for these types of instruments. Thus, it is supposed that the rule should affect both groups of derivatives users, hedgers (EH) and speculators (IS). The empirical results show that the risk the companies incur basically refers to the interest rate and exchange rate. After the adoption of the instruction, statistical evidence was found that shows a decrease in derivative use for both groups. The evidence suggests that instruction 550 has encouraged companies to use derivatives contracts with more prudence, which may suggest a change in risk management behavior. For this study, a sample of 107 Brazilian companies was used, belonging to 10 ICB economic sectors, during a ten-year period (1999 to 2009). |
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Risk management and the effects of CVM instruction 550: empirical analysis Gestão de risco e os impactos da instrução normativa CVM nº 550: análise empírica Resolução 550 CVMInstrumentos Financeiros DerivativosGestão de RiscoCVM Instruction 550Derivative Financial InstrumentsRisk Management The present study examines the effect of CVM normative instruction 550 on the use of derivatives and, consequently, on the risk management of Brazilian companies. The instruction requires companies to disclose the fair value of derivative instruments in their quarterly financial statements. However, this resolution does not establish on the accounting treatment for these types of instruments. Thus, it is supposed that the rule should affect both groups of derivatives users, hedgers (EH) and speculators (IS). The empirical results show that the risk the companies incur basically refers to the interest rate and exchange rate. After the adoption of the instruction, statistical evidence was found that shows a decrease in derivative use for both groups. The evidence suggests that instruction 550 has encouraged companies to use derivatives contracts with more prudence, which may suggest a change in risk management behavior. For this study, a sample of 107 Brazilian companies was used, belonging to 10 ICB economic sectors, during a ten-year period (1999 to 2009). Este trabalho analisa o efeito da instrução normativa CVM 550 sobre a utilização de derivativos e, consequentemente, a gestão de risco das companhias abertas brasileiras. A resolução exige que as empresas apurem por meio do valor de mercado os instrumentos derivativos em suas demonstrações financeiras trimestrais. No entanto, a deliberação não prevê tratamento contábil para tais tipos de instrumentos. Assim, é suposto que o efeito da norma deve afetar dois grupos de usuários de derivativos: os hedgers (EH) e os especuladores (IS). Os resultados empíricos mostram que o risco incorrido pelas empresas se refere, basicamente, à taxa de juros e câmbio. Após a adoção da norma, foram encontradas evidências estatísticas que apontam uma diminuição do uso de derivativos para ambos os grupos. As evidências sugerem que a resolução 550 tem incentivado as empresas a contratarem derivativos com mais prudência, o que indica uma mudança na política de gestão de risco. Para o estudo em questão foi utilizada uma amostra de 107 empresas brasileiras pertencentes aos 10 grandes setores econômicos do ICB, em uma janela de dados de 10 anos (1999 a 2009). Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2010-08-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/3431310.1590/S1519-70772010000200003Revista Contabilidade & Finanças; v. 21 n. 53 (2010); 1-21 Revista Contabilidade & Finanças; Vol. 21 No. 53 (2010); 1-21 Revista Contabilidade & Finanças; Vol. 21 Núm. 53 (2010); 1-21 1808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/rcf/article/view/34313/37045Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessBurlá, Leonardo Andrade de AlmeidaGonçalves, Edson Daniel Lopes2012-07-21T18:30:13Zoai:revistas.usp.br:article/34313Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2012-07-21T18:30:13Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Risk management and the effects of CVM instruction 550: empirical analysis Gestão de risco e os impactos da instrução normativa CVM nº 550: análise empírica |
title |
Risk management and the effects of CVM instruction 550: empirical analysis |
spellingShingle |
Risk management and the effects of CVM instruction 550: empirical analysis Burlá, Leonardo Andrade de Almeida Resolução 550 CVM Instrumentos Financeiros Derivativos Gestão de Risco CVM Instruction 550 Derivative Financial Instruments Risk Management |
title_short |
Risk management and the effects of CVM instruction 550: empirical analysis |
title_full |
Risk management and the effects of CVM instruction 550: empirical analysis |
title_fullStr |
Risk management and the effects of CVM instruction 550: empirical analysis |
title_full_unstemmed |
Risk management and the effects of CVM instruction 550: empirical analysis |
title_sort |
Risk management and the effects of CVM instruction 550: empirical analysis |
author |
Burlá, Leonardo Andrade de Almeida |
author_facet |
Burlá, Leonardo Andrade de Almeida Gonçalves, Edson Daniel Lopes |
author_role |
author |
author2 |
Gonçalves, Edson Daniel Lopes |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Burlá, Leonardo Andrade de Almeida Gonçalves, Edson Daniel Lopes |
dc.subject.por.fl_str_mv |
Resolução 550 CVM Instrumentos Financeiros Derivativos Gestão de Risco CVM Instruction 550 Derivative Financial Instruments Risk Management |
topic |
Resolução 550 CVM Instrumentos Financeiros Derivativos Gestão de Risco CVM Instruction 550 Derivative Financial Instruments Risk Management |
description |
The present study examines the effect of CVM normative instruction 550 on the use of derivatives and, consequently, on the risk management of Brazilian companies. The instruction requires companies to disclose the fair value of derivative instruments in their quarterly financial statements. However, this resolution does not establish on the accounting treatment for these types of instruments. Thus, it is supposed that the rule should affect both groups of derivatives users, hedgers (EH) and speculators (IS). The empirical results show that the risk the companies incur basically refers to the interest rate and exchange rate. After the adoption of the instruction, statistical evidence was found that shows a decrease in derivative use for both groups. The evidence suggests that instruction 550 has encouraged companies to use derivatives contracts with more prudence, which may suggest a change in risk management behavior. For this study, a sample of 107 Brazilian companies was used, belonging to 10 ICB economic sectors, during a ten-year period (1999 to 2009). |
publishDate |
2010 |
dc.date.none.fl_str_mv |
2010-08-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34313 10.1590/S1519-70772010000200003 |
url |
https://www.revistas.usp.br/rcf/article/view/34313 |
identifier_str_mv |
10.1590/S1519-70772010000200003 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34313/37045 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 21 n. 53 (2010); 1-21 Revista Contabilidade & Finanças; Vol. 21 No. 53 (2010); 1-21 Revista Contabilidade & Finanças; Vol. 21 Núm. 53 (2010); 1-21 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
_version_ |
1787713776352493568 |