Purpose The purpose of this study is to investigate the influence firm-specific investor sentiment on Brazilian companies’ accrual-based earnings management between 2010 and 2018. paper aims bring deeper insight into relationship expectations managers’ decision-making in an emerging market. Design/methodology/approach authors use quantitative approach apply a multiple linear regression model test among abnormal accruals, index control variables. final sample includes data from 175 companies,...

Abstract This study examines the influence of investor sentiment on risk–return relationship in Brazilian stock market from 2002 to 2015. Using Consumer Confidence Index as a substitute for level sentiment, we find that between conditional variance and stocks return is positive (negative) periods low (high) except small stocks, which always show negative constructs. The deterioration risk when high result sharp growth number less sophisticated investors under these circumstances.

This article investigates the role of investor psychology, captured here by sentiment index, in driving individual stock price reactions to extreme movements broader market. In addition confirming prior evidence overreaction, we find much stronger overreaction when is low rather than high. consistent with contrast dimension an uncommon event, suggested psychology literature, over and above emotion surprise it brings about. a environment, sharper hence leads overreaction.

Este trabalho tem por objetivo compreender os fatores que influenciam a motivação para o voluntário contínuo em um núcleo espírita localizado no sul do Brasil. O estudo foi conduzido meio método qualitativo, com utilização da estratégia pesquisa etnográfica. Foram utilizadas técnicas de observação participante e entrevista profundidade, além consulta documentos informações dos dirigentes. Para análise categorização material, utilizou-se modelo analítico desenvolvido Penner (2002), composto...

Purpose From 2006 to 2016, Brazilian agricultural cooperatives exhibited a sharp increase in sales. Since the operational cycle of these organizations demands positive net working capital that is usually funded by debt, authors examine whether this rise sales was obtained at cost short-term financial sustainability. As matter comparison, conduct same analysis for public traded companies. Design/methodology/approach The employ dynamic method measure sustainability organizations. Findings find...

The paper evaluated if the practices professed by highest level of governance in São Paulo Stock Exchange, Brazil, reduces earnings management. Comparing histograms quarterly companies belonging Novo Mercado with distribution released other companies, we conclude that discretion for avoiding both losses and decreases are more frequent to traditional evidencing this diminishes, but don’t avoid discretion. We also management often employed than decreases.

ABSTRACT Theoretical models for credit unions advocate that such organizations should pursue a neutral orientation in order to accommodate the conflicting interests of borrower members, who seek lower interest rates, and saver look higher returns on their savings. However, there is lack empirical support neutrality high rate environments. This because under conditions, could accomplish social mission by providing microcredit at local communities, thus becoming more borrower‐dominated. paper...

Abstract Despite the growth of exchange risk literature in field agricultural economics, little attention has been paid to firm‐level currency exposure emerging countries. In this context, paper investigates rate faced by a unique data set 66 Brazilian cooperatives from 2000 2015, and finds that around one‐third sampled firms exhibited significant during period, even after controlling for crises. The also documents proportion exposed doubles periods which local central bank intervenes more...

In this paper we find that stocks overreact to both positive and negative extreme daily movements of the broader market, but more intensely in latter case. The overreaction is even pronounced when market exhibits clustered swings, indicating related volatility. Indeed, a contrarian investment strategy earns significant Fama-French alpha 0.34% (85.68% annualized) with Sharpe ratio 5.23 highly volatile circumstances. Stock appears be driven by loser revert strongly, as they exhibit lower beta...

As cooperativas médicas Operadoras de Planos Saúde brasileiras, estão sujeitas, como toda e qualquer Operadora Plano Saúde, aos riscos inerentes ao mercado Suplementar, além uma rígida regulação deste segmento tão importante brasileiros. Nesse contexto, o presente artigo, tem objetivo identificar dentre os modelos insolvência comumente aplicados às empresas, qual teria melhor desempenho em prever a Insolvência Cooperativas Médicas Saúde. Como base dados, foram utilizadas as demonstrações...

In this paper, I document that investor attention negatively predicts betting against beta returns. Using Google Search Volumes toward US market indices as my proxy to attention, find relation holds after controlling for competitive factors and different search terminologies in most of the other G7 countries. The results also indicate presents a unique capacity explain future BAB performance is not shared by famous variables, such liquidity constraints, sentiment, lottery demand or...

Purpose The purpose of this study was to identify the relationship between training and financial performance in cooperative organizations. Design/methodology/approach To achieve goal, fixed-effect panel regression technique used, from a single database containing hours amounts invested by 35 large Brazilian agribusiness cooperatives over 10 years as main independent variable econometric model. Financial operationalized Net Margin ROE. Findings It possible positive expenditure on future rate...

Download This Paper Open PDF in Browser Add to My Library Share: Permalink Using these links will ensure access this page indefinitely Copy URL DOI

This paper studies the short-term (21 trading days) behavior of Brazilian stocks in event extreme movements market index. Using cumulative abnormal returns contrarian and momentum strategies, we find that tend to overreact after negative events while they exhibit normal reaction positive shocks. overreaction, however, is particularly intense when broad experience clustered swings within 21 days window, meaning overreaction correlated volatility. In these circumstances profit strategy driven...

Abstract This paper presents the first evidence that investor attention can be used to forecast currency prices in a speculative attack. Investigating attacks affected several emerging economies second semester of 2018, I document strong influence on price and risk under attack, this monotonically rises with increase attacks’ severity. Moreover, association is absent outside or for those currencies did not experience an attack sample period. These findings are robust alternative explanations...

A Hipótese dos Mercados Eficientes (HME) concebida por Fama (1970) afirma que o investidor é racional, bem informado e maximizador da utilidade esperada. O aparecimento de fenômenos contrários a esse comportamento racional do mercado, dentre os quais se destaca chamado Efeito Momento, fez com pressupostos HME fossem colocados em xeque. presente artigo avalia eficiência mercado capitais brasileiro, pela identificação desta anomalia no período janeiro 1994 setembro 2009, acordo metodologia...

A adaptação do CAPM ao mercado brasileiro tem sido tema de diversos estudos acadêmicos. Um dos aspectos relacionados refere-se à parametrização da taxa livre risco (Rf), comumente oscilando na literatura entre a remuneração poupança, Selic e o juro treasury bonds norte-americanos. O presente artigo buscou estabelecer qual destas variáveis é mais adequada para conceito no Brasil. Baseando-se fenômeno flight to quality, comparou-se comportamento Ibovespa com destes constructos durante última...