FACE - Artigos publicados em periódicos

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Navegando FACE - Artigos publicados em periódicos por Autor "Assaf Neto, Alexandre"

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    Avaliação de empresas no Brasil pelo fluxo de caixa descontado: evidências empíricas sob o ponto de vista dos direcionadores de valor nas ofertas públicas de aquisição de ações
    (2014-06) Cunha, Moisés Ferreira da; Martins, Eliseu; Assaf Neto, Alexandre
    The objective of the survey is to investigate and evaluate whether the projections of economic-financial performance done by Brazilian companies in valuation reports, are, on average, cohesive throughout time. A collection of 10 variables was established, which evidences the financial strategies performance developed by the companies for the creation of value in the projections and compared to those realized in the period between 2002 and 2008, throughout up two periods after the valuation process. For the realization of the tests on the established hypotheses it was carried out tests of measures, with the application of the t-Student parametric test or the non-parametric Wilcoxon. The results show that the projection averages in relation to what was performed are cohesive statistically for the five variables. On the other hand, five variables showed significant differences in the averages. The sectors of chemical products, railroads, and textiles among those analyzed were the ones that more often presented significant differences in the averages. In the comparison by periods, significant differences in the averages appeared in the variables: margins (operating and Ebitda); evolution of net profit and investment rate.
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    A finalidade da avaliação de empresas, no Brasil, apresenta viés? Evidências empíricas sob o ponto de vista do desempenho econômico-financeiro
    (2012-09) Cunha, Moisés Ferreira da; Martins, Eliseu; Assaf Neto, Alexandre
    The objective of the survey is to investigate and evaluate whether the projections of economic-financial performance done by Brazilian companies in assessment reports, are, on average, cohesive throughout time. A collection of 10 variables was established, which makes the economic-financial performance. From this, the projections of these variables were collected from the company evaluation reports with the objective of a Public Offer of Acquisition of Shares (POAS) in the period between 2002 and 2008, then compared to those realized. For the realization tests of measures, in paired samples were performed with the application of the t-Student parametric test or the non-parametric Wilcoxon. The results show that the finally, the aim of the voluntary assessment showed a bias of economic-financial over evaluated performance, while the evaluation reports, with the aim of canceling the registers, did not show an under evaluation of the performance.