Mestrado em Ciências Contábeis (FACE)
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Item Mudanças na relevância da informação contábil para o mercado de capitais nos últimos 20 anos: evidências do Brasil(Universidade Federal de Goiás, 2018-04-13) Queiroz, Igor Toledo de; Cunha, Moisés Ferreira da; http://lattes.cnpq.br/9314013762582069; Cunha, Moisés Ferreira da; Carmo, Carlos Henrique Silva do; Almeida, José Elias Feres deThe present paper aimed to provide evidences about the value relevance of accounting information to capital markets through the years. As specific objectives, the research aimed to investigate what is the trend around the value relevance, and if, on average, the adoption of IFRS made the information more value relevant. To the former investigation a cross section regression was adopted, and to the later, a pooled data regression. This paper adopts the classic Ohlson (1995) modelo, that regresses price on earnings per share and book value per share, with the addition of control variables accordingly to Balahandran and Mohanram (2011): industry and ocurrence of loss. Concerning the trend, the evidences indicate that there was a trend of loss of relevance before the adoption of IFRS, and a trend of increase of relevante after. The pooled data regression provided a higher R 2 after the adoption of the IFRS and a higher inclination coefficient for earnings and book value, which suggest that the adoption increased the value relevance of accounting information. This evidence is in general, in the same direction as the presented literatature. Moreover, the research observed contrary evidences to works that investigate relevance over time: in Brazil, book value per share has a declining trend while earnings per share has a increasing trend. These results should be observed with caution, since some national researches indicate that the increase in relevance is sometimes also associated with the governance practices adopted by firms.Item O valor da empresa, a concentração de propriedade e o custo da dívida nos mercados emergentes: uma evidência dos Brics(Universidade Federal de Goiás, 2018-04-09) Silva, Cassia Neves da; Cunha, Moisés Ferreira da; http://lattes.cnpq.br/9314013762582069; Cunha, Moisés Ferreira da; Pimenta, Daiana Paula; Flores, Eduardo da SilvaThe literature goes back to the fact that emerging markets have characteristics that are not relevant to the developed markets, among them the concentration of stocks and the cost of debt. Among emerging markets, the BRICS - Brazil, Russia, India, China and South Africa are economic powers. Therefore, this research aims to analyze whether the concentration of ownership and the cost of debt interfere in the value of the company in the BRICS in the period from 2007 to 2016, after the subprime crisis. For this purpose, publicly traded companies from these countries, financial and non-financial, were selected in the period to compose the sample, analyzed by quantile regression. In the results, China presented the lowest debt costs of the economic group. And the stock concentration does not affect the cost of debt in Brazil, but in China and Russia the lower the share concentration, the higher the cost of debt. In India only companies with Tobin's 50% lower Qs are shown to be negatively influenced. Finally, the cost of debt was relevant in companies with lower market values, proving to be irrelevant in companies with higher value.