Persistencia y relevancia de los accruals: evidencias del mercado de capitales brasileño Report as inadecuate




Persistencia y relevancia de los accruals: evidencias del mercado de capitales brasileño - Download this document for free, or read online. Document in PDF available to download.

Márcio André Veras Machado ;Revista de Educação e Pesquisa em Contabilidade 2013, 7 4

Author: Augusto Cezar da Cunha e Silva Filho

Source: http://www.redalyc.org/articulo.oa?id=441642782005_2


Teaser



Revista de Educação e Pesquisa em Contabilidade E-ISSN: 1981-8610 repec@cfc.org.br Academia Brasileira de Ciências Contábeis Brasil da Cunha e Silva Filho, Augusto Cezar; Veras Machado, Márcio André Persistencia y Relevancia de los Accruals: Evidencias del Mercado de Capitales Brasileño Revista de Educação e Pesquisa em Contabilidade, vol.
7, núm.
4, octubre-diciembre, 2013, pp.
389-408 Academia Brasileira de Ciências Contábeis Brasília, Brasil Available in: http:--www.redalyc.org-articulo.oa?id=441642782005 How to cite Complete issue More information about this article Journals homepage in redalyc.org Scientific Information System Network of Scientific Journals from Latin America, the Caribbean, Spain and Portugal Non-profit academic project, developed under the open access initiative Revista de Educação e Pesquisa em Contabilidade Journal of Education and Research in Accounting Revista de Educación e Investigatión en Contabilidad REPeC, Brasília, v.
7, n.
4, art.
4, p.
374-392, Oct.-Dec.
2013 Available online at www.repec.org.br ISSN 1981-8610 Persistence and Relevance of Accruals: Evidences From the Brazilian Capital Market Abstract The main objective in this research is to analyze the persistence and relevance of accruals, as well as the existence of the accrual anomaly in the Brazilian capital market.
Therefore, this study is conducted by three research hypotheses: (i) the accruals are less persistent than the cash flows in the explanation of future earnings; (ii) the market does not correctly recognize the information contained in the accruals; and (iii) extraordinary gains can be obtained when using the magnitude of the accrual levels as an investment strategy.
The sample included all nonfinancial companies traded on the São Paulo Stock Exchange (BMF&BOVESPA) between January 1st 1995 and December 31st 2011.
The results indicated that the estimated coefficient of the accrual persistence was lower than the cash flow coefficient, thus ...





Related documents