Lucros e Retornos Agregados no Brasil Outros Idiomas

ID:
63516
Autores:
Talles Vianna Brugni
Marcelo Cabus Klotzle
Antonio Carlos Figueiredo Pinto
Luiz Paulo Lopes Fávero
Muhhamad Safdar Sial
Periódico:
Contabilidade Vista & Revista
Resumo:
O presente trabalho utilizou-se do método de Kothari, Lewellen e Warner (2006) para evidenciar a relação entre o anúncio dos lucros e o retorno de mercado no Brasil de forma agregada no período compreendido entre 1995 e 2017. Os resultados indicam maior aderência da teoria de Bernard e Thomas (1990) ao mercado americano do que ao mercado brasileiro, sinalizando que o Post Earnings Announcement Drift agregado tende a ser maior em mercados cuja persistência dos lucros é maior. Os achados também sinalizam que a relação agregada entre retornos e lucros no Brasil tende a ser positiva para o período corrente e para os dois trimestres seguintes, corroborando o estudo de Sadka e Sadka (2009). Considerando que a previsibilidade dos lucros no mercado americano é maior do que a do Brasil, os resultados suportam os argumentos de He e Hu (2014) de que a relação entre lucros e retornos agregados está ligada ao nível de disclosure de cada país. Por outro lado, novas evidências apontam para a influência das altas taxas de juros nos resultados do mercado financeiro, sugerindo que expectativas de aumento de juros tendem a reduzir os retornos agregados correntes no Brasil em função da possível migração de capital para investimentos de menor risco, haja vista a atratividade de suas rentabilidades em ambiente de alta inflação.
Palavras-chave:
Lucros Agregados, Retornos Agregados, Risco, Taxas de juros
Citação ABNT:
BRUGNI, T. V.; KLOTZLE, M. C.; PINTO, A. C. F.; FÁVERO, L. P. L.; SIAL, M. S. Aggregate Earnings And Returns In Brazil. Contabilidade Vista & Revista, v. 32, n. 2, p. 38-58, 2021.
Citação APA:
Brugni, T. V., Klotzle, M. C., Pinto, A. C. F., Fávero, L. P. L., & Sial, M. S. (2021). Aggregate Earnings And Returns In Brazil. Contabilidade Vista & Revista, 32(2), 38-58.
DOI:
https://doi.org/10.22561/cvr.v32i2.5942
Link Permanente:
http://www.spell.org.br/documentos/ver/63516/lucros-e-retornos-agregados-no-brasil/i/pt-br
Tipo de documento:
Artigo
Idioma:
Inglês
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