1,721,005 research outputs found
La comunicación financiera corporativa y el rol de las Relaciones con Inversores en Brasil
No full textThis paper discusses the role and relevance of corporate financial communication in the capital markets and the activity of investor relations (IR) as its executor. For that, empirical evidence of the cost-benefit underlying the IR activity are presented, with special focus in the Brazilian capital markets, as well as the current challenges faced by IR professionals.Este artigo discute o papel e a relevância da comunicação financeira corporativa no mercado de capitais e da atividade de relações com investidores (“RI”) como sua executora. São apresentadas evidências empíricas do custo-benefício da área de RI para as empresas. Foco especial é dado para a atividade de RI no mercado de capitais brasileiro. Também são apresentados os desafios atuais para o desempenho da atividade de RI.Este artículo trata el rol y la relevancia de la comunicación financiera corporativa en el mercado de capitales y de la actividad de relaciones con inversores (“RI”) como ejecutora. Se presenta evidencia empírica del coste-beneficio del campo de RI para empresas. Para esto, se centra en la actividad de RI en el mercado de capitales brasileño. Además de exponer los actuales desafíos para la actividad de RI
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Estrutura de capital e custo de capital subsidiado no Brasil: influência no valor das ações das empresas
No full textMuch of the long-term funding in Brazil is conducted through the National Bank for Economic and Social Development (BNDES). Compared to other alternatives available in the market, this credit is cheaper, because it is subsidized by the federal government. This research aimed to investigate whether the fundraising with a capital cost subsidized by the government, through different funding lines offered by a government-controlled bank, has an influence on the value of the company. The study was developed by event study, which calculates abnormal returns occurring around a particular event. The sample considers companies that have used some sort of credit from BNDES from 2002 to 2015, and were listed on the Securities, Commodities and Futures Exchange Sao Paulo Stock Exchange (BM & FBOVESPA). In order to calculate the abnormal returns, we used two models of estimation of returns: CAPM Model and Market Model. The results indicate that the average of the abnormal returns of the companies that contracted the loan with the BNDES is significantly different from zero around data of the announcement, being able to conclude that the fundraising with subsidized cost has the informational content sufficient to influence the value of the company, confirming the theory of the tradeoff of the sources of capital and the hypothesis of the research.Grande parte do financiamento de longo prazo no Brasil é realizada por intermédio do Banco Nacional de Desenvolvimento Econômico e Social (BNDES). Comparado às outras alternativas do mercado este crédito é mais barato por ser subsidiado pelo governo. A presente pesquisa teve como intuito investigar se a captação de recursos com custo de capital subsidiado por meio de linhas de financiamento diferenciadas ofertadas pelo BNDES exerce influência no valor da empresa. O estudo foi desenvolvido com a utilização da metodologia estudo de eventos, que calcula os retornos anormais ocorridos ao redor de um determinado evento. A amostra deste estudo considera empresas listadas na Bolsa de Valores, Mercadorias e Futuros de São Paulo (BM&FBOVESPA) que contrataram crédito junto ao BNDES de 2002 a 2015. Para o cálculo do retorno anormal foram usados dois modelos de estimação dos retornos anormais: o Modelo CAPM e o Modelo de Mercado. Os resultados indicam que a média dos retornos anormais das empresas que contrataram crédito junto ao BNDES é significativamente diferente de zero em torno da data do anúncio da contratação podendo-se concluir que a captação de recursos com custo subsidiado possui conteúdo informacional suficiente para influenciar o valor da empresa, confirmando a teoria do tradeoff das fontes de capital e a hipótese desta pesquisa.Gran parte de la financiación de largo plazo en Brasil se lleva a cabo a través del Banco Nacional de Desarrollo Económico y Social (BNDES). En comparación con otras alternativas en el mercado, este crédito es más barato, ya que está subvencionado por el gobierno. El presente estudio se propone investigar si la recaudación de fondos con un costo subsidiado de capital a través de líneas de financiación diferenciado ofrecido por el BNDES, tiene influencia en el valor de la empresa. El estudio fue desarrollado con la utilización de la metodología del estudio de eventos, que calcula los retornos anormales ocurridos alrededor de un determinado evento. La muestra considera empresas que han contratado algún tipo de crédito de BNDES 2002 a 2015, y que fueron mencionados por los Valores, Mercaderías y Futuros de Sao Paulo Stock Exchange (BM & FBOVESPA). Para el cálculo del retorno anormal se utilizaron dos modelos de estima de los retornos anormales: el Modelo CAPM y el modelo de mercado. Los resultados indican que el promedio de los retornos anormales de las empresas que contrataron el crédito junto al BNDES es significativamente diferente de cero en torno a datos del anuncio de la contratación, pudiéndose concluir que la captación de recursos con costo subsidiado tiene el contenido informacional suficiente para influenciar el valor de la empresa, confirmando la teoría del tradeoff de las fuentes de capital y la hipótesis de la investigación
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Get PDFWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
Relevância informacional dos principais assuntos de auditoria
No full textEste trabalho tem como objetivo investigar se os principais assuntos de auditoria (PAAs) contidos na divulgação anual das demonstrações financeiras padronizadas (DFPs) das companhias listadas trouxeram relevância informacional para os investidores. O estudo preenche uma lacuna da literatura ao avaliar a reação do mercado em relação à publicação das informações contidas nos PAAs no Brasil, o qual passou a ter divulgação obrigatória para as companhias listadas a partir das demonstrações financeiras referentes ao exercício de 2016. O tema em análise tem relevância prática, pois o uso dos PAAs nos relatórios do auditor independente tende e crescer e se expandir para as demais companhias abertas, além das companhias listadas. O trabalho traz uma contribuição para o regulador do mercado de capitais (Comissão de Valores Mobiliários – CVM) e para o Instituto dos Auditores Independentes do Brasil (IBRACON) no que tange ao entendimento dos impactos do novo relatório do auditor, possibilitando o aperfeiçoamento e a ampliação desse mecanismo. Para a análise, utilizou-se a metodologia de estudo de eventos, que consiste em avaliar como a informação influencia o mercado em um determinado período associado à ocorrência do evento de divulgação. Para tanto, utilizou-se a variação da soma dos retornos anormais diários de cada companhia nos dias que fazem parte da janela de divulgação das informações. Os resultados deste estudo apontam para a consistência do conteúdo informativo das demonstrações financeiras com a emissão dos PAAs, na medida em que a variação do retorno anormal acumulado das empresas analisadas tem associação positiva com os retornos acumulados na janela de divulgação da informação das DFPs a partir do ano de adoção do novo relatório do auditor independente. Assim, este trabalho contribui para a literatura, apresentando evidências empíricas da relevância informacional do conteúdo do novo relatório de auditoria contendo os PAAs.This paper aims to investigate whether the key audit matters (KAMs) contained in the annual standardized financial statements (SFSs) of Brazilian listed companies have contributed with informational relevance for investors. The study fills a gap in the literature by evaluating the Brazilian market’s reaction to the disclosure of the information contained in the KAMs, which became mandatory for listed companies to disclose in their financial statements as of the 2016 fiscal year. The topic under analysis is of practical relevance as the use of KAMs in the independent auditor’s report is growing and expanding to other publicly-held companies in addition to listed ones. This study provides a contribution to the Brazilian capital market regulator (Comissão de Valores Mobiliários – CVM) and the Institute of Independent Auditors of Brazil (Ibracon) regarding understanding the impacts of the new auditor’s report, thus enabling the improvement and expansion of this mechanism. For the analysis, we use the event study methodology, which consists of evaluating how information influences the market in a particular period associated with the occurrence of a disclosure event. To do so, we used the variation in the sum of the daily abnormal returns of each company on the days that form part of the information disclosure window. The results of this paper indicate the consistency of the informative content of the financial statements with KAMs, insofar as the variation in the cumulative abnormal return of the companies analyzed is positively associated with the cumulative returns in the information disclosure window for the SFSs following the adoption of the new independent auditor’s report. Thus, this paper contributes to the literature by presenting empirical evidence of the informational relevance of the content of the new audit report containing KAMs
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