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1. [No author]. Gerenciamento de resultados em per??odos de crises econ??micas: uma an??lise dos mercados acion??rios brasileiro e norte-americano .

Degree: 2012, Fundação Escola de Comércio Álvares Penteado

This dissertation investigated earnings management (EM) by means of discretionary accruals (DA) in companies listed in Brazilian and US capital markets in periods of economic crises. Taking into account that accounting practices both affect and are affected by the environment in which they are found, more specifically by cultural, legal, political and economic factors, it was expected that, based on a conducted review of the literature, that at times characterized as economic distortions companies would identify proper occasions for obtaining private gains by means of EM practices. In order to achieve that purpose, two samplings were composed, one by companies listed in the S??o Paulo Stock Exchange (BM&F Bovespa) with quarterly data for the period from 1999 to 2009, amounting to 8,600 observations, and another of companies listed in Nyse and Nasdaq, with 99,931 observations, for the period from 1999 to 2010. It should be mentioned that the non-inclusion of 2010 for Brazilian companies occurred due to the convergence of the International Financial Reporting System (IFRS) in that year, which might lead to the creation of undesired biases in the research results. The approach used was that of Aggregate Discretionary Accruals (ADA) with regression based on the panel data technique, and initially obtaining the discretionary accruals by estimation in the Modified Jones Model (1995) adapted with the variables Return on Assets (ROA) and quarter. Subsequently, the DA were regressed against the variable of interest to the study, the dummy crisis variable, together with the other control terms: sectors, Book-to-Market ratio, provision for income and social contribution taxes, and tax burden, the last two ones applicable only to the Brazilian data sample. The statistical tests showed that in both equity markets significant relationships were evidenced between the crisis variable and the discretionary accruals, indicating that, at such times, companies manage their earnings more than in other periods. More specifically, the estimated coefficients had negative values, which shows that the companies have reduced their DA on those dates, possibly aiming at maintaining their profitability standards, which typically characterizes the practice of target earnings. Also regarding the identification of variables that might complement the aggregate accrual models, and improving the explanatory capacity of such tools in the search for discretionary accruals as proxies for earnings management, one can verify that items such as (i) sectors, (ii) taxation, (iii) market values compared to book values and (iv) quarters, representing the adjustment of temporary trends that escape the study's purpose have shown to be extremely important for the gauging of estimators that could reduce regression biases Advisors/Committee Members: Weffort, Elionor Farah Jreige (advisor), CPF:14773512806 (advisor), http://lattes.cnpq.br/3929537799335350 (advisor), Silva, Aldy Fernandes da (advisor), CPF:81684444691 (advisor), http://lattes.cnpq.br/0190161812948354 (advisor).

Subjects/Keywords: Mercado de capitais Brasil EUA; Crise econ??mica; Gerenciamento de resultados; Ciclos econ??micos; Capital market - Brazil - USA; Depressions; Business cycles

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APA (6th Edition):

author], [. (2012). Gerenciamento de resultados em per??odos de crises econ??micas: uma an??lise dos mercados acion??rios brasileiro e norte-americano . (Thesis). Fundação Escola de Comércio Álvares Penteado. Retrieved from http://132.0.0.61:8080/tede/handle/tede/511

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

author], [No. “Gerenciamento de resultados em per??odos de crises econ??micas: uma an??lise dos mercados acion??rios brasileiro e norte-americano .” 2012. Thesis, Fundação Escola de Comércio Álvares Penteado. Accessed March 20, 2019. http://132.0.0.61:8080/tede/handle/tede/511.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

author], [No. “Gerenciamento de resultados em per??odos de crises econ??micas: uma an??lise dos mercados acion??rios brasileiro e norte-americano .” 2012. Web. 20 Mar 2019.

Vancouver:

author] [. Gerenciamento de resultados em per??odos de crises econ??micas: uma an??lise dos mercados acion??rios brasileiro e norte-americano . [Internet] [Thesis]. Fundação Escola de Comércio Álvares Penteado; 2012. [cited 2019 Mar 20]. Available from: http://132.0.0.61:8080/tede/handle/tede/511.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

author] [. Gerenciamento de resultados em per??odos de crises econ??micas: uma an??lise dos mercados acion??rios brasileiro e norte-americano . [Thesis]. Fundação Escola de Comércio Álvares Penteado; 2012. Available from: http://132.0.0.61:8080/tede/handle/tede/511

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

.