Made available in DSpace on 2015-12-03T18:33:10Z (GMT). No. of bitstreams: 1 Paulo_Sergio_Pereira_da_Rocha_Junior.pdf: 6043436 bytes, checksum: a22f083748370c7d978940b279a5bd88 (MD5) Previous issue date: 2014-08-18 / This paper investigated the ability of the cross listing, through the issuance of ADR (American Depositary Receipt), to change the influence of the institutional environment in discretionary power. Several economic factors are mentioned to justify investments in ADR programs. Moreover, this study seeks to understand if the cross listing is a channel of influence in conservatism. It is an ex-post-facto research that seeks to observe in Brazilian ADRs issuers a behavior more conservative than in the rest of the companies traded on BOVESPA, between the period of 2008 to 2013. The econometric model of Basu (1997) was used to measure the degree of conservatism. This model evaluates whether reported earnings incorporate bad news faster than good news, considering as a proxy for the bad news the negative stock returns. Therefore, we test the relationship of reported earnings with simple stock returns. It was found with the application of the model that there are signs that Brazilian ADRs issuers are more conservative, even when they adopt practices of earnings management (ECKEL, 1981). The results, however, do not show statistical significance / Este trabalho investigou a capacidade que a listagem dupla, por meio da emiss??o de ADR (American Depositary Receipt), tem para alterar a influ??ncia do ambiente institucional no poder discricion??rio. Diversos fatores econ??micos s??o apontados para justificar os investimentos em programas de ADRs. Por outro lado, este estudo objetiva compreender se a listagem dupla ?? um canal de influ??ncia no conservadorismo. Trata-se de pesquisa ex-post-facto que busca observar nas emissoras de ADRs brasileiras um comportamento mais conservador do que o das demais empresas negociadas na BOVESPA, entre o per??odo de 2008 a 2013. Utilizou-se o modelo econom??trico de Basu (1997) para mensurar o grau de conservadorismo. Este modelo avalia se o lucro divulgado incorpora m??s not??cias mais rapidamente do que as boas not??cias, considerando como proxy para as m??s not??cias o retorno negativo das a????es. Com isto, testa-se a rela????o do lucro divulgado com o retorno simples das a????es. Verificou-se com a aplica????o do referido modelo que existem sinais de que as emissoras de ADRs brasileiras s??o mais conservadoras, mesmo quando adotam pr??ticas de gerenciamento de resultados (ECKEL, 1981). Os resultados, no entanto, n??o apresentam signific??ncia estat??stica