Desde 2010, os bancos brasileiros são obrigados a publicar suas demonstrações financeiras anuais consolidadas em dois padrões contábeis diferentes, COSIF e IFRS. Este estudo buscou conhecer e apontar impactos do peculiar processo de adoção dos bancos brasileiros ao IFRS, tanto sob o ponto de vista de quem fornece as informações, quanto dos investidores. Para tanto, buscou-se inicialmente conhecer a população brasileira de bancos e quais as mudanças divulgadas em suas demonstrações financeiras. Por meio de uma análise comparativa das demonstrações financeiras, foram encontradas diferenças entre os valores publicados em praticamente todas as contas das DREs das instituições e com uma aparente independência entre as decisões de reclassificação uma vez que ocorreram em amplitudes e sentidos diferentes. Por meio de uma amostra de 16 bancos, observou-se que o Lucro Líquido apresentado em IFRS foi menor em nove e o Patrimônio Líquido aumentou em 14 bancos. Pela ótica dosinvestidores (usuários externos da informação) o impacto foi mensurado por meio de variações de valor de mercado e de um estudo de evento. Os resultados do estudo de evento evidenciaram a existência de retornos anormais acumulados (CAR) entre -16,9% e +12,5%, sugerindo que a adoção de IFRS foi Value Relevant. O relacionamento entre as variáveis foi obtido por meio de uma matriz de correlações de Spearman e indica que o mercado reagiu em sentido inverso ao risco, com correlação de -0,89. A reação do mercado foi mensurada pelo CAR e o risco pelos betas. Esta correlação fornece indícios de que o mercado reagiu mais negativamente a instituições de maior risco. Logo, pode-se supor que o novo padrão contábil apresentou informações que podem ter aumentado a percepção dos investidores ao risco. / Since 2010, Brazilian banks are required to publish their consolidated financial statements in accounting standards: IFRS and COSIF. This study aims to know and point impacts of particular adoption process of Brazilian banks to IFRS, both from the point of view of who provides the information and investors. It sought to know the population of Brazilian banks and the changes disclosed in its financial statements. The results showed differences between the values published in all accounts of Income Statement, in all institutions, with rare exceptions, and an apparent independence of the reclassification decisions as they occurred in different directions and amplitudes. Given a sample of 16 banks, net income presented in accordance with IFRS was lower in nine and equity increased by 14. From the standpoint of investors (external users of information) impact was measured through changes in market value and an event study. The results of the event study indicated the existence of cumulative abnormal returns between -16.9% and +12.5%, suggesting evidence that the adoption of IFRS was Value Relevant. The relationship between variables was obtained from a matrix of Spearman and showed evidence that the market reacted to the risk in reverse, with a correlation of -0.89. Market reaction was measured by the CAR and risk betas. This correlation points to evidence that the market reacted more negatively the greater the risk, where one can assume that the new accounting standard may have increased investors\' perception of risk.

Desde 2010, os bancos brasileiros são obrigados a publicar suas demonstrações financeiras anuais consolidadas em dois padrões contábeis diferentes, COSIF e IFRS. Este estudo buscou conhecer e apontar impactos do peculiar processo de adoção dos bancos brasileiros ao IFRS, tanto sob o ponto de vista de quem fornece as informações, quanto dos investidores. Para tanto, buscou-se inicialmente conhecer a população brasileira de bancos e quais as mudanças divulgadas em suas demonstrações financeiras. Por meio de uma análise comparativa das demonstrações financeiras, foram encontradas diferenças entre os valores publicados em praticamente todas as contas das DREs das instituições e com uma aparente independência entre as decisões de reclassificação uma vez que ocorreram em amplitudes e sentidos diferentes. Por meio de uma amostra de 16 bancos, observou-se que o Lucro Líquido apresentado em IFRS foi menor em nove e o Patrimônio Líquido aumentou em 14 bancos. Pela ótica dosinvestidores (usuários externos da informação) o impacto foi mensurado por meio de variações de valor de mercado e de um estudo de evento. Os resultados do estudo de evento evidenciaram a existência de retornos anormais acumulados (CAR) entre -16,9% e +12,5%, sugerindo que a adoção de IFRS foi Value Relevant. O relacionamento entre as variáveis foi obtido por meio de uma matriz de correlações de Spearman e indica que o mercado reagiu em sentido inverso ao risco, com correlação de -0,89. A reação do mercado foi mensurada pelo CAR e o risco pelos betas. Esta correlação fornece indícios de que o mercado reagiu mais negativamente a instituições de maior risco. Logo, pode-se supor que o novo padrão contábil apresentou informações que podem ter aumentado a percepção dos investidores ao risco. / Since 2010, Brazilian banks are required to publish their consolidated financial statements in accounting standards: IFRS and COSIF. This study aims to know and point impacts of particular adoption process of Brazilian banks to IFRS, both from the point of view of who provides the information and investors. It sought to know the population of Brazilian banks and the changes disclosed in its financial statements. The results showed differences between the values published in all accounts of Income Statement, in all institutions, with rare exceptions, and an apparent independence of the reclassification decisions as they occurred in different directions and amplitudes. Given a sample of 16 banks, net income presented in accordance with IFRS was lower in nine and equity increased by 14. From the standpoint of investors (external users of information) impact was measured through changes in market value and an event study. The results of the event study indicated the existence of cumulative abnormal returns between -16.9% and +12.5%, suggesting evidence that the adoption of IFRS was Value Relevant. The relationship between variables was obtained from a matrix of Spearman and showed evidence that the market reacted to the risk in reverse, with a correlation of -0.89. Market reaction was measured by the CAR and risk betas. This correlation points to evidence that the market reacted more negatively the greater the risk, where one can assume that the new accounting standard may have increased investors\' perception of risk.

Directors' remuneration has long attracted a great deal of attention from financial economists and academics due to its strategic role as a remedy to control agency problems. The key issue is the conflict between directors and shareholders on whether the remuneration is designed to maximise shareholders' value or to favour directors, who run the company on behalf of the investors. However, the conflict can never be detected when the disclosure of remuneration is not transparent. The study was conducted in Malaysia which provides a distinctive research setting different from other developing countries because Malaysia has a disclosure exercise that is still far below best practice as well as a unique Malaysian cultural and institutional environment. Thus, the unusual combination of politics (government) dominated by Malays and business dominated by the minority Chinese provides an interesting background to explore the determinants and consequences of directors' remuneration disclosure. This study's novelty stands on the exploration of ownership structure and board diversity in determining directors' remuneration disclosure, as well as the impact of disclosure towards firm value. The first chapter investigates the association between ownership structure and directors' remuneration disclosure. A significant and negative association is noted between family ownership and remuneration disclosure, suggesting that the traditional family control in Malaysia continue to be dominating outweighing the necessity of public disclosure. Moreover, this study encountered a non-linear relationship between government ownership and remuneration disclosure, indicating that the disclosure of directors' remuneration is positive up to a certain level of government ownership but reduces as government ownership increases. Evidently, directors in government-owned companies are being extra vigilant in disclosing their remuneration due to the political and personal security reasons, particularly post the 12th general election of Malaysia in 2008 that witnessed the government lose its two-thirds majority in parliament for the first time after 40 years. The second chapter examines how board diversity influences disclosure. The study found that only age diversity is significantly and negatively associated with directors' remuneration disclosure, supporting the age stereotype that characterised old directors who are wise and wisdom. Hence, the adverse disclosure behaviour can be explained by their ability to credibly withhold voluntary information and strategically disclose mandatory information on remuneration. Contrary to prior studies, this study found that ethnic diversity does not have a significant influence on directors' remuneration disclosure possibly due to the equal number of Malay and non-Malay directors on board throughout the period under review. Interestingly, cultural convergence is also known to be a contributing factor as both ethnics exercise their belief in determining the level of strategic remuneration disclosure. In line with upper echelon theory, the presence of female directors is found to be an insignificant determinant of remuneration disclosure possibly due to their risk-averse personality in the high-risk disclosure area. The third chapter aims to assess the extent to which directors' remuneration disclosure reflects information that is relevant to firm value. By using Tobin's Q, this chapter shows that directors' remuneration disclosure is value relevant in both financial and non-financial sectors among the FTSE30 companies. The finding implies that the market highly values directors' remuneration disclosure as it signals board transparency and provides a window to overall governance quality of an organisation. This chapter proposes that commitment to directors' remuneration disclosure has potential benefits that outweigh the risk of disclosing within the Malaysian context. Furthermore, this chapter explicitly addresses and justifies the potential endogeneity problem that has been ignored by typical accounting studies. Using the two-stage least squares (2SLS) technique to control for the endogeneity of voluntary remuneration disclosure in assessing its impact on firm value, findings from the robustness analysis carried out suggest that the empirical results reported are robust to potential endogeneity problems. Finally, this study provides two practical implications. First, it provides a disclosure incentive for directors to make better remuneration disclosure in the annual report. Despite that there is evidence of hesitancy to disclose due to the political volatility in Malaysia subsequent to the 12th general election in 2008, the market significantly values directors' remuneration disclosure as it signals good governance practice by the company as well as great reputation portrayed by the board members. More specifically, this study encourages disclosure on directors' remuneration as it positively affects firm value, in both financial and non-financial sectors. Secondly, this study offers essential guidelines for companies in determining the board composition. It suggests that a distinctive personality of each director can be a competitive advantage of a firm when it is properly transformed to make it congruent with the firm's objective, in achieving maximum efficiency of decision-making. While age diversity is found to be significantly associated with directors' remuneration disclosure, the remaining board diversity dimensions such as gender, and ethnicity are also significant in a condition when it is critically analysed using the upper echelon theory within the context of Malaysia. Overall, the study indicates the need to incorporate a diversified composition of the top decision-makers in deciding a strategic remuneration disclosure.

The International Accounting Standards Board (IASB) issued International Financial Reporting Standard No. 7 (IFRS 7) “Financial Instruments: Disclosure” in June 2006 as part of its ongoing refinement of existing financial instruments accounting standards. The new standard became effective for periods beginning on or after January 1st 2007 (IASB, 2006). IFRS 7 supersedes the previous International Accounting Standards (IASs): IAS 30/32. IFRS 7 states that information about Financial Instruments (FI) should be prepared in accordance with the management approach. In addition, the standard clarifies the disclosure requirements about FIs across all industries. In particular, the new standard consists of two main types of disclosures, namely: (i) discussion of the significance of FIs for an entity’s financial position and performance; and (ii) the provision of qualitative and quantitative information about exposure to risks arising from FIs based on information provided internally to the entity’s key management personnel. The current thesis uses a decision usefulness theoretical framework to examine the impact of IFRS 7’s adoption on FI disclosure practices and firm value. In particular, the current study has two primary objectives: (i) to assess the impact of IFRS 7 on the FI disclosure policies of Jordanian listed firms in their annual reports for 2007 when the standard became effective; and (ii) to examine the value relevance of FI disclosures. For these objectives, two pieces of empirical work were conducted respectively; a disclosure index technique was constructed and a valuation analysis was performed. A disclosure index analysis was undertaken for a sample of Jordanian listed companies’ annual reports pre- and post- the implementation of IFRS 7. The extant literature and the findings from the disclosure index analysis informed the second part of the empirical work: the valuation analysis. Value relevance analysis was employed in order to assess the usefulness of FI disclosures provided in the companies’ financial statements; indeed, the association between the level of information supplied and firms’ market values was examined. The main findings indicate that the implementation of IFRS 7 had a significant and sizeable impact on the FI disclosure practices of Jordanian companies in 2007 as compared to that provided under International Accounting Standard No. 30 (IAS 30): Disclosures in Financial Statements of Banks and Similar Financial Institutions and International Accounting Standard No. 32 (IAS 32): FIs: Presentation. In particular, the results revealed that the number of companies disclosing information about FIs as well as the level of FI information provided significantly increased after IFRS 7 was implemented. In addition, the analysis of FI disclosure by industry revealed that comparability of financial statement data within and across the sectors examined has improved. In particular, an analysis of Balance Sheet and Fair Value information about FIs revealed no significant differences within and across industries after IFRS 7 became effective. The findings from the valuation analysis revealed that FI disclosure was value relevant over the two periods. However, the regression analysis showed that the FI disclosure provided under IFRS 7 was more value relevant as compared to that supplied under the previous standards. The principal components analysis revealed that some categories of FI information were more influential than others. In particular, Balance Sheet, Income Statement, Fair Value and Risk information about FIs were valued differently as compared to other components of FI disclosures. Indeed, the evidence provided indicates that investors value FI disclosure when making investment decisions. In general, the findings support the decision usefulness approach underpinning the current FI disclosures for Jordanian listed companies. Specifically, In particular, the test of differences in FI disclosure within and across sectors revealed that the implementation of IFRS 7 has enhanced the comparability of the financial statements; no significant differences were noted in FI disclosure (balance sheet and fair value) post-IFRS 7, while this was not the case pre-IFRS 7. In addition, the issue of relevance has been investiagted by testing the association between FI disclosure and firm value. These findings provide a great deal of insight for accounting regulatory bodies (e.g. the IASB) about the current theoretical framework that underpins financial reporting standards. In addition, they provide valuable insights to Jordanian policy makers (JSC and ASE) about the relevance of such standards for Jordanian companies.

Este estudo investiga a relevância das informações contábeis antes e depois do início do processo de convergência para as normas internacionais de contabilidade no Brasil. Foram analisadas 2.277 observações trimestrais de todas as empresas que compuseram a carteira teórica do Ibovespa durante um período de 15 anos, entre 1995 e 2009. Especificamente, pretendeu-se analisar essa questão sobre três perspectivas distintas. A primeira perspectiva, com um enfoque de curto prazo, analisa a reação do mercado de capitais brasileiro associada à divulgação das demonstrações contábeis em três diferentes momentos: antes, durante e após a transição do padrão contábil brasileiro (BR_GAAP) para o padrão híbrido (BR_GAAP/IFRS). A metodologia utilizada para essa perspectiva foi o estudo de eventos. Adicionalmente, o estudo objetiva tratar as empresas analisadas de maneira heterogênea, conforme sugerido por Holthausen (2003) e Lopes e Walker (2008). Assim sendo, nessa primeira perspectiva ocorre a segmentação da amostra da pesquisa de acordo com alguns sinalizadores que indicam maior propensão das empresas em fornecer informações contábeis de maior qualidade, independentemente do regramento contábil do Brasil. Ou seja, intentou-se relacionar se os incentivos que as empresas têm para serem mais informativas mitiga o impacto da adoção de um padrão contábil de maior qualidade (IFRS). Os resultados encontrados indicam que: as demonstrações contábeis possuem conteúdo informacional, isto é, oferecem novas informações que são incorporadas aos preços; para a amostra de empresas que possuem os incentivos para serem mais informativas (ADR), não foram constatadas diferenças em seu conteúdo informacional antes e depois do início do processo de migração para as normas IFRS; para as empresas da amostra cujas boas práticas de governança corporativa foram mensuradas através do Brazilian Corporate Governance Index (BCGI), os resultados mostraram-se inconclusivos. A segunda perspectiva contemplada na pesquisa volta-se a uma análise de longo prazo entre a associação de variáveis contábeis e variáveis de mercado. Essa análise ocorreu de duas formas distintas, porém complementares. Através da investigação da associação entre as informações contábeis (lucro e patrimônio líquido) e o preço, pretendeu-se identificar se a adoção de um padrão contábil de maior qualidade no Brasil (IFRS), mesmo em se tratando de uma adoção considerada parcial, aumenta o nível de associação entre essas variáveis contábeis e o preço. De modo complementar, também foi analisada a relevância da informação contábil, mas com uma modelagem econométrica diferente. Trata-se do modelo de retorno ou timeliness. Nessa segunda perspectiva, os resultados indicam que a relevância da informação contábil, mensurada através dos modelos de preço e retorno, aumentou após a adoção parcial das normas IFRS no Brasil. Esses resultados foram obtidos por meio de dados anuais e trimestrais. Por fim, a terceira perspectiva inspirou-se na análise da relevância dos números contábeis em um momento específico, que é a divulgação dos ajustes de reconciliação do lucro e do patrimônio líquido nas demonstrações contábeis no período de transição entre o padrão contábil brasileiro e as normas IFRS. Salienta-se que os modelos econométricos para verificar essa associação são similares aos adotados na segunda perspectiva (relevância e timeliness). Nessa perspectiva, as evidências indicam que os ajustes de reconciliação do lucro líquido e do patrimônio líquido são relevantes para o mercado de capitais brasileiro. Isso significa que os mesmos eventos econômicos, quando mensurados por diferentes normas contábeis, alteram as expectativas dos investidores acerca dos lucros futuros da empresa e, por conseguinte, modificam os preços. / This study investigates the value-relevance of accounting information before and after the initial convergence process towards international accounting standards in Brazil. A total of 2,277 quarterly observations of all the companies that composed the theoretical portfolio of Ibovespa during a 15-year period, from 1955 to 2009, have been analyzed. The study aims at analyzing this issue from three different perspectives. The first one has a short-term focus, and analyzes the reaction of the Brazilian capital market to the disclosure of financial statements at three different moments: before, during and after the transition from the Brazilian accounting standard (BR_GAAP) to the hybrid standard (BR_GAAP/IFRS). The methodology used in this perspective is the event study. Additionally, the study aims at approaching the companies analyzed in a heterogeneous way, as suggested by Holthausen (2003) and Lopes & Walker (2008). Thus, in the first perspective, there is a segmentation of the research sample according to some markers signing that companies are more likely to provide higher quality accounting information, regardless the accounting rules in Brazil. The aim was to find out whether incentives the companies have to become more informative smooth the impact of adopting a higher quality accounting standard (IFRS). Results have shown that: financial statements have informational content, i.e. they provide new information that is then incorporated into prices; as to the companies from the sample that count on incentives to be more informative (ADR), no differences have been found in their informational content either before or after the beginning of the process of migration to IFRS norms; as to companies from the sample whose good corporate governance practices were measured through the Brazilian Corporate Governance Index (BCGI), results have been inconclusive. The second perspective has turned to a long-term analysis of the association between accounting variables and market variables. This analysis has been carried out in two different, but complementary manners. Through the investigation of the association between accounting information (earnings and equity) and price, the purpose is to identify whether the adoption of a higher quality accounting standard in Brazil (IFRS), despite being partial, increases the level of association between those accounting variables and price. In a complementary way, the value-relevance of the accounting information has also been analyzed, but with a different econometric model: the return model or timeliness. In the second perspective, the results have shown that the value-relevance of the accounting information, as measured through the return and price models, has increased after the partial adoption of IFRS norms in Brazil. These results have been obtained from annual and quarterly data. Finally, the third perspective has been inspired in the analysis of value-relevance of accounting figures at a specific moment, which is the disclosure of adjustments of equity and earnings reconciliation in financial statements along the period of transition from the Brazilian accounting standard to IFRS. We should highlight that the econometric models to check such association are similar to those adopted in the second perspective (value-relevance and timeliness). In this perspective, evidences have shown that the adjustments of earnings and equity reconciliation are value-relevant to the Brazilian capital market. This means that the same economical events, when measured through different accounting norms, both change investors\' expectations as to the future earnings of a company and, consequently, modify prices.

This dissertation presents two studies on the value relevance and perceived credibility of pro forma earnings. In the first study, I investigate the value relevance of pro forma earnings relative to two alternative earnings measures GAAP earnings and analysts actual earnings. Value relevance is assessed using two approaches. The first approach examines whether the markets expectations (contemporaneous returns or price) is best reflected in future pro forma earnings, future GAAP earnings, or future analysts actual earnings. The second approach is to determine through pair-wise comparisons of the three earnings measures (e.g., pro forma earnings versus GAAP earnings), which has the greatest explanatory power (comparing adjusted R2s) in explaining price and returns. Across approaches and models, each of the three earnings measures tends to be value relevant. However, Pro forma is consistently the most value relevant, followed by analysts actuals, with GAAP earnings having the least value relevance. That is, pro forma earnings have the greatest information content. This finding is consistent with managers, in aggregate, using pro forma to inform rather than to manage expectations or to mislead. <p>In the second study, I examine the impact of credibility attributes board characteristics, auditor quality and overall information quality on the value relevance of pro forma earnings. It is hypothesized that the credibility attributes will have a statistically significant impact on investors reaction to pro forma earnings. Consistent with the predictions, I find that stronger board characteristics, higher auditor quality and higher overall information quality are positively associated with higher market reaction to the pro forma announcement. That is, credibility attributes increase the value relevance of pro forma earnings. This finding is consistent with some firms providing pro forma earnings that are perceived to be credible and others providing pro formas that are perceived as less credible and possibly provided to manage expectations or to mislead.

This dissertation presents two studies on the value relevance and perceived credibility of pro forma earnings. In the first study, I investigate the value relevance of pro forma earnings relative to two alternative earnings measures GAAP earnings and analysts actual earnings. Value relevance is assessed using two approaches. The first approach examines whether the markets expectations (contemporaneous returns or price) is best reflected in future pro forma earnings, future GAAP earnings, or future analysts actual earnings. The second approach is to determine through pair-wise comparisons of the three earnings measures (e.g., pro forma earnings versus GAAP earnings), which has the greatest explanatory power (comparing adjusted R2s) in explaining price and returns. Across approaches and models, each of the three earnings measures tends to be value relevant. However, Pro forma is consistently the most value relevant, followed by analysts actuals, with GAAP earnings having the least value relevance. That is, pro forma earnings have the greatest information content. This finding is consistent with managers, in aggregate, using pro forma to inform rather than to manage expectations or to mislead. <p>In the second study, I examine the impact of credibility attributes board characteristics, auditor quality and overall information quality on the value relevance of pro forma earnings. It is hypothesized that the credibility attributes will have a statistically significant impact on investors reaction to pro forma earnings. Consistent with the predictions, I find that stronger board characteristics, higher auditor quality and higher overall information quality are positively associated with higher market reaction to the pro forma announcement. That is, credibility attributes increase the value relevance of pro forma earnings. This finding is consistent with some firms providing pro forma earnings that are perceived to be credible and others providing pro formas that are perceived as less credible and possibly provided to manage expectations or to mislead.

This paper investigates the determinants of intra-year error in annual effective tax rate estimates, relative to the actual annual effective tax rate (“ETR Miss”) and examines whether ETR Miss contains value relevant information. I find that ETR Miss is affected by both unbiased estimation errors related to the predictability of business fundamentals and biased estimation related to varying managerial incentives within the year. Firms with higher ETR Miss exhibit less persistent pre-tax earnings and earnings components, consistent with ETR Miss containing information on earnings quality. Finally, for firms with higher ETR Miss, investors place a lower weight on accounting earnings, consistent with the market incorporating information in ETR Miss for valuation assessments.

Submitted by Maykon Nascimento (maykon.albani@hotmail.com) on 2015-02-24T19:43:31Z No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Felipe Maya Lirio.pdf: 693849 bytes, checksum: 1d045322c3399cc2264c508c2b286f80 (MD5) / Approved for entry into archive by Elizabete Silva (elizabete.silva@ufes.br) on 2015-02-26T18:30:35Z (GMT) No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Felipe Maya Lirio.pdf: 693849 bytes, checksum: 1d045322c3399cc2264c508c2b286f80 (MD5) / Made available in DSpace on 2015-02-26T18:30:35Z (GMT). No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Felipe Maya Lirio.pdf: 693849 bytes, checksum: 1d045322c3399cc2264c508c2b286f80 (MD5) Previous issue date: 2015-02-24 / O trabalho teve por objetivo verificar a influência da presença dos acordos de acionistas na qualidade das informações contábeis divulgadas pelas empresas listadas na BM&FBOVESPA, do ano de 2001 a 2011. Para inferir a respeito da qualidade das informações contábeis foram utilizadas as métricas de informatividade e value relevance. Foram analisados em separado: os acordos de comando (utilizados para garantir o controle) dos acordos de defesa (utilizados para garantir o acesso a determinados direitos através do alcance de um percentual mínimo de capital votante). A amostra teve como critério de corte o mínimo de 0,001 de liquidez na BM&FBOVESPA. Foi utilizada regressão linear múltipla com dados em painel desequilibrado, tendo como variáveis de controle: concentração de votos, tamanho, endividamento, market-to-book e perdas. Com base nos efeitos cumprimento e monitoramento, com a utilização da metodologia proposta, o trabalho aponta que empresas com qualquer um dos tipos de acordo entre acionistas possuem maior qualidade das informações contábeis divulgadas. / The goal of the thesis is to assess the influence of shareholders’ agreement in the quality of bookkeeping information released by the companies listed on BM&FBOVESPA, from 2001 to 2011. In order to infer about the quality of the bookkeeping information, informativeness metrics and value relevance were used. The command agreement (used to guarantee the control) of the defense agreements (used to guarantee the access to certain rights by reaching a minimal percentage of voting capital). The sample had as cutting criterion the minimum of 0.001 liquidity in BM&FBOVESPA. The multiple linear regression with unbalanced panel data was used, having as control variables: concentration of votes, size, debt incurring, market-to-book and losses. Based on achievement and monitoring effects, using the methodology proposed, the study shows that companies with any kind of agreements among shareholders have more quality of the released bookkeeping profits.

Este estudo investiga a relevância das informações contábeis antes e depois do início do processo de convergência para as normas internacionais de contabilidade no Brasil. Foram analisadas 2.277 observações trimestrais de todas as empresas que compuseram a carteira teórica do Ibovespa durante um período de 15 anos, entre 1995 e 2009. Especificamente, pretendeu-se analisar essa questão sobre três perspectivas distintas. A primeira perspectiva, com um enfoque de curto prazo, analisa a reação do mercado de capitais brasileiro associada à divulgação das demonstrações contábeis em três diferentes momentos: antes, durante e após a transição do padrão contábil brasileiro (BR_GAAP) para o padrão híbrido (BR_GAAP/IFRS). A metodologia utilizada para essa perspectiva foi o estudo de eventos. Adicionalmente, o estudo objetiva tratar as empresas analisadas de maneira heterogênea, conforme sugerido por Holthausen (2003) e Lopes e Walker (2008). Assim sendo, nessa primeira perspectiva ocorre a segmentação da amostra da pesquisa de acordo com alguns sinalizadores que indicam maior propensão das empresas em fornecer informações contábeis de maior qualidade, independentemente do regramento contábil do Brasil. Ou seja, intentou-se relacionar se os incentivos que as empresas têm para serem mais informativas mitiga o impacto da adoção de um padrão contábil de maior qualidade (IFRS). Os resultados encontrados indicam que: as demonstrações contábeis possuem conteúdo informacional, isto é, oferecem novas informações que são incorporadas aos preços; para a amostra de empresas que possuem os incentivos para serem mais informativas (ADR), não foram constatadas diferenças em seu conteúdo informacional antes e depois do início do processo de migração para as normas IFRS; para as empresas da amostra cujas boas práticas de governança corporativa foram mensuradas através do Brazilian Corporate Governance Index (BCGI), os resultados mostraram-se inconclusivos. A segunda perspectiva contemplada na pesquisa volta-se a uma análise de longo prazo entre a associação de variáveis contábeis e variáveis de mercado. Essa análise ocorreu de duas formas distintas, porém complementares. Através da investigação da associação entre as informações contábeis (lucro e patrimônio líquido) e o preço, pretendeu-se identificar se a adoção de um padrão contábil de maior qualidade no Brasil (IFRS), mesmo em se tratando de uma adoção considerada parcial, aumenta o nível de associação entre essas variáveis contábeis e o preço. De modo complementar, também foi analisada a relevância da informação contábil, mas com uma modelagem econométrica diferente. Trata-se do modelo de retorno ou timeliness. Nessa segunda perspectiva, os resultados indicam que a relevância da informação contábil, mensurada através dos modelos de preço e retorno, aumentou após a adoção parcial das normas IFRS no Brasil. Esses resultados foram obtidos por meio de dados anuais e trimestrais. Por fim, a terceira perspectiva inspirou-se na análise da relevância dos números contábeis em um momento específico, que é a divulgação dos ajustes de reconciliação do lucro e do patrimônio líquido nas demonstrações contábeis no período de transição entre o padrão contábil brasileiro e as normas IFRS. Salienta-se que os modelos econométricos para verificar essa associação são similares aos adotados na segunda perspectiva (relevância e timeliness). Nessa perspectiva, as evidências indicam que os ajustes de reconciliação do lucro líquido e do patrimônio líquido são relevantes para o mercado de capitais brasileiro. Isso significa que os mesmos eventos econômicos, quando mensurados por diferentes normas contábeis, alteram as expectativas dos investidores acerca dos lucros futuros da empresa e, por conseguinte, modificam os preços. / This study investigates the value-relevance of accounting information before and after the initial convergence process towards international accounting standards in Brazil. A total of 2,277 quarterly observations of all the companies that composed the theoretical portfolio of Ibovespa during a 15-year period, from 1955 to 2009, have been analyzed. The study aims at analyzing this issue from three different perspectives. The first one has a short-term focus, and analyzes the reaction of the Brazilian capital market to the disclosure of financial statements at three different moments: before, during and after the transition from the Brazilian accounting standard (BR_GAAP) to the hybrid standard (BR_GAAP/IFRS). The methodology used in this perspective is the event study. Additionally, the study aims at approaching the companies analyzed in a heterogeneous way, as suggested by Holthausen (2003) and Lopes & Walker (2008). Thus, in the first perspective, there is a segmentation of the research sample according to some markers signing that companies are more likely to provide higher quality accounting information, regardless the accounting rules in Brazil. The aim was to find out whether incentives the companies have to become more informative smooth the impact of adopting a higher quality accounting standard (IFRS). Results have shown that: financial statements have informational content, i.e. they provide new information that is then incorporated into prices; as to the companies from the sample that count on incentives to be more informative (ADR), no differences have been found in their informational content either before or after the beginning of the process of migration to IFRS norms; as to companies from the sample whose good corporate governance practices were measured through the Brazilian Corporate Governance Index (BCGI), results have been inconclusive. The second perspective has turned to a long-term analysis of the association between accounting variables and market variables. This analysis has been carried out in two different, but complementary manners. Through the investigation of the association between accounting information (earnings and equity) and price, the purpose is to identify whether the adoption of a higher quality accounting standard in Brazil (IFRS), despite being partial, increases the level of association between those accounting variables and price. In a complementary way, the value-relevance of the accounting information has also been analyzed, but with a different econometric model: the return model or timeliness. In the second perspective, the results have shown that the value-relevance of the accounting information, as measured through the return and price models, has increased after the partial adoption of IFRS norms in Brazil. These results have been obtained from annual and quarterly data. Finally, the third perspective has been inspired in the analysis of value-relevance of accounting figures at a specific moment, which is the disclosure of adjustments of equity and earnings reconciliation in financial statements along the period of transition from the Brazilian accounting standard to IFRS. We should highlight that the econometric models to check such association are similar to those adopted in the second perspective (value-relevance and timeliness). In this perspective, evidences have shown that the adjustments of earnings and equity reconciliation are value-relevant to the Brazilian capital market. This means that the same economical events, when measured through different accounting norms, both change investors\' expectations as to the future earnings of a company and, consequently, modify prices.