The thesis, The Access of Economic Analysts to the Czech News Agency (CTK) and daily Press, researches the paths that analysts who provide economic news commentary utilize to access the CTK news and daily press. The thesis focuses on the impact on editors' daily routines of utilizing such sources. Further, the thesis focuses on the hierarchy of analysts' access to the news and delineates the relationship between the journalist and his sources. In the theoretical portion of the thesis, the author defines basic approaches to the study of news coverage, information sources in media contents, and organizational routines. The author presents Leon V. Sigal's three basic types of communication channels and draws on Paul Manning's source theory. In the ensuing chapters, the author discusses the rules of source selection and the relationship shifts between journalists and their sources. Further, he elucidates Jürgen Hagerman's concept of "public sphere," Antonio Gramsci's Theory of the Hegemonic Media, and Noam Chomsky's and Edward S. Herman's propaganda model. The research portion of the thesis is based on the author's in-depth interviews with eight economic analysts. Based on his research data, he explores in detail the relationship between the news agency journalist and his source. In conclusion, the author...

Este trabalho tem como objetivo analisar o impacto da convergência às normas internacionais de contabilidade sobre a qualidade preditiva da informação contábil no Brasil. Particularmente, o estudo verifica o impacto da adoção do padrão International Financial Reporting Standards (IFRS) sobre: i) a acurácia das estimativas de lucro realizadas pelos analistas de mercado e ii) a dispersão dessas estimativas de lucro, além de verificar o comportamento do viés de previsão. Os dados da pesquisa foram extraídos da base Institutional Brokers Estimate System (I/B/E/S) e dos formulários de referência das empresas, no site da Comissão de Valores Mobiliários (CVM), no período de 2006 a 2012. A metodologia utilizada foi a de análise de dados em painel, com estimação de modelos de efeitos fixos e aleatórios. Para adequação dos modelos, foram utilizadas variáveis de controle comumente empregadas na literatura internacional, além de variáveis de ajuste para caso brasileiro. Os resultados do trabalho indicam que a adoção do padrão IFRS no Brasil ainda não contribuiu para melhora da qualidade preditiva da informação contábil, embora o viés de previsão tenha diminuído. A acurácia dos analistas de mercado diminuiu no período de adoção parcial do IFRS no Brasil e, no período de adoção obrigatória, as evidências encontradas não permitem concluir sobre a melhora da acurácia dos analistas. A dispersão das estimativas dos analistas de mercado aumentou no período de adoção parcial do IFRS e, no período de adoção obrigatória, não se verificou alteração no nível da mesma. Estes resultados contrariam as evidências dos estudos para a Europa e Austrália, as quais indicam elevação da qualidade preditiva das informações. Porém, assemelham-se aos resultados encontrados para o período inicial da adoção do padrão IFRS na Alemanha. A explicação para os resultados obtidos podem estar relacionadas (i) ao método de adoção do IFRS no Brasil - que incluiu um período de adoção parcial - diferentemente de outros países; e (ii) à necessidade de um tempo de aprendizado para as empresas e analistas de mercado, haja vista as alterações ainda serem recentes. Considera-se que o estudo contribui para a literatura de análise do impacto do padrão IFRS na qualidade preditiva da informação contábil no Brasil, podendo colaborar para as decisões de normatizadores sobre futuras alterações nos padrões contábeis brasileiros e auxiliar as decisões de investidores e analistas no mercado de capitais. / This study aims to analyze the impact of the adoption of International Financial Reporting Standards (IFRS) on the predictive quality of accounting information in Brazil. In particular, the study investigates the impact of the IFRS adoption on i) the accuracy of the profit forecasting by market analysts, and ii) the dispersion of these estimates, besides verifying the forecast bias. The data was extracted from the base of Institutional Brokers Estimate System (I\\/B\\E\\S) and from the forms of companies, on the website of Securities and Exchange Commission of Brazil (CVM) between 2006 and 2012. The empirical strategy employed involves the analysis of panel data and estimation of fixed-effects and random-effects models, considering control variables commonly found in international literature and specific variables for Brazilian reality. The results indicate that IFRS adoption in Brazil has not contributed to improve the predictive quality of accounting information, although the forecast bias has decreased. The forecasts accuracy decreases during the period of partial adoption of IFRS in Brazil and, for the period of mandatory adoption, this study has not found conclusive evidences about accuracy of analysts\' forecasts. Moreover, the dispersion of estimates has increased in the period of partial adoption of IFRS, however no evidence was found for the mandatory adoption period. These results are contrary to the evidences for the European and Australian cases, which suggest improvement of accounting information. Nevertheless, the results resemble the evidences encountered in Germany, particularly for the initial period of IFRS adoption. The results provided might be related (i) to the method of adoption in Brazil - which includes partial and mandatory adoption periods; and (ii) need for a time of learning period for companies and market analysts, considering the requirements are still recent. We believe that this study contributes to the literature that analyzes the impact of IFRS on the predictive quality of accounting information in Brazil. Also, might contribute to the standard-setting decisions on future changes in Brazilian accounting standards and assist the decisions of investors and research analysts.

Este estudo buscou investigar duas relações de interesse: a relação entre poder e cobertura de analistas financeiros no mercado acionário brasileiro, e a relação entre poder e assimetria informacional neste mercado, nos períodos de 2000 a 2010. O objetivo desta pesquisa envolveu verificar se o poder empresarial aumenta a assimetria informacional decorrentes dos custos de agência envolvidos e possibilidade de expropriação de valor (Jensen & Meckling, 1976), ou diminui a assimetria, uma vez que administração da empresa não se sente vulnerável a demissões ou possíveis embaraços a sua atuação, e opta por não omitir informações aos stakeholders (Bertrand & Mullainathan, 2003). Ainda relacionado ao ambiente informacional impactado pelo poder empresarial, buscou-se verificar se os analistas financeiros acompanham empresas que apresentam uma maior assimetria informacional, e assim cumprindo sua função de monitoramento da gestão empresarial (Healy & Palepu, 2001), ou menor assimetria, em decorrência dos custos envolvidos em se obter informações privadas (Frankel, Kothari & Weber, 2006). Com o uso de proxies criadas pela análise fatorial para capturar as especificidades relacionadas a poder empresarial e assimetria informacional no ambiente empresarial brasileiro, foram observadas uma relação negativa entre cobertura de analistas financeiros e poder empresarial e uma relação positiva entre assimetria e poder empresarial. Pelas hipóteses esquematizadas por Jiraporn, Liu e Kim (2012), que abarcam todas as relações possíveis entre assimetria, poder empresarial e cobertura de analistas financeiros, os resultados se enquadram na Hipótese da Opacidade. / This research aims to investigate two relationships: the relationship between corporate power and financial analysts coverage in Brazilian stock market, and the relationship between corporate power and asymmetric information during 2000 to 2010. This research\'s purpose involve to verify if corporate power increases the asymmetric information resulting from agency costs and potential expropriation value (Jensen & Meckling, 1976), or decreases this asymmetry since the firm\'s management does not feel vulnerable to layoffs or possible embarrassment to managerial performance, and chooses do not omit information to stakeholders (Bertrand & Mullainathan, 2003). Also related to the information environment impacted by corporate power, this research seek to investigate if financial analysts follow firms that have higher asymmetric information, and thus fulfill this monitoring role of business management (Healy & Palepu, 2001), or less asymmetry in due to the costs involved in obtaining private information (Frankel et al., 2006). With the use of proxies created by factor analysis to capture the specifics characteristics related to corporate power and information asymmetry in Brazilian business environment, it was observed a negative relationship between financial analysts coverage and corporate power and a positive relationship between asymmetry and corporate power. The assumptions outlined by Jiraporn et al. (2012) that cover all possible relationships between asymmetry, corporate power and financial analysts coverage, fit the Opacity Hypothesis.

<p>The awareness of environmental issues has increased among the public the last decades. An environmental movement is occurring and companies are beginning to adapt themselves and their business activities to the changing view of environmental issues. Greater attention are turning to companies around the world due to the view that they have a responsibility concerning environmental and sustainability matters in their business operations. The development of environmental guidelines such as the Global Reporting Initiative and the presenting of separate Corporate Social Responsibility (CSR) reports illustrate the emerged demand of an environmental awareness from various stakeholders. Government regulations and inter-continental agreements of carbon taxes, emission trade rights and various environmental targets are influencing the operations and the environmental approach for the companies.</p><p>An important link in the information chain is the financial analysts and their role as information intermediaries. The characteristics of their profession combined with their expertise knowledge of evaluating companies are reasons behind their function in the investment value chain. Traditionally, the valuation of companies has been based on financial figures and the models derive from typical tangible assets such growth numbers, estimated future earnings and cash flow. Environmental issues have throughout the years been considered of secondary importance due to the specific kind of information it represents.</p><p>This study examines factors influencing the amount of environmental information presented in financial analyst reports. The amount of environmental information presented in annual reports, CSR reports and an environmental risk profile developed by GES Investment Services have been selected as predictor variables to determine the amount of environmental information in the financial analysts’ reports.</p><p>40 companies from the industrial sector have been included in the study and the results reveal that no or very little environmental information can be found in the financial analyst reports. The financial analysts’ seem to prioritize other kinds of information when evaluating companies and creating analyst reports. The study also reveals that companies with separate CSR reports seem to have a higher amount of environmental information presented in annual reports as well as a better environmental risk profile.</p>

<p>Den externa redovisningens uppgift är att förse olika intressenter med information om företagets finansiella situation. Den visar inte bara på hur det har gått för ett företag utan ger också en grund för möjliga investeringar i företaget. Informationen är ett viktigt redskap för företagets intressenter och det blir naturligt för företaget att styra informationen åt de håll som förväntas av omvärlden. Det är då begreppet kreativ redovisning kommer i uttryck. Det kan förklaras med att företag på något sätt förskönar bilden av ett företags prestation som presenteras i form av en årsredovisning.</p><p>Det finns olika syften med att använda sig av kreativ redovisning, beroende på vilken intressent företaget vänder sig till. Företagen har många intressenter som kan ta skada av felaktig eller förvrängd information. Enligt svensk lagstiftning ska en årsredovisning upprättas efter god redovisningssed och ge en rättvisande bild av företagets prestationer och det kan ge möjligheter och utrymmen för en kreativ redovisning. Det finns olika kända metoder som kan utföra detta och användandets omfattning kan variera stort. Det finns metoder som är fullt lagliga som använder sig av flexibiliteten i lagar och praxis och sedan finns det metoder som är mer allvarliga och kan betraktas som rena bokföringsbrott.</p><p>Syftet med vår uppsats är att definiera begreppet kreativ redovisning och titta på om det är ett stort problem i Sverige. Eftersom det finns många intressenter som använder sig av företagens finansiella information har vi valt att endast studera de som investerar i företagen, det vill säga investerare och analytiker. I vår teori/litteraturstudie börjar vi med att definiera begreppet kreativ redovisning följt av olika metoder som används, hur kreativ redovisning motverkas och varför företagen använder sig av kreativ redovisning. Vidare tar vi upp om val av redovisningsmetoder, olika sorters kreativ redovisning och om den kreativa redovisningen är i strid med god redovisningssed och rättvisande bild. Slutligen presenteras svenska exempel av kreativ redovisning samt att ge en definition om vad som krävs för att det ska uppfattas som ett problem. I vår empiri har vi valt att utgå utifrån en kvalitativ undersökning i form av intervju för att ta reda på om det uppfattas som ett problem i Sverige av våra respondenter.</p><p>I vår slutsats har vi bland annat kommit fram till att det inte uppfattas som ett stort problem utifrån intervjuerna och det har inte funnits någon exakt definition på vad kreativ redovisning är utifrån hur respondenterna har svarat men även hur författarna beskriver begreppet från vår litteraturstudie.</p>

The awareness of environmental issues has increased among the public the last decades. An environmental movement is occurring and companies are beginning to adapt themselves and their business activities to the changing view of environmental issues. Greater attention are turning to companies around the world due to the view that they have a responsibility concerning environmental and sustainability matters in their business operations. The development of environmental guidelines such as the Global Reporting Initiative and the presenting of separate Corporate Social Responsibility (CSR) reports illustrate the emerged demand of an environmental awareness from various stakeholders. Government regulations and inter-continental agreements of carbon taxes, emission trade rights and various environmental targets are influencing the operations and the environmental approach for the companies. An important link in the information chain is the financial analysts and their role as information intermediaries. The characteristics of their profession combined with their expertise knowledge of evaluating companies are reasons behind their function in the investment value chain. Traditionally, the valuation of companies has been based on financial figures and the models derive from typical tangible assets such growth numbers, estimated future earnings and cash flow. Environmental issues have throughout the years been considered of secondary importance due to the specific kind of information it represents. This study examines factors influencing the amount of environmental information presented in financial analyst reports. The amount of environmental information presented in annual reports, CSR reports and an environmental risk profile developed by GES Investment Services have been selected as predictor variables to determine the amount of environmental information in the financial analysts’ reports. 40 companies from the industrial sector have been included in the study and the results reveal that no or very little environmental information can be found in the financial analyst reports. The financial analysts’ seem to prioritize other kinds of information when evaluating companies and creating analyst reports. The study also reveals that companies with separate CSR reports seem to have a higher amount of environmental information presented in annual reports as well as a better environmental risk profile.

Den externa redovisningens uppgift är att förse olika intressenter med information om företagets finansiella situation. Den visar inte bara på hur det har gått för ett företag utan ger också en grund för möjliga investeringar i företaget. Informationen är ett viktigt redskap för företagets intressenter och det blir naturligt för företaget att styra informationen åt de håll som förväntas av omvärlden. Det är då begreppet kreativ redovisning kommer i uttryck. Det kan förklaras med att företag på något sätt förskönar bilden av ett företags prestation som presenteras i form av en årsredovisning. Det finns olika syften med att använda sig av kreativ redovisning, beroende på vilken intressent företaget vänder sig till. Företagen har många intressenter som kan ta skada av felaktig eller förvrängd information. Enligt svensk lagstiftning ska en årsredovisning upprättas efter god redovisningssed och ge en rättvisande bild av företagets prestationer och det kan ge möjligheter och utrymmen för en kreativ redovisning. Det finns olika kända metoder som kan utföra detta och användandets omfattning kan variera stort. Det finns metoder som är fullt lagliga som använder sig av flexibiliteten i lagar och praxis och sedan finns det metoder som är mer allvarliga och kan betraktas som rena bokföringsbrott. Syftet med vår uppsats är att definiera begreppet kreativ redovisning och titta på om det är ett stort problem i Sverige. Eftersom det finns många intressenter som använder sig av företagens finansiella information har vi valt att endast studera de som investerar i företagen, det vill säga investerare och analytiker. I vår teori/litteraturstudie börjar vi med att definiera begreppet kreativ redovisning följt av olika metoder som används, hur kreativ redovisning motverkas och varför företagen använder sig av kreativ redovisning. Vidare tar vi upp om val av redovisningsmetoder, olika sorters kreativ redovisning och om den kreativa redovisningen är i strid med god redovisningssed och rättvisande bild. Slutligen presenteras svenska exempel av kreativ redovisning samt att ge en definition om vad som krävs för att det ska uppfattas som ett problem. I vår empiri har vi valt att utgå utifrån en kvalitativ undersökning i form av intervju för att ta reda på om det uppfattas som ett problem i Sverige av våra respondenter. I vår slutsats har vi bland annat kommit fram till att det inte uppfattas som ett stort problem utifrån intervjuerna och det har inte funnits någon exakt definition på vad kreativ redovisning är utifrån hur respondenterna har svarat men även hur författarna beskriver begreppet från vår litteraturstudie.

根據效率市場假說（Efficient-market hypothesis，EMH），倘若市場是具有效率性的，投資者無法預測股票未來的走勢，包括專業的基金經理人員。但是，在許多財經新聞媒體、商業報紙與商業週刊中，發現證劵經理人或分析師在金融市場中大膽的預測股票未來的走向。這些資訊吸引許多投資者紛紛進場投資，期許能獲得更多利潤。然而，投資者卻忽視發佈的資訊時間點的重要性，幾乎很難求證此消息是否真實。本研究希望探討投資機構之研究彙報能否為投資者帶來異常報酬，並印證市場效率性是否存在。本研究資料透過公開的資訊網站Yahoo Finance收集美國道瓊工業30成份股的資料之金融研究機構建議操作方向，利用事件研究法(Event Study Method)來進行分析。實證結果發現事件發生時，不論是推薦買進或賣出，平均異常報酬率（AAR）有顯著的異於零的報酬率，證實金融研究機構所建議的操作方向的確吸引到市場的注意，造成股價異常波動。而累計平均異常報酬率（CAAR）則是顯示事件發生後約4週，建議買進的事件會出現相當利潤。除此之外，本研究亦針對不同金融研究機構的績效分別進行討論，然而並無發現各金融研究機構有顯著的差異。 / According to the Efficient-Market hypothesis (EMH), if the market is to have efficiency, the investor or professional fund managers cannot predict the future trends of a stock. However, in many financial news media, business newspapers and Business Week, we can find securities managers or analysts in the financial markets boldly predicting the future direction of a stock. This information attracts many investors who enter into investments, hoping to gain more profit. However, investors have neglected the importance of published information at a point in time, and in hindsight, it was hard to verify whether or not this news is true. The present study is to investigate that the mechanism of investment research reports can bring abnormal returns for investors, and confirm the existence of market efficiency. The studies suggested actions of directing public information through research institutions news site Yahoo Finance and collected 30 constituent stocks of the Dow Jones Industrial, to analyze the use of the event study method. The empirical results show when the event occurred, whether it was a buy or sell recommendation, the average abnormal return rate（AAR）has a phenomenal rate of return difference from zero, confirming that the proposed research institutions operating direction did attract the market's attention, resulting in abnormal fluctuations of the stock price. The cumulative average abnormal return rate（CAAR） is a show about four weeks after the incident that recommends buying the event will be quite profitable. In addition, this study discussed separately the performance of different research institutions, however, it found no significant differences between various research institutions. / 目錄 摘要.............................................................................................................Ⅰ Abstract........................................................................................................Ⅱ 目錄............................................................................................................Ⅲ 圖目錄..........................................................................................................Ⅴ 表目錄..........................................................................................................Ⅵ 第壹章 緒論....................................................................................................1 第一節 研究動機.................................................................................................1 第二節 研究目的................................................................................................2 第三節 研究架構.................................................................................................3 第四節 研究貢獻.................................................................................................3 第貳章 文獻回顧.................................................................................................3 第一節 效率市場理論..............................................................................................3 第二節 效率市場層面..............................................................................................5 第三節 專家推薦層面..............................................................................................7 第四節 綜合評析..................................................................................................8 第參章 資料來源與研究方法.........................................................................................8 第一節 資料來源..................................................................................................8 第二節 研究方法.................................................................................................10 第肆章 實證分析.................................................................................................11 第一節 資料敘述.................................................................................................11 第二節 模型設計.................................................................................................13 第三節 結果分析.................................................................................................20 第伍章 結論與建議...............................................................................................33 第一節 結論....................................................................................................33 第二節 後續研究建議.............................................................................................35 參考文獻.........................................................................................................36 中文部分.........................................................................................................36 英文部分.........................................................................................................37 附錄.............................................................................................................38 附錄一 道瓊30成分股中之各證劵彙報建議買進(Upgrade)之個股平均異常報酬（AAR）與累計平均異常報酬（CAAR）圖..................38 附錄二 道瓊30成分股中之各證劵彙報建議賣出(Downgrade)之個股平均異常報酬（AAR）與累計平均異常報酬（CAAR）圖................45 附錄三 篩選後，各家金融研究機構發佈彙報之建議買進(Upgrade)之個股平均異常報酬（AAR）與累計平均個股異常報酬（CAAR）圖........52 附錄四 篩選後，各家金融研究機構發佈彙報之建議賣出(Downgrade)之個股平均異常報酬（AAR）與累計平均個股異常報酬（CAAR）圖......57 圖目錄 圖1. Fama et.al.之資本市場效率分成三種假說特性.......................................................................5 圖2. 事件研究法模型的時間線圖.......................................................................................15 圖3. 道瓊30成分股之全部研究彙報建議買進(Upgrade)的平均個股異常報酬（AAR）圖............................................28 圖4. 道瓊30成分股之全部研究彙報建議買進(Upgrade)累計平均個股異常報酬（CAAR）圖..........................................28 圖5. 道瓊30成分股之全部研究彙報建議賣出(Downgrade)的平均個股異常報酬（AAR）圖...........................................29 圖6. 道瓊30成分股之全部研究彙報建議賣出(Downgrade)累計平均個股異常報酬（CAAR）圖........................................29 表目錄 表1. 道瓊30工業指數之成分股（Dow Jones Industrial Index of 30 stocks, ^DJI）.........................................9 表2. 所有金融研究機構有給予道瓊30成分股的總發佈彙報次數................................................................12 表3. 道瓊30篩選後之金融研究機構與彙報發佈次數.........................................................................13 表4. 道瓊30成分股中個別證劵建議買進(Upgrade)的平均個股異常報酬（AAR）...................................................24 表5. 道瓊30成分股中個別證劵建議賣出(Downgrade)的平均個股異常報酬（AAR）.................................................25 表6. 道瓊30成分股中個別證劵建議買進(Upgrade)的累計平均個股異常報酬（CAAR）...............................................26 表7. 道瓊30成分股中個別證劵建議賣出(Downgrade)的累計平均個股異常報酬（CAAR）.............................................27 表8. 篩選後，各家金融研究機構發佈彙報之建議買進(Upgrade)的平均個股異常報酬（AAR）.........................................30 表9. 篩選後，各家金融研究機構發佈彙報之建議賣出(Downgrade)的平均個股異常報酬（AAR）.......................................31 表10. 篩選後，各家金融研究機構發佈彙報之建議買進(Upgrade)的累計平均個股異常報酬（CAAR）...................................32 表11. 篩選後，各家金融研究機構發佈彙報之建議賣出(Downgrade)的累計平均個股異常報酬（CAAR）.................................33

In the first essay titled "The Information Role of Analysts' Contrarian Revisions," I study a special group of revisions: contrarian revisions, defined as recommendation changes that are inconsistent with sizable stock price movements during the past week. I find that contrarian revisions are relatively more informative than trending revisions. In particular, contrarian revisions are associated with a both statistically and economically larger post-announcement drift. I also find contrarian downgrades are less likely to be issued by all-star analysts and analysts with more experience. After implementation of Regulation RD, the market reaction to contrarian revisions issued by all-stars significantly decreases, indicating private information contained in contrarian recommendations has declined. Overall, our results suggest analyst recommendations are important information sources for market participants. In the second essay titled "Market Reaction to Earnings When Investors Disagree," I investigate how the divergence of opinions between individual and institutional investors affects stock price movements around public news events, specifically earnings announcements. I use a discrete static market equilibrium model to illustrate that divergence of investors' opinions has a significant impact on stock price movements around earnings announcements. Specifically, the divergence of opinion has a negative relation with the immediate market reaction but a positive relation with the subsequent stock price drift. I also investigate trading volume around earnings announcements to explore how traders respond to changes in the divergence of investors' opinions. Empirical evidence supports the model implications and indicates announcement trading volume decreases inversely to the divergence of opinions.

Submitted by Vicente Ferreira (vicentemferreira@yahoo.com.br) on 2014-12-10T17:16:54Z No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-01-19T15:19:01Z (GMT) No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-01-30T13:39:04Z (GMT) No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) / Made available in DSpace on 2015-01-30T13:39:26Z (GMT). No. of bitstreams: 1 Vicente Ferreira - CORPORATE GOVERNANCE AND ITS INFLUENCE ON THE INVESTMENT DECISION PROCESS.pdf: 3167398 bytes, checksum: 7af870f5333f6b04ec9bfbadad2fd104 (MD5) Previous issue date: 2014-10-31 / Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a 'corporate governance behavior', rather than simply establishing rules and regulations at firm and country level.