The relevance of material ffacts: a study of the new market companies that make up the Bovespa Index (IBOV [B]³)
Objective: To analyze how the disclosures of the different categories of Material Facts (FRs) influence the return of companies in the Novo Mercado (NM) that are part of the IBOV in the period from 2014 to 2017. Methodology: The research sample is composed of 40 companies from the Novo Mercado (NM),...
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| Principais autores: | , |
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| Formato: | Online |
| Idioma: | por |
| Publicado em: |
Portal de Periódicos Eletrônicos da UFRN
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| Endereço do item: | https://periodicos.ufrn.br/ambiente/article/view/24899 |
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| Resumo: | Objective: To analyze how the disclosures of the different categories of Material Facts (FRs) influence the return of companies in the Novo Mercado (NM) that are part of the IBOV in the period from 2014 to 2017.
Methodology: The research sample is composed of 40 companies from the Novo Mercado (NM), analyzed from 2014 to 2017; 919 FRs were disclosed, after methodological adjustments, 621 FRs were analyzed. Data were collected from the Economática© database and the Event Study technique was used.
Results: After analyzing the 621 FRs, it was found that there is a difference in relevance between the categories of FRs disclosed, with the category with the highest frequency of disclosure being related to Mergers and Acquisitions (M&A), however, the category that presented proportionally the most significant events were the celebration/amendment/termination of a shareholders' agreement. Furthermore, despite all the facts having presented significant events, the non-parametric tests of proportions showed that there is no difference between significant and non-significant Cumulative Abnormal Returns for categories of Change of Board; Change of Accounting Criteria; Company's Profit/Loss and projections.
Contributions of the Study: These results, when confirming that there is a difference in relevance between the categories of FRs of ICVM 358, contribute to the dissemination of knowledge on the subject, presenting new evidence and possible clarifications on the subject. In addition, even having studies that analyzed the FRs, there is no analysis of the categories in the Brazilian literature jointly using the return and the volume of the shares, this work seeks to fill this gap. |
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