No abstract

Events not directly related to the operation of companies, such as elections and changes in laws, can influence the value of shares and impact the stock market as a whole. Considering the proximity of the Brazilian presidential election in 2022, and aiming to assess trends in the value of some shares and the Brazilian stock market, in this paper it is presented the analysis of the Accumulated Abnormal Returns on the value of common shares of large Brazilian companies after presidential elections. It is also presented the immediate reaction of the Brazilian Stock Market (B3). Eight companies were selected for the study, they are: Petrobras, Banco do Brasil, Vale, Itaúsa, Eletrobrás, Itaú Unibanco Holding and JBS. The criterion for this selection was based on the Forbes Global 2000 ranking published from 2008 to 2021, as will be detailed in the methodology. An Event Study was conducted to calculate the Accumulated Abnormal Returns (RAA) on the value of shares after the first round (event 1) and second round (event 2) of the presidential elections of 2002, 2006, 2010, 2014 and 2018. It was concluded that there were abnormal returns arising from the results of the presidential elections and some common shares were more impacted than others. In the joint view (first and second rounds of each election), Petrobras common shares were the only ones that presented a negative joint Accumulated Abnormal Return (RAAc) after all presidential elections, in addition to obtaining the highest negative RAAc. About the market reaction, captured through the analysis of the Ibovespa, it was observed that the result was negative in the first victory of Lula (2002Lula ( ), however, in his reelection (2006, it was obtained the highest positive result. Regarding the Bolsonaro election ( 2018), the Ibovespa ROAc was 6.6%, being the most optimistic compared to the first election of Lula (2002) and Dilma (2010).

No abstract

Diante dos recentes acontecimentos, evidenciados pela operação Lava Jato, foi destacado diversos desvios de finalidade econômica de empresas influentes no mercado financeiro, principalmente a Petrobras, seguida da Odebrecht, JBS entre outras. Diante da crescente desconfiança da efetividade dos instrumentos de governança logo, urge a seguinte questão de pesquisa: Qual impacto no gerenciamento de resultados pelo fato das empresas estarem listadas no Novo Mercado? Logo, o estudo tem como objetivo verificar a diferença na ocorrência de accruals discricionários entre as empresas listadas no Novo Mercado e as demais empresas, de controle brasileiro, listadas na B3 (Brasil, Bolsa, Balcão). Através de cálculos realizados baseado no modelo de Jones Modificado, medição dos accruals discricionários, é possível averiguar se as empresas, por meio dos produtos apresentados, praticam o gerenciamento de resultados. Os resultados obtidos apontam que não há diferença significativa na prática do gerenciamento de resultados entre as companhias classificadas nos diferentes níveis de governança corporativa da B3 e as demais. Portanto, não foi possível identificar diferença entre as empresas listadas e as não listadas, sugerindo pouca efetividade das medidas adotadas para participar deste seleto nicho de mercado no controle da constituição de accruals discricionários.