Pub Date : 2019-09-12DOI: 10.1590/1808-057X201908760
Matheus Ruiz Marques, J. Sampaio, V. Silva
ABSTRACT This paper investigates the presence of window dressing in the Brazilian investment fund market, focusing on equity funds. Window dressing is a practice that presents a particular portfolio composition to the market, which is different from that held by the fund in the reporting period. Just before the end of the period, fund managers change their positions with the aim of presenting safer, more profitable securities portfolios. We believe that there is a lack of empirical evidence on this topic in Brazil. Previous research focuses on diversification, style analysis, fund portfolio turnover, manager profile, and performance. Therefore, we believe that our paper is pioneering in presenting results on window dressing in Brazil. With the presence of window dressing, the market may signal distorted results to investors and guide their allocations towards funds in which they would not invest in the absence of such practices. Moreover, the adoption of window dressing may increase transaction costs and thus destroy value. Our results present a connection with previous studies by Bremer and Kato (1996), O’Neal (2001), Ng and Wang (2004), Ortiz, Sarto, and Vicente (2012), and Agarwal, Gay, and Ling (2014). This paper provides evidence of window dressing in Brazilian equity funds and proposes an empirical study to verify the presence of the practice between 2010 and 2016, using market model residuals, rank gap, and backward holding return gap analysis techniques. In short, our results are consistent with window dressing practices in funds managed by small companies that were losers against the Bovespa Index and presented a high tracking error in the period.
{"title":"Window dressing in Brazilian investment funds","authors":"Matheus Ruiz Marques, J. Sampaio, V. Silva","doi":"10.1590/1808-057X201908760","DOIUrl":"https://doi.org/10.1590/1808-057X201908760","url":null,"abstract":"ABSTRACT This paper investigates the presence of window dressing in the Brazilian investment fund market, focusing on equity funds. Window dressing is a practice that presents a particular portfolio composition to the market, which is different from that held by the fund in the reporting period. Just before the end of the period, fund managers change their positions with the aim of presenting safer, more profitable securities portfolios. We believe that there is a lack of empirical evidence on this topic in Brazil. Previous research focuses on diversification, style analysis, fund portfolio turnover, manager profile, and performance. Therefore, we believe that our paper is pioneering in presenting results on window dressing in Brazil. With the presence of window dressing, the market may signal distorted results to investors and guide their allocations towards funds in which they would not invest in the absence of such practices. Moreover, the adoption of window dressing may increase transaction costs and thus destroy value. Our results present a connection with previous studies by Bremer and Kato (1996), O’Neal (2001), Ng and Wang (2004), Ortiz, Sarto, and Vicente (2012), and Agarwal, Gay, and Ling (2014). This paper provides evidence of window dressing in Brazilian equity funds and proposes an empirical study to verify the presence of the practice between 2010 and 2016, using market model residuals, rank gap, and backward holding return gap analysis techniques. In short, our results are consistent with window dressing practices in funds managed by small companies that were losers against the Bovespa Index and presented a high tracking error in the period.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-22DOI: 10.1590/1808-057X201908810
D. Lima, A. Aquino
O objetivo deste estudo e analisar as respostas a pressoes e os padroes de resiliencia fi nanceira que emergem nos regimes proprios de previdencia social (RPPS) municipais. A analise agrega a abordagem tradicional de resiliencia financeira discutindo a vulnerabilidade que emerge da interacao entre patrocinador e RPPS, estimulada muitas vezes pelo efeito lock-in da regulacao federal que restringe o espaco para respostas transformativas. O tema de resiliencia financeira tem sido aplicado como governos reagem a crises, mas nao aplicado aos fundos de pensao. Contudo, o objetivo de longo-prazo desses fundos justaposto as pressoes de curto prazo induz os gestores a posicao paradoxal ao tentarem assimilar as pressoes. O impacto do artigo para fundos de pensao e para a regulacao esta na proposicao de que a crescente vulnerabilidade dos regimes RPPS vem do fraco cinturao de governanca que protege tais fundos, e que a correcao desta questao seria necessaria e valida para qualquer reforma que venha a ser feita na politica de previdencia social no pais . Em um mixed-methods sequencial, foram realizadas entrevistas com gestores de fundos, consultores e representantes da Secretaria de Previdencia (SPREV) do Ministerio da Fazenda, para levantar as respostas usualmente dadas pelos fundos para assimilar as pressoes financeiras que surgem. Em seguida, quatro respostas tipicas foram analisadas com dados contabeis e financeiros para detectar o nivel de uso dessas respostas em mais de 1,8 mil fundos de 2014 a 2016. A partir da frequencia das respostas adotadas por cada fundo, foi proposto o padrao de resiliencia financeira predominante e como os gestores dos fundos reagem a vulnerabilidade gerada pela acao da prefeitura. Foi observado que as prefeituras acomodam pressoes orcamentarias interrompendo repasses ao fundo ou reduzindo aliquotas, e com isso aumentam a vulnerabilidade do fundo. Os gestores dos fundos por sua vez usam a carteira de investimentos para pagar beneficios, reforcando a vulnerabilidade. Esse e um padrao fraco de resiliencia financeira, que reforca a vulnerabilidade dos fundos. Discute-se ao final que tal padrao surge devido a falhas de governanca e ao efeito lock-in proposto em Pike, Dawley & Tomaney (2010), que reduz o espaco de gestores darem solucoes mais transformadoras e ativas em busca de sustentabilidade financeira.
{"title":"Financial resilience of municipal civil servants’ pension funds","authors":"D. Lima, A. Aquino","doi":"10.1590/1808-057X201908810","DOIUrl":"https://doi.org/10.1590/1808-057X201908810","url":null,"abstract":"O objetivo deste estudo e analisar as respostas a pressoes e os padroes de resiliencia fi nanceira que emergem nos regimes proprios de previdencia social (RPPS) municipais. A analise agrega a abordagem tradicional de resiliencia financeira discutindo a vulnerabilidade que emerge da interacao entre patrocinador e RPPS, estimulada muitas vezes pelo efeito lock-in da regulacao federal que restringe o espaco para respostas transformativas. O tema de resiliencia financeira tem sido aplicado como governos reagem a crises, mas nao aplicado aos fundos de pensao. Contudo, o objetivo de longo-prazo desses fundos justaposto as pressoes de curto prazo induz os gestores a posicao paradoxal ao tentarem assimilar as pressoes. O impacto do artigo para fundos de pensao e para a regulacao esta na proposicao de que a crescente vulnerabilidade dos regimes RPPS vem do fraco cinturao de governanca que protege tais fundos, e que a correcao desta questao seria necessaria e valida para qualquer reforma que venha a ser feita na politica de previdencia social no pais . Em um mixed-methods sequencial, foram realizadas entrevistas com gestores de fundos, consultores e representantes da Secretaria de Previdencia (SPREV) do Ministerio da Fazenda, para levantar as respostas usualmente dadas pelos fundos para assimilar as pressoes financeiras que surgem. Em seguida, quatro respostas tipicas foram analisadas com dados contabeis e financeiros para detectar o nivel de uso dessas respostas em mais de 1,8 mil fundos de 2014 a 2016. A partir da frequencia das respostas adotadas por cada fundo, foi proposto o padrao de resiliencia financeira predominante e como os gestores dos fundos reagem a vulnerabilidade gerada pela acao da prefeitura. Foi observado que as prefeituras acomodam pressoes orcamentarias interrompendo repasses ao fundo ou reduzindo aliquotas, e com isso aumentam a vulnerabilidade do fundo. Os gestores dos fundos por sua vez usam a carteira de investimentos para pagar beneficios, reforcando a vulnerabilidade. Esse e um padrao fraco de resiliencia financeira, que reforca a vulnerabilidade dos fundos. Discute-se ao final que tal padrao surge devido a falhas de governanca e ao efeito lock-in proposto em Pike, Dawley & Tomaney (2010), que reduz o espaco de gestores darem solucoes mais transformadoras e ativas em busca de sustentabilidade financeira.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201908810","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-22DOI: 10.1590/1808-057X201808300
Vivileine Maria Peres, W. Maldonado, Osvaldo Candido
Este trabalho estuda dois aspectos do mercado de seguros de automovel no Brasil: o primeiro visa determinar o grau de competitividade das empresas que o compoem e, o segundo, estimar e analisar a demanda por seguros de automoveis. A maioria de estudos no Brasil sobre o setor de seguros de automoveis versa sobre o desempenho das empresas desse setor ou, ainda, mostra estudos regionais da demanda por seguros e seus determinantes. Nesse sentido, este estudo inova os estudos desse setor no Brasil, mostrando, primeiramente, o comportamento proximo do competitivo das rmas e, depois, estimando a demanda por seguros no pais. A relevância deste trabalho esta na forma ordenada e sequencial de analisar a demanda em um setor. Primeiramente, a identi cacao do tipo de concorrencia que tem lugar no setor e, depois, com base nisso, a proposta de uma forma estrutural fundamentada em decisoes otimizadoras para estimar as elasticidades-preco, renda e de poder de mercado da demanda. Alem disso, e inegavel a importância da analise do setor de seguros por movimentar signi cativas quantidades de recursos nanceiros e prestar um servico essencial na economia. Com informacao sobre a estrutura de mercado e do per l da demanda do setor seguros de automoveis, e possivel propor tanto politicas estrategicas do ponto de vista das rmas individualmente quanto setoriais, visando trazer maior e ciencia ao setor. Para analisar a competitividade, sao calculadas medidas de concentracao utilizando dados mensais agregados anualmente do premio de todas as empresas seguradoras do ramo de automoveis, no periodo de 2001 a 2016. Para estimar a demanda por seguros de automovel, utilizaram-se dados semestrais de 2002 a 2010 para cada uma das 27 unidades federativas do Brasil. Dois sao os resultados apresentados neste estudo. No primeiro, encontramos evidencia de pouca concentracao no mercado de seguros de automoveis no Brasil, sendo que as parcelas de participacao estao bem distribuidas entre as empresas. O segundo mostra a estimacao da demanda por seguros de automoveis no Brasil e encontra que a elasticidade de curto prazo da demanda por seguros em relacao a premio cobrado e da ordem de -0,47, enquanto essa mesma elasticidade, no longo prazo, e de -1,33. Alem disso, o lucro defasado tem in uencia negativa sobre a importância assegurada da ordem de -0,21 no curto prazo e -0,59 no longo prazo. A renda nao afeta signi cativamente a demanda por seguros no Brasil.
{"title":"Automobile insurance in Brazil: market concentration and demand","authors":"Vivileine Maria Peres, W. Maldonado, Osvaldo Candido","doi":"10.1590/1808-057X201808300","DOIUrl":"https://doi.org/10.1590/1808-057X201808300","url":null,"abstract":"Este trabalho estuda dois aspectos do mercado de seguros de automovel no Brasil: o primeiro visa determinar o grau de competitividade das empresas que o compoem e, o segundo, estimar e analisar a demanda por seguros de automoveis. A maioria de estudos no Brasil sobre o setor de seguros de automoveis versa sobre o desempenho das empresas desse setor ou, ainda, mostra estudos regionais da demanda por seguros e seus determinantes. Nesse sentido, este estudo inova os estudos desse setor no Brasil, mostrando, primeiramente, o comportamento proximo do competitivo das rmas e, depois, estimando a demanda por seguros no pais. A relevância deste trabalho esta na forma ordenada e sequencial de analisar a demanda em um setor. Primeiramente, a identi cacao do tipo de concorrencia que tem lugar no setor e, depois, com base nisso, a proposta de uma forma estrutural fundamentada em decisoes otimizadoras para estimar as elasticidades-preco, renda e de poder de mercado da demanda. Alem disso, e inegavel a importância da analise do setor de seguros por movimentar signi cativas quantidades de recursos nanceiros e prestar um servico essencial na economia. Com informacao sobre a estrutura de mercado e do per l da demanda do setor seguros de automoveis, e possivel propor tanto politicas estrategicas do ponto de vista das rmas individualmente quanto setoriais, visando trazer maior e ciencia ao setor. Para analisar a competitividade, sao calculadas medidas de concentracao utilizando dados mensais agregados anualmente do premio de todas as empresas seguradoras do ramo de automoveis, no periodo de 2001 a 2016. Para estimar a demanda por seguros de automovel, utilizaram-se dados semestrais de 2002 a 2010 para cada uma das 27 unidades federativas do Brasil. Dois sao os resultados apresentados neste estudo. No primeiro, encontramos evidencia de pouca concentracao no mercado de seguros de automoveis no Brasil, sendo que as parcelas de participacao estao bem distribuidas entre as empresas. O segundo mostra a estimacao da demanda por seguros de automoveis no Brasil e encontra que a elasticidade de curto prazo da demanda por seguros em relacao a premio cobrado e da ordem de -0,47, enquanto essa mesma elasticidade, no longo prazo, e de -1,33. Alem disso, o lucro defasado tem in uencia negativa sobre a importância assegurada da ordem de -0,21 no curto prazo e -0,59 no longo prazo. A renda nao afeta signi cativamente a demanda por seguros no Brasil.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201808300","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198969","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-22DOI: 10.1590/1808-057X201907860
Bruno Domingues Ramos de Carvalho, João Vinícius França Carvalho
ABSTRACT This paper aims to obtain metrics for quantifying the variability of technical provisions for claims by making use of deterministic and stochastic models. In short, everything that the traditional methods do not provide (measures of variability and capital insufficiency) are of fundamental importance for efficient actuarial management. The proposed methodology reveals the probability of insufficiency of the allocated capital to cover the commitments assumed by the insurer. In order to maintain resources to cover the indemnities payable to the insured, insurance companies include technical provisions in their balance sheets. Technical provisions are estimates and are therefore a source of fluctuations in the profit and loss statement of insurers, so understanding and protecting against these adverse variations is fundamental for efficient actuarial management. The stochastic approach enables internal models to be studied for solvency capital, which is a subject that lacks studies in the Brazilian market, and which is determined by a standard model pre-defined by the regulatory body. Stochastic modeling was proposed for Incurred But Not Reported Reserve using bootstrapping and, to validate this approach, the results were compared with the traditional approaches using real Motor Hull and Motor Third Part Liability data from a Brazilian insurance company. There are advantages of adopting stochastic methods instead of deterministic ones to determine technical provisions for claims, since it is possible to empirically estimate the probability distributions. The quantiles of these curves reveal the estimated probability of the real value exceeding a particular level of provisioning in order to extract the probability of capital shortage that the traditional methods do not provide. In addition, the results show that the traditional methods are too conservative, allocating more capital than necessary.
{"title":"A stochastic approach for measuring the uncertainty of claims reserves","authors":"Bruno Domingues Ramos de Carvalho, João Vinícius França Carvalho","doi":"10.1590/1808-057X201907860","DOIUrl":"https://doi.org/10.1590/1808-057X201907860","url":null,"abstract":"ABSTRACT This paper aims to obtain metrics for quantifying the variability of technical provisions for claims by making use of deterministic and stochastic models. In short, everything that the traditional methods do not provide (measures of variability and capital insufficiency) are of fundamental importance for efficient actuarial management. The proposed methodology reveals the probability of insufficiency of the allocated capital to cover the commitments assumed by the insurer. In order to maintain resources to cover the indemnities payable to the insured, insurance companies include technical provisions in their balance sheets. Technical provisions are estimates and are therefore a source of fluctuations in the profit and loss statement of insurers, so understanding and protecting against these adverse variations is fundamental for efficient actuarial management. The stochastic approach enables internal models to be studied for solvency capital, which is a subject that lacks studies in the Brazilian market, and which is determined by a standard model pre-defined by the regulatory body. Stochastic modeling was proposed for Incurred But Not Reported Reserve using bootstrapping and, to validate this approach, the results were compared with the traditional approaches using real Motor Hull and Motor Third Part Liability data from a Brazilian insurance company. There are advantages of adopting stochastic methods instead of deterministic ones to determine technical provisions for claims, since it is possible to empirically estimate the probability distributions. The quantiles of these curves reveal the estimated probability of the real value exceeding a particular level of provisioning in order to extract the probability of capital shortage that the traditional methods do not provide. In addition, the results show that the traditional methods are too conservative, allocating more capital than necessary.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49501908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-22DOI: 10.1590/1808-057X201808070
Marília Cordeiro Pinheiro, A. Serrano
ABSTRACT This article aims to analyze if the issuance of Series E Treasury Bonds (CFT-Es) generates abnormal returns in a higher education stock portfolio and verify if the Brazilian higher education market is efficient in its semi-strong form. The main purpose of CFT-Es is to transfer funds to institutions with the aim of providing finance to students enrolled in private universities. These issuances have effects on the capital market, considering that after the program began, the first initial public offering (IPO) of a Brazilian university occurred. Moreover, according to the National Institute for Educational Studies and Research Anísio Teixeira/Ministry of Education and Culture (Inep/MEC), Brazil has the largest market for higher education in Latin America. Several studies have been conducted to analyze the relationship between monetary policy and financial markets, but this has not occurred within the scope of fiscal policy. Such research is appropriate, considering the discussion on the need to contain government spending, but at the same time stimulate the Brazilian economy. The main contribution of the study is it indicates that the higher education market has tended towards the efficiency hypothesis, considering that in the first analysis, H0 was not rejected for 82% of the windows of events, and in the second analysis, H0 was not rejected for any of the windows of events, with there being no evidence of abnormal gains due to funds being released for the Student Finance Fund (Fies). The event study methodology was used to test the hypotheses of abnormal returns obtained due to CFT-Es being issued through the release of ordinances. A portfolio composed of higher education stocks was elaborated, weighted by the quarterly amount receivable from Fies for each institution, and covering 2009 to 2017. The results show that the stocks of institutions benefiting from Fies tend to react efficiently to CFT-E issuances authorized by the National Treasury.
{"title":"Analysis of the impact of Fies on the stock returns from the higher education sector","authors":"Marília Cordeiro Pinheiro, A. Serrano","doi":"10.1590/1808-057X201808070","DOIUrl":"https://doi.org/10.1590/1808-057X201808070","url":null,"abstract":"ABSTRACT This article aims to analyze if the issuance of Series E Treasury Bonds (CFT-Es) generates abnormal returns in a higher education stock portfolio and verify if the Brazilian higher education market is efficient in its semi-strong form. The main purpose of CFT-Es is to transfer funds to institutions with the aim of providing finance to students enrolled in private universities. These issuances have effects on the capital market, considering that after the program began, the first initial public offering (IPO) of a Brazilian university occurred. Moreover, according to the National Institute for Educational Studies and Research Anísio Teixeira/Ministry of Education and Culture (Inep/MEC), Brazil has the largest market for higher education in Latin America. Several studies have been conducted to analyze the relationship between monetary policy and financial markets, but this has not occurred within the scope of fiscal policy. Such research is appropriate, considering the discussion on the need to contain government spending, but at the same time stimulate the Brazilian economy. The main contribution of the study is it indicates that the higher education market has tended towards the efficiency hypothesis, considering that in the first analysis, H0 was not rejected for 82% of the windows of events, and in the second analysis, H0 was not rejected for any of the windows of events, with there being no evidence of abnormal gains due to funds being released for the Student Finance Fund (Fies). The event study methodology was used to test the hypotheses of abnormal returns obtained due to CFT-Es being issued through the release of ordinances. A portfolio composed of higher education stocks was elaborated, weighted by the quarterly amount receivable from Fies for each institution, and covering 2009 to 2017. The results show that the stocks of institutions benefiting from Fies tend to react efficiently to CFT-E issuances authorized by the National Treasury.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198919","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-22DOI: 10.1590/1808-057X201909090
Ana Carolina Vasconcelos Colares, Mariana Camilla Coelho Silva Castro, João Estevão Barbosa Neto, J. Cunha
The objective of this research was to analyze the motivational factors that lead accounting sciences professors to teach on stricto sensu postgraduate courses, based on self-determination theory. Research on motivation in education in the area of accounting sciences mostly concerns student motivation. Thus, there are few studies related to teacher motivation, especially in the area of accounting sciences and in stricto sensu postgraduate programs. Teacher motivation is directly linked to the teaching-learning process and student motivation, so it is important to identify what motivates these teachers and, given this, to act in a way that the motivation, or lack of it, will not interfere with the quality of teaching. The importance of teachers in the quality of education is indisputable and inevitably relates to the motivation to remain in the teaching career, taking both personal and professional aspects into account. The Work Tasks Motivation Scale for Teachers was applied and answered by 108 professors from the 33 stricto sensu postgraduate programs in the area of accounting sciences. The data were analyzed in an aggregated way, using descriptive statistics and Wilcoxon-Mann-Whitney and chi-squared tests, with the purpose of assessing the relationship between levels of motivation and age group, time teaching, and time teaching in the stricto sensu postgraduate course. Most of the professors analyzed are extrinsically motivated via identified regulation; however this is less related to access to financial resources and more linked to the prestige that teaching on the stricto sensu postgraduate course brings. Also, the overall mean of the dimensions of intrinsic and extrinsic motivation was shown to be higher for teachers of the female gender and who work in private institutions.
{"title":"Teacher motivation in stricto sensu postgraduation: an analysis based on self-determination theory,","authors":"Ana Carolina Vasconcelos Colares, Mariana Camilla Coelho Silva Castro, João Estevão Barbosa Neto, J. Cunha","doi":"10.1590/1808-057X201909090","DOIUrl":"https://doi.org/10.1590/1808-057X201909090","url":null,"abstract":"The objective of this research was to analyze the motivational factors that lead accounting sciences professors to teach on stricto sensu postgraduate courses, based on self-determination theory. Research on motivation in education in the area of accounting sciences mostly concerns student motivation. Thus, there are few studies related to teacher motivation, especially in the area of accounting sciences and in stricto sensu postgraduate programs. Teacher motivation is directly linked to the teaching-learning process and student motivation, so it is important to identify what motivates these teachers and, given this, to act in a way that the motivation, or lack of it, will not interfere with the quality of teaching. The importance of teachers in the quality of education is indisputable and inevitably relates to the motivation to remain in the teaching career, taking both personal and professional aspects into account. The Work Tasks Motivation Scale for Teachers was applied and answered by 108 professors from the 33 stricto sensu postgraduate programs in the area of accounting sciences. The data were analyzed in an aggregated way, using descriptive statistics and Wilcoxon-Mann-Whitney and chi-squared tests, with the purpose of assessing the relationship between levels of motivation and age group, time teaching, and time teaching in the stricto sensu postgraduate course. Most of the professors analyzed are extrinsically motivated via identified regulation; however this is less related to access to financial resources and more linked to the prestige that teaching on the stricto sensu postgraduate course brings. Also, the overall mean of the dimensions of intrinsic and extrinsic motivation was shown to be higher for teachers of the female gender and who work in private institutions.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48207253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-21DOI: 10.1590/1808-057X201807630
Júlio Lobão, A. Costa
Abstract This paper investigates the short-term price predictability of US equity Exchange Trade Funds (ETFs) in reaction to one-day extreme returns. We also assess the cross-section features associated to price overreaction following extreme price movements. The literature on the short-term overreaction of ETFs is rather scarce. Furthermore, existing studies tend to focus on delimited historical periods, which makes their results difficult to generalize. Our paper fills this gap by considering a comprehensive sample of ETFs over an extended period of time. In addition, we are the first to study the effect of the prevailing market trend and of liquidity on the patterns of overreaction and subsequent price reversal of ETFs. Being the major ETFs the most actively traded equity securities on the US stock exchanges, their performance and characteristics are of interest by themselves. Our findings suggest that market regulators should concentrate their resources on overseeing the ETF pricing that occurs after-hours. For market practitioners, our results indicate the existence of profitable market opportunities after large price movements. In the present study, we tested the significance of the mean returns for the period immediately after extreme returns. We also conducted a multivariate analysis where the price reversal was regressed against the cross section features of the ETFs under study. We contribute to the literature on ETF price formation as we document, for the first time, the existence of a stark contrast in the reaction to extreme price movements in these assets during normal hours and after-hours periods. On average, the extreme returns that occur in the after-hours period represent an overreaction, leading to a price reversal in the following period. In addition, we show that both tax-motivated trading and noise trading play a role in the pattern of ETF overreaction and reversal.
{"title":"Short-term overreaction in equity ETFs following extreme one-day returns","authors":"Júlio Lobão, A. Costa","doi":"10.1590/1808-057X201807630","DOIUrl":"https://doi.org/10.1590/1808-057X201807630","url":null,"abstract":"Abstract This paper investigates the short-term price predictability of US equity Exchange Trade Funds (ETFs) in reaction to one-day extreme returns. We also assess the cross-section features associated to price overreaction following extreme price movements. The literature on the short-term overreaction of ETFs is rather scarce. Furthermore, existing studies tend to focus on delimited historical periods, which makes their results difficult to generalize. Our paper fills this gap by considering a comprehensive sample of ETFs over an extended period of time. In addition, we are the first to study the effect of the prevailing market trend and of liquidity on the patterns of overreaction and subsequent price reversal of ETFs. Being the major ETFs the most actively traded equity securities on the US stock exchanges, their performance and characteristics are of interest by themselves. Our findings suggest that market regulators should concentrate their resources on overseeing the ETF pricing that occurs after-hours. For market practitioners, our results indicate the existence of profitable market opportunities after large price movements. In the present study, we tested the significance of the mean returns for the period immediately after extreme returns. We also conducted a multivariate analysis where the price reversal was regressed against the cross section features of the ETFs under study. We contribute to the literature on ETF price formation as we document, for the first time, the existence of a stark contrast in the reaction to extreme price movements in these assets during normal hours and after-hours periods. On average, the extreme returns that occur in the after-hours period represent an overreaction, leading to a price reversal in the following period. In addition, we show that both tax-motivated trading and noise trading play a role in the pattern of ETF overreaction and reversal.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201807630","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198800","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-21DOI: 10.1590/1808-057X201908210
I. Beuren, V. Santos
This study examines the impacts of enabling and coercive management control systems (MCSs) on organizational resilience, in the cognitive, behavioral, and contextual dimensions. Research on resilience has sought to identify elements capable of improving organizational resilience capacity, and enabling and coercive MCSs may shed new light on this discussion. Understanding the role of MCSs in the creation and use of resilience capacities can help explain why some organizations manage to outperform others in situations of adverse and turbulent events.The literature has focused on enabling MCSs and adopts the premise that, in general, the use of coercive controls is negatively perceived. However, the results of the research show that enabling and coercive MCSs coexist in companies, and that coercive controls do not have a negative influence on resilience, even showing a positive association with the contextual dimension. A survey was conducted in companies that bought and/or were acquired by others, according to PwC Brazil’s Mergers and Acquisitions report, and the sample consists of 144 managers from different organizational areas of these companies who answered the questionnaire sent via Survey Monkey. The structural equation modeling (SEM) technique was applied to test the hypotheses. The study presents evidence that MCSs constitute antecedents of resilience capacity in organizations. This suggests that the design and use of MCSs may favor the development of capacities to deal with turbulences and unexpected events in advance.
{"title":"Enabling and coercive management control systems and organizational resilience","authors":"I. Beuren, V. Santos","doi":"10.1590/1808-057X201908210","DOIUrl":"https://doi.org/10.1590/1808-057X201908210","url":null,"abstract":"This study examines the impacts of enabling and coercive management control systems (MCSs) on organizational resilience, in the cognitive, behavioral, and contextual dimensions. Research on resilience has sought to identify elements capable of improving organizational resilience capacity, and enabling and coercive MCSs may shed new light on this discussion. Understanding the role of MCSs in the creation and use of resilience capacities can help explain why some organizations manage to outperform others in situations of adverse and turbulent events.The literature has focused on enabling MCSs and adopts the premise that, in general, the use of coercive controls is negatively perceived. However, the results of the research show that enabling and coercive MCSs coexist in companies, and that coercive controls do not have a negative influence on resilience, even showing a positive association with the contextual dimension. A survey was conducted in companies that bought and/or were acquired by others, according to PwC Brazil’s Mergers and Acquisitions report, and the sample consists of 144 managers from different organizational areas of these companies who answered the questionnaire sent via Survey Monkey. The structural equation modeling (SEM) technique was applied to test the hypotheses. The study presents evidence that MCSs constitute antecedents of resilience capacity in organizations. This suggests that the design and use of MCSs may favor the development of capacities to deal with turbulences and unexpected events in advance.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67199172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-21DOI: 10.1590/1808-057X201807590
A. Santos, L. Barros, Tony Takeda, Lauro Gonzalez
This study investigates whether the performance of credit unions that offer microcredit in Brazil was affected by the advent of Crescer – the National Microcredit Program. This research fills a gap in the literature because few papers investigate credit unions that work with microcredit and also the effects of governmental interventions related to microcredit operations. Studies of this type may help evaluate the impact of governmental interventions on the performance of the institutions that are directly or indirectly affected. Our results add to the debate about microcredit and about the inclusion of credit unions in this market. In particular, our evidence may influence the design of public policies and the strategies of microfinance institutions, which typically combine economic and social objectives. Based on the literature, we calculate fifteen indicators for each credit union, related to their financial and social performance. The inferences are based on the implementation of the difference in differences estimator using the advent of Crescer, in 2011, as the exogenous event of interest and including in the control group the credit unions that did not provide microcredit loans throughout the sample period. This research presents evidence that the volume of clients and microcredit operations performed by Brazilian credit unions was positively affected by regulatory changes that took place in 2011, consistently with the objectives of the governmental intervention. The evidence also suggests that the governmental intervention did not harm the financial sustainability of the credit unions. The main changes are: a substantial reduction of interest rates and transaction costs, the implementation of subsidies to participants in the program, and a push for public banks to enhance their supply of productive and oriented microcredit.
{"title":"Effects of regulatory changes in microcredit on the financial and social performance of Brazilian credit unions","authors":"A. Santos, L. Barros, Tony Takeda, Lauro Gonzalez","doi":"10.1590/1808-057X201807590","DOIUrl":"https://doi.org/10.1590/1808-057X201807590","url":null,"abstract":"This study investigates whether the performance of credit unions that offer microcredit in Brazil was affected by the advent of Crescer – the National Microcredit Program. This research fills a gap in the literature because few papers investigate credit unions that work with microcredit and also the effects of governmental interventions related to microcredit operations. Studies of this type may help evaluate the impact of governmental interventions on the performance of the institutions that are directly or indirectly affected. Our results add to the debate about microcredit and about the inclusion of credit unions in this market. In particular, our evidence may influence the design of public policies and the strategies of microfinance institutions, which typically combine economic and social objectives. Based on the literature, we calculate fifteen indicators for each credit union, related to their financial and social performance. The inferences are based on the implementation of the difference in differences estimator using the advent of Crescer, in 2011, as the exogenous event of interest and including in the control group the credit unions that did not provide microcredit loans throughout the sample period. This research presents evidence that the volume of clients and microcredit operations performed by Brazilian credit unions was positively affected by regulatory changes that took place in 2011, consistently with the objectives of the governmental intervention. The evidence also suggests that the governmental intervention did not harm the financial sustainability of the credit unions. The main changes are: a substantial reduction of interest rates and transaction costs, the implementation of subsidies to participants in the program, and a push for public banks to enhance their supply of productive and oriented microcredit.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1590/1808-057X201807590","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67198725","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-08-21DOI: 10.1590/1808-057X201807940
Pablo Zambra, R. Malaquias, Ilírio José Rech, Anísio Candido Pereira
The main purpose of this research is to analyze the relationship between characteristics of hiring firms and the perception of auditors/accountants that provide services to them regarding complexity in the elaboration/disclosure of sensitivity analyses and risk management. We seek to analyze whether characteristics of firms that have a better level of disclosure could also be associated with the complexity perceived by the professionals that provide services to such firms concerning the information to do with sensitivity analyses and risk management. Information about risk management arouses considerable debate in the area of accounting and finance; nevertheless, how it is addressed, from the point of view of the professionals, still deserves more attention. The results of this study may lead to an improvement, or even a revision, of the standards related with sensitivity analyses and risk management involving financial instruments. The study sample was composed of respondents from South America, namely accountants and auditors from Brazil and Chile. The perception of complexity was evaluated through a structured questionnaire, which was applied using electronic forms. Regarding the explanatory variables, the quantitative model considers the following characteristics of hiring firms: auditor type; firm size; industry; listed firms; transparency; exporting firms. The main advancement provided by this research lies in it revealing that some characteristics of companies usually associated with better levels of disclosure are not necessarily reflected in the perception by accountants/auditors of lower levels of complexity in the elaboration/disclosure of sensitivity analyses and risk management.
{"title":"Complexity in financial disclosure: the role of the characteristics of hiring firms","authors":"Pablo Zambra, R. Malaquias, Ilírio José Rech, Anísio Candido Pereira","doi":"10.1590/1808-057X201807940","DOIUrl":"https://doi.org/10.1590/1808-057X201807940","url":null,"abstract":"The main purpose of this research is to analyze the relationship between characteristics of hiring firms and the perception of auditors/accountants that provide services to them regarding complexity in the elaboration/disclosure of sensitivity analyses and risk management. We seek to analyze whether characteristics of firms that have a better level of disclosure could also be associated with the complexity perceived by the professionals that provide services to such firms concerning the information to do with sensitivity analyses and risk management. Information about risk management arouses considerable debate in the area of accounting and finance; nevertheless, how it is addressed, from the point of view of the professionals, still deserves more attention. The results of this study may lead to an improvement, or even a revision, of the standards related with sensitivity analyses and risk management involving financial instruments. The study sample was composed of respondents from South America, namely accountants and auditors from Brazil and Chile. The perception of complexity was evaluated through a structured questionnaire, which was applied using electronic forms. Regarding the explanatory variables, the quantitative model considers the following characteristics of hiring firms: auditor type; firm size; industry; listed firms; transparency; exporting firms. The main advancement provided by this research lies in it revealing that some characteristics of companies usually associated with better levels of disclosure are not necessarily reflected in the perception by accountants/auditors of lower levels of complexity in the elaboration/disclosure of sensitivity analyses and risk management.","PeriodicalId":37984,"journal":{"name":"Revista Contabilidade e Financas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48999349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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