THE INFORMATIVE RELEVANCE OF ACCOUNTING
EARNINGS AS TO THE TIMELINESS OF SHAREHOLDERS' DISTRIBUTION: AN EVENT STUDY

Name: JOÃO JOSÉ FERREIRA SIMÕES

Publication date: 29/12/2017
Advisor:

Name Rolesort ascending
EDUARDO JOSÉ ZANOTELI Advisor *

Examining board:

Name Rolesort ascending
ALFREDO SARLO NETO Internal Examiner *
EDUARDO JOSÉ ZANOTELI Advisor *

Summary: In the context of Efficient Markets Hypothesis (HME), information on companies, such as
disclosure of accounting earnings, is incorporated and consequently reflected in stock price.
Several studies point to the existence of such reflex, however, this research highlights the timing
of distributions, in order to observe if the relevance of accounting earnings differs between
companies, given the moment the distribution to shareholders occurs: during the current year
or after annual report announcement. Applying the methodologies of event study and multiple
linear regression in a sample composed by 852 events of companies listed on BM&F Bovespa,
which had annual report announced from 2011 to 2016, evidence was found that, the interaction
of the timing of distribution with earnings and dividends are more relevant to explain the
behavior of stock prices than if analyzed individually. Thus, these findings indicate evidence
that the timing of the distribution to shareholders contributes to increase the informativeness of
accounting earnings.

Access to document

Transparência Pública
Acesso à informação

© 2013 Universidade Federal do Espírito Santo. Todos os direitos reservados.
Av. Fernando Ferrari, 514 - Goiabeiras, Vitória - ES | CEP 29075-910