The study analyses the role of institutional characteristics of a country (governance) and the domestic financial system (depth, efficiency, stability, and capital openness) in determinants of emerging market corporate bond spreads issued in international market. We propose an econometric panel...

The study analyses the role of institutional characteristics of a country (governance) and the domestic financial system (depth, efficiency, stability, and capital openness) in determinants of emerging market corporate bond spreads issued in international market. We propose an econometric panel...

This paper discusses the sign of the expected measurement error in discretionary accruals (DAC) estimates when accrual models do not control for the asymmetric treatment of gains and losses underlying conservatism. I find that DAC in firms with “bad news” are expected to be understated...

In this paper I analyze the interaction between firms’ earnings management behavior and conservatism. I predict that firms having conservatism-related bad news in the period have more pervasive earnings management than firms having good news. Departing from Burgstahler and Dichev (1997)...

Portuguese Abstract: A inexistência de um modelo padronizado para a apresentação das demonstrações financeiras dificulta sua análise por parte dos stakeholders, designadamente dos resultados financeiros, em virtude da flexibilidade existente na International Accounting Standards (ias) 1....

This paper has two objectives. Initially, seeks to review the main theses contained in the Brazilian economic literature on the role of the Brazilian Development Bank (BNDES) and its historical role in financing Brazilian economic development. The second objective is to analyze the perspective...

This paper has two objectives. Initially, seeks to review the main theses contained in the Brazilian economic literature on the role of the Brazilian Development Bank (BNDES) and its historical role in financing Brazilian economic development. The second objective is to analyze the perspective...

Portuguese Abstract: As micro e pequenas empresas (MPE) têm um papel de destaque na geração de renda e emprego no Brasil. Em 2016, as MPE representavam 99% das empresas brasileiras e empregavam mais de 50% da mão de obra nacional. O ambiente para a abertura de novas empresas no Brasil tem...

Portuguese Abstract: Este trabalho visa avaliar o impacto da adoção das IFRS em variáveis usuais em pesquisas empíricas de finanças no mercado brasileiro, tais como: tamanho (ativo total); ativo imobilizado; ROA (retorno sobre o ativo); ROE (retorno sobre o patrimônio líquido);...

Starting with Lehman Brother’s demise in September 2008, the Brazilian real fell 42% vis-à-vis the US dollar. Such large exchange rate depreciation would typically cheer exporters up. However, it was later found that many export firms, including multibillion dollar ones, had suffered large...