O impacto da adoção das ifrs para a composição das carteiras dos fundos de investimento em ações brasileiros

Abstract

The overall objective of this research was to analyze the adoption of international standards impacts the composition of the portfolios of investment funds in Brazilian shares. The initial research assumption is that if the fund managers are based on financial statements of companies to allocate their resources (DEFOND et al., 2011), and that the improvement in the quality of accounting information postulated by IFRS can contribute for those who make more informed decisions about the best stocks to invest or stop investing. The hypothesis used in the research is that the early adoption of IFRS positively impacts the composition of the portfolios of shares in investment funds. To do so, from the list of 16 companies that voluntarily disclosed its financial statements in full IFRS before 2010 (VOL) was monthly examined the percentage invested in these companies by 33 equity funds that make use of fundamental analysis as a parameter for the taking decision, from January / 2005 to December / 2009. In the empirical study it was used to panel data approach, to control the individual heterogeneity of data (FÁVERO, 2013). Results indicate that from the period in which the VOL companies have adopted full IFRS, there was an increase in the percentage invested in their roles, suggesting that the stock market noticed positively the regulatory changes. This result confirms the hypothesis of the research, that early adoption of IFRS by companies who did, is associated positively with the changes in the composition of the portfolios of investment funds. It was also found that the percentage invested in companies that made the earlier application was positively related to the profitability of the funds invested in them, possibly due to higher quality of financial statements under IFRS. The results show is not aligned to the hypothesis of market efficiency, because if there are assets that have higher quality accounting information, and this information is priced differently by investors, there are indications of information asymmetry.