Reação do mercado de capitais à divulgação de demonstrações contábeis: um estudo das companhias abertas listadas no Brasil

Abstract

In the context of the investment market, accounting statements play a fundamental role since they provide important information regarding the company to market analysts and investors, from its performance to the possible prospects for expansion or retraction. The success of investments in the capital market is directly linked to the investor's possibility to make good choices when investing. Therefore, the more subsidies he has to perform his analyzes, the greater his chances of gain, which highlights the importance of accounting statements as a source of information for this investor. In light of the foregoing, this study aimed to identify how the disclosure of the accounting statements affects the behavior of the Brazilian capital market. More specifically, it was sought to assess the association between the disclosure of these statements and the price, the trading volume and liquidity of shares. 64 publicly held companies listed on the IBOVESPA that disclosed statements for the 4th quarter of 2018 and the 1st and 2nd quarters of 2019 formed the sample. In the analysis of the data, it was observed, in general, that in the period from D-1 to D+1 occurred the biggest variations in the opening and closing prices of the trading sessions, and the highest quotation reached in the analyzed period was on the day called “D” day. Regarding the average and maximum prices, referring to share prices, it was observed that they increased on the dates close to the disclosure of the statements and that, after this period, there was a decrease in these values, following the same logic of the opening and closing prices shares of the companies in the sample. One of the explanations for the increase in share prices, until the day of the presentation of the accounting statements, and then the reduction of these prices in the following week, may be the fact of the capital market, when following the forecasts of analysts regarding the economic performance and financial future of the companies, anticipating the security pricings and establishing a price considered fair even before the disclosure of the accounting statements.