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Accounting information quality in public stock and bond offerings by brazilian public companies

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Author Info

  • Edilson Paulo

    (Universidade Federal da Paraíba - UFPB)

  • Paulo Roberto Nóbrega Cavalcante

    (Universidade Federal da Paraíba - UFPB)

  • Iana Izadora Souza Lapa de Melo

    (Universidade Federal da Paraíba - UFPB)

Abstract

Although bonds account for the largest trading volume of transactions in the Brazilian financial market, most studies of the quality of accounting information focus on the stock market. Considering that many studies suggest that the institutional and organizational environment affects firms’ accounting numbers, the following research question can be raised: Is the quality of accounting information affected significantly by public offering of stocks and bonds? To answer this question, we conducted an empirical study of a sample composed of listed Brazilian companies that made public debt and equity offerings between 2000 and 2006. The results indicate that such offerings did not significantly affect the accounting numbers, suggesting that the quality of accounting information is not affected by public stock and bond offerings.

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Bibliographic Info

Article provided by Fucape Business School in its journal Brazilian Business Review.

Volume (Year): 9 (2012)
Issue (Month): 1 (January)
Pages: 1-24

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Handle: RePEc:bbz:fcpbbr:v:9:y:2012:i:1:p:1-24

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Web page: http://www.bbronline.com.br/
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Related research

Keywords: Accounting information quality; conservatism; persistence; earnings management; accruals.;

References

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  1. Holthausen, Robert W. & Watts, Ross L., 2001. "The relevance of the value-relevance literature for financial accounting standard setting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 3-75, September.
  2. Ball, Ray & Shivakumar, Lakshmanan, 2005. "Earnings quality in UK private firms: comparative loss recognition timeliness," Journal of Accounting and Economics, Elsevier, vol. 39(1), pages 83-128, February.
  3. Dechow, Patricia & Ge, Weili & Schrand, Catherine, 2010. "Understanding earnings quality: A review of the proxies, their determinants and their consequences," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 344-401, December.
  4. Masako Darrough & Srinivasan Rangan, 2005. "Do Insiders Manipulate Earnings When They Sell Their Shares in an Initial Public Offering?," Journal of Accounting Research, Wiley Blackwell, vol. 43(1), pages 1-33, 03.
  5. Roosenboom, Peter & van der Goot, Tjalling & Mertens, Gerard, 2003. "Earnings management and initial public offerings: Evidence from the Netherlands," The International Journal of Accounting, Elsevier, vol. 38(3), pages 243-266.
  6. Siew Hong Teoh & Ivo Welch & T.J. Wong, 1998. "Earnings Management and the Long-Run Market Performance of Initial Public Offerings," Journal of Finance, American Finance Association, vol. 53(6), pages 1935-1974, December.
  7. Subramanyam, K. R., 1996. "The pricing of discretionary accruals," Journal of Accounting and Economics, Elsevier, vol. 22(1-3), pages 249-281, October.
  8. Jinhan Pae, 2005. "Expected Accrual Models: The Impact of Operating Cash Flows and Reversals of Accruals," Review of Quantitative Finance and Accounting, Springer, vol. 24(1), pages 5-22, January.
  9. Basu, Sudipta, 1997. "The conservatism principle and the asymmetric timeliness of earnings," Journal of Accounting and Economics, Elsevier, vol. 24(1), pages 3-37, December.
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