Accounting information quality in public stock and bond offerings by brazilian public companies
AbstractAlthough 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 InfoArticle provided by Fucape Business School in its journal Brazilian Business Review.
Volume (Year): 9 (2012)
Issue (Month): 1 (January)
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Postal: Fucape Business School Brazilian Business Review Av. Fernando Ferrari, 1358, Boa Vista CEP 29075-505 Vitória-ES
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Accounting information quality; conservatism; persistence; earnings management; accruals.;
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