Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Accruals mispricing versus risk: Analyzing the influence of external monitoring in Brazil
Journal of International Financial Management & Accounting ( IF 2.808 ) Pub Date : 2021-06-23 , DOI: 10.1111/jifm.12136
Vinícius Gomes Martins 1 , Márcio André Veras Machado 2 , Paulo Aguiar Monte 3
Affiliation  

In this paper, we examine the role of external monitoring as an alternative mechanism of corporate governance pertaining to the risk and mispricing of accruals in the Brazilian market. The results provide evidence of the accruals anomaly for companies with low external monitoring and evidence that is stronger when evaluating the discretionary component of accruals. Our analysis does not support the conclusion that total and discretionary accruals represent price risk factors, which suggests that the evidence of anomaly results from mispricing. Our evidence contributes to the growing literature on accruals pricing in emerging markets, by adding elements such as the influence of external monitoring and the level of investor sophistication, hereby represented by market analysts and institutional investors. Our study provides additional evidence that the presence of these intermediary agents creates an external layer of control capable of contributing positively to the process of disclosure and pricing of financial information. Thus, the role of such intermediaries as external monitors in emerging markets can be potentially significant for correctly pricing accruals. While Brazil has its own unique institutional characteristics, our findings confirm the evidence obtained for other countries.

中文翻译:

应计错误定价与风险:分析巴西外部监测的影响

在本文中,我们研究了外部监控作为与巴西市场上应计项目的风险和错误定价相关的公司治理替代机制的作用。结果为外部监控低的公司提供了应计异常的证据,并且在评估应计的可自由支配部分时更有力的证据。我们的分析不支持总的和可自由支配的应计费用代表价格风险因素的结论,这表明异常的证据是错误定价的结果。我们的证据通过添加外部监控的影响和投资者成熟度等因素,为新兴市场中越来越多的应计定价文献做出了贡献,在此以市场分析师和机构投资者为代表。我们的研究提供了额外的证据,表明这些中介机构的存在创造了一个外部控制层,能够对财务信息的披露和定价过程做出积极贡献。因此,在新兴市场中,作为外部监督者的中介机构对于正确定价应计费用可能具有重要意义。虽然巴西有自己独特的制度特征,但我们的研究结果证实了从其他国家获得的证据。
更新日期:2021-06-23
down
wechat
bug