Impact of republication of financial statements on the price of shares of brazilian companies

• Main Authors: Fádua Helou Netto, Clesia Camilo Pereira
• Format: Article
• Language: Portuguese
• Published: Universidade Federal de Santa Catarina 2011-01-01
• Series: Revista Contemporânea de Contabilidade
• Subjects: republicação de demonstrações financeiras; relevância da informação contábil; preço da ação; retorno anormal
• Online Access: https://periodicos.ufsc.br/index.php/contabilidade/article/view/15162

This study investigates whether the republication of .nancial impact the stock price. We analyzed 197 republications of 24 Brazilian companies from 2001 to the second quarter of 2009. For data analysis, we used the event study considering a window of three days before until three days after the date of the event. The results, considering the total sample and in most samples, we can not .nd cumulative abnormal returns signi.cantly different from zero, indicating that the market does not react, either positively or negatively, the republication of accounting information. In reprints of requirement, found a positive market reaction with 1% signi.cance, showing evidence that the market expected that the reruns impacting more negatively demonstrations. The results obtained in studies conducted in other countries differ from these results, probably due to the difference of the reasons that led the Brazilian and foreign companies to republish.