Revista Contabilidade Vista e Revista, Universidade Federal de Minas Gerais, 64 Belo Horizonte 27(2), mai/ago.
ISSN/ISBN: 0103-734X DOI: Not available at this time.
Note - this is a foreign language paper: POR
Abstract: The capital markets of emerging countries have attracted considerable attention of large investors interested in diversifying the risk of their global portfolios. Brazil, Russia, India, China and South Africa (BRICS) make up the group of countries that stand to receive a significant portion of these investments. Thus, it is important for the investor to know the informational characteristics present in the respective markets. The aim of this study is to verify whether the financial data disclosed by companies listed on the BRICS stock exchanges exhibit similar informational patterns, according to the Benford's Law (BL), which is a logarithmic distribution used in audit procedures to identify abnormal patterns in a data set. The financial variable used a comparative parameter was the earnings before interest, taxes, depreciation and amortization. The total sample was formed by 2,193 listed companies, and 10,965 observations were analyzed in the period 2008 to 2012. Based on the BL, the results indicated no bias in the financial data disclosed by the listed companies on the stock exchanges of Brazil, Russia, India and South Africa. In the Chinese stock markets, the data from Hong Kong and Shanghai exchanges were also consistent with the distribution of BL, however, the Shenzhen stock exchange showed a significant bias in the information of the analyzed companies. The relevance of this study is based on identifying an atypical situation in the capital market involving an asymmetric position of financial data of listed companies, pointing out the need for specific analyzes to identify the variables generating this anomaly.
Bibtex:
@article {,
AUTHOR = {{Marco Antonio Figueiredo Milani Filho} and {Johan Hendrik Poker} and {Marcio Marcelo Belli} and {Liliane Cristina Segura}},
TITLE = {Bolsas de Valores dos BRICS: Uma Análise das Informações Financeiras Baseada na Lei de Benford [BRICS Stock Exchanges: An Analysis of Financial Information Based on Benford's Law]},
JOURNAL = {Revista Contabilidade Vista e Revista},
YEAR = {2016},
VOLUME = {27},
NUMBER = {2},
URL = {https://revistas.face.ufmg.br/index.php/contabilidadevistaerevista/article/view/2833},
}
Reference Type: Journal Article
Subject Area(s): Accounting, Economics