cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.6084/m9.figshare.20025424.v1
title: Exposition to Factors of the Investment Funds Market in Brazil

description: ABSTRACT The growth of the investment funds industry in Brazil and its international representativeness indicate the relevance of analyzing this sector. Literature has shown the effects that market factors can have on the performance of investment funds. One way of evaluating the relation between funds' returns and market factors' variations is the return-based style analysis. In this context, this research aimed to investigate, through the style analysis, the exposition to various market factors in two modalities of investment funds. With this analysis, we may infer differences between the allocations and the composition of portfolios, constructing a panorama of sensitivity of funds' returns to the market factors addressed in the study. The database consisted of daily returns of 508 funds, out of which 385 are fixed income funds and 123 are Neutral Long & Short multimarket funds, within the period from January 3, 2005, to July 11, 2014. Through the style analysis, with 6 market factors, we found a difference between the composition of portfolios of multimarket funds and portfolios of fixed income funds. Regarding the evolution of the composition of portfolios in these funds, we observed that the investment style of funds does not seem to be constant over time, something which may be a positive evidence concerning the changes that managers promote in their portfolios, seeking to achieve better profitability indicators.
DOI: 10.6084/m9.figshare.20025425.v1
title: Using the Newcomb-Benford Law as a Deviation Identification Method in Continuous Auditing Environments: A Proposal for Detecting Deviations over Time

description: ABSTRACT This paper used the Newcomb-Benford Law (NB Law) to analyze 210,899 contracts issued by sixty management units in two states in the Brazilian Northeast in 2010. In this article we seek to address the following question: What proposal emerges from the need to identify financial deviations over time in terms of NB Law compliance in continuous auditing scenarios? To this end, the goal of the paper is to analyze this compliance with the aim of identifying deviations over time. The analysis focuses on first significant digit distribution. Graphical analysis of observed frequencies and time series of relative discrepancies reveals the formation of typical patterns of divergences from Public Tenders Law (Federal Law n. 8.666/93). From the results obtained, we conclude that time series analysis of NB Law compliance can improve the accuracy of sampling procedures in continuous auditing.
DOI: 10.6084/m9.figshare.20025425
title: Using the Newcomb-Benford Law as a Deviation Identification Method in Continuous Auditing Environments: A Proposal for Detecting Deviations over Time

description: ABSTRACT This paper used the Newcomb-Benford Law (NB Law) to analyze 210,899 contracts issued by sixty management units in two states in the Brazilian Northeast in 2010. In this article we seek to address the following question: What proposal emerges from the need to identify financial deviations over time in terms of NB Law compliance in continuous auditing scenarios? To this end, the goal of the paper is to analyze this compliance with the aim of identifying deviations over time. The analysis focuses on first significant digit distribution. Graphical analysis of observed frequencies and time series of relative discrepancies reveals the formation of typical patterns of divergences from Public Tenders Law (Federal Law n. 8.666/93). From the results obtained, we conclude that time series analysis of NB Law compliance can improve the accuracy of sampling procedures in continuous auditing.
DOI: 10.6084/m9.figshare.20025437
title: Heterogeneity in earnings quality between different classes of companies after IFRS adoption: evidence from Brazil

description: ABSTRACT This paper aims to investigate the existence of heterogeneity in earnings quality between different classes of companies after the adoption of the International Financial Reporting Standards (IFRS). IFRS adoption is generally associated with an increase in the quality of financial statements. However, companies within the same country are likely to have different economic incentives regarding the disclosure of information. Thus, treating companies equally, without considering the related economic incentives, could contaminate earnings quality investigations. The case of Brazil is analyzed, which is a country classified as code-law, in which tax laws determined accounting practice and in which IFRS adoption is mandatory. First, Brazilian companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA) were separated into two classes: companies issuing American Depositary Receipts (ADRs) before IFRS adoption and companies that did not issue ADRs until the adoption of IFRS. Then, this second class of companies was grouped, using cluster analysis, into two different subclasses according to economic incentives. Based on the groups identified, the quality of accounting earnings is tested for each class of the companies before and after IFRS adoption. This paper uses timely recognition of economic events, value relevance of net income, and earnings management as proxies for the quality of accounting earnings. The results indicate that a particular class of companies began showing conditional conservatism, value relevance of net income, and lower earnings management after IFRS adoption. On the other hand, these results were not found for the two other classes of companies.
DOI: 10.6084/m9.figshare.20025437.v1
title: Heterogeneity in earnings quality between different classes of companies after IFRS adoption: evidence from Brazil

description: ABSTRACT This paper aims to investigate the existence of heterogeneity in earnings quality between different classes of companies after the adoption of the International Financial Reporting Standards (IFRS). IFRS adoption is generally associated with an increase in the quality of financial statements. However, companies within the same country are likely to have different economic incentives regarding the disclosure of information. Thus, treating companies equally, without considering the related economic incentives, could contaminate earnings quality investigations. The case of Brazil is analyzed, which is a country classified as code-law, in which tax laws determined accounting practice and in which IFRS adoption is mandatory. First, Brazilian companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBOVESPA) were separated into two classes: companies issuing American Depositary Receipts (ADRs) before IFRS adoption and companies that did not issue ADRs until the adoption of IFRS. Then, this second class of companies was grouped, using cluster analysis, into two different subclasses according to economic incentives. Based on the groups identified, the quality of accounting earnings is tested for each class of the companies before and after IFRS adoption. This paper uses timely recognition of economic events, value relevance of net income, and earnings management as proxies for the quality of accounting earnings. The results indicate that a particular class of companies began showing conditional conservatism, value relevance of net income, and lower earnings management after IFRS adoption. On the other hand, these results were not found for the two other classes of companies.
DOI: 10.34740/kaggle/dsv/3207551
title: Students Periodic Test Marks
DOI: 10.6084/m9.figshare.20025446
title: Cognitive brain mapping of auditors and accountants in going concern judgments

description: ABSTRACT This study aims to explain the extent to which brain mapping patterns follow behavioral patterns of auditors and accountants’ judgments when assessing evidence for decisions involving going concern. This multidisciplinary research involved investigating the relation between the theory of belief revision, neuroscience, and neuroaccounting with a sample of auditors and accountants. We developed a randomized controlled trial study with 12 auditors and 13 accountants. Auditors and accountants presented similar judgments about going concern, specially demonstrating greater sensitivity to negative evidence. Despite similar judgments, results showed diverging brain processing patterns between groups, as distinct reasoning was used to reach going concern estimates. During the decision process, auditors presented homogeneous brain processing patterns, while accountants evidenced conflicts and greater cognitive effort. For both groups, the occurrence of maximization (minimization) of judgments is observed in brain areas associated with identification of needs and motivations linked to individuals’ relations with their social group. This was strengthened by the lack of significant differences between the regression maps of auditors and accountants, leading to interpretation of the groups’ findings as homogeneous brain behavior. Despite familiarity with the executed task and knowledge of auditing standards, as a result of the greater use of algorithmic reasoning the auditors’ judgments were similar to that of accountants. On the other hand, the accountants’ greater cognitive effort, due to the experiencing of greater conflict in the decision-making process, made them use more quantic brain processing abilities, which are responsible for conscious reasoning. This was observed in the maximizations (minimizations) of the estimates in brain areas related to concerns with the judgments’ social repercussions, which culminated in some degree of “conservatism” in their decisions. Furthermore, these findings reveal another opportunity to discuss the assumption of the brain as the original accounting institution.
DOI: 10.6084/m9.figshare.20025446.v1
title: Cognitive brain mapping of auditors and accountants in going concern judgments

description: ABSTRACT This study aims to explain the extent to which brain mapping patterns follow behavioral patterns of auditors and accountants’ judgments when assessing evidence for decisions involving going concern. This multidisciplinary research involved investigating the relation between the theory of belief revision, neuroscience, and neuroaccounting with a sample of auditors and accountants. We developed a randomized controlled trial study with 12 auditors and 13 accountants. Auditors and accountants presented similar judgments about going concern, specially demonstrating greater sensitivity to negative evidence. Despite similar judgments, results showed diverging brain processing patterns between groups, as distinct reasoning was used to reach going concern estimates. During the decision process, auditors presented homogeneous brain processing patterns, while accountants evidenced conflicts and greater cognitive effort. For both groups, the occurrence of maximization (minimization) of judgments is observed in brain areas associated with identification of needs and motivations linked to individuals’ relations with their social group. This was strengthened by the lack of significant differences between the regression maps of auditors and accountants, leading to interpretation of the groups’ findings as homogeneous brain behavior. Despite familiarity with the executed task and knowledge of auditing standards, as a result of the greater use of algorithmic reasoning the auditors’ judgments were similar to that of accountants. On the other hand, the accountants’ greater cognitive effort, due to the experiencing of greater conflict in the decision-making process, made them use more quantic brain processing abilities, which are responsible for conscious reasoning. This was observed in the maximizations (minimizations) of the estimates in brain areas related to concerns with the judgments’ social repercussions, which culminated in some degree of “conservatism” in their decisions. Furthermore, these findings reveal another opportunity to discuss the assumption of the brain as the original accounting institution.
DOI: 10.6084/m9.figshare.20025445.v1
title: Geographically Weighted Logistic Regression Applied to Credit Scoring Models

description: Abstract This study used real data from a Brazilian financial institution on transactions involving Consumer Direct Credit (CDC), granted to clients residing in the Distrito Federal (DF), to construct credit scoring models via Logistic Regression and Geographically Weighted Logistic Regression (GWLR) techniques. The aims were: to verify whether the factors that influence credit risk differ according to the borrower’s geographic location; to compare the set of models estimated via GWLR with the global model estimated via Logistic Regression, in terms of predictive power and financial losses for the institution; and to verify the viability of using the GWLR technique to develop credit scoring models. The metrics used to compare the models developed via the two techniques were the AICc informational criterion, the accuracy of the models, the percentage of false positives, the sum of the value of false positive debt, and the expected monetary value of portfolio default compared with the monetary value of defaults observed. The models estimated for each region in the DF were distinct in their variables and coefficients (parameters), with it being concluded that credit risk was influenced differently in each region in the study. The Logistic Regression and GWLR methodologies presented very close results, in terms of predictive power and financial losses for the institution, and the study demonstrated viability in using the GWLR technique to develop credit scoring models for the target population in the study.
DOI: 10.6084/m9.figshare.20025445
title: Geographically Weighted Logistic Regression Applied to Credit Scoring Models

description: Abstract This study used real data from a Brazilian financial institution on transactions involving Consumer Direct Credit (CDC), granted to clients residing in the Distrito Federal (DF), to construct credit scoring models via Logistic Regression and Geographically Weighted Logistic Regression (GWLR) techniques. The aims were: to verify whether the factors that influence credit risk differ according to the borrower’s geographic location; to compare the set of models estimated via GWLR with the global model estimated via Logistic Regression, in terms of predictive power and financial losses for the institution; and to verify the viability of using the GWLR technique to develop credit scoring models. The metrics used to compare the models developed via the two techniques were the AICc informational criterion, the accuracy of the models, the percentage of false positives, the sum of the value of false positive debt, and the expected monetary value of portfolio default compared with the monetary value of defaults observed. The models estimated for each region in the DF were distinct in their variables and coefficients (parameters), with it being concluded that credit risk was influenced differently in each region in the study. The Logistic Regression and GWLR methodologies presented very close results, in terms of predictive power and financial losses for the institution, and the study demonstrated viability in using the GWLR technique to develop credit scoring models for the target population in the study.
DOI: 10.6084/m9.figshare.20025451
title: Influence of board interlocking on earnings management

description: ABSTRACT The participation of directors on more than one board is called “board interlocking”. This phenomenon contributes to the spread of management and governance practices, through directors sharing their knowledge and experiences on other boards. Thus, directors could “carry” the earnings management practices present in one company into another in which they sit on the board. It is assumed that the greater directors’ direct or indirect connections on boards, the greater the sharing of information, especially information that can be reflected in company earnings quality. In light of the above, the aim of this study is to verify the influence of board interlocking on earnings management in companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa). The study is characterized as descriptive, quantitative, and documentary, and uses a sample of companies listed on the BM&FBOVESPA between 2011 and 2013. For earnings management, the model from Kang and Sivaramakrishnan (1995) was used, while for interlocking, degree centrality measures were used for direct board member connections, and intermediation centrality for indirect connections. The results indicate that earnings management is influenced by the interlocking of board members. It is concluded that the greater the degree centrality, the greater positive earnings management is, and that variations in positive and negative accruals are influenced by board member intermediation. The results reinforce the idea that earnings management behavior can be transferred between companies by the directors that make up their boards.
DOI: 10.6084/m9.figshare.20025451.v1
title: Influence of board interlocking on earnings management

description: ABSTRACT The participation of directors on more than one board is called “board interlocking”. This phenomenon contributes to the spread of management and governance practices, through directors sharing their knowledge and experiences on other boards. Thus, directors could “carry” the earnings management practices present in one company into another in which they sit on the board. It is assumed that the greater directors’ direct or indirect connections on boards, the greater the sharing of information, especially information that can be reflected in company earnings quality. In light of the above, the aim of this study is to verify the influence of board interlocking on earnings management in companies listed on the São Paulo Stock, Commodities, and Futures Exchange (BM&FBovespa). The study is characterized as descriptive, quantitative, and documentary, and uses a sample of companies listed on the BM&FBOVESPA between 2011 and 2013. For earnings management, the model from Kang and Sivaramakrishnan (1995) was used, while for interlocking, degree centrality measures were used for direct board member connections, and intermediation centrality for indirect connections. The results indicate that earnings management is influenced by the interlocking of board members. It is concluded that the greater the degree centrality, the greater positive earnings management is, and that variations in positive and negative accruals are influenced by board member intermediation. The results reinforce the idea that earnings management behavior can be transferred between companies by the directors that make up their boards.
DOI: 10.6084/m9.figshare.20025454
title: Voluntary disclosure and earnings management: evidence from the Brazilian capital market

description: ABSTRACT This study examines the association between the voluntary disclosure of economic and financial information and earnings management. The outlined arguments on the subject are based on the assumption that consistent voluntary disclosure policies may reduce earnings management. The analysis is conducted on a random sample of 66 non-financial Brazilian listed companies in the 2005-2012 period. To measure voluntary disclosure, the index proposed by Consoni and Colauto (2016) is used. As a proxy for earnings management, discretionary accruals (DA) are estimated based on the model by Dechow, Sloan, and Sweeney (1995). The relationship between these measurements is analyzed using a model of simultaneous equations and by the random effects regression method with panel data. A significant negative relationship was expected a priori; however, the main result of the study indicates that voluntary disclosure and earnings management are not simultaneously determined or associated. Although the results obtained contradict certain theoretical assumptions, there are alternative explanations for this finding. The empirical set of evidence in this research, in addition to those in previous studies, should be interpreted with caution because there is no consensus on the measures for voluntary disclosure and earnings management. Second, several companies in Brazil may not be interested in providing high-quality voluntary disclosure because most of their shareholders enjoy private benefits of control. This issue reduces the importance of the potential market demand for information, stratifies information asymmetry, and does not prevent earnings management.
DOI: 10.6084/m9.figshare.20025454.v1
title: Voluntary disclosure and earnings management: evidence from the Brazilian capital market

description: ABSTRACT This study examines the association between the voluntary disclosure of economic and financial information and earnings management. The outlined arguments on the subject are based on the assumption that consistent voluntary disclosure policies may reduce earnings management. The analysis is conducted on a random sample of 66 non-financial Brazilian listed companies in the 2005-2012 period. To measure voluntary disclosure, the index proposed by Consoni and Colauto (2016) is used. As a proxy for earnings management, discretionary accruals (DA) are estimated based on the model by Dechow, Sloan, and Sweeney (1995). The relationship between these measurements is analyzed using a model of simultaneous equations and by the random effects regression method with panel data. A significant negative relationship was expected a priori; however, the main result of the study indicates that voluntary disclosure and earnings management are not simultaneously determined or associated. Although the results obtained contradict certain theoretical assumptions, there are alternative explanations for this finding. The empirical set of evidence in this research, in addition to those in previous studies, should be interpreted with caution because there is no consensus on the measures for voluntary disclosure and earnings management. Second, several companies in Brazil may not be interested in providing high-quality voluntary disclosure because most of their shareholders enjoy private benefits of control. This issue reduces the importance of the potential market demand for information, stratifies information asymmetry, and does not prevent earnings management.