cometadata/datacite-titles-descriptions-related-identifiers huggingface dataset:
DOI: 10.6084/m9.figshare.20025653.v1
title: Informational content of key audit matters and financial analysts’ forecasts

description: Abstract The aim of this article was to analyze the relationship between the informational content of the key audit matters (KAMs) reported in the Independent Audit Report (IAR) and financial analysts’ forecasts for the companies listed on the B3 S.A. - Brasil, Bolsa, Balcão (B3). The research that has investigated the relevance of KAMs has not analyzed the incremental information about the audited firm, from the independent auditor’s viewpoint, that can affect financial analysts’ forecasts. The findings of this research reveal that the KAMs reported present relevant informational content about the audited firm for financial analysts, thus improving the quality of their forecasts. In addition, it was observed in the quantile analysis that the KAMs contribute to the fine tuning of analysts’ forecasts. The debate on the auditor-analyst relationship is also widened, specifically regarding the utility of KAMs for financial analysts, in terms of them considering using this information in their projections for the analyzed companies, thus reinforcing the search for their improvement by the regulator. The analysis was conducted based on generalized least squares (GLS) and quantile regressions covering 137 non-financial companies, using data from (quarterly and annual) analysts’ forecasts available from Thomson Reuters Eikon® and financial information from Economatica®. In general, the quantity and content of the items reported as KAMs were revealed to be significant in relation to the analysts’ earnings per share forecasts and to their forecasting error, revealing a reduction in asymmetry. Thus, the higher the informational value of the KAMs, the better the quality of that information is, contributing to forming an earnings forecast consensus and minimizing the error in the financial analysts’ estimates. In addition, it was observed that the disclosure of KAMs has no immediate reflection in the earnings forecast in the quarter following their disclosure, with their informational content being diluted over the following financial period, impacting the annual earnings forecast.
DOI: 10.6084/m9.figshare.20025655
title: Hermeneutics to read ‘confidence’ and ‘trust’ in rely, confidence and trust in the ISAs translation,

description: ABSTRACT This study aimed to develop a hermeneutical proposal to read ‘confidence’ (“confianza”) and ‘trust’ (“confiar”) in rely, confidence, and trust in the International Standards on Auditing (ISAs) translation into Spanish, based on contrasting them with the scientific literature on auditing. The gap addressed by this proposal is the lack of criteria to interpret the ISAs translation of rely, confidence, and trust into Spanish, which leads to an inadequate reading of the standards, since these terms are translated into Spanish as ‘confianza’ and ‘confiar,’ a misleading terminological choice. Some keys are provided for a hermeneutical reading when dealing with the concepts ‘confidence’ and ‘trust’ in the ISAs, since they are used interchangeably. This article is a starting point for both researchers and auditors when interpreting the terms rely, confidence, and trust translated into Spanish. From the methodological field, in the first place, a search was made in the ISAs for three key concepts related to what is understood in Spanish by the concepts ‘confidence’ and ‘trust’: rely (reliance), confidence, and trust, specifically determining the place where the concepts were to try to grasp the general meaning of the text within the paragraph of the corresponding standard; second, a structured accounting literature review on the concepts rely, confidence, and trust was conducted in the scientific auditing publications. This study provides the following hermeneutical keys to read ‘confidence’ and ‘trust’ in rely, confidence, and trust in the ISAs translation: rely is more oriented to controls, confidence refers to the relationship between an auditor and the stakeholders, and trust is a threat to the auditor’s objectivity.
DOI: 10.6084/m9.figshare.20025655.v1
title: Hermeneutics to read ‘confidence’ and ‘trust’ in rely, confidence and trust in the ISAs translation,

description: ABSTRACT This study aimed to develop a hermeneutical proposal to read ‘confidence’ (“confianza”) and ‘trust’ (“confiar”) in rely, confidence, and trust in the International Standards on Auditing (ISAs) translation into Spanish, based on contrasting them with the scientific literature on auditing. The gap addressed by this proposal is the lack of criteria to interpret the ISAs translation of rely, confidence, and trust into Spanish, which leads to an inadequate reading of the standards, since these terms are translated into Spanish as ‘confianza’ and ‘confiar,’ a misleading terminological choice. Some keys are provided for a hermeneutical reading when dealing with the concepts ‘confidence’ and ‘trust’ in the ISAs, since they are used interchangeably. This article is a starting point for both researchers and auditors when interpreting the terms rely, confidence, and trust translated into Spanish. From the methodological field, in the first place, a search was made in the ISAs for three key concepts related to what is understood in Spanish by the concepts ‘confidence’ and ‘trust’: rely (reliance), confidence, and trust, specifically determining the place where the concepts were to try to grasp the general meaning of the text within the paragraph of the corresponding standard; second, a structured accounting literature review on the concepts rely, confidence, and trust was conducted in the scientific auditing publications. This study provides the following hermeneutical keys to read ‘confidence’ and ‘trust’ in rely, confidence, and trust in the ISAs translation: rely is more oriented to controls, confidence refers to the relationship between an auditor and the stakeholders, and trust is a threat to the auditor’s objectivity.
DOI: 10.6084/m9.figshare.20025656
title: Does duration of competitive advantage drive long-term returns in the stock market?

description: ABSTRACT The purpose of this article was to develop a new indicator to estimate the aggregate long-term expected return on stocks. There is not a widely used method to model directly the aggregated expected return of the stock market. Most current methods use indirect approaches. We developed a new indicator that does not need an econometric model to generate expected returns and provides an estimate of the long-term expected returns. The proposed methodology can be used to develop an indicator of future returns of the stock market similar to the yield-to-maturity used for bonds. We used a restricted one-stage constant-growth model - a variant of the residual income model (RIM) - whose main input is the duration of companies’ competitive advantage and cyclical adjusted real return on invested capital (ROIC) with a 10-year average. We used a new methodology to develop an indicator of the long-term expected return on the equity market at the aggregate level, considering the duration of the competitive advantage of companies. Our results showed a strong correlation between the estimated implied return on equity (IRE) of current stock prices and realized returns of the 10-year real total return of the index.
DOI: 10.6084/m9.figshare.20025656.v1
title: Does duration of competitive advantage drive long-term returns in the stock market?

description: ABSTRACT The purpose of this article was to develop a new indicator to estimate the aggregate long-term expected return on stocks. There is not a widely used method to model directly the aggregated expected return of the stock market. Most current methods use indirect approaches. We developed a new indicator that does not need an econometric model to generate expected returns and provides an estimate of the long-term expected returns. The proposed methodology can be used to develop an indicator of future returns of the stock market similar to the yield-to-maturity used for bonds. We used a restricted one-stage constant-growth model - a variant of the residual income model (RIM) - whose main input is the duration of companies’ competitive advantage and cyclical adjusted real return on invested capital (ROIC) with a 10-year average. We used a new methodology to develop an indicator of the long-term expected return on the equity market at the aggregate level, considering the duration of the competitive advantage of companies. Our results showed a strong correlation between the estimated implied return on equity (IRE) of current stock prices and realized returns of the 10-year real total return of the index.
DOI: 10.6084/m9.figshare.20025658
title: Viability of Universal Life insurance in Brazil from the supply and demand perspectives

description: ABSTRACT The aim of this article was to evaluate the viability of Universal Life insurance (UL) in Brazil from two perspectives: from the individual viewpoint of policyholders, considering different client profiles and investment scenarios; and from the company viewpoint, verifying whether insurers see sales advantages in UL. Thus, despite the lack of definition of the regulations on these contracts by the Superintendence of Private Insurance (Susep), this article’s contribution lies in evaluating UL - a typically American product - in Brazil, using an entirely actuarial methodology, for policyholders and insurers, according to local parameters. The relevance of the article lies in strengthening the support for individuals, companies, and authorities to evaluate the product and discuss its implementation, even identifying the most favorable profiles and scenarios for its development. Although the UL is an individual modality that is widespread in several countries and its design exploits well-defined attractions, the product has not been explored in the national literature. The methodology adoted in this study used fully actuarial modeling, the internal rate of return (IRR), and profit testing. The study reveals that the Brazilian market for UL is viable, especially due to the higher interest rates compared to countries where the product is already widespread. From a demand perspective, the results indicate that the policyholder would be in a more advantageous position acquiring UL than buying life insurance in the private market and investing the surplus in financial assets, due to the hybrid characteristic of the contract, which enables the use of financial returns as discount factors in the insurance portion and operational charges, reducing the opportunity costs linked to the product. With regard to companies, the profit testing results suggest there are stimuli for the supply of UL, provided the operation has a long-term bias. Altering the mortality pattern, policy type, and the company’s investment profile, all the results point in a similar direction.
DOI: 10.6084/m9.figshare.20025658.v1
title: Viability of Universal Life insurance in Brazil from the supply and demand perspectives

description: ABSTRACT The aim of this article was to evaluate the viability of Universal Life insurance (UL) in Brazil from two perspectives: from the individual viewpoint of policyholders, considering different client profiles and investment scenarios; and from the company viewpoint, verifying whether insurers see sales advantages in UL. Thus, despite the lack of definition of the regulations on these contracts by the Superintendence of Private Insurance (Susep), this article’s contribution lies in evaluating UL - a typically American product - in Brazil, using an entirely actuarial methodology, for policyholders and insurers, according to local parameters. The relevance of the article lies in strengthening the support for individuals, companies, and authorities to evaluate the product and discuss its implementation, even identifying the most favorable profiles and scenarios for its development. Although the UL is an individual modality that is widespread in several countries and its design exploits well-defined attractions, the product has not been explored in the national literature. The methodology adoted in this study used fully actuarial modeling, the internal rate of return (IRR), and profit testing. The study reveals that the Brazilian market for UL is viable, especially due to the higher interest rates compared to countries where the product is already widespread. From a demand perspective, the results indicate that the policyholder would be in a more advantageous position acquiring UL than buying life insurance in the private market and investing the surplus in financial assets, due to the hybrid characteristic of the contract, which enables the use of financial returns as discount factors in the insurance portion and operational charges, reducing the opportunity costs linked to the product. With regard to companies, the profit testing results suggest there are stimuli for the supply of UL, provided the operation has a long-term bias. Altering the mortality pattern, policy type, and the company’s investment profile, all the results point in a similar direction.
DOI: 10.6084/m9.figshare.20025661.v1
title: Chemical composition of Tanganyika grass under tree shading levels in a silvopastoral system

description: ABSTRACT This study aimed to evaluate the effect of different Clitoria fairchildiana tree shading levels on the Tanganyika grass (Megatyrsus maximus Jacq. cv. Tanganyika) chemical composition, in summer I (2011/2012), spring (2012) and summer II (2012/2013) seasons. For this purpose, an experiment was conducted in a completely randomized design with four treatments (shading levels) and five repetitions at Seropédica, state of Rio de Janeiro, Brazil. The following variables were evaluated: dry matter (DM), crude protein (CP), neutral detergent (NDF) and acid detergent (ADF) fiber, neutral (NDIP) and acid (ADIP) detergent insoluble protein, lignin (LIG) and mineral matter (MM) contents. Data were analyzed by PROC MIXED SAS®, with repeated measures in time, and treatment means compared by Tukey’s test (P&lt;0.05) or by PROC REG (P&lt;0.05 for regression analysis. There was a significant interaction between season and shading level for DM, CP, NDF, ADF, NDIP, ADIP and MM contents (P&lt;0.05). Lignin content was only influenced by shading level (P&lt;0.05). The DM, NDF, ADF and lignin contents were reduced by shading increase while CP, NIDP and MM contents were increased. Higher ADIP contents were found only in the spring. The increase in Clitoria fairchildiana tree shading improves the chemical composition of Tanganyika grass forage during summer season.
DOI: 10.6084/m9.figshare.20025661
title: Chemical composition of Tanganyika grass under tree shading levels in a silvopastoral system

description: ABSTRACT This study aimed to evaluate the effect of different Clitoria fairchildiana tree shading levels on the Tanganyika grass (Megatyrsus maximus Jacq. cv. Tanganyika) chemical composition, in summer I (2011/2012), spring (2012) and summer II (2012/2013) seasons. For this purpose, an experiment was conducted in a completely randomized design with four treatments (shading levels) and five repetitions at Seropédica, state of Rio de Janeiro, Brazil. The following variables were evaluated: dry matter (DM), crude protein (CP), neutral detergent (NDF) and acid detergent (ADF) fiber, neutral (NDIP) and acid (ADIP) detergent insoluble protein, lignin (LIG) and mineral matter (MM) contents. Data were analyzed by PROC MIXED SAS®, with repeated measures in time, and treatment means compared by Tukey’s test (P&lt;0.05) or by PROC REG (P&lt;0.05 for regression analysis. There was a significant interaction between season and shading level for DM, CP, NDF, ADF, NDIP, ADIP and MM contents (P&lt;0.05). Lignin content was only influenced by shading level (P&lt;0.05). The DM, NDF, ADF and lignin contents were reduced by shading increase while CP, NIDP and MM contents were increased. Higher ADIP contents were found only in the spring. The increase in Clitoria fairchildiana tree shading improves the chemical composition of Tanganyika grass forage during summer season.
DOI: 10.6084/m9.figshare.20025662
title: Structure and nutritional value of BRS Zuri grass under shading

description: ABSTRACT The objective was to determine the structural and nutritive parameters for Panicum maximum cv. BRS Zuri under a Eucalyptus shading system, in rainy and dry seasons. At the beginning of each season, the treatments (foliar fertilization levels of 0, 3, 6 and 9 L ha-1) were applied and evaluated at 28, 56, and 84 growing days. The treatments did not affect significantly (p ≥ 0.05) the evaluated parameters. The systems (shading and full sun) and seasons did not change (p ≥ 0.05) forage and root masses. The leaf crude protein content was higher (p ≤ 0.05) in the dry season. Height, leaf mass, stem and dead material, neutral and acid detergent fiber contents, and in vitro dry matter digestibility were affected (p ≤ 0.05) by the system x season. The growing days did not affect (p ≥ 0.05) forage mass. The mass of dead material decreased (p ≤ 0.05) over the evaluated intervals. The other parameters were affected (p ≤ 0.05) by system × growing days. Based on the results, the forage and root masses show that the cv. BRS Zuri is adapted to the shading in the proposed experimental conditions. These masses added to the crude protein content indicate adaptation to low rainfall, inherent to the dry season, while foliar fertilization applied at the beginning of seasons did not affect the structural and nutritive parameters of BRS Zuri grass.
DOI: 10.6084/m9.figshare.20025662.v1
title: Structure and nutritional value of BRS Zuri grass under shading

description: ABSTRACT The objective was to determine the structural and nutritive parameters for Panicum maximum cv. BRS Zuri under a Eucalyptus shading system, in rainy and dry seasons. At the beginning of each season, the treatments (foliar fertilization levels of 0, 3, 6 and 9 L ha-1) were applied and evaluated at 28, 56, and 84 growing days. The treatments did not affect significantly (p ≥ 0.05) the evaluated parameters. The systems (shading and full sun) and seasons did not change (p ≥ 0.05) forage and root masses. The leaf crude protein content was higher (p ≤ 0.05) in the dry season. Height, leaf mass, stem and dead material, neutral and acid detergent fiber contents, and in vitro dry matter digestibility were affected (p ≤ 0.05) by the system x season. The growing days did not affect (p ≥ 0.05) forage mass. The mass of dead material decreased (p ≤ 0.05) over the evaluated intervals. The other parameters were affected (p ≤ 0.05) by system × growing days. Based on the results, the forage and root masses show that the cv. BRS Zuri is adapted to the shading in the proposed experimental conditions. These masses added to the crude protein content indicate adaptation to low rainfall, inherent to the dry season, while foliar fertilization applied at the beginning of seasons did not affect the structural and nutritive parameters of BRS Zuri grass.
DOI: 10.6084/m9.figshare.20025664
title: Influence of season and external morphology on thermal comfort and physiological responses in bulls from two breeds adapted to a subtropical climate

description: ABSTRACT Animals in subtropical regions can be exposed to periods of thermal stress. Locally adapted breeds are especially important in this context, but these have little information available in their natural environments. The aim of this study was to assess whether season affects thermal comfort and physiological responses to increased temperatures of two breeds of bulls in a subtropical climate. Four Angus and four Crioulo Lageano bulls were used in this study. Body and testicles measurements, skin pigmentation and thickness, hair number, length and pigmentation, respiratory rate, panting score, rectal temperature and haematological profile were recorded on three occasions in summer and winter, morning and afternoon. The surface temperature of the flank, eye and scrotum were obtained by infrared thermography. Hair coat colour was determined by CIELAB method. Thermal comfort indexes were calculated from meteorological data. Statistical analysis included analyses of variance, correlations and a partial least squares regression in determining which traits were the most important in thermal adaptability. External morphology of the bulls was important for explaining physiological changes in both seasons, but their contribution was greater in summer. Bulls experienced moderate heat stress in summer, which led to significant physiological responses, which were more pronounced in Angus bulls. The main differences in thermal adaptation found between breeds were the hair coat characteristics and respiratory rate. Despite using different mechanisms to cope with environmental challenges, all bulls were able to maintain optimal testicular thermoregulation as well as systemic normothermia throughout the seasons, showing good adaptation to the climate conditions.
DOI: 10.6084/m9.figshare.20025664.v1
title: Influence of season and external morphology on thermal comfort and physiological responses in bulls from two breeds adapted to a subtropical climate

description: ABSTRACT Animals in subtropical regions can be exposed to periods of thermal stress. Locally adapted breeds are especially important in this context, but these have little information available in their natural environments. The aim of this study was to assess whether season affects thermal comfort and physiological responses to increased temperatures of two breeds of bulls in a subtropical climate. Four Angus and four Crioulo Lageano bulls were used in this study. Body and testicles measurements, skin pigmentation and thickness, hair number, length and pigmentation, respiratory rate, panting score, rectal temperature and haematological profile were recorded on three occasions in summer and winter, morning and afternoon. The surface temperature of the flank, eye and scrotum were obtained by infrared thermography. Hair coat colour was determined by CIELAB method. Thermal comfort indexes were calculated from meteorological data. Statistical analysis included analyses of variance, correlations and a partial least squares regression in determining which traits were the most important in thermal adaptability. External morphology of the bulls was important for explaining physiological changes in both seasons, but their contribution was greater in summer. Bulls experienced moderate heat stress in summer, which led to significant physiological responses, which were more pronounced in Angus bulls. The main differences in thermal adaptation found between breeds were the hair coat characteristics and respiratory rate. Despite using different mechanisms to cope with environmental challenges, all bulls were able to maintain optimal testicular thermoregulation as well as systemic normothermia throughout the seasons, showing good adaptation to the climate conditions.