Fatores Determinantes do Nível de Divulgação de Informações sobre Combinações de Negócios com a Entrada em Vigor do Pronunciamento Técnico CPC 15

Este trabalho teve por objetivo investigar a divulgação de informações sobre operações de combinação de negócios ocorridas no Brasil em 2010, quando entrou em vigor o Pronunciamento Técnico CPC 15, e avaliar quais foram os fatores determinantes para o nível de divulgação das informações relacionadas com ele. Para avaliar o nível de divulgação, foi elaborado um índice de divulgação da combinação de negócios (INDCOMB), com base no disclosure index desenvolvido por Shalev (2009). Avaliou-se, à luz da literatura sobre divulgação e combinação de negócios, se os seguintes fatores influenciavam o nível de divulgação: o porte da empresa adquirente, o percentual reconhecido do ágio por expectativa de rentabilidade futura em relação ao valor da transação, a dispersão do capital da empresa adquirente, o porte da empresa de auditoria e a participação da adquirente em programas de American Depositary Receipts (ADRs). As variáveis de controle utilizadas foram a listagem da adquirente nos segmentos diferenciados da BM&FBOVESPA, o setor de atuação, a origem (estatal, privada de capital nacional ou privada de capital estrangeiro) e o porte relativo da empresa adquirida em relação à empresa adquirente. Foram analisadas operações de combinação de negócios realizadas em 2010, reportadas por 40 companhias abertas envolvidas em 76 operações. Conclui-se que o porte da empresa de auditoria e o porte relativo da empresa adquirida foram fatores que influenciaram o nível de divulgação de informações sobre combinação de negócios em 2010. Os demais fatores não apresentaram resultados conclusivos.This paper aimed to investigate information disclosure on business combination transactions that took place in Brazil in 2010, when the Accounting Standard CPC 15 entered into force, and evaluate which were the determining factors of the level of disclosure of information related to it. To evaluate the disclosure level, a disclosure index of business combinations (INDCOMB) was prepared, having the disclosure index developed by Shalev (2009) as a basis. We evaluated, in the light of the literature on disclosure and business combinations, whether the following factors influenced on the disclosure level: acquiring company size, recognized percentage of overprice for expected future profitability in relation to the transaction value, dispersion of capital of the acquiring company, audit firm size, and participation of the acquiring company in American Depositary Receipts (ADRs) programs. The control variables used were listing of the acquiring company in the various segments of BM&FBOVESPA, operation sector, origin (state, private company with national capital or private company with foreign capital), and relative acquired company size in relation to the acquiring company. We analyzed business combination transactions that took place in 2010, reported by 40 open capital companies involved in 76 transactions. We conclude that the audit firm size and the relative acquired company size were factors that influenced on the level of disclosure of information regarding business combinations in 2010. The other factors showed no conclusive results

Disclosure of information on business combination

O objetivo deste trabalho foi investigar a divulgação de informações sobre operações de combinação de negócios, ocorridas no Brasil no ano de 2010 e verificar quais fatores influenciaram o nível de disclosure. A partir do ano de 2010 entrou em vigor o Pronunciamento Técnico CPC 15 - Combinação de Negócios, relacionado com a norma internacional IFRS 3 - Business Combination, a qual estabelece as informações que devem ser divulgadas numa combinação de negócios. Apesar do CPC 15 determinar quais informações devem ser divulgadas, observaram-se diferenças no nível de informação divulgada entre as empresas. Para se analisar o nível de divulgação de informações sobre operação de combinação de negócios, construi-se um índice de disclosure de combinação de negócios (INDCOMB), baseado nas informações a serem divulgadas pelas empresas, de acordo com o CPC-15. A partir desse índice, são analisados, por meio de regressão multivariada, quais fatores influenciavam o nível de disclosure. Tendo como variável dependente o índice INDCOMB, avalia-se se os seguintes fatores influenciavam no nível de disclosure: o porte da empresa adquirente, o percentual reconhecido do ágio por expectativa de rentabilidade futura (goodwill) reconhecido em relação ao valor da transação, a dispersão do capital da empresa adquirente, o porte da empresa de auditoria e a participação da adquirente em programas de ADRs, American Depositary Receipts. São utilizados como variáveis de controle a listagem da adquirente nos segmentos diferenciados da BM&FBOVESPA, o setor de atuação, a origem (estatal, privada de capital nacional ou privada de capital estrangeiro) e o porte relativo da empresa adquirida em relação à empresa adquirente. Analisam-se operações de combinação de negócios de 40 companhias abertas envolvidas em 76 operações de combinação de negócios. De acordo com os resultados, o porte da empresa de auditoria e o porte relativo da empresa adquirida são fatores que influenciam o nível de divulgação de informações sobre combinação de negócios. Os demais fatores não apresentam resultados conclusivos, conforme o estudo realizado.The aim of this work has been to analyze the disclosure of information on business combination carried out in Brazil in the year 2010 and to assess the factors that influence the level of disclosure. From the year 2010 onwards the provisions of the CPC-15 - Business Combinations statement started its effects. CPC 15 is related to the IASB international standard IFRS 3 - Business Combination, that provides the information must be disclosed in a business combination operation. Although CPC-15 determines the compulsory information that should be disclosed, it was observed that there are differences in the level of information disclosed between companies. To analyze the level of disclosure of information about the operations an index of disclosure of a business combination (INDCOMB) has been built, based on information that companies should disclose according to the CPC-15. Then the factors which influenced the level of disclosure was analyzed using multivariate regression. The dependent variable is the index INDCOMB and the following factors has been analyzed to assess the influenced on the disclosure level: the acquirer size, the percentage of goodwill recognized relative to the value of the transaction, the acquirer free float, the auditing firm size and the acquirer participation on ADRs (American Depositary Receipts). As control variables the listing status of acquirer on the special segments of BM&FBOVESPA, its sector of activity, the source (state, private domestic capital or private foreign capital), the acquired relative size regarding the acquiring company was used. Business combination of 40 public companies involved in 76 operations has been analyzed. The results suggest that auditing firm size and the relative size of the acquired company are factors that influence the level of disclosure of information on a business combination. The other factors did not show conclusive results, according this work

Disclosure of information on business combination

O objetivo deste trabalho foi investigar a divulgação de informações sobre operações de combinação de negócios, ocorridas no Brasil no ano de 2010 e verificar quais fatores influenciaram o nível de disclosure. A partir do ano de 2010 entrou em vigor o Pronunciamento Técnico CPC 15 - Combinação de Negócios, relacionado com a norma internacional IFRS 3 - Business Combination, a qual estabelece as informações que devem ser divulgadas numa combinação de negócios. Apesar do CPC 15 determinar quais informações devem ser divulgadas, observaram-se diferenças no nível de informação divulgada entre as empresas. Para se analisar o nível de divulgação de informações sobre operação de combinação de negócios, construi-se um índice de disclosure de combinação de negócios (INDCOMB), baseado nas informações a serem divulgadas pelas empresas, de acordo com o CPC-15. A partir desse índice, são analisados, por meio de regressão multivariada, quais fatores influenciavam o nível de disclosure. Tendo como variável dependente o índice INDCOMB, avalia-se se os seguintes fatores influenciavam no nível de disclosure: o porte da empresa adquirente, o percentual reconhecido do ágio por expectativa de rentabilidade futura (goodwill) reconhecido em relação ao valor da transação, a dispersão do capital da empresa adquirente, o porte da empresa de auditoria e a participação da adquirente em programas de ADRs, American Depositary Receipts. São utilizados como variáveis de controle a listagem da adquirente nos segmentos diferenciados da BM&FBOVESPA, o setor de atuação, a origem (estatal, privada de capital nacional ou privada de capital estrangeiro) e o porte relativo da empresa adquirida em relação à empresa adquirente. Analisam-se operações de combinação de negócios de 40 companhias abertas envolvidas em 76 operações de combinação de negócios. De acordo com os resultados, o porte da empresa de auditoria e o porte relativo da empresa adquirida são fatores que influenciam o nível de divulgação de informações sobre combinação de negócios. Os demais fatores não apresentam resultados conclusivos, conforme o estudo realizado.The aim of this work has been to analyze the disclosure of information on business combination carried out in Brazil in the year 2010 and to assess the factors that influence the level of disclosure. From the year 2010 onwards the provisions of the CPC-15 - Business Combinations statement started its effects. CPC 15 is related to the IASB international standard IFRS 3 - Business Combination, that provides the information must be disclosed in a business combination operation. Although CPC-15 determines the compulsory information that should be disclosed, it was observed that there are differences in the level of information disclosed between companies. To analyze the level of disclosure of information about the operations an index of disclosure of a business combination (INDCOMB) has been built, based on information that companies should disclose according to the CPC-15. Then the factors which influenced the level of disclosure was analyzed using multivariate regression. The dependent variable is the index INDCOMB and the following factors has been analyzed to assess the influenced on the disclosure level: the acquirer size, the percentage of goodwill recognized relative to the value of the transaction, the acquirer free float, the auditing firm size and the acquirer participation on ADRs (American Depositary Receipts). As control variables the listing status of acquirer on the special segments of BM&FBOVESPA, its sector of activity, the source (state, private domestic capital or private foreign capital), the acquired relative size regarding the acquiring company was used. Business combination of 40 public companies involved in 76 operations has been analyzed. The results suggest that auditing firm size and the relative size of the acquired company are factors that influence the level of disclosure of information on a business combination. The other factors did not show conclusive results, according this work

Determining Factors of the Level of Disclosure of Information on Business Combinations with the Entry into Force of the Accounting Standard CPC 15

This paper aimed to investigate information disclosure on business combination transactions that took place in Brazil in 2010, when the Accounting Standard CPC 15 entered into force, and evaluate which were the determining factors of the level of disclosure of information related to it. To evaluate the disclosure level, a disclosure index of business combinations (INDCOMB) was prepared, having the disclosure index developed by Shalev (2009) as a basis. We evaluated, in the light of the literature on disclosure and business combinations, whether the following factors influenced on the disclosure level: acquiring company size, recognized percentage of overprice for expected future profitability in relation to the transaction value, dispersion of capital of the acquiring company, audit firm size, and participation of the acquiring company in American Depositary Receipts (ADRs) programs. The control variables used were listing of the acquiring company in the various segments of BM&FBOVESPA, operation sector, origin (state, private company with national capital or private company with foreign capital), and relative acquired company size in relation to the acquiring company. We analyzed business combination transactions that took place in 2010, reported by 40 open capital companies involved in 76 transactions. We conclude that the audit firm size and the relative acquired company size were factors that influenced on the level of disclosure of information regarding business combinations in 2010. The other factors showed no conclusive results

Combined Pre-Supernova Alert System with Kamland and Super-Kamiokande

International audiencePreceding a core-collapse supernova, various processes produce an increasing amount of neutrinos of all flavors characterized by mounting energies from the interior of massive stars. Among them, the electron antineutrinos are potentially detectable by terrestrial neutrino experiments such as KamLAND and Super-Kamiokande via inverse beta decay interactions. Once these pre-supernova neutrinos are observed, an early warning of the upcoming core-collapse supernova can be provided. In light of this, KamLAND and Super-Kamiokande have been monitoring pre-supernova neutrinos since 2015 and 2021, respectively. Recently, we performed a joint study between KamLAND and Super-Kamiokande on pre-supernova neutrino detection. A pre-supernova alert system combining the KamLAND detector and the Super-Kamiokande detector is developed and put into operation, which can provide a supernova alert to the astrophysics community. Fully leveraging the complementary properties of these two detectors, the combined alert is expected to resolve a pre-supernova neutrino signal from a 15 M$_{\odot}$ star within 510 pc of the Earth, at a significance level corresponding to a false alarm rate of no more than 1 per century. For a Betelgeuse-like model with optimistic parameters, it can provide early warnings up to 12 hours in advance

Safety and efficacy of eculizumab in anti-acetylcholine receptor antibody-positive refractory generalised myasthenia gravis (REGAIN): a phase 3, randomised, double-blind, placebo-controlled, multicentre study

Background Complement is likely to have a role in refractory generalised myasthenia gravis, but no approved therapies specifically target this system. Results from a phase 2 study suggested that eculizumab, a terminal complement inhibitor, produced clinically meaningful improvements in patients with anti-acetylcholine receptor antibody-positive refractory generalised myasthenia gravis. We further assessed the efficacy and safety of eculizumab in this patient population in a phase 3 trial. Methods We did a phase 3, randomised, double-blind, placebo-controlled, multicentre study (REGAIN) in 76 hospitals and specialised clinics in 17 countries across North America, Latin America, Europe, and Asia. Eligible patients were aged at least 18 years, with a Myasthenia Gravis-Activities of Daily Living (MG-ADL) score of 6 or more, Myasthenia Gravis Foundation of America (MGFA) class II\ue2\u80\u93IV disease, vaccination against Neisseria meningitides, and previous treatment with at least two immunosuppressive therapies or one immunosuppressive therapy and chronic intravenous immunoglobulin or plasma exchange for 12 months without symptom control. Patients with a history of thymoma or thymic neoplasms, thymectomy within 12 months before screening, or use of intravenous immunoglobulin or plasma exchange within 4 weeks before randomisation, or rituximab within 6 months before screening, were excluded. We randomly assigned participants (1:1) to either intravenous eculizumab or intravenous matched placebo for 26 weeks. Dosing for eculizumab was 900 mg on day 1 and at weeks 1, 2, and 3; 1200 mg at week 4; and 1200 mg given every second week thereafter as maintenance dosing. Randomisation was done centrally with an interactive voice or web-response system with patients stratified to one of four groups based on MGFA disease classification. Where possible, patients were maintained on existing myasthenia gravis therapies and rescue medication was allowed at the study physician's discretion. Patients, investigators, staff, and outcome assessors were masked to treatment assignment. The primary efficacy endpoint was the change from baseline to week 26 in MG-ADL total score measured by worst-rank ANCOVA. The efficacy population set was defined as all patients randomly assigned to treatment groups who received at least one dose of study drug, had a valid baseline MG-ADL assessment, and at least one post-baseline MG-ADL assessment. The safety analyses included all randomly assigned patients who received eculizumab or placebo. This trial is registered with ClinicalTrials.gov, number NCT01997229. Findings Between April 30, 2014, and Feb 19, 2016, we randomly assigned and treated 125 patients, 62 with eculizumab and 63 with placebo. The primary analysis showed no significant difference between eculizumab and placebo (least-squares mean rank 56\uc2\ub76 [SEM 4\uc2\ub75] vs 68\uc2\ub73 [4\uc2\ub75]; rank-based treatment difference \ue2\u88\u9211\uc2\ub77, 95% CI \ue2\u88\u9224\uc2\ub73 to 0\uc2\ub796; p=0\uc2\ub70698). No deaths or cases of meningococcal infection occurred during the study. The most common adverse events in both groups were headache and upper respiratory tract infection (ten [16%] for both events in the eculizumab group and 12 [19%] for both in the placebo group). Myasthenia gravis exacerbations were reported by six (10%) patients in the eculizumab group and 15 (24%) in the placebo group. Six (10%) patients in the eculizumab group and 12 (19%) in the placebo group required rescue therapy. Interpretation The change in the MG-ADL score was not statistically significant between eculizumab and placebo, as measured by the worst-rank analysis. Eculizumab was well tolerated. The use of a worst-rank analytical approach proved to be an important limitation of this study since the secondary and sensitivity analyses results were inconsistent with the primary endpoint result; further research into the role of complement is needed. Funding Alexion Pharmaceuticals