Estrutura de propriedade, conselho de administração e disclosure voluntário nas empresas brasileiras de capital aberto

Trabalho de conclusão de curso (graduação)—Universidade de Brasília, Faculdade de Economia, Administração e Contabilidade, Departamento de Ciências Contábeis e Atuariais, Bacharelado em Ciências Contábeis, 2013.A pesquisa examina os elementos da estrutura de propriedade e do conselho de administração que estão associados ao nível de divulgação voluntária de 54 empresas brasileiras não financeiras com ações negociadas na Bolsa de Mercadorias & Futuros e Bolsa de Valores de São Paulo. O disclosure voluntário de cada firma da amostra foi calculado segundo a métrica proposta por Murcia (2009), por meio das Demonstrações Financeiras Padronizadas dos exercícios findos em 2009, 2010, 2011, 2012. Com um modelo de dados em painel sem efeitos, foram testadas duas hipóteses: concentração acionária e número de membros titulares do conselho de administração. Com intuito de aprimorar os resultados empíricos, duas variáveis de controle foram utilizadas: tamanho e internacionalização. Os resultados evidenciam que empresas com maior quantidade de membros titulares no conselho de administração e que emitem American Depositary Receipts nos níveis II e III possuem, em média, maior nível de evidenciação voluntária. Por outro lado, para a amostra deste estudo, há uma relação inversa entre concentração acionária, tamanho da empresa e extensão do disclosure voluntário

Modelo intertemporal de precificação de ativo com informação dispersa e tributação ótima de capitais

Trabalho de Conclusão de Curso (graduação)—Universidade de Brasília, Faculdade de Economia, Administração, Contabilidade e Gestão de Políticas Públicas, Departamento de Economia, 2020.Neste artigo, obteve-se o equilíbrio na precificação de ativos com tributação sobre o retorno de um ativo numa economia com duas rodadas de negociação num equilíbrio em expectativas racionais ruidosas, em que os investidores têm visão de curto prazo e são caracterizados pela hipótese de gerações sobrepostas. Observa-se que a razão do sinal privado para o preço aumenta com a tributação sobre os retornos, aumentando o peso que os negociantes colocam na informação privada, o que melhora a eficiência informacional. Os agentes são avessos ao risco e sua utilidade ´e dada por uma combinação linear do valor esperado e variância dos retornos. Assume-se informação dispersa e incerteza gaussiana. Há negociantes informados e ruidosos. Cada agente informado observa tanto o preço como um sinal privado ruidoso. Utiliza-se o conceito de equilíbrio em expectativas racionais ruidosas e o foco recai nas soluções implementada num equilíbrio Bayesiano simétrico nas funções de demanda.I find the competitive noisy rational expectations equlibrium of a theoretical asset pricing model with assymetric information, dispersed information and tax on return in an economy with two rounds of trading, in which investors have a short-term view and are characterized by overlapping generation hypothesis. The agents are risk averse and their utility is given by a linear combination of the expected value and variance of the return. I assume dispersed information and Gaussian uncertainty. There are informed and noisy traders. Each informed agent observes both the price and a private signal. The solutions are implemented as a Bayesian equilibrium in demand functions. I fnd that the ratio of the private signal to the price increases with the taxation on returns, increasing the weight that traders place on private information, which improves informational information

ESTRUCTURA DE LA PROPIEDAD, CONSEJO DE ADMINISTRATIÓN Y LA REVELACIÓN VOLUNTARIA: EVIDENCIA DE LAS EMPRESAS QUE COTIZAN EM LA BOLSA DE VALORES DE BRASIL

Esta pesquisa examina os elementos da estrutura de propriedade e do conselho de administração que estão associados ao nível de divulgação voluntária de 54 empresas brasileiras não financeiras com ações negociadas na Bolsa de Mercadorias & Futuros e Bolsa de Valores de São Paulo (BM&FBOVESPA). O disclosure voluntário de cada firma da amostra foi calculado segundo a métrica proposta por Murcia (2009), por meio das Demonstrações Financeiras Padronizadas dos exercícios findos em 2009, 2010, 2011, 2012.  Com um modelo de dados em painel sem efeitos, foram testadas duas hipóteses: concentração acionária e tamanho do conselho de administração. Com intuito de aprimorar os resultados empíricos, duas variáveis de controle foram utilizadas: tamanho e internacionalização da firma. Os resultados evidenciam que empresas com conselho de administração maior e que emitem American Depositary Receipts nos níveis II e III possuem, em média, maior nível de evidenciação voluntária. Por outro lado, para a amostra deste estudo, há uma relação inversa entre concentração acionária, tamanho da empresa e extensão do disclosure voluntário.This research examines the elements of ownership structure and board of directors that are associated with the level of voluntary disclosure of 54 non-financial Brazilian companies traded on the BM&FBOVESPA. The voluntary disclosure of each firm in the sample was calculated according to the metric proposed by Murcia (2009), through the Standardized Financial Statements for the years 2009, 2010, 2011, 2012. With a panel data without effects two hypotheses were tested: Ownership concentration and the size  of the board. In order to enhance the empirical results, two control variables were used: size and internationalization of the firm. The results show that firms with larger boards size and issuing American Depositary Receipts in levels II and III have on average a higher level of voluntary disclosure. Moreover, for our sample, there is an inverse relationship between ownership concentration, firm size and extent of voluntary disclosure.Esta investigación examina los elementos de la estructura de la propiedad y la junta directiva que se asocian con el nivel de divulgación voluntaria de 54 empresas brasileñas no financieras que cotizan en la BM&FBOVESPA. La revelación voluntaria de cada empresa de la muestra se calculó de acuerdo a la métrica propuesta por Murcia (2009), a través de los estados financieros estandarizados para los años terminados el 2009, 2010, 2011, 2012. Con un modelo de datos sin el panel de efectos dos hipótesis fueron probadas: concentración de la propiedad y el tamaño del consejo. Con el fin de mejorar los resultados empíricos, se utilizaron dos variables de control: el tamaño y la internacionalización. Los resultados muestran que las empresas con mayor consejo y la emisión de American Depositary Receipts en los niveles II y III tienen en promedio un mayor nivel de revelación voluntaria. Por otra parte, para nuestra muestra, existe una relación inversa entre la concentración de la propiedad, tamaño de la empresa y el alcance de la divulgación voluntaria

High anti-SARS-CoV-2 antibody seroconversion rates before the second wave in Manaus, Brazil, and the protective effect of social behaviour measures: results from the prospective DETECTCoV-19 cohort

Background: The city of Manaus, Brazil, has seen two collapses of the health system due to the COVID-19 pandemic. We report anti-SARS-CoV-2 nucleocapsid IgG antibody seroconversion rates and associated risk factors in Manaus residents before the second wave of the epidemic in Brazil. Methods: A convenience sample of adult (aged ≥18 years) residents of Manaus was recruited through online and university website advertising into the DETECTCoV-19 study cohort. The current analysis of seroconversion included a subgroup of DETECTCoV-19 participants who had at least two serum sample collections separated by at least 4 weeks between Aug 19 and Oct 2, 2020 (visit 1), and Oct 19 and Nov 27, 2020 (visit 2). Those who reported (or had no data on) having a COVID-19 diagnosis before visit 1, and who were positive for anti-SARS-CoV-2 nucleocapsid IgG antibodies at visit 1 were excluded. Using an in-house ELISA, the reactivity index (RI; calculated as the optical density ratio of the sample to the negative control) for serum anti-SARS-CoV-2 nucleocapsid IgG antibodies was measured at both visits. We calculated the incidence of seroconversion (defined as RI values ≤1·5 at visit 1 and ≥1·5 at visit 2, and a ratio >2 between the visit 2 and visit 1 RI values) during the study period, as well as incidence rate ratios (IRRs) through cluster-corrected and adjusted Poisson regression models to analyse associations between seroconversion and variables related to sociodemographic characteristics, health access, comorbidities, COVID-19 exposure, protective behaviours, and symptoms. Findings: 2496 DETECTCoV-19 cohort participants returned for a follow-up visit between Oct 19 and Nov 27, 2020, of whom 204 reported having COVID-19 before the first visit and 24 had no data regarding previous disease status. 559 participants were seropositive for anti-SARS-CoV-2 nucleocapsid IgG antibodies at baseline. Of the remaining 1709 participants who were seronegative at baseline, 71 did not meet the criteria for seroconversion and were excluded from the analyses. Among the remaining 1638 participants who were seronegative at baseline, 214 showed seroconversion at visit 2. The seroconversion incidence was 13·06% (95% CI 11·52–14·79) overall and 6·78% (5·61–8·10) for symptomatic seroconversion, over a median follow-up period of 57 days (IQR 54–61). 48·1% of seroconversion events were estimated to be asymptomatic. The sample had higher proportions of affluent and higher-educated people than those reported for the Manaus city population. In the fully adjusted and corrected model, risk factors for seroconversion before visit 2 were having a COVID-19 case in the household (IRR 1·49 [95% CI 1·21–1·83]), not wearing a mask during contact with a person with COVID-19 (1·25 [1·09–1·45]), relaxation of physical distancing (1·31 [1·05–1·64]), and having flu-like symptoms (1·79 [1·23–2·59]) or a COVID-19 diagnosis (3·57 [2·27–5·63]) between the first and second visits, whereas working remotely was associated with lower incidence (0·74 [0·56–0·97]). Interpretation: An intense infection transmission period preceded the second wave of COVID-19 in Manaus. Several modifiable behaviours increased the risk of seroconversion, including non-compliance with non-pharmaceutical interventions measures such as not wearing a mask during contact, relaxation of protective measures, and non-remote working. Increased testing in high-transmission areas is needed to provide timely information about ongoing transmission and aid appropriate implementation of transmission mitigation measures. Funding: Ministry of Education, Brazil; Fundação de Amparo à Pesquisa do Estado do Amazonas; Pan American Health Organization (PAHO)/WHO.World Health OrganizationRevisión por pare

O registro dos limites da cidade: imagens da várzea do Carmo no século XIX

Este trabalho debruça-se sobre a iconografia paulistana do século XIX, em suas pinturas, aquarelas e litografias. Partindo da constatação da existência de um privilegiamento das áreas dos arredores do centro nas representações da cidade, especificamente uma região, a várzea do Carmo, e dessa permanência ainda na virada do século, quando a cidade sofre um processo de urbanização e crescimento grande, e a fotografia já está registrando as áreas centrais, quisemos investigar os sentidos dessas representações, tanto a presença desse espaço - a várzea do Carmo - no imaginário da época (cronistas, legisladores, memorialistas), quanto as imagens da cidade que estão sendo produzidas a partir desse ângulo de registro. Escolhemos analisar algumas imagens dessa região, concentrando-nos no final do século, contrapondo com outros discursos produzidos sobre a área por cronistas, jornalistas e memorialistas, na tentativa de entender um pouco mais a sociedade que as produziu

The impact of surgical delay on resectability of colorectal cancer: An international prospective cohort study

AIM: The SARS-CoV-2 pandemic has provided a unique opportunity to explore the impact of surgical delays on cancer resectability. This study aimed to compare resectability for colorectal cancer patients undergoing delayed versus non-delayed surgery. METHODS: This was an international prospective cohort study of consecutive colorectal cancer patients with a decision for curative surgery (January-April 2020). Surgical delay was defined as an operation taking place more than 4 weeks after treatment decision, in a patient who did not receive neoadjuvant therapy. A subgroup analysis explored the effects of delay in elective patients only. The impact of longer delays was explored in a sensitivity analysis. The primary outcome was complete resection, defined as curative resection with an R0 margin. RESULTS: Overall, 5453 patients from 304 hospitals in 47 countries were included, of whom 6.6% (358/5453) did not receive their planned operation. Of the 4304 operated patients without neoadjuvant therapy, 40.5% (1744/4304) were delayed beyond 4 weeks. Delayed patients were more likely to be older, men, more comorbid, have higher body mass index and have rectal cancer and early stage disease. Delayed patients had higher unadjusted rates of complete resection (93.7% vs. 91.9%, P = 0.032) and lower rates of emergency surgery (4.5% vs. 22.5%, P < 0.001). After adjustment, delay was not associated with a lower rate of complete resection (OR 1.18, 95% CI 0.90-1.55, P = 0.224), which was consistent in elective patients only (OR 0.94, 95% CI 0.69-1.27, P = 0.672). Longer delays were not associated with poorer outcomes. CONCLUSION: One in 15 colorectal cancer patients did not receive their planned operation during the first wave of COVID-19. Surgical delay did not appear to compromise resectability, raising the hypothesis that any reduction in long-term survival attributable to delays is likely to be due to micro-metastatic disease

Effects of hospital facilities on patient outcomes after cancer surgery: an international, prospective, observational study

Background Early death after cancer surgery is higher in low-income and middle-income countries (LMICs) compared with in high-income countries, yet the impact of facility characteristics on early postoperative outcomes is unknown. The aim of this study was to examine the association between hospital infrastructure, resource availability, and processes on early outcomes after cancer surgery worldwide.Methods A multimethods analysis was performed as part of the GlobalSurg 3 study-a multicentre, international, prospective cohort study of patients who had surgery for breast, colorectal, or gastric cancer. The primary outcomes were 30-day mortality and 30-day major complication rates. Potentially beneficial hospital facilities were identified by variable selection to select those associated with 30-day mortality. Adjusted outcomes were determined using generalised estimating equations to account for patient characteristics and country-income group, with population stratification by hospital.Findings Between April 1, 2018, and April 23, 2019, facility-level data were collected for 9685 patients across 238 hospitals in 66 countries (91 hospitals in 20 high-income countries; 57 hospitals in 19 upper-middle-income countries; and 90 hospitals in 27 low-income to lower-middle-income countries). The availability of five hospital facilities was inversely associated with mortality: ultrasound, CT scanner, critical care unit, opioid analgesia, and oncologist. After adjustment for case-mix and country income group, hospitals with three or fewer of these facilities (62 hospitals, 1294 patients) had higher mortality compared with those with four or five (adjusted odds ratio [OR] 3.85 [95% CI 2.58-5.75]; p&lt;0.0001), with excess mortality predominantly explained by a limited capacity to rescue following the development of major complications (63.0% vs 82.7%; OR 0.35 [0.23-0.53]; p&lt;0.0001). Across LMICs, improvements in hospital facilities would prevent one to three deaths for every 100 patients undergoing surgery for cancer.Interpretation Hospitals with higher levels of infrastructure and resources have better outcomes after cancer surgery, independent of country income. Without urgent strengthening of hospital infrastructure and resources, the reductions in cancer-associated mortality associated with improved access will not be realised

Contabilidade Criativa, Ética e Gerenciamento de Resultados: Auditoria versus Academia

O objetivo deste artigo é examinar a percepção de auditores e acadêmicos em relação à Contabilidade Criativa, ao Gerenciamento de Resultados, assim como suas implicações éticas. Além do levantamento bibliográfico sobre o assunto, aplicou-se um questionário para acadêmicos de cinco instituições de ensino superior e auditores independentes de duas empresas consideradas parte do grupo "Big Four". Os resultados obtidos apontam que, ao longo do questionário, os acadêmicos mantiveram uma linha de raciocínio coerente, sendo contra o gerenciamento de resultados. Já os auditores apresentaram comportamento oscilante em relação a perguntas que tratavam do mesmo tema. Em questão específica sobre atitude fraudulenta, houve disparidade entre a maioria das respostas. O estudo está em linha com resultados apresentados por Jones (2011), Dechow e Skinner (2000), que demonstraram que a visão acadêmica sobre a Contabilidade Criativa, difere do observado entre os profissionais contábeis de forma geral