A influência do Private Equity e Venture Capital sobre a informatividade dos lucros no mercado brasileiro

Abstract

This research aimed at investigating the influence of PE / VC on the informativeness earnings of companies listed on the BM&FBovespa. It was considered informativity as the intensity of the relationship between accounting profit and stock returns, calculated by the slope estimated between the variables PEVC and Adjusted Net Income (LLA). Additionally, the study investigated the influence of the combined effect of PE / VC and governance on the informativeness earnings. It is expected that this research contribute for the expansion knowledge improvement on the role of accounting in capital markets. The sample consisted of 1177 observations of nonfinancial companies listed on the BM & FBovespa in the period from 2004 to 2011. The result of this research confirm the hypothesis that the informativeness of earnings is positively related to the existence of PE / VC