Revista de Gestão, Finanças e Contabilidade

04-19

Authors: Mario Augusto Parente Monteiro, Marcelle Colares Oliveira, Rosilene Marcon, Roberta Carvalho de Alencar

The research aims to answer the following question: What is the effectiveness of mergers and acquisitions in the Brazilian market as external corporate governance mechanism? The main objective of the study is to verify if mergers and acquisitions operations in Brazilian market may act as an external mechanism of corporate governance, replacing managers and, as a consequence of changes in management, improving financial performance. The study is exploratory, qualitative in its approach, supported by documentary research on secondary data concerning an intentional sample of Brazilian companies aiming to identify the effect of M&A operations on the corporate governance structure of the acquired firm and on its financial results. Data obtained on the website of the Brazilian Securities and Exchange Commission (CVM), related to Brazilian M&A operations in the period 2005-2010, were analyzed. Although M&A operations in Brazil were found to have disciplinary nature in our sample of firms in the studied period, our results are inconclusive regarding the effectiveness of these transactions and external governance mechanisms.

38-53

Authors: Verônica de Fátima Santana, Leandro Manzoli Trovati

Whereas the irrationality of capital market agents is accentuated during financial crises, this paper aimed to verify the existence of the Monday Effect during periods of crisis and stability in Brazil through an analysis of the Bovespa Index. In order to do so, the behavior of the index was modeled using time series statistical techniques (autoregressive and conditional heteroscedastic models) comprising the period from January 2003 until April 2012, grouping the data in different series, in order to identify crisis periods. It was identified an average return statistically lower on Mondays only for the periods when Subprime crisis and Euro Crisis took place, suggesting that financial crises are favorable for the existence of the Day of the Week Effect for Mondays. This effect is likely due to the irrationality of the capital market agents which is pronounced in crisis environments, where the feeling of fear is stronger than the analytical foundations for financial assets pricing.

73-92

Authors: Ana Paula Rodrigues da Costa, Valcemiro Nossa, Arilda Magna Campagnaro Teixeira, Aridelmo José Campanharo Teixeira

Although the discussion on urban mobility involves the mass transportation modalities, most cities still trust on bus fleets. This research aims to present a model that proposes to identify the moment that may be made the option to sell or buy a used vehicle from the fleet of buses of urban public transport system, through the application of Real Options Theory (TOR). Research indicates that when the vehicle is new maintenance costs are low, basically covering the routine reviews and component replacement, but after a certain age, these costs grow. In this sense a question that always arises is to decide the appropriate time to acquire or dispose of a used vehicle. The theory used in this study, TOR, focuses on the Binomial Model in Discrete Time. Methodologically, the study was carried out with real data of a particular case of the bus fleet that served as support for the construction and testing of the proposed model and relied on data from a traditional bus company of the Espirito Santo state. The proposed model is validated through a numerical example that identifies the time for decision making. In the case study, the model showed the time of the option as of the end of the second year of use of the bus. The methodology and the results awaken to the need for managers to have information resulting data fleets and can make safe decisions, especially the "ideal" time for fleet replacement. For the government, this kind of studies can generate data drafting normative regulatory agencies in order to meet the dealers and public-private partnerships

112-136

Authors: Thiago de Sousa Barros, Ana Maria Gomes Rodrigues

Based from the historical precedents of the business concentrationist movement and nuances relating to groups of companies, this article describes the international and Brazilian accounting standards that advocate on this issue, focusing highlighted goodwill and its specificities. Whereas in Brazil, since 1990, have widened these processes of a business combination and that, after 2010, the publication of financial statements by Brazilian companies were conducted in accordance with international standards (IFRS) - changing consubstantially the way companies produce and distribute this data to the market - this research analyzes the acquisitions of shareholdings held by sixty firms during 2011 (sample consisted of companies in the Bovespa Index (Ibovespa) and have highly liquid stocks BM&FBovespa). For this, we used a descriptive and qualitative research, adopting the method of research a content analysis of the consolidated financial statements and audit reports of these firms. The analysis results showed that several companies in the information disclosed is not in tune with the requirements contained in international accounting standards, ensuring not, therefore, the qualitative characteristics of financial information required by this legislation and help users of those statements consolidated to evaluate the nature, risks and financial effects associated with interests in other entities.