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- The spillover effect of ADR activity on stock price synchronicity: empirical evidence in emerging marketsPublication . Viana Junior, Dante Baiardo C.This study investigates the intra-industry spillover effect of American Depositary Receipt (ADR) issuance on the stock price synchronicity of non-ADR firms from emerging markets. Based on a sample of listed firms from six Latin American countries, although I find some evidence of a decrease in stock price synchronicity among ADR issuers in post-ADR issuance periods, the main findings suggest that non-ADR firms from industries with ADR issuance activity have higher levels of synchronicity on average than non-ADR firms from industries with no ADR issuance activity. These cross-country average results are robust to different regression methods and alternative subsamples employed to mitigate endogeneity concerns. Even though this trend is confirmed for the majority of the Latin American countries under review, individual-country analyses indicate a synchronicity-decreasing effect of ADR industry activity, particularly for non-ADR Chilean firms. Complementary, more in-depth empirical analyses suggest that country-level factors and ADR firm characteristics play an essential role in this issue. My main findings document that the overall positive spillover effect of ADR activity on the stock price synchronicity of non-ADR firms in Latin America is non-monotonic. These exploratory findings contribute to the active debate regarding the impact of ADR issuance on local economies, particularly with respect to the informativeness of financial reporting available in the capital markets.
- Earnings management and financial distress: european evidencePublication . Paiva, Inna; Viana Junior, Dante Baiardo C.; Lourenço, Isabel; Nunes, RicardinaPurpose – This study aims to analyse the relationship between financial distress and earnings management (EM) in a setting of European listed firms and the role of external monitoring factors in the relationship. Design/methodology/approach – This study uses multivariate analysis to analyse firms from 28 European countries (2011–2021). The independent variable is financial distress, measured by the Altman Z-score, while the key dependent variable is EM based on Dechow et al. (1995). Moderating factors include the number of analysts, auditor type and American Depositary Receipt (ADR) listing status. Findings – This study shows empirically that in the European setting the level of financial distress is negatively associated with the level of EM, and this association is moderated by the companies’ listing status (cross-listing in the USA) and by the number of analysts following the company. The type of auditor (Big 4 vs non-Big 4) does not seem to affect the relationship between financial distress and EM. Practical implications – The findings offer valuable insights for European investors and lenders to refine investment strategies and credit risk models. Additionally, regulatory bodies can use these conclusions to shape policies on financial reporting standards and oversight. Originality/value – While most of the existing literature in developed countries focuses on single-country analysis, often yielding mixed results, the authors provide robust conclusions on an international scale by analysing the combined impact of financial distress on EM in firms from 28 European countries. Additionally, they examine the role of monitoring factors in the relationship between financial distress and EM.
- Impression management, government agencies' regulation and analyst forecasts: empirical evidence from an emerging marketPublication . Castro, Lívia Arruda; Ponte, Vera; Viana Junior, Dante Baiardo C.Purpose- This study aims to investigate the relationship between government agencies' regulation and analyst forecasts in an emerging market and whether this relationship is mediated by impression management in earnings press releases.Design/methodology/approachThe sample consists of 1,816 quarterly observations of Brazilian listed firms from 2003 to 2021, based on data from Thomson Reuters (R). The impression management of the sample firms is obtained by analyzing their earnings releases using the Watson Natural Language Understanding (NLU) platform developed by IBM (R). We employ a manual firm-level classification procedure to detect regulated and non-regulated firms by government agencies.FindingsBased on structural equation modeling, the findings suggest that firms regulated by government agencies present, on average, lower levels of impression management in earnings press releases. Additionally, we find that the level of firms' impression management, in turn, is negatively related to analyst forecast errors. These empirical results indicate that impression management in earnings press releases is a crucial mediating channel between government agencies' regulation and analyst forecast errors. Moreover, we find that government agencies' regulation has a positive and direct effect on analyst forecast errors, possibly due to its impact on other firm-level incentives and market dynamics, which may be positively or negatively associated with analyst forecasts.Originality/valueThis study contributes to the previous literature on the relationship between government agencies' regulation and analyst forecasts by theoretically discussing and empirically analyzing the mediating role of impression management as an important factor in this relationship, exploring the various facets through which state regulation ends up changing the structure of the informational environment in which companies are located. An important debate for the emerging markets literature is also provided, and policy discussions are featured.