Impacto dos ativos operacionais líquidos nas previsões de retornos no mercado de ações: uma análise empírica do mercado brasileiro

Abstract

This study explores the complex interaction between accounting information and the decisions made by investors in the Brazilian stock market. The aim was to investigate the predictive capacity of Net Operating Assets (NOA), with the anticipation of identifying a strong negative relationship with the future returns of companies' stocks in the Brazilian market. To achieve this goal, we utilized the latest protocol for studying the predictability of future stock returns through the NOA anomaly by Papanastasopoulos and Thomakos (2017), originally documented by Hirshleifer et al. (2004) and subsequently elaborated upon by Papanastasopoulos, Thomakos, and Wang (2011) in the North American and European contexts, where they found that NOA serves as a strong and negative predictor of future stock returns. In this study, the results confirmed the aforementioned findings due to the statistical significance of the coefficient associated with this explanatory variable in the sample and model used in this research. The originality of this research in the Brazilian context offers positive practical implications for the stock market by presenting a measure of operational efficiency of companies and influencing the construction of investment portfolios.