{"id":4464,"date":"2013-06-01T00:02:23","date_gmt":"2013-06-01T00:02:23","guid":{"rendered":"http:\/\/obegef.pt\/wordpress\/?p=4464"},"modified":"2013-07-23T13:41:02","modified_gmt":"2013-07-23T13:41:02","slug":"29-working-paper","status":"publish","type":"post","link":"https:\/\/obegef.pt\/wordpress\/?p=4464","title":{"rendered":"29# Working Paper"},"content":{"rendered":"<table border=\"0\" cellspacing=\"2\" cellpadding=\"2\">\n<tbody>\n<tr>\n<td align=\"center\" bgcolor=\"#c0c0c0\" width=\"270\"><a id=\"wp 029\" title=\"ENR\" href=\"http:\/\/obegef.pt\/wordpress\/wp-content\/uploads\/2013\/07\/wp029.pdf\" target=\"_blank\" name=\"wp029\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" style=\"border: 0px;\" title=\"wp029\" alt=\"capa do documento de trabalho\" src=\"http:\/\/obegef.pt\/wordpress\/wp-content\/uploads\/2013\/07\/wp029.jpg\" width=\"250\" height=\"212\" border=\"0\" \/><\/a>Carregue na imagem para importar o livro<\/td>\n<td valign=\"top\"><strong>Autor:<\/strong>\u00a0Jos\u00e9 Ant\u00f3nio Moreira<br \/>\n<strong>T\u00edtulo:\u00a0<\/strong>Pode um investidor medianamente diligente detectar a manipula\u00e7\u00e3o dos resultados das empresas? Estudo do caso Worldcom<br \/>\n<strong>Editor:<\/strong>\u00a0Edi\u00e7\u00f5es H\u00famus &amp; OBEGEF<br \/>\n<strong>Data:<\/strong>\u00a02013,Jun.<br \/>\n<strong>P\u00e1ginas:\u00a0<\/strong>29<br \/>\n\u00a9: Observat\u00f3rio de Economia e Gest\u00e3o de Fraude<strong><strong><br \/>\n<\/strong><\/strong><strong>Formato ficheiro:<\/strong>\u00a0pdf (portable document format)<br \/>\n<strong>Dimens\u00e3o:\u00a0<\/strong>407 kb<br \/>\n<strong>Solicita\u00e7\u00e3o:<\/strong>\u00a0<a href=\"mailto:obegef@fep.up.pt?Subject=Sobre%20%20wp027\">Transmita-nos<\/a>\u00a0a sua opini\u00e3o sobre este trabalho.<br \/>\n<!--more--><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify;\"><strong><strong>Resumo:<\/strong>\u00a0<\/strong><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/obegef.pt\/wordpress\/wp-content\/uploads\/2009\/01\/pt.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-9 alignleft\" alt=\"texto em portugu\u00eas\" src=\"http:\/\/obegef.pt\/wordpress\/wp-content\/uploads\/2009\/01\/pt.jpg\" width=\"24\" height=\"24\" \/><\/a>Tendo por pano de fundo os grandes esc\u00e2ndalos financeiros que irromperam nos Estados Unidos da Am\u00e9rica no in\u00edcio do presente s\u00e9culo, o estudo discute se seria poss\u00edvel a um investidor medianamente diligente aperceber-se da situa\u00e7\u00e3o de manipula\u00e7\u00e3o da informa\u00e7\u00e3o contabil\u00edstica que lhes esteve subjacente. \u00c9 proposta uma metodologia de an\u00e1lise de f\u00e1cil aplica\u00e7\u00e3o por parte de um qualquer investidor, que \u00e9 seguidamente testada no caso de um desses esc\u00e2ndalos, o da WorldCom. A evid\u00eancia emp\u00edrica recolhida para este caso indicia que seria poss\u00edvel a esse hipot\u00e9tico investidor detectar, com cerca de um ano de anteced\u00eancia, sinais da manipula\u00e7\u00e3o dos resultados. O estudo faz dois contributos principais. Chama a aten\u00e7\u00e3o para a exist\u00eancia de ferramentas de an\u00e1lise, ao dispor de qualquer investidor minimamente diligente, de aplica\u00e7\u00e3o simples mas eficazes na detec\u00e7\u00e3o de sinais de manipula\u00e7\u00e3o dos resultados. Mostra, implicitamente, que a dificuldade em detectar muitos dos casos de grande fraude financeira parece estar mais no constrangimento mental dos investidores, induzido pelo sentir (euforia) global do mercado num dado momento, do que na falta de tais ferramentas.<\/p>\n<p style=\"text-align: justify;\"><a id=\"resumo\" href=\"http:\/\/obegef.pt\/images\/gf_php\/gfindex.php?p=f&amp;publ=wp028\" target=\"resumo\" name=\"resumo\"><br \/>\n<\/a><a href=\"http:\/\/obegef.pt\/wordpress\/wp-content\/uploads\/2009\/01\/en.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11 alignleft\" alt=\"Texto em ingl\u00eas\" src=\"http:\/\/obegef.pt\/wordpress\/wp-content\/uploads\/2009\/01\/en.jpg\" width=\"25\" height=\"25\" \/><\/a><strong><\/strong>Adopting the financial scandals in the United States as the background context, the current study discusses whether it would have been possible an investor medianly diligent to detect signs of the earnings manipulation underlying such scandals. It proposes an easy methodology, based on a limited set of indicators and ratios, and applies it to the accounting information of WorldCom, infamous for being one of such scandals. The empirical evidence suggests that a year in advance that investor could have detected signs of accounting manipulation. The study makes two main contributions. It highlights the importance and power of such type of methodology; although implicitly, it shows that the main constraint the investor faces in detecting the scandals is mental and driven by the euphoric behaviour of the market at a given moment, eroding any criticism towards the company.<\/p>\n<p><strong>\u00a9 Direitos de autor<\/strong>:<\/p>\n<p><em><strong>\u00c9 permitida<\/strong>\u00a0a importa\u00e7\u00e3o gratuita.<\/em><br \/>\n<strong>\u00c9 permitida<\/strong>\u00a0a c\u00f3pia de partes deste documento, sem qualquer modifica\u00e7\u00e3o, para utiliza\u00e7\u00e3o individual. A reprodu\u00e7\u00e3o de partes do seu conte\u00fado \u00e9 permitida exclusivamente em documentos cient\u00edficos, com indica\u00e7\u00e3o expressa da fonte.<br \/>\n<strong>N\u00e3o \u00e9 permitida<\/strong>\u00a0qualquer utiliza\u00e7\u00e3o comercial. N\u00e3o \u00e9 permitida a sua disponibiliza\u00e7\u00e3o atrav\u00e9s de rede electr\u00f3nica ou qualquer forma de partilha electr\u00f3nica.<br \/>\n<strong>Em caso de d\u00favida<\/strong>\u00a0ou pedido de autoriza\u00e7\u00e3o, contactar directamente o OBEGEF.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Carregue na imagem para importar o livro Autor:\u00a0Jos\u00e9 Ant\u00f3nio Moreira T\u00edtulo:\u00a0Pode um investidor medianamente diligente detectar a manipula\u00e7\u00e3o dos resultados das empresas? Estudo do caso Worldcom Editor:\u00a0Edi\u00e7\u00f5es H\u00famus &amp; OBEGEF Data:\u00a02013,Jun. P\u00e1ginas:\u00a029 \u00a9: Observat\u00f3rio de Economia e Gest\u00e3o de Fraude Formato ficheiro:\u00a0pdf (portable document format) Dimens\u00e3o:\u00a0407 kb Solicita\u00e7\u00e3o:\u00a0Transmita-nos\u00a0a sua opini\u00e3o sobre este trabalho.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-4464","post","type-post","status-publish","format-standard","hentry","category-working-papers-publicacoes"],"_links":{"self":[{"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/4464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4464"}],"version-history":[{"count":2,"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/4464\/revisions"}],"predecessor-version":[{"id":4466,"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=\/wp\/v2\/posts\/4464\/revisions\/4466"}],"wp:attachment":[{"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/obegef.pt\/wordpress\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}