Listing in Special Corporate Governance Trading Segments and Accuracy of Analysts’ Forecasts in Brazil

  •  Miguel Dumer    
  •  Antonio Martinez    


The aim of this article is to investigate whether there is a relationship between being listed in a trading segment of the BM&FBovespa requiring enhanced corporate governance and the accuracy of analysts’ forecasts. For this purpose, besides a literature review to establish the dependent and independent variables, we obtained data on the earnings per share estimated by analysts from the I/B/E/S database of Thomson Reuters and the actual figures one year after the forecast from the Economática database. We then used panel data regression with robust fixed effect, covering a period of 20 quarters (2007-1 to 2011-4). The results did not reveal a significant statistical relationship between listing in one of the three special trading segments of the BM&FBovespa and the accuracy of analysts’ forecasts. 

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