BMit
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Variável que representa o indicador Book-to-market da empresa i no período t
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Price et al. (2012)Price, S. M., Doran, J. S., Peterson, D. R., & Bliss, B. A. (2012). Earnings conference calls and stock returns: The incremental informativeness of textual tone. Journal of Banking and Finance, 36(4), 992-1011. doi: 10.1016/j.jbankfin.2011.10.013 https://doi.org/10.1016/j.jbankfin.2011....
, Bannier, Pauls e Walter (2017)Bannier, C., Pauls, T., & Walter, A. (2017). CEO-speeches and stock returns. CFS Working Paper No. 583. doi: 10.2139/ssrn.3051151 https://doi.org/10.2139/ssrn.3051151...
e Brockman et al. (2017)Brockman, P., Li, X., & Price, S. M. (2017). Conference call tone and stock returns: Evidence from the Stock Exchange of Hong Kong. Asia-Pacific Journal of Financial Studies, 46, 667-685. doi: 10.1111/ajfs.12186 https://doi.org/10.1111/ajfs.12186...
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LEVit
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Variável que representa a alavancagem da empresa i no período t
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Price et al. (2012)Price, S. M., Doran, J. S., Peterson, D. R., & Bliss, B. A. (2012). Earnings conference calls and stock returns: The incremental informativeness of textual tone. Journal of Banking and Finance, 36(4), 992-1011. doi: 10.1016/j.jbankfin.2011.10.013 https://doi.org/10.1016/j.jbankfin.2011....
, Bannier et al. (2017)Bannier, C., Pauls, T., & Walter, A. (2017). CEO-speeches and stock returns. CFS Working Paper No. 583. doi: 10.2139/ssrn.3051151 https://doi.org/10.2139/ssrn.3051151...
, Brockman et al. (2015Brockman, P., Li, X., & Price, S. M. (2015). Differences in conference call tones: Managers vs. analysts. Financial Analysts Journal, 71(4), 24-42. doi: 10.2469/faj.v71.n4.1 https://doi.org/10.2469/faj.v71.n4.1...
, 2017Brockman, P., Li, X., & Price, S. M. (2017). Conference call tone and stock returns: Evidence from the Stock Exchange of Hong Kong. Asia-Pacific Journal of Financial Studies, 46, 667-685. doi: 10.1111/ajfs.12186 https://doi.org/10.1111/ajfs.12186...
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SIZEit
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Variável que representa a capitalização e mercado da empresa i no período t
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Price et al. (2012)Price, S. M., Doran, J. S., Peterson, D. R., & Bliss, B. A. (2012). Earnings conference calls and stock returns: The incremental informativeness of textual tone. Journal of Banking and Finance, 36(4), 992-1011. doi: 10.1016/j.jbankfin.2011.10.013 https://doi.org/10.1016/j.jbankfin.2011....
, Bannier et al. (2017)Bannier, C., Pauls, T., & Walter, A. (2017). CEO-speeches and stock returns. CFS Working Paper No. 583. doi: 10.2139/ssrn.3051151 https://doi.org/10.2139/ssrn.3051151...
, Henry e Leone (2016)Henry, E., & Leone, A. J. (2016). Measuring qualitative information in capital markets research: Comparison of alternative methodologies to measure disclosure tone. The Accounting Review, 91(1), 153-178. doi: 10.2308/accr-51161 https://doi.org/10.2308/accr-51161...
e Brockman et al. (2017)Brockman, P., Li, X., & Price, S. M. (2017). Conference call tone and stock returns: Evidence from the Stock Exchange of Hong Kong. Asia-Pacific Journal of Financial Studies, 46, 667-685. doi: 10.1111/ajfs.12186 https://doi.org/10.1111/ajfs.12186...
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SUPRit
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Variável que representa a surpresa nos resultados da empresa i no período t
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Price et al. (2012)Price, S. M., Doran, J. S., Peterson, D. R., & Bliss, B. A. (2012). Earnings conference calls and stock returns: The incremental informativeness of textual tone. Journal of Banking and Finance, 36(4), 992-1011. doi: 10.1016/j.jbankfin.2011.10.013 https://doi.org/10.1016/j.jbankfin.2011....
, Bannier et al. (2017)Bannier, C., Pauls, T., & Walter, A. (2017). CEO-speeches and stock returns. CFS Working Paper No. 583. doi: 10.2139/ssrn.3051151 https://doi.org/10.2139/ssrn.3051151...
e Brockman et al. (2017)Brockman, P., Li, X., & Price, S. M. (2017). Conference call tone and stock returns: Evidence from the Stock Exchange of Hong Kong. Asia-Pacific Journal of Financial Studies, 46, 667-685. doi: 10.1111/ajfs.12186 https://doi.org/10.1111/ajfs.12186...
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LnATit
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Variável que representa o ativo total da empresa i no período t
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