<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422023000400113</article-id>
<article-id pub-id-type="doi">10.22201/fca.24488410e.2023.4738</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Capital gains overhang and irrelevant value characteristics of Brazilian companies]]></article-title>
<article-title xml:lang="es"><![CDATA[Ganancias de capital no realizadas y características de valor irrelevantes de las empresas Brasileñas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[Rodrigo Abbade da]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Costa]]></surname>
<given-names><![CDATA[Junior Newton da]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
<xref ref-type="aff" rid="Aaf"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Piccoli]]></surname>
<given-names><![CDATA[Pedro]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Armada]]></surname>
<given-names><![CDATA[Manuel Rocha]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Federal de Santa Catarina  ]]></institution>
<addr-line><![CDATA[Florianopolis ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Pontifical Catholic University of Paraná  ]]></institution>
<addr-line><![CDATA[Curitiba ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,University of Minho  ]]></institution>
<addr-line><![CDATA[Braga ]]></addr-line>
<country>Portugal</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2023</year>
</pub-date>
<volume>68</volume>
<numero>4</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422023000400113&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422023000400113&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422023000400113&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract  This study, based on Ahmed&#8217;s (2017) work for the US market, examines whether the prices of shares traded on the stock market of a developing country, such as Brazil, can also be influenced by noise traders who make their decisions based on irrelevant information. Using data from the Brazilian stock market between Jan/2003 and Sep/2018 we show that irrelevant firm characteristics are associated with variations in capital gains overhang (CGO), a proxy for the disposition effect bias. Our results are quite similar to those found by Ahmed (2017) for the US. However, the two markets show different results for the relationship between CGO and market liquidity and systematic risk for the entire sample period. Also, we find that there is an inverse relationship between investor sentiment and CGO at times of market upward movement. Overall, the influence of variables considered irrelevant was confirmed in robustness checks. These results may imply that noise traders evaluate stocks and companies based on their irrelevant characteristics, and this behavior, which is not compensated for by rational investors, temporarily influences the market by generating price distortions like the disposition effect.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este estudio, basado en el trabajo de Ahmed (2017) para el mercado estadounidense, examina si los precios de las acciones negociadas en la bolsa de valores de un país en desarrollo, como Brasil, también pueden verse influenciados por noise traders que toman sus decisiones con base en información irrelevante. Utilizando datos de la bolsa de valores de Brasil entre enero de 2003 y septiembre de 2018, mostramos que las características irrelevantes de las empresas están asociadas con variaciones en las ganancias (o perdidas) de capital no realizadas (CGO), un proxy del sesgo del efecto disposición. Nuestros resultados son bastante similares a los encontrados por Ahmed (2017) para el mercado estadounidense. Sin embargo, los dos mercados muestran resultados diferentes para la relación entre CGO y liquidez de mercado y riesgo sistemático para todo el período de muestra. Además, encontramos que existe una relación inversa entre el sentimiento de los inversores y el CGO en momentos de movimiento alcista del mercado. En general, la influencia de las variables consideradas irrelevantes fue significativa en las comprobaciones de robustez. Estos resultados pueden implicar que los noise traders evalúan acciones y empresas en función de sus características irrelevantes, y este comportamiento, que no es compensado por inversores racionales, influye temporalmente en el mercado generando distorsiones de precios como el efecto disposición.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[capital gains overhang]]></kwd>
<kwd lng="en"><![CDATA[disposition effect]]></kwd>
<kwd lng="en"><![CDATA[prospect theory]]></kwd>
<kwd lng="en"><![CDATA[mental accounting]]></kwd>
<kwd lng="en"><![CDATA[investor sentiment]]></kwd>
<kwd lng="es"><![CDATA[ganancias de capital no realizadas]]></kwd>
<kwd lng="es"><![CDATA[efecto disposición]]></kwd>
<kwd lng="es"><![CDATA[teoría de prospectos]]></kwd>
<kwd lng="es"><![CDATA[contabilidad mental]]></kwd>
<kwd lng="es"><![CDATA[sentimiento del inversor]]></kwd>
</kwd-group>
</article-meta>
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