Assimetria de informações e o rating soberano brasileiro na avaliação das Agências de Classificação de Risco

Romário Rocha do Nascimento; Maurício Martins Costa

doi:10.51341/cgg.v25i3.2822

Autores

Romário Rocha do Nascimento Universidade Federal de São Carlos https://orcid.org/0000-0002-8684-871X
Maurício Martins Costa Universidade Federal do Tocantins https://orcid.org/0000-0001-9156-006X

DOI:

https://doi.org/10.51341/cgg.v25i3.2822

Palavras-chave:

ACR, Assimetria, Brasil, Informações, Rating soberano

Resumo

Objetivo: analisar as assimetrias de informações no conteúdo dos relatórios sintéticos emitidos pelas Agências de Classificação de Risco (ACR) Standard & Poor’s, Moody’s e Fitch sobre o rating
soberano brasileiro.

Método: realizou-se uma análise de conteúdo nos relatórios sintéticos das ACR com a finalidade de criar variáveis e categorias. Por meio da Análise de Correspondência (AC), objetivou-se essas
mesmas variáveis de categorias em um espaço multidimensional para análise comparativa.

Originalidade/Relevância: o estudo mostra como a assimetria de informações entre credores e mutuários de títulos soberanos também pode ser precedida pelas próprias ACR quando disponibilizam para o mercado diferentes avaliações sobre um mesmo produto financeiro. O resultado mostra que assimetria de informações entre credores e mutuários não finda, apenas muda a fonte de informação.

Resultados: os resultados mostraram que, embora o teor das avaliações tenha sido negativo nas ACR, há assimetrias em categorias específicas. A Standard & Poor’s, por exemplo, foi a Agência que mais se destacou nas análises. Ela se difere das demais ACR e se posiciona mais livremente entre as categorias em anos distintos.

Contribuições Teóricas/Metodológicas: contribui com a integração de métodos qualitativos e quantitativos para ampliação de pesquisas sobre assimetria de informações das ACR. O estudo também analisa relatórios sintéticos, isto é, os mais acessíveis aos tomadores de decisão no mercado, mostrando que não é exclusiva a análise de relatórios complexos e dados robustos para analisar informações assimétricas. Além disso, explora resultados sobre assimetria de informações e soberano brasileiro, onde poucas abordagens e investigações teve enfoque no cenário acadêmico nacional.

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