Manipulação de resultados no sector bancário da Europa dos 15

Abstract

The aim of this study involves the study of the manipulation of results by European banks. We intend to examine if, with a view to ' mask ' the economic performance of institutions, banks have an incentive to resort to the manipulation of their results, and to do this we divided our sample into several subsamples. Firstly, we apply the probit model to test whether there is more manipulation of results in the years 2003 to 2007 or in the years 2008 to 2011. We also try to perceive if there is more manipulation in countries subjected to intervention or countries that were not subject to intervention. Finally, we analyze histograms of distributions of adjusted net incomes and its variations to test whether banks incurred in attempts of ‘income smoothing’, being this sample divided into intervened and not intervened banks. In this thesis, we used a sample set of 129 banks in the EU-15 countries in the period 2003 to 2011. In particular, we analyzed their adjusted net results. From the analysis of the probit model in the period 2008 to 2011 we conclude that from the studied variables, none were significant to the model. For the analysis of countries that were not subject to intervention, it was found that banks with negative results in the previous period are more likely to have positive results in the current period and that large firms are more profitable, at least in absolute value of the results, have a higher propensity to located on the right of the distribution of results. From analyzing the histograms we conclude that there seems to be an indication that banks from countries that were not subject to intervention tend to perform income smoothing.

Date of Award	3 Jul 2014
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Paulo Alves (Supervisor)