Abstract The economic contraction shows the restrictions in the markets for goods, services and employment, which, boosted by pandemic events such as covid-19, becomes a short and medium-term crisis, with marked long-term uncertainty. However, there are alternatives to deal with these, such as the inclusive reactivation of financial credit through Popular and Solidarity Economy. This research aims to explore the performance of the Ecuadorian popular and solidarity financial sector in periods of recession, and thus present evidence of its potential participation as an active agent in financing exit strategies from covid-19.

Resumen La contracción económica evidencia las restricciones en los mercados de bienes, servicios y empleo, lo cual, potenciado por el evento pandémico del covid-19, se transforma en crisis de corto y mediano plazo, con una marcada incertidumbre a largo plazo. No obstante, existen alternativas para afrontar la situación, tal como la reactivación inclusiva del crédito financiero a través de la Economía Popular y Solidaria (EPS). En esta investigación se explora el desempeño del crédito del sector financiero popular y solidario ecuatoriano en periodos de recesión y su potencial participación como agente activo en el financiamiento de estrategias de salida del covid-19.

Resumen Esta investigación aborda el desarrollo de los criptoactivos, a través de la historia, y su relevancia actual en los mercados financieros internacionales. Se concentra en cómo se han implementado en el mercado costarricense, además de sus repercusiones en la economía actual. A partir de este marco económico, se aborda la problemática sobre el marco legal aplicable, especialmente, si son objeto de regulación económica del Estado, sea como equivalente al dinero o como mecanismo de inversión. Se concluye que tienen una existencia relevante en el mercado financiero costarricense, pero, a pesar de ello, en Costa Rica, no existe un marco jurídico vigente que alcance para su regulación.

Abstract This research addresses the development of crypto assets throughout history and their current relevance in international financial markets. It focuses on how they have been implemented in the Costa Rican market, as well as their impact on the current economy. Based on this economic framework, the issue of applicable legal regulation is addressed, especially whether they are subject to economic regulation by the State, either as an equivalent to money or as an investment mechanism. It is concluded that they have a relevant existence in the Costa Rican financial market, but despite this, there is no current legal framework that extends to their regulation.

Abstract There is extensive literature on the motivations of various investors to integrate environmental, social, and corporate governance (ESG) factors into their strategies. However, studies on this subject focus on developed markets. They do not explain with evidence whether these factors, if absent, significantly affect the valuation of financial instruments, such as stocks or bonds issued by companies. Thus, the study analyzes and demonstrates with statistical evidence that the controversies associated with ESG factors and related to shares in the Mexican market are yet to be integrated into the corresponding valuations.

Resumen Existe una amplia literatura sobre las motivaciones que llevan a diversos inversionistas a integrar factores ambientales, sociales y de gobierno corporativo (ASG) en sus estrategias; sin embargo, los estudios sobre esta temática se centran en los mercados desarrollados y no detallan con evidencia si estos factores, a través de las potenciales controversias que generan en su ausencia, tienen efectos significativos en la valoración de instrumentos financieros, por ej., acciones o bo nos emitidos por empresas. Por esta razón, el presente estudio analiza y demuestra con evidencia estadística que las controversias asociadas a factores ASG y relacionadas con las acciones en el mercado mexicano aún no se encuentran integradas en las valuaciones correspondientes.

Abstract (Introduction): The bioeconomy addresses a series of problems in key areas for the Latin American region. As a result, a growing number of countries worldwide have developed bioeconomy policies or strategies, the Costa Rica Strategy beings the first in the region. (Objective): The aim of this article is to analyze the opportunities and challenges of the advanced bioeconomy, emphasizing the biotechnology sector, to contribute to the Costa Rican productive and sustainable development. (Methodology): The approach applied is qualitative based on primary and secondary sources, and ongoing reflection and discussion. (Results): As a result, it is found that despite facing structural barriers and challenges such as market aspects, coordination governance, waste management, availability and use of biological, financial, educational, social resources, among others; the bioeconomy is positioned along with biotechnology as a great opportunity to develop valorization and management of waste, enhance productive processes and value chains with high added value related to research, development and innovation, knowledge, competitiveness, encouraging the generation of employment, new exports and access to more and better markets. (Conclusions): It is possible to conclude that the aforementioned can be applied in harmony with natural ecosystems and social welfare that can even be replicated in other countries of the region contributing to improve the social, economic and environmental challenges.

Resumen (Introducción): La bioeconomía aborda una serie de problemas en áreas clave para la región latinoamericana. Debido a esto, cada vez más países el mundo han elaborado políticas o estrategias de bioeconomía, siendo la Estrategia de Costa Rica la primera en la región. (Objetivo): El objetivo de este artículo es analizar las oportunidades y desafíos que enfrenta la bioeconomía avanzada, haciendo énfasis en el sector biotecnológico, para contribuir al desarrollo productivo y sostenible en Costa Rica. (Metodología): El enfoque utilizado es cualitativo con uso de fuentes primarias y secundarias, así como la reflexión y discusión permanente. (Resultados): Como resultado del análisis se encuentra que, pese a una serie de barreras estructurales y retos de mercado, articulación, gobernanza, gestión de residuos, disponibilidad y aprovechamiento de recursos biológicos, financieros, educativos, sociales, entre otros; la bioeconomía se posiciona con la biotecnología como una gran oportunidad para gestionar y valorar los residuos, procesos productivos y encadenamientos con alto valor agregado, incorporando investigación, desarrollo e innovación, conocimiento, competitividad, propiciando la generación de nuevos empleos, exportaciones, acceso a más y mejores mercados. (Conclusiones): Es posible concluir que todo esto puede ser realizado en armonía con los ecosistemas naturales y el bienestar social e incluso replicado en otros países de la región para coadyuvar al mejoramiento de las problemáticas sociales, económicas y ambientales.

Abstract Technological developments are followed in the form of speed and new products in the large finance ecosystem. Particularly, we can easily observe the increasing importance of both new products and speed in the cryptocurrency markets. Examining the liquidity in cryptocurrency markets, which are open 24 hours a day, 7 days a week, draws attention as an important issue. Liquidity, in simple terms, refers to the ease of converting a financial instrument into cash. Bid-ask spread of a financial instrument is also considered as a measure of liquidity. This study employs Markov switching GARCH (MSGARCH) models to investigate the intraday volatility of the liquidity of Bitcoin under low volatile and high volatile regime periods. The study analyses the 5 minutes’ intraday bid-ask spread by different types of MSGARCH models with different numbers of regimes. The analysed period 01.01.2019 - 06.29.2021 contains 52,548 observations. The first results of the study provide evidence that low and high volatility periods can be explained by different models such as MS EGARCH, MS TGARCH, and MS GJRGARCH. Secondly, the two-regime MSGARCH and MS GJR GARCH models are the best models for explaining low and high volatility periods of intraday Bitcoin liquidity.

Resumen Los avances tecnológicos y los nuevos productos avanzan de forma rápida en el gran ecosistema financiero. En particular, podemos observar fácilmente la creciente importancia tanto de los nuevos productos como de la velocidad en los mercados de criptomonedas. Examinar la liquidez en los mercados de criptomonedas, que están abiertos las 24 horas del día, los 7 días de la semana, llama la atención como un tema importante. La liquidez, en términos simples, se refiere a la facilidad para convertir un instrumento financiero en efectivo. El diferencial entre oferta y demanda de un instrumento financiero también se considera una medida de liquidez. Este estudio emplea los modelos Markov Switching GARCH (MSGARCH) para investigar la volatilidad intradía de la liquidez de bitcoin en períodos de régimen de baja y alta volatilidad. El diferencial de oferta y demanda intradía de 5 minutos se analiza mediante diferentes tipos de modelos MSGARCH con diferentes números de regímenes. El período analizado del 01.01.2019 al 29.06.2021 contiene 52 548 observaciones. Los primeros resultados del estudio proporcionan evidencia de que los períodos de alta y baja volatilidad pueden explicarse mediante diferentes modelos como MS EGARCH, MS TGARCH y MS GJRGARCH. En segundo lugar, los modelos de dos regímenes MSGARCH y MS GJR GARCH son los mejores modelos para explicar los períodos de baja y alta volatilidad de la liquidez intradía de bitcoin.

Abstract Mercury retrograde is an astronomical phenomenon that makes it appear as if the planet has changed direction. It is said that this phenomenon generates chaos in the behaviour of people causing us to be sensitive and more susceptible than normal. This chaos could affect investor sentiment and lead to irrational and therefore unprofitable investment decisions. This article describes an algorithmic swing trading system in the future of the Ibex 35, which takes a short position when entering the mercury retrograde phase. The results of the back test carried out over the last five years show that the System is profitable, and that the sentiment caused by this astronomical phenomenon affects the financial markets.

Resumen Mercurio retrógrado es un fenómeno astronómico que hace que parezca que el planeta ha cambiado de dirección. Se dice que este fenómeno genera caos en el comportamiento de las personas provocando que estén sensibles y más susceptibles de lo normal. Este caos podría afectar al sentimiento del inversor y provocar decisiones de inversión irracionales y por tanto poco rentables. En este artículo se describe un sistema swing de trading algorítmico en el futuro del Ibex 35, que toma una posición corta cuando se entra en fase de Mercurio retrógrado. Los resultados del back test realizado a lo largo de los últimos cinco años muestran que el sistema es rentable y que el sentimiento provocado por este fenómeno astronómico afecta a los mercados financieros.

Abstract: In actuality, the financial investment in Enterprises of the world is common. This investment is performed using internet platforms and value markets. This can generate a loss for many investors due to the uncertainty of the future financial health of the Enterprise. A comparison for the prediction of financial health based on algorithms of machine learning, particularly Support Vector Machine (SVM), Artificial Neural Networks (ANN), K-Nearest Neighbors (KNN), and Adaptive Neuro-Fuzzy Networks (ANFIS) is presented. The database of the Taiwan Economic Journal from 1999 to 2009 is used, with 95 financial ratios of enterprises financially healthiest and with bankruptcy problems. In the ANN, the epoch number, numbers of neurons, activation functions in each layer, loss function, and learning rate are tested; also, an architecture of a Convolutional Neural Network (CNN) is implemented. In SVM, the experiments are performed using different kernels, polynomial, RBF, linear. Besides, the size of C, size of gamma, and size of the polynomial are varied. In KNN, experiments with different numbers of neighbors, types of weight, and values of P are realized. In ANFIS, experiments with variants of the numbers of fuzzy rules, quantity and type of membership functions, number of epochs, and input dimensions are performed. Optimization using Genetic Algorithms (GA) and Particle Swarm Optimization (PSO) of the three models with the best results are performed; the optimization is based on the search for the best hyperparameters that would provide a higher accuracy. The neural network models presented the best average for all the proposed tests.

SIGNIFICANCE: The move away from LIBOR to new risk-free rates is crucial in finance. In this Commentary, I examine South Africa's readiness for transitioning from JIBAR to these new rates, especially regarding interest rate derivatives. I delve into how this shift impacts pricing, unique to South Africa's market. Using a mathematical model based on a 2 x 2 Wishart process, I analyse caplet pricing considering backward- and forward-looking rates. Comparing these caplet types reveals the complexities of pricing in this changing financial landscape. The insights shed light on challenges and opportunities for South Africa and the finance sector as JIBAR nears its end, emphasising the need for robust mathematical strategies in navigating this transition.

RESUMEN El presente estudio analiza el impacto del desarrollo financiero sobre las emisiones de gas de efecto invernadero en países en desarrollo, considerando los efectos de derrame debidos al consumo de energía. Para tal propósito, utilizamos modelos de regresión de panel dinámico con umbral. La evidencia que obtuvimos con datos para el periodo 2003-2009 muestra que el desarrollo financiero tiene un efecto de umbral significativo en las emisiones. La forma en que opera este efecto depende de la distinción entre instituciones financieras y mercados financieros. En contraste con el desarrollo del mercado financiero, se ha observado que en países donde el índice de desarrollo de las instituciones financieras es mayor que 0.356, las fuerzas que incrementan las emisiones se debilitan.

ABSTRACT This study aims to analyze the impact of financial development on greenhouse gas emissions in the case of developing countries, considering the spillover effects due to energy consumption. For this purpose, static and dynamic panel threshold regression models were used. The evidence obtained from the 2003-2019 period data shows that financial development has a significant threshold effect on emissions. How this effect works depends on the distinction between financial institutions and financial markets. In contrast to financial market development, in countries where the financial institution development index is above 0.356, the forces that increase emissions have been observed to weaken.

RESUMEN El mercado de valores en Ecuador se ha creado para negociar valores emitidos por PYMES, grandes empresas y organizaciones de la economía popular y solidaria, que cumplen los parámetros requeridos en la normativa que rige a este segmento. En tal sentido, las cooperativas de ahorro y crédito tienen la posibilidad de emitir títulos valores en dicho mercado para obtener financiamiento con un tratamiento diferenciado en costos y requerimientos. Por lo expuesto, la presente investigación tiene como objetivo: evaluar la factibilidad de captación de fondos externos en el mercado de valores para la COAC “1 de Julio” como mecanismo de mejoramiento de su rentabilidad. Para tal efecto, se aplicó un estudio no experimental, con alcance descriptivo- explicativo. Entre los resultados se determinó que la rentabilidad obtenida en los últimos años ha disminuido al igual que su liquides, debido a los altos costos operativos y financieros de sus actuales fuentes de financiamiento. La capacidad de los líderes de la cooperativa para tomar decisiones informadas y estratégicas se verá fortalecida a través de un enfoque educativo que promueva la resiliencia financiera y la adaptabilidad en un entorno económico dinámico. En este contexto, la educación financiera no solo se configura como una necesidad, sino como un habilitador clave para el mejoramiento de la rentabilidad y la sostenibilidad a largo plazo de la Cooperativa.

ABSTRACT The securities market in Ecuador has been created to trade securities issued by SMEs, large companies and organizations of the popular and solidarity economy, which meet the parameters required by the regulations governing this segment. In this sense, savings and credit cooperatives have the possibility of issuing securities in this market to obtain financing with a differentiated treatment in terms of costs and requirements. Therefore, the purpose of this research is to evaluate the feasibility of raising external funds in the securities market for COAC 1 de Julio, as a mechanism for improving its profitability. For this purpose, a non-experimental study was applied, with a descriptive-explanatory scope. Among the results, it was determined that the profitability obtained in recent years has decreased as well as its liquidity, due to the high operating and financial costs of its current sources of financing.

Abstract Purpose: The paper aims to reveal the impact of relationship marketing (RM) practices adopted by companies in emerging markets on their market and financial performance (FP) over a long-term, 13-year perspective. Design/methodology/approach: The research design combines primary empirical data from 229 Russian companies, based on the Contemporary Marketing Practices (CMP) survey, and objective FP data from official statistical databases for 2008-2020 to verify the impact of RM practices on market and FP in the long term. Findings: The research underlines the significant impact of RM practices. It is important to notice that the effect of product development (PD) on marketing performance is mediated by competitor orientation. PD affects market and FP, whose roles vary with the return on assets (ROA). Research limitations/implications: Research design supplements the subjective survey data with the objective FP data on the ROA to avoid common method bias. Practical implications: Implementation of RM practices by Russian companies can increase their effectiveness of performance in the long term. Originality/value: This research shows the positive impact of RM practices on the FP of Russian firms over the past 13 years.

Abstract This paper aims to analyze the contributions of rural women in Ecologically Based Family Agroindustrial Systems (SAFEs), demonstrating how many hours farming families work in different activities, how much income each activity generates and the importance of women farmers' work. Thus, through the economic-financial assessment method of added value, it was possible to survey the hours worked of all family, in four activities: primary production, agroindustry, commerce and domestic work, and then calculate the individual financial contribution. for the composition of family income. The research was applied in 12 SAFEs, in the years 2020 and 2021, in the Southwest region of Paraná. The results show that, in addition to playing a central role in food processing, working around 75% of hours in agroindustrialization, women actively participate in primary production, in the construction of food markets and in the management of SAFEs. Furthermore, they generate, on average, 28 thousand reais/year from nom paid domestic work, with 95% of the hours worked by them. Thus, the research showed that the productive inclusion of women did not reduce their workload in reproductive activities, causing double shifts. Even so, they seek greater levels of autonomy, financial independence and occupy public spaces, previously reserved for men. SAFEs , (SAFEs) activities farmers Thus economicfinancial economic value production agroindustry contribution 1 202 2021 Paraná processing 75 agroindustrialization Furthermore generate average 2 reaisyear reais year 95 them shifts so autonomy spaces men (SAFEs 20 7 9

Resumo Este artigo busca analisar as contribuições das mulheres rurais nos Sistemas Agroindustriais Familiares de Base Ecológica (SAFEs), demonstrando quantas horas as famílias agricultoras trabalham em diversas atividades, quanta renda cada atividade gera e a importância do trabalho das agricultoras. Assim, por meio do método de avaliação econômico-financeiro do valor agregado foi possível levantar as horas trabalhadas de todos(as) os(as) integrantes da família, em quatro atividades: produção primária, agroindústria, comércio e trabalho doméstico, e, depois, calcular a contribuição financeira individual para a composição da renda familiar. A pesquisa foi aplicada em 12 SAFEs, nos anos de 2020 e 2021, na região Sudoeste do Paraná. Os resultados mostram que, além de desempenharem um papel central no processamento de alimentos, trabalhando cerca de 75% das horas na agroindustrialização, as mulheres participam ativamente da produção primária, na construção de mercados alimentares e da gestão dos SAFEs. Mais ainda, geram, em média, 28 mil reais/ano com o trabalho doméstico não remunerado, sendo 95% das horas trabalhadas por elas. Dessa forma, a pesquisa mostrou que a inclusão produtiva das mulheres não diminuiu sua carga de trabalho em atividades reprodutivas, ocasionando dupla jornada. Mesmo assim, elas buscam maiores níveis de autonomia, independência financeira e ocupam espaços públicos, antes reservados aos homens. SAFEs , (SAFEs) Assim econômicofinanceiro econômico financeiro todosas todos todos(as osas os os(as família primária agroindústria depois familiar 1 202 2021 Paraná alimentos 75 agroindustrialização ainda geram média 2 reaisano reais ano remunerado 95 forma reprodutivas jornada assim autonomia públicos homens (SAFEs 20 7 9

ABSTRACT The objective of this article is to evaluate the effect of financial slack on the value relevance of environmental expenditures in Brazilian capital market firms. The Brazilian literature, unlike the foreign literature, has neglected to investigate the value relevance of environmental performance information. The study addresses the combination of environmental information with the financial condition of firms within the scope of value relevance, obtaining evidence not yet contemplated in the literature on the Brazilian capital market. It is noteworthy that the financial perspective strongly influences the valuation of firms in terms of the environmental dimension. Companies that engage in environmental spending and are in a better financial position are better valued and considered economically interesting. The same is not true for firms in a worse financial position. The study shows how the environmental dimension, which is not a priority from the shareholder's point of view, can be the object of investor attention if the financial condition requirement is met. The market monitors environmental expenditures in order to assess much more the extent of the effects of these expenditures on the generation of future cash flows rather than the company's environmental commitment. The sample includes 52 companies whose shares were traded on the B3 S.A. in the period 2009-2018, totaling 252 observations. The model proposed by Ohlson was used, adapted according to the literature, and operationalized in POLS models. In addition, analyses were reproduced considering the possible moderating effect of financial slack measures on the environmental spending proxy. The results indicate that environmental spending contributes to reducing the valuation of firms, signaling to investors only future economic costs. Financial slack was found to be an important element in the valuation of firms with environmental expenditures, and companies with environmental expenditures and greater financial slack had higher valuations than those with less financial slack. dimension interesting shareholders shareholder s view met companys company commitment 5 B SA S A S.A 20092018, 20092018 2009 2018, 2018 2009-2018 25 observations used models addition proxy costs 2009201 200 201 2009-201 2 200920 20 2009-20 20092 2009-2 2009-

RESUMO O objetivo deste artigo é avaliar o efeito da folga financeira no value-relevance de gastos ambientais em firmas do mercado de capitais brasileiro. A literatura nacional tem negligenciado a abordagem de investigações sobre value-relevance de informações ambientais de desempenho, diferentemente do que ocorre na literatura estrangeira. O estudo aborda a combinação de informações ambientais com a condição financeira das firmas no escopo do value-relevance, obtendo evidências ainda não contempladas na literatura acerca do mercado de capitais brasileiro. Destaca-se que a perspectiva financeira influencia fortemente a avaliação das firmas no tocante à dimensão ambiental. A empresa que realiza gastos ambientais e detém melhor condição financeira passa a ser mais bem avaliada e considerada economicamente interessante. O mesmo não ocorre com firmas em condição financeira inferior. O estudo possibilita demonstrar como a dimensão ambiental, não prioritária na visão do shareholder, poderá ser objeto de atenção de investidores, se o requisito condição financeira é atendido. O mercado monitora gastos ambientais a fim de avaliar muito mais a extensão dos efeitos derivados desses dispêndios na geração de fluxos de caixa futuros, e menos o comprometimento ambiental da empresa. A amostra reúne 52 empresas com ações negociadas na B3 S.A. no período 2009-2018, totalizando 252 observações. Foi usado o modelo proposto por Ohlson, adaptado seguindo a literatura, e operacionalizado em modelos POLS. Ademais, análises foram reproduzidas considerando-se o possível efeito moderador das medidas de folga financeira na proxy dos gastos ambientais. Os resultados indicam que os gastos ambientais contribuem para reduzir a avaliação das firmas, sinalizando para os investidores apenas custos econômicos futuros. Observou-se que a folga financeira constitui elemento importante na avaliação das firmas com gastos ambientais, e que, nas empresas com gastos ambientais e maior folga financeira, a avaliação foi superior à daquelas com menor folga financeira. valuerelevance value relevance brasileiro desempenho estrangeira valuerelevance, relevance, Destacase Destaca interessante inferior shareholder atendido futuros 5 B SA S S.A 20092018, 20092018 2009 2018, 2018 2009-2018 25 observações Ohlson POLS Ademais considerandose considerando Observouse Observou 2009201 200 201 2009-201 2 200920 20 2009-20 20092 2009-2 2009-

ABSTRACT The study examined the effects of mandatory International Financial Reporting Standards (IFRS) adoption on the quality of accounting information from three perspectives: the ability of accounting figures to explain credit ratings and their evolution after IFRS adoption; the difference in information gains from mandatory IFRS adoption between emerging and developed countries; and the identification of aspects of national governance capable of explaining these information gains. This article differs from the existing literature in three respects: it uses a more comprehensive and heterogeneous sample of emerging and developed countries; it uses the bootstrapping resampling method for a consistent analysis of the results; and it examines the heterogeneity of the effects of IFRS adoption as a function of country-level development and governance characteristics. The study reinforces the relevance of accounting information for analyzing companies' credit risk and makes new contributions to the literature on the heterogeneity of the effects of IFRS adoption. By using a multi-country sample, the article has potential implications for national and international accounting and finance literature, and is also useful for regulators and international portfolio managers. The analyses were based on the ratings and annual accounting data of 566 companies domiciled in 36 countries over the period from 2005 to 2017, using a bootstrapping resampling method. This article documented that mandatory IFRS adoption increased the ability of accounting data to explain the credit ratings assigned by rating agencies. Moreover, it was found that this relationship is, on average, more pronounced in emerging economies. The analysis also showed a positive relationship between the control of corruption and the information gain associated with IFRS adoption. (IFRS perspectives respects results countrylevel country level characteristics multicountry multi managers 56 3 200 2017 agencies Moreover average economies 5 20 201 2

RESUMO O estudo investigou os efeitos da adoção mandatória das Normas Internacionais de Contabilidade (International Financial Reporting Standards [IFRS]) sobre a qualidade das informações contábeis sob três aspectos: a capacidade dos números contábeis explicarem os ratings de crédito e sua evolução após a adoção das IFRS; a diferença em termos de ganho informacional com a adoção mandatória das IFRS entre países emergentes e desenvolvidos; e a identificação de aspectos de governança nacional capazes de explicar os referidos ganhos informacionais. Este artigo se diferencia da literatura existente em três aspectos: utiliza amostra mais abrangente e heterogênea, composta por países emergentes e desenvolvidos; utiliza o método de reamostragem por bootstrapping para análise consistente dos resultados; e investiga a heterogeneidade dos efeitos da adoção das IFRS como função do nível de desenvolvimento e das características de governança no nível do país. O estudo reforça a relevância da informação contábil para a análise do risco de crédito das empresas e traz novas contribuições à literatura sobre a heterogeneidade dos efeitos da adoção das IFRS. Ao utilizar amostra de diversos países, este artigo tem potencial impacto na literatura contábil e financeira nacional e internacional, também se mostrando útil para reguladores e gestores de portfolios internacionais. As análises se basearam nos ratings e dados contábeis anuais de 566 empresas domiciliadas em 36 países, durante o período de 2005 a 2017, por meio de método de reamostragem por bootstrapping. Este artigo documenta que a adoção mandatória das IFRS aumentou a capacidade dos dados contábeis explicarem as classificações de crédito atribuídas pelas agências de classificação de risco (agências de rating [AR]). Ademais, evidencia que essa associação é, em média, mais acentuada em economias emergentes. E indica, ainda, relação positiva entre controle da corrupção (CC) e ganho informacional associado à adoção das IFRS. International [IFRS] desenvolvidos informacionais heterogênea resultados país internacional internacionais 56 3 200 2017 AR. AR . [AR]) Ademais é média indica ainda CC (CC [IFRS 5 20 201 [AR] 2 [AR

Abstract Purpose This paper introduces a comprehensive approach to estimating the five-factor model in financial markets, emphasizing flexibility and predictive improvement via GAMLSS models. We highlight the innovative potential of this methodology in asset pricing theory. Theoretical framework This paper seeks to evaluate the behavior of asset prices under conditions of uncertainty. Fama and French (2015) inspired us to present an extension via structured additive distributional regression using GAMLSS for the five-factor model. Design/methodology/approach The sample contains information from the Brazilian financial market from 1994 to 2018. Given the violation of the conditional normal distribution commonly observed in these data, we propose adopting GAMLSS modeling. This approach allows for the flexibility of probability distributions associated with stock portfolio returns, more accurately accommodating location and scale. Findings GAMLSS modeling significantly enhances predictive performance, providing a robust alternative to traditional models that use the normal distribution. Furthermore, no evidence of specification error was observed using GAMLSS models, reinforcing their reliability. Practical & social implications of research The use of flexible GAMLSS modeling for asset pricing is proposed In the Brazilian financial market. This would improve decision-making capacity related to financial markets and asset pricing. Originality/value In terms of contribution, the article proposes a new estimation approach for the five-factor model using GAMLSS models. fivefactor five factor theory uncertainty 2015 (2015 Designmethodologyapproach Design 199 2018 data returns scale performance Furthermore reliability decisionmaking decision making Originalityvalue Originality value contribution 201 (201 19 20 (20 1 2 (2 (