出版社：Associação Nacional de Pós-Graduação e Pesquisa em Administração
摘要：Relevant fact is information given by companies to the market concerning majority shareholder or management decisions which might interfere in the securities quote and trade or shareholders rights. This news is usually made available through written narratives and can be disclosed at any moment, unlike financial statements. Many studies show the importance of narrative information because this is frequently used by investors in decision making. It is timely and unaudited. The study analyzes the reading easiness of 4.533 relevant fact texts disclosed by Brazilian public companies from 2002 to 2006. The findings show that only 10 per cent of the texts are easy to read. The readability period was also found to be reduced, and in 2005, the reading was, on average, very difficult. At the same time, the number of relevant facts was shown to have reduced over the years and texts became longer. Concerning themes, information about profit, loss and cash fees had the easer readability.
