“…Finally, the Ibov regressor provides an important finding for the literature, showing that online events with the participation of companies not belonging to the main reference portfolio of the Brazilian capital market, the Ibovespa, are more likely to provide statistically relevant abnormal returns than events with the participation of companies belonging to the index. Under the idea of efficient markets, the disclosure literature assumes that information, once disclosed, will be readily available to all investors, but this premise is not necessarily true and prevalent in all markets, especially in Brazil, according to the evidence pointed out by Amorim and Camargos (2021) and Camargos and Barbosa (2010), and until recently, companies with low media and analyst coverage were unable to reach investors without going through intermediaries. Thus, the evidence suggests that live streaming can be a particularly interesting platform for companies with low coverage to disclose earnings, which reinforces the findings of the literature on social networks and their effects on shareholder coverage (Alexander & Gentry, 2014;Blankespoor et al, 2014;Bushee et al, 2010;Miller & Skinner, 2015).…”