The financial accounting research of the late 60s (Ball and Brown, 1968; Beaver, 1968) has incorporated the theoretical developments that laid the foundation for modern financial theory (50s), from then on, the accounting research in the capital market has become one of the most attractive areas in the international scenario, where, econometric models were developed and statistical techniques used in the positive approach, establishing hypotheses derived from that theory empirically tested, is in alignment with the theory (Watts and Zimmerman, 1986). The two models developed by the financial economy that provided the basis for the verification of the market reaction to accounting information from the perspective of the existence of other sources of information and as the market is efficient, tested in terms of the set of financial statements were: CAPM (Capital Asset Pricing Model) and the EMH (efficient market hypothesis).The objective of this research is to build a conceptual model of disclosure of financial information to the Brazilian capital market, based on the structure of the Disclosure Theory and the results obtained from empirical research. The identification of mathematical models, statistical tools, and the results of chosen information, as well as the analysis of the set, pointing, similarities and differences, contributes to the formation of the conceptual basis for the construction of the dissemination model that will improve understandings about the relevance of accounting information in Brazil. The methodology is exploratory qualitative approach. As expected results, it has been the construction of a conceptual model for positive research in Brazil.
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