Dados B3 › When a filing exists
How long a filing takes to exist: 100 days on average in Brazil
Everyone remembers to lag the price. Almost nobody lags the FILING — and that is where the quietest form of look-ahead gets in, because the backtest result improves without anything looking wrong.
How long it takes, measured
5,673 annual filings with both a reference date and a receipt date. Minimum 26 days, maximum 3000.
| range | filings | % |
|---|---|---|
| up to 60 days | 1,154 | 20.3% |
| 61 to 90 days | 3,484 | 61.4% |
| 91 to 120 days | 447 | 7.9% |
| 121 days to 1 year | 427 | 7.5% |
| more than 1 year | 161 | 2.8% |
The extreme case, with the caveat it requires
The largest gap in the base is one large bank's 2011 year showing a 2020 receipt date — 3,000 days. That is NOT a delay in the original filing: it is a RESTATEMENT, the year being republished years later. Filing delay and restatement are different things, and merging them inflates the argument. We record them separately.
What we do
The multiple uses the price of the FIRST trading session on or after the regulator's receipt date — not the 31 December price. On average 1.3 day between publication and the session used: not "some day later", the first available one. 3,968 annual multiples are computed this way.
And what this does NOT solve, said plainly: lagging the filing fixes the mismatch between price and statement. It does not fix survivorship bias, historical universe, or delisting — those remain the user's responsibility.
Numbers on this page are live. Data version 2026-09-13-units-e-consolidado-zerado · page generated 2026-09-13 23:13 UTC. If this does not match /saude, you are reading a cached copy.
Sources: CVM (open data, ODbL) and B3 (COTAHIST). Not affiliated with B3 or the CVM. Not investment advice.
Numbers on this page are live. Data version 2026-09-13-units-e-consolidado-zerado · page generated 2026-09-13 23:13 UTC. If this does not match /saude, you are reading a cached copy.