Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study
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Data de Publicação: | 2015 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Revista Brasileira de Gestão de Negócios (Online) |
Texto Completo: | https://rbgn.fecap.br/RBGN/article/view/2074 |
Resumo: | Objective – Analyze the reactions of the stock market to M&A announcements, i.e. find out if there was value creation and consequently maximization of shareholder wealth or whether there was value destruction and consequently a decrease in the wealth of the shareholders of the acquiring companies in the short term.Design/methodology/approach – Event study – Quantitative MethodFindings – It can neither be affirmed that the acquisitions had a significant impact on value creation for purchasers and banks, nor can it be denied. Given the lack of preponderance of either positive or negative returns, the transactions may have been perceived in different manners.Practical implications – The results may be explained by the fact that the synergies that resulted from the M&A processes in the banking sector only helped consolidating major market players and consequently reduced competitiveness in that sector. The negative abnormal returns of M&A processes are due to the monopolistic market competition structure (Tabak, Fazio & Cajueiro, 2012).Contributions – Event Study with robust errors |
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Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event StudyEvaluación de los procesos de fusiones y adquisiciones en el sector bancario brasileño mediantes de un estudio de eventosAvaliação dos Processos de Fusões e Aquisições no setor Bancário Brasileiro por meio de Estudo de EventosEvent StudyMergers and AcquisitionsBanksEstudo de eventofusões & aquisiçõesbancosObjective – Analyze the reactions of the stock market to M&A announcements, i.e. find out if there was value creation and consequently maximization of shareholder wealth or whether there was value destruction and consequently a decrease in the wealth of the shareholders of the acquiring companies in the short term.Design/methodology/approach – Event study – Quantitative MethodFindings – It can neither be affirmed that the acquisitions had a significant impact on value creation for purchasers and banks, nor can it be denied. Given the lack of preponderance of either positive or negative returns, the transactions may have been perceived in different manners.Practical implications – The results may be explained by the fact that the synergies that resulted from the M&A processes in the banking sector only helped consolidating major market players and consequently reduced competitiveness in that sector. The negative abnormal returns of M&A processes are due to the monopolistic market competition structure (Tabak, Fazio & Cajueiro, 2012).Contributions – Event Study with robust errors Objetivo – analisar as reações do mercado acionário ao anúncio de F&A, ou seja, verificar se houve criação de valor e, consequentemente, maximização da riqueza dos acionistas ou se houve destruição de valor e, consequentemente, redução da riqueza dos acionistas de empresas adquirentes no curto prazo.Método – Quantitativo-empírico Fundamentação teórica – Estudo de eventosResultados – Não se pode afirmar que as aquisições tiveram um impacto significativo na geração de valor dos bancos adquirentes nem, tampouco, se pode afirmar o contrário. Dada a falta de preponderância de retornos positivos ou negativos, diferentes percepções das operações podem ter ocorrido. No caso de retornos positivos, as hipóteses são de que o mercado enxergaria sinergias operacionais e financeiras, além de ganhos de escala ou market share. Tais análises, no entanto, são difíceis de comprovar empiricamente.Contribuições – Os resultados podem ter sua explicação pelo fato de que as sinergias oriundas dos processos de F&A no setor bancário serviram apenas para a consolidação de grandes players de mercado, acarretando uma diminuição de competitividade nesse setor. Os retornos anormais negativos nos processos de F&A advêm da estrutura de competição monopolística do mercado (Tabak et al., 2012).FECAP2015-11-24info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por paresapplication/pdfapplication/pdfhttps://rbgn.fecap.br/RBGN/article/view/207410.7819/rbgn.v17i56.2074Review of Business Management; Vol. 17 No. 56 (2015); 1105-1115RBGN Revista Brasileira de Gestão de Negócios; Vol. 17 Núm. 56 (2015); 1105-1115RBGN - Revista Brasileira de Gestão de Negócios; v. 17 n. 56 (2015); 1105-11151983-08071806-4892reponame:Revista Brasileira de Gestão de Negócios (Online)instname:Fundação Escola de Comércio Álvares Penteado (FECAP)instacron:FECAPengporhttps://rbgn.fecap.br/RBGN/article/view/2074/pdfhttps://rbgn.fecap.br/RBGN/article/view/2074/pdf_1Bergmann, Daniel ReedSavoia, José Roberto FerreiraSousa, Bruno de MeloMariz, Frederic deinfo:eu-repo/semantics/openAccess2021-07-21T16:28:03Zoai:ojs.emnuvens.com.br:article/2074Revistahttp://rbgn.fecap.br/RBGN/indexhttps://rbgn.fecap.br/RBGN/oai||jmauricio@fecap.br1983-08071806-4892opendoar:2021-07-21T16:28:03Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP)false |
dc.title.none.fl_str_mv |
Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study Evaluación de los procesos de fusiones y adquisiciones en el sector bancario brasileño mediantes de un estudio de eventos Avaliação dos Processos de Fusões e Aquisições no setor Bancário Brasileiro por meio de Estudo de Eventos |
title |
Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study |
spellingShingle |
Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study Bergmann, Daniel Reed Event Study Mergers and Acquisitions Banks Estudo de evento fusões & aquisições bancos |
title_short |
Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study |
title_full |
Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study |
title_fullStr |
Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study |
title_full_unstemmed |
Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study |
title_sort |
Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study |
author |
Bergmann, Daniel Reed |
author_facet |
Bergmann, Daniel Reed Savoia, José Roberto Ferreira Sousa, Bruno de Melo Mariz, Frederic de |
author_role |
author |
author2 |
Savoia, José Roberto Ferreira Sousa, Bruno de Melo Mariz, Frederic de |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Bergmann, Daniel Reed Savoia, José Roberto Ferreira Sousa, Bruno de Melo Mariz, Frederic de |
dc.subject.por.fl_str_mv |
Event Study Mergers and Acquisitions Banks Estudo de evento fusões & aquisições bancos |
topic |
Event Study Mergers and Acquisitions Banks Estudo de evento fusões & aquisições bancos |
description |
Objective – Analyze the reactions of the stock market to M&A announcements, i.e. find out if there was value creation and consequently maximization of shareholder wealth or whether there was value destruction and consequently a decrease in the wealth of the shareholders of the acquiring companies in the short term.Design/methodology/approach – Event study – Quantitative MethodFindings – It can neither be affirmed that the acquisitions had a significant impact on value creation for purchasers and banks, nor can it be denied. Given the lack of preponderance of either positive or negative returns, the transactions may have been perceived in different manners.Practical implications – The results may be explained by the fact that the synergies that resulted from the M&A processes in the banking sector only helped consolidating major market players and consequently reduced competitiveness in that sector. The negative abnormal returns of M&A processes are due to the monopolistic market competition structure (Tabak, Fazio & Cajueiro, 2012).Contributions – Event Study with robust errors |
publishDate |
2015 |
dc.date.none.fl_str_mv |
2015-11-24 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://rbgn.fecap.br/RBGN/article/view/2074 10.7819/rbgn.v17i56.2074 |
url |
https://rbgn.fecap.br/RBGN/article/view/2074 |
identifier_str_mv |
10.7819/rbgn.v17i56.2074 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://rbgn.fecap.br/RBGN/article/view/2074/pdf https://rbgn.fecap.br/RBGN/article/view/2074/pdf_1 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
FECAP |
publisher.none.fl_str_mv |
FECAP |
dc.source.none.fl_str_mv |
Review of Business Management; Vol. 17 No. 56 (2015); 1105-1115 RBGN Revista Brasileira de Gestão de Negócios; Vol. 17 Núm. 56 (2015); 1105-1115 RBGN - Revista Brasileira de Gestão de Negócios; v. 17 n. 56 (2015); 1105-1115 1983-0807 1806-4892 reponame:Revista Brasileira de Gestão de Negócios (Online) instname:Fundação Escola de Comércio Álvares Penteado (FECAP) instacron:FECAP |
instname_str |
Fundação Escola de Comércio Álvares Penteado (FECAP) |
instacron_str |
FECAP |
institution |
FECAP |
reponame_str |
Revista Brasileira de Gestão de Negócios (Online) |
collection |
Revista Brasileira de Gestão de Negócios (Online) |
repository.name.fl_str_mv |
Revista Brasileira de Gestão de Negócios (Online) - Fundação Escola de Comércio Álvares Penteado (FECAP) |
repository.mail.fl_str_mv |
||jmauricio@fecap.br |
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