Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/34497 |
Resumo: | The present study aimed to address Killer Acquisitions in the Brazilian financial sector by analyzing the cases of Ágora-Bradesco and XP-Itaú in the context of antitrust scrutiny and challenges posed by digital markets. Killer Acquisitions refer to a strategy where a company acquires a promising competitor with the intention of preventing it from growing into a significant threat in the future. Digital markets have introduced unique challenges to antitrust scrutiny due to rapid innovation and technological evolution, making it difficult to define competition boundaries. Financial technology companies (fintechs) and startups have gained traction in the financial sector, providing innovative and disruptive services. Killer Acquisitions can be a strategy employed by major financial institutions to eliminate potential competitors and maintain their dominant position in the digital market. The study seeks to evaluate concentration acts through the lens of the theory of harm of Killer Acquisitions in digital markets and their possible consequences after the operations. The conducted study highlights that in the specific cases of ÁgoraBradesco and XP-Itaú, the firms in question are not nascent entities, but rather established companies with disruptive profiles that have brought about significant changes in their operating markets, resembling Maverick firms. In the case of Ágora, reconsideration of the treatment of relevant markets could be warranted, especially given Ágora's leading position in a rapidly growing segment where individuals execute operations via Home Broker. In the subsequent XP case, occurring nearly a decade later, distinct actions were taken by antitrust authorities, both by CADE and, in this instance within the financial sector, by the Central Bank. The implementation of behavioral remedies, limiting Itaú's interference, preserved XP's competitiveness and may have enabled it to sustain its disruptive business model without reducing competitive pressure on the incumbents. |
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Abreu, Luiz Felipe Bittencourt deEscolas::EPGELyra, Marcos Puccioni de OliveiraRibeiro, Eduardo PontualBraido, Luís Henrique BertolinoFéres, José Gustavo2023-11-17T17:35:16Z2023-11-17T17:35:16Z2023-08-30https://hdl.handle.net/10438/34497The present study aimed to address Killer Acquisitions in the Brazilian financial sector by analyzing the cases of Ágora-Bradesco and XP-Itaú in the context of antitrust scrutiny and challenges posed by digital markets. Killer Acquisitions refer to a strategy where a company acquires a promising competitor with the intention of preventing it from growing into a significant threat in the future. Digital markets have introduced unique challenges to antitrust scrutiny due to rapid innovation and technological evolution, making it difficult to define competition boundaries. Financial technology companies (fintechs) and startups have gained traction in the financial sector, providing innovative and disruptive services. Killer Acquisitions can be a strategy employed by major financial institutions to eliminate potential competitors and maintain their dominant position in the digital market. The study seeks to evaluate concentration acts through the lens of the theory of harm of Killer Acquisitions in digital markets and their possible consequences after the operations. The conducted study highlights that in the specific cases of ÁgoraBradesco and XP-Itaú, the firms in question are not nascent entities, but rather established companies with disruptive profiles that have brought about significant changes in their operating markets, resembling Maverick firms. In the case of Ágora, reconsideration of the treatment of relevant markets could be warranted, especially given Ágora's leading position in a rapidly growing segment where individuals execute operations via Home Broker. In the subsequent XP case, occurring nearly a decade later, distinct actions were taken by antitrust authorities, both by CADE and, in this instance within the financial sector, by the Central Bank. The implementation of behavioral remedies, limiting Itaú's interference, preserved XP's competitiveness and may have enabled it to sustain its disruptive business model without reducing competitive pressure on the incumbents.O presente estudo teve objetivo abordar as Killer Acquisitions no setor financeiro brasileiro através de uma análise dos casos da Ágora-Bradesco e XP-Itaú à luz do escrutínio antitruste e dos desafios dos mercados digitais. Killer Acquisitions se refere a uma estratégia na qual uma empresa adquire um concorrente promissor, com o objetivo de evitar que esse concorrente cresça e se torne uma ameaça significativa no futuro. Os mercados digitais têm apresentado desafios únicos para o escrutínio antitruste, dada a rápida inovação e evolução tecnológica que dificulta a definição de limites à concorrências. Empresas de tecnologia financeira (fintechs) e startups têm ganhado espaço no setor financeiro, oferecendo serviços inovadores e disruptivos. As Killer Acquisitions podem ser uma estratégia utilizada por grandes instituições financeiras para eliminar potenciais concorrentes e manter sua posição dominante no mercado digital. O estudo busca avaliar os atos de concentração pelo olhar da teoria do dano das Killer Acquisitions em mercados digitais e sua possível após as operações. Através do estudo realizado é importante observar que nos casos específicos mencionados Ágora-Bradesco e XP-Itaú, não se trata de firmas nascentes, mas de empresas já estabelecidas, com perfil disruptivo e que promoveram mudanças significativas nos mercados em que atuam, como firmas Maverick. No caso Ágora, o tratamento dos mercados relevantes poderia ser revisto, especialmente considerando a posição de liderança da Ágora em um segmento em rápido crescimento, no qual pessoas físicas realizavam operações via Home Broker. No caso subsequente da XP, ocorrido quase uma década após, houve uma atuação distinta das autoridades antitruste, tanto do CADE, como, neste caso do setor financeiro, do Banco Central. A implementação de remédios comportamentais, limitando a interferência do Itaú, manteve a XP competitiva e pode ter possibilitado que ela continuasse com seu modelo de negócio disruptivo, sem redução da pressão competitiva aos incumbentes.porKiller AcquisitionsCasos da Ágora-Bradesco e XP-ItaúEscrutínio antitrusteDesafios dos mercados digitaisCases of Ágora-Bradesco and XP-ItaúAntitrust scrutinyChallenges of digital marketsEconomiaInstituições financeiras - BrasilMercado financeiro – Inovações tecnológicasEmpresasCompetiçõesKiller Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaúinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALDissertação - Killer Acquisitions - Versão Final - Luiz Felipe Abreu.pdfDissertação - Killer Acquisitions - Versão Final - Luiz 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|
dc.title.por.fl_str_mv |
Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú |
title |
Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú |
spellingShingle |
Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú Abreu, Luiz Felipe Bittencourt de Killer Acquisitions Casos da Ágora-Bradesco e XP-Itaú Escrutínio antitruste Desafios dos mercados digitais Cases of Ágora-Bradesco and XP-Itaú Antitrust scrutiny Challenges of digital markets Economia Instituições financeiras - Brasil Mercado financeiro – Inovações tecnológicas Empresas Competições |
title_short |
Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú |
title_full |
Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú |
title_fullStr |
Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú |
title_full_unstemmed |
Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú |
title_sort |
Killer Acquisitions no setor financeiro brasileiro: uma análise antitruste dos casos Ágora-Bradesco e XP-Itaú |
author |
Abreu, Luiz Felipe Bittencourt de |
author_facet |
Abreu, Luiz Felipe Bittencourt de |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.member.none.fl_str_mv |
Lyra, Marcos Puccioni de Oliveira Ribeiro, Eduardo Pontual Braido, Luís Henrique Bertolino |
dc.contributor.author.fl_str_mv |
Abreu, Luiz Felipe Bittencourt de |
dc.contributor.advisor1.fl_str_mv |
Féres, José Gustavo |
contributor_str_mv |
Féres, José Gustavo |
dc.subject.por.fl_str_mv |
Killer Acquisitions Casos da Ágora-Bradesco e XP-Itaú Escrutínio antitruste Desafios dos mercados digitais |
topic |
Killer Acquisitions Casos da Ágora-Bradesco e XP-Itaú Escrutínio antitruste Desafios dos mercados digitais Cases of Ágora-Bradesco and XP-Itaú Antitrust scrutiny Challenges of digital markets Economia Instituições financeiras - Brasil Mercado financeiro – Inovações tecnológicas Empresas Competições |
dc.subject.eng.fl_str_mv |
Cases of Ágora-Bradesco and XP-Itaú Antitrust scrutiny Challenges of digital markets |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Instituições financeiras - Brasil Mercado financeiro – Inovações tecnológicas Empresas Competições |
description |
The present study aimed to address Killer Acquisitions in the Brazilian financial sector by analyzing the cases of Ágora-Bradesco and XP-Itaú in the context of antitrust scrutiny and challenges posed by digital markets. Killer Acquisitions refer to a strategy where a company acquires a promising competitor with the intention of preventing it from growing into a significant threat in the future. Digital markets have introduced unique challenges to antitrust scrutiny due to rapid innovation and technological evolution, making it difficult to define competition boundaries. Financial technology companies (fintechs) and startups have gained traction in the financial sector, providing innovative and disruptive services. Killer Acquisitions can be a strategy employed by major financial institutions to eliminate potential competitors and maintain their dominant position in the digital market. The study seeks to evaluate concentration acts through the lens of the theory of harm of Killer Acquisitions in digital markets and their possible consequences after the operations. The conducted study highlights that in the specific cases of ÁgoraBradesco and XP-Itaú, the firms in question are not nascent entities, but rather established companies with disruptive profiles that have brought about significant changes in their operating markets, resembling Maverick firms. In the case of Ágora, reconsideration of the treatment of relevant markets could be warranted, especially given Ágora's leading position in a rapidly growing segment where individuals execute operations via Home Broker. In the subsequent XP case, occurring nearly a decade later, distinct actions were taken by antitrust authorities, both by CADE and, in this instance within the financial sector, by the Central Bank. The implementation of behavioral remedies, limiting Itaú's interference, preserved XP's competitiveness and may have enabled it to sustain its disruptive business model without reducing competitive pressure on the incumbents. |
publishDate |
2023 |
dc.date.accessioned.fl_str_mv |
2023-11-17T17:35:16Z |
dc.date.available.fl_str_mv |
2023-11-17T17:35:16Z |
dc.date.issued.fl_str_mv |
2023-08-30 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/34497 |
url |
https://hdl.handle.net/10438/34497 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
instacron_str |
FGV |
institution |
FGV |
reponame_str |
Repositório Institucional do FGV (FGV Repositório Digital) |
collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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repository.name.fl_str_mv |
Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV) |
repository.mail.fl_str_mv |
|
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1810023618479915008 |