Defesa da Concorrência no sistema financeiro brasileiro

• Autor(a) principal: Morais, Ana Maria de Paula
• Data de Publicação: 2018
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da UERJ
• Texto Completo: http://www.bdtd.uerj.br/handle/1/7570
• topic: Defense of competition; Financial system; Event Study.; Defesa da concorrência; Sistema financeiro; Estudo de eventos.; Economia Concorrência .; Direito antitruste; CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA

The competition policy applies laws that ensure the economic well-being of society. The merger s analysis should consider, on the one hand, the increase in the market share of merged firms and, on the other, cost saving and efficiency gains from a merger or acquisition. The stability of the banking sector is fundamental to the proper functioning of the economy. Therefore, is of great importance the carrying out of studies on merger operations within the financial sector, which on the one hand, can be taken to avoid bankruptcy declarations and to preserve the stability of the financial system, but on the other hand, it may harm the well-being of the consumer and the rival firms. In the banking sector, the government intervention has two aspects: market regulation and prudential regulation. Therefore, there is a debate in Brazil about which body has the competence to consider acts of concentration among financial institutions: on the one hand, CADE, as an antitrust body and, on the other, the Central Bank, which keeps the Nacional Financial System functioning. With the intention of seeking a possible solution to this conflict, this study proposes the application of an event study to the case of merger between Bradesco and HSBC, held in 2016. This methodology developed by Eckbo (1983) seeks to detect the net effect caused by a merger. His ideas are based on the Oligopoly theory, that suggests that two firms become more efficient as a consequence of a merger and; in the hypothesis of an efficient capital market, that considers that the value of the shares reflects the present value of the cash flow of the companies. Eckbo argues that anti-competitive mergers can be good not only for merging firms, but also for rivals. Therefore, based on the stock values of the rivals of the merger it is sought to define if the merger between Bradesco and HSBC could be considered as an anticompetitive merger. If this is the case, the participation of the antitrust body in the assessment of the merger could be considered necessary.