Mergers and acquisitions in Brazil and economic uncertainty shocks
Autor(a) principal: | |
---|---|
Data de Publicação: | 2022 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Contextus (Fortaleza. Online) |
Texto Completo: | http://periodicos.ufc.br/contextus/article/view/80660 |
Resumo: | In this paper, we have analyzed the sensitivity of the aggregate volume of Mergers and Acquisitions (M&A) in Brazil to fluctuations (shocks) in the Economic Uncertainty level from 2010 to 2021 under behavioral and neoclassical theoretical foundations on the M&A causes. We estimated a Vector Autoregressive (VAR) model with the volume of M&A announcements, the Brazil Economic Uncertainty Index (IIE-Br), and macroeconomic and market variables. There is evidence that the M&A announcements in Brazil can respond positively to an economic uncertainty shock. Thus, we contribute with empirical evidence to understand the role of macroeconomic factors, including economic uncertainty, in the future conduct of the M&A market. |
id |
UFC-12_800833242bc3294357cadecda199d941 |
---|---|
oai_identifier_str |
oai:periodicos.ufc:article/80660 |
network_acronym_str |
UFC-12 |
network_name_str |
Contextus (Fortaleza. Online) |
repository_id_str |
|
spelling |
Mergers and acquisitions in Brazil and economic uncertainty shocksFusiones y adquisiciones en Brasil y choques de incertidumbre económicaFusões e aquisições no Brasil e choques de incerteza da economiamacroeconomic factorsvector autorregressivepolicy uncertaintygranger causalityM&A wavesfactores macroeconómicosvectores autorregresivosincertidumbre políticacausalidad de grangerolas de M&Afatores macroeconômicosvetores autorregressivosincerteza políticacausalidade de grangerondas de M&AIn this paper, we have analyzed the sensitivity of the aggregate volume of Mergers and Acquisitions (M&A) in Brazil to fluctuations (shocks) in the Economic Uncertainty level from 2010 to 2021 under behavioral and neoclassical theoretical foundations on the M&A causes. We estimated a Vector Autoregressive (VAR) model with the volume of M&A announcements, the Brazil Economic Uncertainty Index (IIE-Br), and macroeconomic and market variables. There is evidence that the M&A announcements in Brazil can respond positively to an economic uncertainty shock. Thus, we contribute with empirical evidence to understand the role of macroeconomic factors, including economic uncertainty, in the future conduct of the M&A market.El objetivo de este artículo fue analizar la sensibilidad del volumen agregado de fusiones y Adquisiciones en Brasil a las fluctuaciones (shocks) en el nivel de Incertidumbre Económica, de 2010 a 2021, bajo fundamentos teóricos conductuales y neoclásicos sobre las causas de las M&A. Se estimó un modelo de Vector Autoregresivo (VAR) con el volumen de anuncios de M&A, el Indicador de Incertidumbre Económica - Brasil (IIE-Br), variables macroeconómicas y de mercado. Se encontró evidencia de que los anuncios de fusiones y adquisiciones en Brasil pueden responder positivamente a un shock de incertidumbre económica. Este estudio aporta evidencia empírica para la comprensión del papel de los factores macroeconómicos, incluida la incertidumbre económica, en la conducta futura del mercado de M&A.O objetivo deste artigo foi analisar a sensibilidade do volume agregado de Fusões e Aquisições no Brasil diante de oscilações (choques) no nível de Incerteza Econômica, de 2010 a 2021, sob fundamentos teóricos comportamentais e neoclássicos sobre as causas de M&A. Foi estimado um modelo de Vetores Autoregressivos (VAR) com o volume de anúncios de M&A, o Indicador de Incerteza da Economia - Brasil (IIE-Br), variáveis macroeconômicas e de mercado. Foram encontradas evidências de que os anúncios de M&A no Brasil podem responder positivamente a um choque de incerteza econômica. Este estudo contribui com evidências empíricas para o entendimento do papel dos fatores macroeconômicos, incluindo a incerteza econômica, na condução futura do mercado de M&A.FEAAC/UFC2022-10-18info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfapplication/ziphttp://periodicos.ufc.br/contextus/article/view/8066010.19094/contextus.2022.80660Contextus - Contemporary Journal of Economics and Management; Vol 20: jan/dec 2022; 295-307Contextus – Revista Contemporánea de Economía y Gestión; Vol. 20: jan/dez 2022; 295-307Contextus – Revista Contemporânea de Economia e Gestão; v. 20: jan/dez 2022; 295-3072178-92581678-2089reponame:Contextus (Fortaleza. Online)instname:Universidade Federal do Ceará (UFC)instacron:UFCengporhttp://periodicos.ufc.br/contextus/article/view/80660/226497http://periodicos.ufc.br/contextus/article/view/80660/226498http://periodicos.ufc.br/contextus/article/view/80660/226554http://periodicos.ufc.br/contextus/article/view/80660/226555http://periodicos.ufc.br/contextus/article/view/80660/226556http://periodicos.ufc.br/contextus/article/view/80660/226557Copyright (c) 2022 Revista: apenas para a 1a. publicaçãohttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccess Batista, Alexandre Teixeira Norberto Lamounier, Wagner MouraMário, Poueri do Carmo Ferreira, Bruno Pérez2022-10-18T10:51:51Zoai:periodicos.ufc:article/80660Revistahttp://periodicos.ufc.br/contextusPUBhttp://periodicos.ufc.br/contextus/oairevistacontextus@ufc.br2178-92581678-2089opendoar:2022-10-18T10:51:51Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)false |
dc.title.none.fl_str_mv |
Mergers and acquisitions in Brazil and economic uncertainty shocks Fusiones y adquisiciones en Brasil y choques de incertidumbre económica Fusões e aquisições no Brasil e choques de incerteza da economia |
title |
Mergers and acquisitions in Brazil and economic uncertainty shocks |
spellingShingle |
Mergers and acquisitions in Brazil and economic uncertainty shocks Batista, Alexandre Teixeira Norberto macroeconomic factors vector autorregressive policy uncertainty granger causality M&A waves factores macroeconómicos vectores autorregresivos incertidumbre política causalidad de granger olas de M&A fatores macroeconômicos vetores autorregressivos incerteza política causalidade de granger ondas de M&A |
title_short |
Mergers and acquisitions in Brazil and economic uncertainty shocks |
title_full |
Mergers and acquisitions in Brazil and economic uncertainty shocks |
title_fullStr |
Mergers and acquisitions in Brazil and economic uncertainty shocks |
title_full_unstemmed |
Mergers and acquisitions in Brazil and economic uncertainty shocks |
title_sort |
Mergers and acquisitions in Brazil and economic uncertainty shocks |
author |
Batista, Alexandre Teixeira Norberto |
author_facet |
Batista, Alexandre Teixeira Norberto Lamounier, Wagner Moura Mário, Poueri do Carmo Ferreira, Bruno Pérez |
author_role |
author |
author2 |
Lamounier, Wagner Moura Mário, Poueri do Carmo Ferreira, Bruno Pérez |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Batista, Alexandre Teixeira Norberto Lamounier, Wagner Moura Mário, Poueri do Carmo Ferreira, Bruno Pérez |
dc.subject.por.fl_str_mv |
macroeconomic factors vector autorregressive policy uncertainty granger causality M&A waves factores macroeconómicos vectores autorregresivos incertidumbre política causalidad de granger olas de M&A fatores macroeconômicos vetores autorregressivos incerteza política causalidade de granger ondas de M&A |
topic |
macroeconomic factors vector autorregressive policy uncertainty granger causality M&A waves factores macroeconómicos vectores autorregresivos incertidumbre política causalidad de granger olas de M&A fatores macroeconômicos vetores autorregressivos incerteza política causalidade de granger ondas de M&A |
description |
In this paper, we have analyzed the sensitivity of the aggregate volume of Mergers and Acquisitions (M&A) in Brazil to fluctuations (shocks) in the Economic Uncertainty level from 2010 to 2021 under behavioral and neoclassical theoretical foundations on the M&A causes. We estimated a Vector Autoregressive (VAR) model with the volume of M&A announcements, the Brazil Economic Uncertainty Index (IIE-Br), and macroeconomic and market variables. There is evidence that the M&A announcements in Brazil can respond positively to an economic uncertainty shock. Thus, we contribute with empirical evidence to understand the role of macroeconomic factors, including economic uncertainty, in the future conduct of the M&A market. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-10-18 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://periodicos.ufc.br/contextus/article/view/80660 10.19094/contextus.2022.80660 |
url |
http://periodicos.ufc.br/contextus/article/view/80660 |
identifier_str_mv |
10.19094/contextus.2022.80660 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
http://periodicos.ufc.br/contextus/article/view/80660/226497 http://periodicos.ufc.br/contextus/article/view/80660/226498 http://periodicos.ufc.br/contextus/article/view/80660/226554 http://periodicos.ufc.br/contextus/article/view/80660/226555 http://periodicos.ufc.br/contextus/article/view/80660/226556 http://periodicos.ufc.br/contextus/article/view/80660/226557 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2022 Revista: apenas para a 1a. publicação http://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2022 Revista: apenas para a 1a. publicação http://creativecommons.org/licenses/by-nc/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf application/zip |
dc.publisher.none.fl_str_mv |
FEAAC/UFC |
publisher.none.fl_str_mv |
FEAAC/UFC |
dc.source.none.fl_str_mv |
Contextus - Contemporary Journal of Economics and Management; Vol 20: jan/dec 2022; 295-307 Contextus – Revista Contemporánea de Economía y Gestión; Vol. 20: jan/dez 2022; 295-307 Contextus – Revista Contemporânea de Economia e Gestão; v. 20: jan/dez 2022; 295-307 2178-9258 1678-2089 reponame:Contextus (Fortaleza. Online) instname:Universidade Federal do Ceará (UFC) instacron:UFC |
instname_str |
Universidade Federal do Ceará (UFC) |
instacron_str |
UFC |
institution |
UFC |
reponame_str |
Contextus (Fortaleza. Online) |
collection |
Contextus (Fortaleza. Online) |
repository.name.fl_str_mv |
Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC) |
repository.mail.fl_str_mv |
revistacontextus@ufc.br |
_version_ |
1798045753633931264 |