Evaluating Mergers in the Presence of Dynamic Competition Using                     Impacts on Rivals

Filson, Darren; Olfati, Saman; Radoniqi, Fatos

doi:10.1086/684299

Cited by 2 publications

(2 citation statements)

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“…Várias são as formas que tais respostas podem ser externalizadas pelos concorrentes e assim também observadas pelos investidores. Uma das possíveis estratégias é que as firmas rivais aumentariam seus esforços no investimento em inovação, buscando ultrapassar as empresas envolvidas na F&A, que poderiam, devido à concentração da atenção da empresa adquirente à operação de F&A, estar abrindo espaço para que as rivais saiam na frente e conquistem mais espaço no mercado (Filson, Olfati & Radoniqi, 2015;Valentini, 2016 Visto isso, a metodologia proposta abaixo visa possibilitar a responder as hipóteses do presente trabalho e assim contribuir para a construção e discussão das teorias de F&A e seus efeitos concorrenciais na América Latina.…”

Section: Concorrentesunclassified

“…Para empresas com mais de um tipo de papel listado, foi escolhido o papel com maior volume de negociação. gerou efeito sobre os retornos das empresas da amostra (Mackinlay, 1997 Fama (1996), Fama & French (1993; e Filson, Olfati & Radoniqi (2015). A estimação dos retornos foi feita a partir do modelo de 3 fatores de Fama & French (1993) adicionado o fator momento de Carhart (1997) , é a média dos retornos anormais acumulados de todos os CARs calculados para cada evento em determinado trimestre (Mackinlay, 1997); Todas as variáveis são trimestrais para o cálculo do CAAR, ou seja, todos os eventos foram agrupados em trimestres dentro de cada ano, para assim, ser calculado a média dos CARs de cada evento e de cada empresa, originando o CAAR.…”

Section: Fontes De Dados E Definição Da Amostraunclassified

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A fusão ou aquisição de duas empresas beneficia os concorrentes? evidências no Brasil

Custódio¹

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There are many impacts that Merger and Acquisition (M&A) event announcements can have on the capital market. The competitive aspects are among the necessary in the analysis of this type of event. Impacts on the sector structure can be beneficial or harmful not only to the competitors but also to the suppliers and consumers. Internationally, a M&A announcement results in value creation for shareholders of competing companies. The real causes of this effect are not conclusive yet and this situation is highlighted in Brazil, where research on this subject is scarce. Thus, the objective of this research is to identify the creation or destruction of value to the listed competitors companies during the period of announcement of Merger and Acquisition events. A total of 123 M&A announcements in 5 sectors were analyzed in Brazil: banking, pulp and paper, construction, education and telecommunications. Through the event study methodology, one sought to analyze the impact of the M&A announcement on the market value of competing companies. The results showed that a M&A event is beneficial not only to competitors but also to all other capital market companies in the competitive sectors from 2003 to 2017. However, the behavior of accumulated abnormal returns (CAR) varies according to the behavior pattern of the sectoral GDP and the Bovespa index and it is also relative to the size of the deal value. The analyzed sample shows that when the market analyze the target as a threat, the M&A is seen as positive for competitors. On the other hand, when the M&A is negatively viewed by other companies, the cost factor becomes more relevant as the increasement of market power for the company resulting from the M&A increases its bargaining power towards suppliers and consumers.

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Section: Concorrentesunclassified