Análise dos Efeitos em Mercado de Capitais Decorrentes de Fusões: O Caso BRF S.A.
This study investigated the possible effects on the capital markets that occurred before, during and after the merger between Sadia and Perdigão (new BRF) announced on May 19, 2009. Through event study analysis this research reports, analyzes and presents the behavior of abnormal returns in eight...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
2015-08-01
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| Series: | RAC: Revista de Administração Contemporânea |
| Subjects: | |
| Online Access: | http://www.anpad.org.br/periodicos/arq_pdf/a_1631.pdf |
| _version_ | 1797762797278330880 |
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| author | Patrícia Ribeiro Romano Vinicio de Souza e Almeida |
| author_facet | Patrícia Ribeiro Romano Vinicio de Souza e Almeida |
| author_sort | Patrícia Ribeiro Romano |
| collection | DOAJ |
| description | This study investigated the possible effects on the capital markets that occurred before, during and after the merger
between Sadia and Perdigão (new BRF) announced on May 19, 2009. Through event study analysis this research
reports, analyzes and presents the behavior of abnormal returns in eight selected events in different periods, both
for the two companies included in the merger process as well as for their main competitors in the market. The
events were divided into six related to the merger and acquisition and two unrelated to the M&A. The most
statistically and economically significant results came from the events related to the merger. There were positive
and statistically significant abnormal returns for both the acquiring company and the acquired company. Returns
for the acquired firm were higher than the returns of the acquiring company. Another result that this study showed
was that the merger resulted in higher stock prices for rival firms in all periods analyzed, showing positive and
significant abnormal returns. This result is in line with the acquisition probability hypothesis. |
| first_indexed | 2024-03-12T19:33:35Z |
| format | Article |
| id | doaj.art-82a4746cae7e4b349211acb840d27895 |
| institution | Directory Open Access Journal |
| issn | 1415-6555 1982-7849 |
| language | English |
| last_indexed | 2024-03-12T19:33:35Z |
| publishDate | 2015-08-01 |
| publisher | Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD) |
| record_format | Article |
| series | RAC: Revista de Administração Contemporânea |
| spelling | doaj.art-82a4746cae7e4b349211acb840d278952023-08-02T04:21:33ZengAssociação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)RAC: Revista de Administração Contemporânea1415-65551982-78492015-08-01195606625http://dx.doi.org/10.1590/1982-7849rac20151890Análise dos Efeitos em Mercado de Capitais Decorrentes de Fusões: O Caso BRF S.A.Patrícia Ribeiro Romano0Vinicio de Souza e Almeida1Universidade Federal do Rio Grande do Norte - UFRNUniversidade Federal do Rio Grande do Norte - UFRNThis study investigated the possible effects on the capital markets that occurred before, during and after the merger between Sadia and Perdigão (new BRF) announced on May 19, 2009. Through event study analysis this research reports, analyzes and presents the behavior of abnormal returns in eight selected events in different periods, both for the two companies included in the merger process as well as for their main competitors in the market. The events were divided into six related to the merger and acquisition and two unrelated to the M&A. The most statistically and economically significant results came from the events related to the merger. There were positive and statistically significant abnormal returns for both the acquiring company and the acquired company. Returns for the acquired firm were higher than the returns of the acquiring company. Another result that this study showed was that the merger resulted in higher stock prices for rival firms in all periods analyzed, showing positive and significant abnormal returns. This result is in line with the acquisition probability hypothesis.http://www.anpad.org.br/periodicos/arq_pdf/a_1631.pdfevent studies; merger and acquisitions; abnormal returns. |
| spellingShingle | Patrícia Ribeiro Romano Vinicio de Souza e Almeida Análise dos Efeitos em Mercado de Capitais Decorrentes de Fusões: O Caso BRF S.A. RAC: Revista de Administração Contemporânea event studies; merger and acquisitions; abnormal returns. |
| title | Análise dos Efeitos em Mercado de Capitais Decorrentes de Fusões: O Caso BRF S.A. |
| title_full | Análise dos Efeitos em Mercado de Capitais Decorrentes de Fusões: O Caso BRF S.A. |
| title_fullStr | Análise dos Efeitos em Mercado de Capitais Decorrentes de Fusões: O Caso BRF S.A. |
| title_full_unstemmed | Análise dos Efeitos em Mercado de Capitais Decorrentes de Fusões: O Caso BRF S.A. |
| title_short | Análise dos Efeitos em Mercado de Capitais Decorrentes de Fusões: O Caso BRF S.A. |
| title_sort | analise dos efeitos em mercado de capitais decorrentes de fusoes o caso brf s a |
| topic | event studies; merger and acquisitions; abnormal returns. |
| url | http://www.anpad.org.br/periodicos/arq_pdf/a_1631.pdf |
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