Aquisições no setor bancário: avaliação empírica da criação de valor aos acionistas dos quatro maiores bancos atuantes no Brasil

Abstract

This thesis aims to analyse whether the Acquisitions occurred in the four largest banks in the Brazilian market: Banco do Brazil, Banco Bradesco, Banco Itaú and Banco Santander carried out between 2002 to 2011 yielded positive abnormal returns to shareholders of acquiring companies. Does this in view that the Acquisition are processes considered increasingly present in the global economy. Faced the volatility of the internacional scene, the low growth in some markets and greater context, the objetive of this research is to analyze whether the Acquisitions carried out by the four largest banks operating in Brazil from January 2002 do December 2011 Yielded positive abnormal returns for their shareholders. consequently resulting in the creation of value for shareholders of the acquiring companies. It was performed a study of events in which we used a market model (parametric linear assess the signicance of the abnormal returns. The tests were applied in 20 acquisitions and revealed that the positive abnormal returns were significantly higher than the negative abnormal returns, indicating that acquisitions yielded abnormal returns, consequently resulting in the creation of value for shareholders of the acquiring companies. It found evidence of the occurrence of information leakage due abnormal returns examined individually banking intituitions realized that the instituitions of local private control have less potential for generating wealth in acquisition operations. The establishment of foreign control indicated that the acquisition operation is an opportunity to strengthen the Brazilian market. In private nacional banks identified higher incidence of speculation surrounding the acquisition transaction. The Bank of Brazil, the instituition of state control also demonstrated opportunities for the acquisition and did not identify the occurrence of speculative moves surrounding the acquisition operation. Identified the result in a short period of 180 days after the acquisition event announcement that the abnormal returns are long lasting. Finnaly, the results obtained using the methodology presented here shows that stocks had significantly positive abnormal returns, in other words, that the acquisitions processes in addition to providing positive abnormal returns for shareholders, one must consider other benefits and elements generated in acquisitions process as whole.