ESTUDO DE EVENTOS EM FUSÕES E AQUISIÇÕES: UMA AVALIAÇÃO DO ATO DE CONCENTRAÇÃO KROTON-ESTÁCIO
DOI:
https://doi.org/10.5102/rbpp.v15i3.8821Keywords:
Fusões e Aquisições, Estudo de eventos, Serviços educacionaisAbstract
O presente trabalho tem por objetivo avaliar os potenciais efeitos (anti)competitivos do ato de concentração Kroton-Estácio (2016). Nesse sentido, foi utilizada a metodologia de estudos de eventos para verificar o retorno anormal no valor da ação das empresas afetadas pelo acordo da fusão: empresa adquirente, empresa-alvo e concorrentes. A partir da hipótese do mercado eficiente, essa metodologia busca avaliar, por meio de retornos anormais, se fusões anticompetitivas resultam em maior valor para empresas fusionantes e suas concorrentes. Os resultados indicam que a operação seria anticompetitiva, corroborando com a decisão de reprovação da operação pelo Cade.References
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