Francisco Vidal Barbosa

Fusões e aquisições de empresas brasileiras: criação de valor e sinergias operacionais

O objetivo deste artigo foi avaliar se as fusoes e aquisicoes de empresas brasileiras resultaram em sinergias operacionais e criaram valor para os acionistas. Alem disso, buscou-se identificar a existencia de correlacao entre tres medidas utilizadas de criacao de valor, visando justificar o seu uso como proxies alternativas do desempenho empresarial. Assim, realizou-se um estudo descritivo que utizou os testes Wilcoxon Signed Rank Test e do Rank Test para analisar dados trimestrais de 72 processos de F&A’s ocorridos entre jan./96 e dez./04. As F&A’s estudadas resultaram em sinergias operacionais e na maximizacao do valor de mercado das empresas pesquisadas, e, aparentemente, da riqueza dos acionistas. Foram, ainda, encontradas correlacoes significativas entre as variaveis de criacao de valor.

Eficiência informacional do mercado de capitais brasileiro pós-Plano Real: um estudo de eventos dos anúncios de fusões e aquisições

The Hypothesis of Market Efficiency is being a paradigm of the Finance since 1960s, when it was revived and structured. It is based on the premise that important information is incorporated in an immediate and precise way to the prices of the financial assets, being - the average price - the best estimative of the price of a title. Roberts (1967) and Fama (1970), in the operationalization of the concept of market informational efficiency, defined it in three forms: weak, semi-strong and strong. Through an Event-Study of the announcements of mergers and acquisitions of firms negotiated on BOVESPA, among July 1994 and July 2002, the present article investigated if the Brazilian capital market started to present, after the Real Plan, the semi-strong form of informational efficiency. In the calculation of the abnormal returns, the Market Model, adapted by the procedure trade-to-trade, was then, employed. Therefore, one can conclude that in spite of the progresses, the Brazilian capital market didn.t perform in an efficient informational way during the analyzed period, in what refers to the semi-strong form. A fact, which, added to the other analyzed researches, bears evidence support contrary to the market efficiency model characteristic of that form.

Análise empírica da reação do mercado de capitais brasileiro aos anúncios de fusões e aquisições ocorridos entre 1994 e 2001

Partindo-se da premissa de que o mercado incorpora rapidamente toda informacao relevante e que ele e o melhor avaliador do resultado de uma combinacao entre empresas, analisou-se neste artigo o retorno anormal de acoes quando da divulgacao de processos de fusoes e aquisicoes, visando testar empiricamente a hipotese da criacao de valor para os acionistas e a hipotese da eficiencia de mercado em sua forma semiforte. Foram analisados 32 processos de fusoes e aquisicoes ocorridos entre 1994 e 2001 no mercado de capitais brasileiro. Utilizou-se a metodologia de estudo de evento, cujo calculo dos retornos anormais foi efetuado pelo modelo de retornos ajustados ao mercado na forma logaritmica. Conclui-se que tais processos nao proporcionaram, de maneira geral, retornos anormais para seus acionistas, ou seja, nao resultaram na criacao de valor para esses ultimos, rejeitando-se assim a primeira hipotese; e que o mercado se comportou de maneira eficiente, no que se refere a forma semiforte. Alem disso, foram encontrados indicios de que o mercado reage de maneira negativa na precificacao das acoes de empresas adquirentes e adquiridas e de maneira positiva para as acoes de empresas fusionadas.

Proposta de escala para mensurar o valor percebido no varejo bancário brasileiro

The aim of this study is to develop a scale in order to identify and classify the most valued attributes of retail banks by their customers. There is a shortage of studies about customer value that take into account variables such as economic sectors, customer segments or geographic regions, thereby allowing greater precision on developing strategies to conquer customer loyalty in present and future transactions. The methodology applied relies on solid conceptual and theoretical thinking and gathered procedures recommended by recognized authors, including the triangulation process, which emphasizes the qualitative approach as a support for quantitative analysis. Purification processes and several qualitative and quantitative tests provide reliability and validity to the scale. The results also show that specific scales are more precise when it comes to explaining marketing phenomena related to customer value in addition to the relevance of the methodology for further studies in that field. This notwithstanding, further studies are recommended in order to confirm the validity of the proposed scale.

Condicionantes do crescimento dos fundos mútuos de renda fixa no Brasil

The aim of this research was to identify the determinants of the development of the fixed income mutual funds in Brazil through the study of net money flows, from February 1995 to September 2004. The data were analyzed by multiple regression analysis of monthly series. Looking for robustness of the results, the classic OLS estimators were compared with restricted M-estimators. The significant determinants were: the excess of return in relation to the savings account rate, the growth of the per capita GDP, the lower interest rates and the less volatility or risk. The introduction of valuation at market prices for fixed income assets, in circumstances of instability in the national and international markets motivated important withdraws in 2002. Furthermore, for investors of exclusive funds were identified indicators of larger sophistication. These results permit to define strategies for managing these institutions.

Khan Academy: Uma Abordagem da Escola Construtivista ou o Uso de Novas Ferramentas na Abordagem da Escola Tradicional da Educação?

Este trabalho utiliza como arcabouco conceitual as abordagens da escola tradicional e construtivista para analisar um fenomeno proprio dos nossos tempos: o uso da internet e de novas tecnologias no processo de educacao. Para desenvolver a pesquisa foi delimitado o conceito da abordagem tradicional e construtivista, e foi analisado o caso da Khan Academy. Este projeto, segundo seu fundador, Salman Khan, visa oferecer ensino de classe mundial, gratuito, a qualquer pessoa, em qualquer lugar. Para tanto, ele disponibiliza gratuitamente pela internet videos gravados que servem como ferramenta de ensino e aprendizagem. Analisando esta iniciativa atraves da abordagem tradicional e construtivista, percebe-se que ao contrario da impressao inicial, muitas caracteristicas da abordagem tradicional estao presentes.

Finanças comportamentais e jogos: simulações no ambiente acadêmico

The contribution from this study lies in its reflection on the factors that influence market efficiency, which requires a multidisciplinary view to analyze the intervening factors that impact results of the financial system. It also contributes by reflecting on the need for new approaches for training professionals who will go on to work in financial and related areas and preparing them by using different financial analysis techniques; by reflecting on the fact that analytical practices are influenced by social, cognitive, and emotional aspects, enabling the students to be better prepared to act in the financial market; by presenting various technical possibilities and providing more comprehensive knowledge to choose the one that best suits the object of analysis and their preferences; and by reflecting on different ways of perceiving investment opportunities and risk, which can be expanded on in other studies on the segmentation of clients according to their preferences in the investor market. The aim of this study was to analyze how social and psychological aspects influenced the decisions involved in simulated trading operations. The relevance lies in its discussion of the philosophical and epistemological position in finance, which suffers from a vision that only focuses on the rationality of means and does not explain the anomalies verified in the financial market. The study originated from the application of a company game simulating the work of stock market trading desk operators, applied in the Stock Market Operations course and using fundamental, technical, and graphical techniques. The population was intentional and made up of undergraduate and graduate students from one of the four best Brazilian federal universities. The data analysis was performed by analyzing the content of the questionnaires applied and the journal entries made during participant observation.

Eficiência informacional do mercado de capitais brasileiro em anúncios de fusões e aquisições

This paper aims is to analyze the behavior of stock prices of publicly traded Brazilian companies listed on the BM & FBovespa the day after the announcements of mergers and acquisitions (M & As) to measure the semi-strong form of the Market Efficiency Hypothesis of the Brazilian market. This study considered an event in which the daily abnormal returns were calculated using the model of market-adjusted return. The sample consisted of 61 preferred and 27 common shares of Brazilian companies participating in processes of M & A between January 1996 and December 2004. The results indicated that 1. The announcement of an M & A event contains information relevant to the pricing of shares in the market; 2. The possible use of inside information; 3. The Brazilian market is represented by the semi-strong form of the Market Efficiency Hypothesis, both for preferred shares and for the ordinary shares, with regard to the speed of adjustment to announcement; 4. The market reacted differently to common and preferred shares, decreasing for the former and increasing for the latter.

INFLUÊNCIA DOS FATORES MACROAMBIENTAIS NA EDUCAÇÃO SUPERIOR PRIVADA BRASILEIRA: UM ESTUDO MULTICASO EM SETE INSTITUIÇÕES DE ENSINO SUPERIOR

In the last decade, great transformations could be evidenced in the Brazilian higher education, particularly with regard to the growth of private sector participation. As part of this growth the proliferation of courses and colleges is highlighted, bringing with it the expansion of the number of vacancies which stimulated the fierce competition among institutions of higher education. Therefore, this article proposes to conduct a study of macro-environmental factors that influence the performance of educational institutions that compose it, in order to provide data and information for decision making by the government, group maintainers, institutions maintained, and the academic community. For this, we conducted an exploratory study, of qualitative nature, by means of documental data collection, bibliographic data collection and interviews with managers from seven private higher education institutions nationally recognized. The results showed that there is a strong influence of macro-environmental factors in private institutions of higher education, which should monitor them properly. Managers demonstrated through perspectives and perceptions that such factors represent a major concern for the institutions, responsible for ensuring the failure or success in a market of extreme rivalry and competition.

Marcação a Mercado e Marcação na Curva de Vencimento de Títulos Públicos Brasileiros: Aplicação da Expansão de Taylor na Divergência entre as Rentabilidades Aferidas pelas Referidas Técnicas de Valuation.

Esse artigo analisa a divergencia entre a marcacao a mercado e a marcacao na curva de vencimento na apuracao da rentabilidade de titulos publicos brasileiros. Foram considerados os titulos: Letra Financeira do Tesouro (LFT), Letra do Tesouro Nacional (LTN) e Notas do Tesouro Nacional, series B (NTN-B), C (NTN-C) e F (NTN-F). A abordagem quantitativa foi baseada em Hull (1997) e no Value at Risk (VaR) de renda fixa, destacado por Crouhy et al (2004), conjugado com a divergencia nao planejada, aplicados sobre a rentabilidade diaria apuradas pela marcacao a mercado e pela marcacao na curva de vencimento. Os dados foram obtidos na Secretaria do Tesouro Nacional (STN) e Associacao Brasileira das Entidades dos Mercados Financeiro e de Capitais (ANBIMA), sendo sua frequencia diaria e com inicio em 01/02/2006. Os resultados demonstraram que, ao aplicar a abordagem baseada na expansao de Taylor, a rentabilidade indicada pelas duas tecnicas de avaliacao converge para o valor indicado na curva de vencimento.