O mercado de fusões e aquisições e sua relação com os preços no mercado de ações: evidência empírica para treze países (2006 - 2022)

Abstract

The purpose of this work is to empirically analyze, through an econometric model, one of the key hypotheses of Henry G. Manne in his seminal article “Mergers and the Market for Corporate Control” (1965): that there may be a significant correlation between the performance of mergers in the corporate control market and the share price of the companies involved in these transactions. Due to data limitations, the paper expands the hypothesis about “mergers” to “mergers and acquisitions”, thus trying to partially capture the broader concept of “market for corporate control”. For this purpose, quarterly data from 13 countries between 2006.Q1 and 2022.Q2 were used, in an attempt to prove or disprove the treated hypothesis. The results for 2 countries (South Korea and India) support the hypothesis, showing a significant effect between the corporate control market and stock market prices in these countries. In addition, a descriptive analysis is made not only of the variables used – main and control –, but of the mergers and acquisitions market – or, market for corporate control – of the countries, as a whole, in an attempt to bring greater contributions to the subject. The brazilian case receives a more specific treatment.