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Abstract(s)
Todas as empresas são supostamente movidas pela procura contínua de melhoria do seu valor de mercado. Assim, as fusões e aquisições constituem um meio importante de execução da estratégia que permite às organizações atingir a melhoria de valor que procuram, sendo aparentemente frequente a sua utilização nos últimos anos. Os inúmeros estudos desta temática tem apresentado resultados diversos e a literatura existente parece concordar em discordar. Neste contexto, esta dissertação tem como objetivo perceber se nas fusões e aquisições existe criação de valor para o adquirente. No âmbito desta questão, foi considerado um caso específico, envolvendo a aquisição da Fox pela Disney. Nesse sentido, procedeu-se a uma revisão de literatura, o que permitiu ter uma perspetiva geral dos conceitos de M&A, as suas motivações e perceber quais as características desejadas de cada envolvente para que uma M&A possa gerar valor para o comprador. Posteriormente, de forma a dar resposta à questão de investigação do trabalho, aplicou-se a metodologia estudo de evento a qual, baseando-se nas expetativas de mercado, mede a geração de retornos anormais como consequência do anúncio de M&A. Os resultados obtidos indicam que parece ter havido criação de valor para a Disney aquando do anúncio da compra da Fox, refletindo-se nos retornos anormais gerados durante o dia do anúncio e no seguinte. Os retornos obtidos, apesar de estatisticamente significantes, carecem de robustez. Deste modo, apesar de o mercado ter percecionado positivamente os retornos e de se concluir que a aquisição gerou valor para o comprador, a falta de robustez dos resultados conduz a uma interpretação cautelosa dos mesmos.
All companies are driven by the continuous search to improve their value. Thus, mergers and acquisitions are a valid strategy that allows organizations to achieve the improvement on the value that they are seeking and whose frequency has increased recently. The numerous studies on this subject have presented diverse results and the existing literature seems to agree to disagree. Therefore, the dissertation aims at understanding whether there is value creation for the buyer in mergers and acquisitions. In the context of this issue, a specific case was considered, involving the acquisition of Fox by Disney. In this sense, a literature review was carried out, which allowed us to have a general perspective of the M&A concepts, motivations and understand what are the desired characteristics of each environment so that an M&A can generate value for the buyer. Subsequently, in order to answer the research question of the work, an event study methodology was applied which, based on market expectations, measures the generation of abnormal returns as a consequence of the M&A announcement. The results obtained indicate that value was created for Disney at the time of the Fox purchase announcement, reflected in the abnormal returns generated during the day of the announcement and the following day. The returns obtained, although statistically significant, lack robustness. Thus, although the market has perceived the returns positively and that the acquisition generated value for the buyer, the lack of robustness of the results leads to a cautious interpretation of them.
All companies are driven by the continuous search to improve their value. Thus, mergers and acquisitions are a valid strategy that allows organizations to achieve the improvement on the value that they are seeking and whose frequency has increased recently. The numerous studies on this subject have presented diverse results and the existing literature seems to agree to disagree. Therefore, the dissertation aims at understanding whether there is value creation for the buyer in mergers and acquisitions. In the context of this issue, a specific case was considered, involving the acquisition of Fox by Disney. In this sense, a literature review was carried out, which allowed us to have a general perspective of the M&A concepts, motivations and understand what are the desired characteristics of each environment so that an M&A can generate value for the buyer. Subsequently, in order to answer the research question of the work, an event study methodology was applied which, based on market expectations, measures the generation of abnormal returns as a consequence of the M&A announcement. The results obtained indicate that value was created for Disney at the time of the Fox purchase announcement, reflected in the abnormal returns generated during the day of the announcement and the following day. The returns obtained, although statistically significant, lack robustness. Thus, although the market has perceived the returns positively and that the acquisition generated value for the buyer, the lack of robustness of the results leads to a cautious interpretation of them.
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Keywords
Fusões e aquisições Criação de valor Estudo de evento Mergers and acquisitions Value creation Event study