Rendibilidades Anormais em Ofertas Públicas de Aquisição no Mercado Acionista Português (Operações Ocorridas entre 1989 e 2017)

Jorge Soares Rafael, Luís Pereira Gomes

Abstract


 

As Ofertas Públicas de Aquisição (OPA`s) são operações de reestruturação empresarial que permitem às entidades oferentes adquirir a totalidade ou parte do capital das entidades visadas com vista ao seu controlo. A evidência empírica internacional tem demonstrado que os anúncios preliminares de OPA`s provocam uma reação imediata anormal sobre as cotações das ações nos mercados bolsistas. O objetivo central deste artigo é estudar o impacto do anúncio preliminar de uma OPA sobre a rendibilidade anormal das ações das empresas cotadas no mercado bolsista português. A informação recolhida reporta de 1 de janeiro de 1989 e 31 de maio de 2017, durante o qual ocorreram 281 anúncios preliminares de OPA`s. O estudo empírico analisou 37 operações, recorrendo à metodologia de investigação do estudo dos acontecimentos. Foram utilizados três métodos para determinação das rendibilidades anormais das ações (Ball & Brown, outro proposto por Agrawal, Jaffe & Mandelker e o último proposto por nós (método misto)). Ainda estudamos a reação das cotações das ações através do método de Beaver. Os resultados obtidos através do método misto sugerem que as OPA`s geram rendibilidades médias anormais acumuladas positivas de 3,24%, desagregando-se com ganhos de 12,67% para as empresas visadas e com perdas de 5,27% para as empresas oferentes. Os resultados do método de Beaver sugerem que a reação das cotações das ações das empresas visadas é superior à reação das cotações das empresas oferentes.


Keywords


Empresas Oferentes e Visadas; Fusões e Aquisições; Método Misto; Ofertas Públicas de Aquisição; Rendibilidades Anormais;

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References


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