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Fusões, Aquisições e Lucratividade: Uma Análise do Setor Siderúrgico Brasileiro

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Author Info
Cleomar Gomes (Fundação Getulio Vargas)
Otávio Aidar (Rosenberg Consultores Associados)
Raphael Videira (Fundação Getulio Vargas)
Abstract

O objetivo deste artigo é analisar as recentes fusões e aquisições na siderurgia brasileira e mundial no sentido de verificar se a reestruturação observada resultou em elevação dos lucros do setor. Primeiramente, testamos um modelo teórico proposto por Inderst e Wey (2004) e encontramos resultados que o corroboram. Em seguida, utilizamos a metodologia VAR para compararmos duas empresas do setor (Arcelor e Usiminas) e inferirmos se o aumento da rentabilidade do segmento é gerado pela empresa empenhada em mais processos de fusões e aquisições (Arcelor). Neste caso, os resultados mostram que os lucros aumentam para a indústria como um todo. Entretanto, a empresa que mais se empenha no processo tende a obter resultados ainda melhores.

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File URL: http://www.anpec.org.br/revista/vol7/vol7n4p143_163.pdf
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Publisher Info
Article provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its journal Economia.

Volume (Year): 7 (2006)
Issue (Month): 4 ()
Pages: 143–163
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:anp:econom:v:7:y:2006:i:4:p:143-163

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Related research
Keywords: Siderurgia; Fusões e Aquisições; Cournot; Bertrand; Insiders; Outsiders;

Find related papers by JEL classification:
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices

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