![]() ![]() Este artigo visa preencher a lacuna de pesquisa sobre F&A bancárias e seus efeitos, em especial aquelas advindas de ondas de F&A. O objetivo deste estudo é investigar a reação do mercado de ações a eventos de fusões e aquisições (F&A) de bancos no Brasil ocorridos em momentos de aquecimento do mercado. Mergers and acquisitions banks market waves event studies quantile regression This mechanism of mergers by market forces is presented as evidence of the tendency for M&As and not of paid-in earnings. In particular, the logic of merger by market forces is addressed. This article contributes to the literature by highlighting specific forms of bank M&As. The study measured the stock market’s reaction to a motivation for M&As, which is the effect of M&A waves. The market reaction was verified through the use of the event study econometric technique, which was applied in the investigation of the occurrence of abnormal returns in time windows of up to 41 days around the bank M&A events. This result corroborates with the post-merger analysis, in which the accounting performance indicators of the acquiring banks are positive. ![]() This analysis occurs because in heated markets the probability of rival banks becoming involved in M&As increases, leading to market gains and greater market power for acquiring banks and the rapid pricing of acquired bank assets. The results of this research point to the emergence of positive cumulative abnormal returns for rivals of newly-merged acquiring banks and zero ones for acquired banks. Therefore, topics that involve research on specific M&A strategies and their effects are interesting for the literature. The notion that bank M&A markets heat up is discussed and still does not present a consensus in the literature. This field remains open in the literature there is no consensus as to the abnormal returns the investor can expect from this mechanism. ![]() This article aims to fill the research gap involving bank M&As and their effects, especially those arising from M&A waves. The aim of this study is to investigate the stock market’s reaction to bank merger and acquisition (M&A) events in Brazil when the market is heated. ![]()
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