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Orientador: Edgard Antonio Pereira / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-16T14:47:04Z (GMT). No. of bitstreams: 1 Geoffroy_RicardoCorrea_M.pdf: 1382863 bytes, checksum: 7fe0bc1d01cb93c34c5f50d5b8883081 (MD5) Previous issue date: 2010 / Resumo: Desde os anos 70, o reconhecimento de que atos de concentração podem apresentar ganhos de eficiência e proporcionar benefícios líquidos aos consumidores tem sido crescente pelas autoridades antitruste em todo o mundo. Contudo, o foco de análise dessas autoridades sempre se situou nos efeitos do poder de mercado sobre as eficiências econômicas de caráter estático. Hoje em dia, é amplamente reconhecido que os ganhos de bem-estar mais significativos no longo prazo não vêm da eficiência alocativa, de caráter estático, mas sim da produtividade da economia e da capacidade inovativa de seus atores, proveniente das eficiências de caráter dinâmico. No entanto, a grande questão é como a política de defesa da concorrência deve se adaptar ao processo de inovação, uma vez que existe uma série de fatores complicadores para a sua incorporação na análise. Apesar das dificuldades, existe um grande esforço por parte de algumas jurisdições, particularmente aquelas desenvolvidas - marcadas por indústrias de elevado dinamismo inovativo e tecnológico -, em avaliar os potenciais impactos positivos provenientes das eficiências dinâmicas. Todavia, mesmo com os enormes avanços que vêm sendo realizados sobre o tema, o desenvolvimento de políticas voltadas para uma maior consideração dessas eficiências é um trabalho em andamento, que requer maiores esforços para a sua incorporação robusta na análise antitruste / Abstract: Since the 70's, the recognition that mergers can produce efficiency gains and provide net benefits to consumers has been growing by antitrust authorities around the world. However, the focus of analysis of these authorities always stood on the effects of market power on the static efficiencies. Nowadays, it is widely recognized that the most significant welfare gains in the long run do not come from the allocative efficiency, but from the economy's productivity and innovative capacity of its actors, coming from the dynamic efficiencies. However, the big question is how antitrust policy should adapt itself to the innovation process, since there are a number of complicating factors for its incorporation in the analysis. In spite of the difficulties, there is a great effort on the part of some jurisdictions, particularly those developed - characterized by industries with high innovative and technological dynamism - to assess the potential positive impacts from the dynamic efficiencies. However, despite huge advances that have been made on the issue, the development of policies for greater consideration of these efficiencies is a work in progress, which requires greater efforts to its robust incorporation in antitrust analysis / Mestrado / Politica Economica / Mestre em Ciências Econômicas

To acquire, or not to acquire? The debate rages on. Companies have been acquiring other companies for centuries, and still, both scholars and practitioners cannot agree on whether acquisitions create and destroy shareholder value. The contradictory results of research into the value creation or value destruction nature of acquisitions has not dampened the will of those corporate executives with a penchant for buying other firms. Globally, and albeit affected by the general well being of the economy, the value and quantities of acquisitions continues to show strong growth. It is largely accepted that large acquisitions are executed as strategic initiatives which should yield benefits in the medium to long‐term. Using event study methodology with a control portfolio model, this study aimed to evaluate the validity of this claim and ascertain if, at the 5% confidence interval, 14 large acquisitions by companies listed on the JSE achieved significant share price gains in the 378 trading days (18 months at an average of 21 trading days per month) after the acquisition. This study concluded that large acquisitions had statistically; no impact on the long term share price returns of JSE listed acquiring companies. Copyright / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted

This study explores the extent to which brand features in the due diligence process preceding mergers and acquisitions. Current literature suggests that when brand elements are integrated efficiently, success levels of the merge improve. Brand is considered broadly with the focus on corporate branding and therefore incorporates elements of imagery, reputation, culture, employees and external stakeholders. Brand equity, which comprises the assets and liabilities of the brand is seen as a source of competitive advantage. As such brand is a critical element which could certainly be incorporated formally into the pre-deal due diligence process. The research questions are to: Investigate and explore to what extent the concept of brand is considered in M&A due diligence in the South African context. Evaluate and explain the differing roles that the selected corporate advisors put forward in the M&A market regarding brand in South Africa. Investigate how M&A practitioners are operating in terms of IFRS 3 legislation which requires transparency in disclosure of intangible assets following a merge. The findings reveal that corporate advisors generally do not incorporate brand elements in the due diligence process. Their focus remains predominantly financial in assessing the cash-flows implicit of the brand in their analysis.A typology of the services and roles of corporate advisors is developed in terms of their approach to M&A consulting. Reporting in terms of intangible assets required by IFRS 3 convention is investigated and the findings confirm that transparency of valuation is not adequately revealed. Recommendations to the stakeholders involved in M&A include the incorporation of a formal marketing due diligence process to improve disclosure levels, to gain a deeper insight into marketing drivers of cash-flow, to gain a better understanding of inherent marketing risks and to improve valuation practice. / Dissertation (MBA)--University of Pretoria, 2010. / Gordon Institute of Business Science (GIBS) / unrestricted