Made available in DSpace on 2016-03-15T19:33:43Z (GMT). No. of bitstreams: 1 Ricardo Scatolini.pdf: 1039740 bytes, checksum: 7061a5668aca454598398081e4b37190 (MD5) Previous issue date: 2006-09-14 / Although not commonly discussed among Brazilian jurists, banking mergers and acquisitions are an extremely relevant issue in Economic and Legal Sciences, considering the importance and the influence of these events in the Financial System, in the execution of economic and monetary policies by the State, in management of public savings and in the functioning of the payment system. The purpose of this research was to present and, as much as possible, clarify the competition and the economical aspects of the Brazilian banking market, providing an analysis of the Brazilian Central Bank s performance in banking mergers and acquisitions. In order to achieve it, it was necessary to discuss the evolution of economic history through time, which can explain actual aspects of market; the national economic regulation and its principles; the functions of central banks; the way Brazilian Central Bank performs monetary policy given by the National Monetary Council; the way Brazilian Central Bank analyzes mergers and acquisitions in the Financial System; the way mergers and acquisitions are analyzed outside the Financial System; and, at last, the varied doctrinaires opinions about the competence of Brazilian Central Bank and the competence of Council of Economic Administrative Defense to analyze banking mergers and acquisitions. In its last chapters, the work intend to demonstrate that the performance of Brazilian Central Bank in banking mergers and acquisitions is mostly marked by execution of economic policies and prevention of risks, specially systemic risks, and, although the Brazilian Central Bank could be legally considered exclusively competent to analyze banking mergers and acquisitions, it do not perform that competence, which could, therefore, justify the interference of the Council of Economic Administrative Defense in this events. Nevertheless, at this moment, legal statements provide Brazilian Central Bank exclusive competence for the analysis of banking mergers and acquisitions in Financial System and the Council of Economic Administrative Defense has only the responsibility of analysis of the information provided by the Brazilian Central Bank in order to evaluate probable consequences of these events in other markets. / Assunto pouco tratado por parte dos juristas brasileiros, a questão das concentrações bancárias é de extrema relevância para as Ciências Econômica e do Direito, haja vista o alcance e a influência dessas operações no Sistema Financeiro, na execução de políticas econômicas e monetárias pelo Estado, na administração da poupança popular e no funcionamento dos meios de pagamento do País. O objetivo dessa pesquisa foi o de apresentar e, na medida do possível, esclarecer os principais aspectos econômicos e concorrenciais do mercado bancário, analisando a atuação do Banco Central do Brasil nas concentrações bancárias. Para tanto, tratamos da evolução econômica histórica, que explica a realidade atual; da análise da ordem econômica nacional e seus princípios; das funções dos bancos centrais; da maneira como o Banco Central do Brasil atua na execução da política monetária definida pelo Conselho Monetário Nacional; da forma como o Banco Central do Brasil avalia as concentrações no Sistema Financeiro; de como ocorre a análise das concentrações fora do Sistema Financeiro; e, por fim, das variadas posições acerca da competência do Banco Central do Brasil ou do Conselho Administrativo de Defesa Econômica para analisar atos de concentração bancária. Ao fim do trabalho, pretendemos ter demonstrado que a atuação do Banco Central do Brasil nos atos de concentração bancária é predominantemente caracterizada pela execução de políticas econômicas e prevenção de riscos, principalmente sistêmicos, e que, apesar de teoricamente possuir competência exclusiva para análise de atos de concentração bancária, o Banco Central do Brasil não a exerce, o que justificaria a interferência do Conselho Administrativo de Defesa Econômica nesse assunto. A despeito disso, encontra-se consolidada, neste momento, a posição de que as análises de concentração bancária são exclusivamente efetuadas pelo Banco Central do Brasil, cabendo ao Conselho Administrativo de Defesa Econômica somente receber informações para avaliar os possíveis efeitos desses atos em outros setores da economia.

Cette thèse comporte quatre essais dont les deux premiers, s’appuyant sur les fondements théoriques de la finance comportementale de l’entreprise, montrent dans quelle mesure les sociétés françaises tirent avantage des erreurs de jugement systématiques des investisseurs. Nous étudions dans le premier essai les conséquences du biais de familiarité sur la structure du capital. En particulier, nous montrons que les entreprises associées à un sentiment de familiarité élevé, notamment parmi les petites capitalisations, ont un actionnariat individuel plus large. Ce résultat souligne l’intérêt économique pour l’entreprise d’augmenter sa visibilité et de consolider sa notoriété dans le temps. Le deuxième essai traite de la politique de dividende sous l’hypothèse des « catering incentives ». Il s’agit de tester si les entreprises sont davantage incitées à distribuer du dividende lorsque les titres payeurs se négocient avec une prime par rapport aux non-payeurs. Nous validons cette hypothèse et mettons en évidence que les dirigeants français font preuve d’un opportunisme court-termiste accru en cas de faible contrôle familial ou de forte participation institutionnelle dans le capital. Les deux derniers essais s’intéressent aux comportements décisionnels des entreprises face aux enjeux du changement climatique. Ils se situent dans un contexte international. Le troisième essai, notamment, teste la pertinence des stratégies d’éco-efficience, via la réduction des émissions de carbone, sur la performance financière à l’occasion d’opérations de fusions-acquisitions. Les résultats tranchent en faveur de la rationalité économique de ces stratégies et affirment la possibilité pour la firme d’envisager une relation gagnant-gagnant avec son environnement. Le quatrième essai, consacré à l’étude de la communication environnementale volontaire, démontre l’intérêt croissant des parties prenantes pour ce type d’information : les entreprises les plus exposées médiatiquement, les plus endettées et celles qui entrent dans le cadre des nouvelles réglementations environnementales sont les plus transparentes en matière de reporting environnemental. De plus, les entreprises les moins éco-efficientes tendent à communiquer davantage sur leur empreinte écologique, traduisant une recherche de légitimité auprès des parties prenantes. / This thesis is composed of four essays. The first two essays draw on behavioral corporate finance and show to what extent French firms can take advantage of investors’ erroneous judgment. We first study the impact of the familiarity bias on ownership. We find that firms with higher notoriety level, mostly small-cap ones, have higher individual ownership. Second, we test the catering hypothesis in dividend policy, in that whether firms are more prone to pay dividend when payers trade at a premium relative to non-payers. The results validate this hypothesis and support short-term opportunistic behavior by French firms, especially when family control is low or institutional ownership is high. The last two essays examine the impact of climate change issues on firms’ decisions, in an international setting. Especially, the third essay demonstrates that eco-efficiency-based strategies significantly matters to the financial outcomes of mergers and acquisitions, which supports the economic rationality underlying carbon reduction investments, and claims for a win-win relationship between corporations and their environment. The fourth essay that deals with the environmental voluntary disclosure, emphasizes the increasing interest of stakeholders toward this kind of information: firms with higher exposure, higher leverage and those that are in the scope of regulators tend to be more transparent in terms of carbon reporting. Moreover, firms that are less eco-efficient show higher probability to report on their environmental performance, suggesting the search for legitimacy.

Ce travail de recherche est dédié à l’analyse des politiques de dividendes dans le contexte des fusions-acquisitions américaines. Le premier chapitre de cette thèse décrit le cadre de l’étude. Il présente le cadre théorique des politiques de dividendes, puis celui des fusions-acquisitions avant d’exposer les champs exploratoires relatifs aux spécificités des politiques de dividendes lors des opérations de fusions-acquisitions. Il traite, à la fin, une illustration d’une fusion américaine qui incarne un cas réel des interactions des politiques de dividendes lors des rapprochements des firmes. Le deuxième chapitre de la thèse explore empiriquement l’impact de la différence entre les politiques de dividendes des firmes fusionnées sur la politique de dividendes post-fusion, et teste un éventuel effet de compensation de la prime de fusion. Le troisième chapitre part de l’idée que la réaction négative du marché à l’annonce des acquisitions en titres de firmes cotées est l’issu de l’évaluation incorrecte de l’acquéreur. De ce fait, il explore un possible rôle informationnel de la politique de dividendes de l’acquéreur dans ce type d’opérations qui peut réduire l’asymétrie d’information sur la valorisation de l’acquéreur, et ainsi alléger la réaction négative du marché à l’annonce. Le quatrième chapitre étudie les caractéristiques financières des firmes fusionnées qui sont déterminantes de leurs politiques de dividendes. Au vu de cela, il suppose que la réussite de la fusion peut être affectée par la différence entre les politiques de dividendes des firmes fusionnées issue de la différence entre leurs caractéristiques. Les résultats de nos recherches prouvent l’effet de la divergence entre les politiques de dividendes des firmes fusionnées sur le déroulement de la fusion au moment et après la transaction. La principale contribution de cette thèse est donc d’illustrer l’importance de tenir compte des politiques de dividendes des firmes impliquées dans des opérations de fusions-acquisitions, afin de pouvoir prendre les bonnes décisions lors du rapprochement. La généralisation de l’effet de clientèle sur les firmes fusionnées permet de détecter des chocs de clientèles de dividendes, et de révéler la nécessité d’absorber ces chocs par certains termes transactionnels et par la conduite post-fusion de la firme combinée. / This research is dedicated to the analysis of dividend policy in the context of U.S. mergers and acquisitions. The first chapter of this thesis presents the framework of the study. It outlines the theoretical framework of the dividend policies and the mergers-acquisitions before stating exploratory fields related to the specificities and contributions of dividend policies in the M&A setting. Furthermore, it discusses an illustration of an US merger that embodies a real case of interactions between dividend policies during mergers-acquisitions. The second chapter empirically explores the impact of the difference between merging firms’ dividend policies on the post-merger dividend policy, and tests a probable compensation effect of the bid premium. The third chapter starts from the idea that the negative market reaction to the announcement of stock acquisitions of listed firms is derived from the acquirer’s misevaluation. Thereby, it explores the information content of the acquirer dividend policy in such deals which may reduce the information asymmetry on the acquirer valuation, and thus alleviate the negative market reaction at the announcement. The fourth chapter examines the financial characteristics of merging firms that are determining their existing dividend policies. In light of this, it assumes that the merger completion may be affected by the difference between merging firms’ dividend policies which are resulting from the difference between their characteristics. The findings of our research confirm the impact of the difference between the merging firms’ dividend policies on the conduct of the merger during and following the transaction. The main contribution of this thesis is to illustrate the importance of considering the dividend policies of companies involved in mergers-acquisitions in order to make the right decisions in favor of the reconciliation. The generalization of the clientele effect on the M&A setting allow to detect dividend clientele shocks, and reveal the need to absorb these shocks by transaction specifics and the post-merger conduct of the merged firm.