Submitted by Florian Otto (otto.florian@yahoo.de) on 2017-10-16T12:55:01Z No. of bitstreams: 1 20171016_Thesis_FlorianOtto.pdf: 1580347 bytes, checksum: 52be341ade29a8adbe8f3fdaa580bb1a (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Florian, It’s necessary to correct some things in your thesis. Page 4: The “Data de Aprovação” it’s 18/09/2017 Please, withdraw all the number of the pages before the introduction, but they need to be considered, example, if there are 9 pages before, the introduction will start with page 10. Please, put the numbers on the right side superior of the pages on 2017-10-16T13:17:25Z (GMT) / Submitted by Florian Otto (otto.florian@yahoo.de) on 2017-10-16T13:48:22Z No. of bitstreams: 1 20171016_Thesis_FlorianOtto.pdf: 1585174 bytes, checksum: 4ec5b97b4ff85efef101e2ce6a293b3f (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Dear Florian, Please, withdraw the word “title” all the pages; The “Data da Aprovação” was 18/09/2017 on 2017-10-16T14:17:40Z (GMT) / Submitted by Florian Otto (otto.florian@yahoo.de) on 2017-10-16T14:40:24Z No. of bitstreams: 1 20171016_Thesis_FlorianOtto.pdf: 1584768 bytes, checksum: 7a4f7480dad4b067347eb9806339aac3 (MD5) / Rejected by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br), reason: Hi Florian, Please, correct the date to 18/09/2017 on 2017-10-17T12:14:00Z (GMT) / Submitted by Florian Otto (otto.florian@yahoo.de) on 2017-10-17T13:02:53Z No. of bitstreams: 1 20171017_Thesis_FlorianOtto.pdf: 1586948 bytes, checksum: 5b5a180f59d4bc647e93d82ae2a6fc32 (MD5) / Approved for entry into archive by Josineide da Silva Santos Locatelli (josineide.locatelli@fgv.br) on 2017-10-17T13:07:57Z (GMT) No. of bitstreams: 1 20171017_Thesis_FlorianOtto.pdf: 1586948 bytes, checksum: 5b5a180f59d4bc647e93d82ae2a6fc32 (MD5) / Made available in DSpace on 2017-10-17T14:25:04Z (GMT). No. of bitstreams: 1 20171017_Thesis_FlorianOtto.pdf: 1586948 bytes, checksum: 5b5a180f59d4bc647e93d82ae2a6fc32 (MD5) Previous issue date: 2017-09-18 / By using a multi-country set of acquirers from 14 different markets, this work aims to develop a global understanding of the impact of acquisition announcements on developed- and emerging-market acquirers. This paper uses an empirical event-study approach to investigate the effect of acquisition announcements on the share price of bidding firms. The sample contains 624 acquisition announcements with target firms located throughout the world between 1997 and 2015. The results contradict the conventional wisdom that developed-market acquirers generally experience losses. Both emerging-market and developed-market bidders gain significantly in the short term. Moreover, for developed-market acquirers, the announcement of cross-border acquisitions (CBAs) yields higher abnormal returns than the announcement of domestic acquisitions. On the other hand, emerging-market bidders gain from announcing domestic acquisitions, and lose substantially when publishing news about CBAs. In addition, the institutional environment is found to have an impact on acquirer returns. / Ao usar um conjunto de compradores de vários países de 14 mercados diferentes, este trabalho tem como objetivo desenvolver uma compreensão global do impacto dos anúncios de aquisição em adquirentes de mercados desenvolvidos e emergentes. Este artigo utiliza uma abordagem empírica de estudo de eventos para investigar o efeito de anúncios de aquisição sobre o preço da ação das empresas de licitação. A amostra contém 624 anúncios de aquisição com empresas alvo localizadas em todo o mundo entre 1997 e 2015. Os resultados contradizem a sabedoria convencional de que os adquirentes do mercado desenvolvido geralmente experimentam perdas. Os concorrentes dos mercados emergentes e do mercado desenvolvido ganham significativamente no curto prazo. Além disso, para os adquirentes do mercado desenvolvido, o anúncio de aquisições transfronteiriças (CBAs) produz maiores retornos anormais do que o anúncio de aquisições domésticas. Por outro lado, os concorrentes dos mercados emergentes ganham com o anúncio de aquisições domésticas e perdem substancialmente ao publicar notícias sobre CBAs. Além disso, o ambiente institucional tem impacto nos retornos dos adquirentes.

Submitted by Luis Fernando Schumaher (luis_schumaher@yahoo.com.br) on 2018-02-23T21:21:10Z No. of bitstreams: 1 Dissertacao MPA - Estudo de Eventos_Impairment - Luis Schumaher (2).pdf: 561762 bytes, checksum: 64c63a7f28492d392db0a5d797e778ba (MD5) / Approved for entry into archive by Mayara Costa de Sousa (mayara.sousa@fgv.br) on 2018-02-27T17:46:27Z (GMT) No. of bitstreams: 1 Dissertacao MPA - Estudo de Eventos_Impairment - Luis Schumaher (2).pdf: 561762 bytes, checksum: 64c63a7f28492d392db0a5d797e778ba (MD5) / Made available in DSpace on 2018-02-27T20:20:16Z (GMT). No. of bitstreams: 1 Dissertacao MPA - Estudo de Eventos_Impairment - Luis Schumaher (2).pdf: 561762 bytes, checksum: 64c63a7f28492d392db0a5d797e778ba (MD5) Previous issue date: 2018-01-05 / A capacidade informacional das demonstrações contábeis, sobretudo após a incorporação da International Financial Reporting Standars (IFRS), é objeto de estudos empíricos ao redor do mundo. Fama (1970, 1991) descreve a Hipótese de Eficiência do Mercado (HEM), em sua forma semiforte, que informações corporativas relevantes são incorporadas instantaneamente pelo mercado na forma de variações dos preços das ações. Assim, este estudo tem como objetivo verificar, através de um Estudo de Eventos, os impactos da divulgação de demonstrações financeiras com contabilizações de reavaliação de ativos tangíveis e intangíveis – impairment. Foram estudadas as 50 maiores empresas brasileiras (receita líquida) de capital aberto na Bolsa de Valores de São Paulo, de acordo com a classificação da revista Valor® 1000 (VALOR ECONÔMICO, 2016), no período compreendido entre o primeiro trimestre de 2010 e o quarto trimestre de 2016. Observou- se que publicações de demonstrações financeiras com reconhecimento de impairment dos ativos tangíveis e intangíveis, previstos pelas International Financial Reporting Standards (IFRS), causaram impactos nas expectativas dos acionistas, representadas pela variação nos retornos das ações. Além disso, o mercado se comportou de maneira eficiente, em sua forma semiforte. As principais conclusões do presente estudo são: i) os anúncios impairment de ativos tangíveis e intangíveis apresentam conteúdo informacional relevante para a precificação das ações no mercado; e ii) o mercado brasileiro se comportou de maneira eficiente na forma semiforte pois, a HEM foi atestada em conjunto para os eventos de impairment estudados. / The informational capacity of the financial statements, especially after the incorporation of the International Financial Reporting Standards (IFRS), is the subject of empirical studies around the world. Fama (1970, 1991) describes the Theory of Efficient Markets, in its semistrong form, that relevant corporate information is instantly incorporated by the market in the form of stock price changes. Thus, this study aims to verify, through a Study of Events, the impacts of the disclosure of financial statements with revaluation of tangible and intangible assets - impairment. The 50 largest Brazilian companies (net revenue) were studied on the São Paulo Stock Exchange, according to the magazine Valor® 1000 (ECONOMIC VALUE, 2016), in the period from the first quarter of 2010 to the fourth quarter of 2016. It was noted that financial statement publications with recognition of impairment of tangible and intangible assets, as predicted by the International Financial Reporting Standards (IFRS), had an impact on shareholders' expectations, represented by the variation in stock returns. However, the market did behave efficiently, in its semifortex form. The main conclusions of the present study are: i) the announcements of impairment of tangible and intangible assets present informative content relevant to the pricing of shares in the market; and ii) the Brazilian market did behave efficiently in the semistrong form, since HEM was not jointly tested for the impairment events studied.

Made available in DSpace on 2010-04-20T21:00:02Z (GMT). No. of bitstreams: 4 Sebastian Arbeleche.pdf.jpg: 18559 bytes, checksum: 9896e50946c488c842d22c7b00fbebd5 (MD5) Sebastian Arbeleche.pdf.txt: 114868 bytes, checksum: 72378c6543b7688b7e5f5d678290ac91 (MD5) Sebastian Arbeleche.pdf: 727086 bytes, checksum: 52168b50a9d358b209c62df383370b90 (MD5) license.txt: 4886 bytes, checksum: 0e234dd3d7b4053a4b0187f8fc733d03 (MD5) Previous issue date: 2008-12-03T00:00:00Z / Esta dissertação analisa o desempenho de longo prazo (36 meses após o evento)das fusões e aquisições em países latino-americanos. O estudo abrange um total de 429 eventos de fusão e aquisição anunciados entre os anos de 1994 a 2005, em sete países da América Latina (Brasil, México, Chile, Argentina, Peru, Colômbia e Venezuela), onde os mercados de capitais estão relativamente mais desenvolvidos. É utilizada uma abordagem em tempo calendário baseada no modelo de mercado CAPM, através do qual se calcula o alfa de Jensen, para estimar os retornos anormais de longo prazo. Há evidências claras de retornos anormais de longo prazo negativos e significativos para México e Argentina, enquanto para Chile observam-se retornos anormais de longo prazo positivos e significativos. Os demais países da região (Brasil, Peru, Colômbia e Venezuela) não apresentam retornos anormais de longo prazo significativamente diferentes de zero. Procura-se também analisar as amostras de eventos a partir de diferentes pontos de vista com o intuito de entender quais os possíveis determinantes do desempenho de longo prazo: forma de pagamento, atitude do comprador, transações locais versus internacionais, especialização versus diversificação, e ocorrência da transação dentro ou fora de uma onda de fusões e aquisições. Observam-se evidências de retornos anormais de longo prazo para as subamostras, mas não se registra um comportamento uniforme na amostra de países. / This dissertation analyzes the long-run performance (36 months post-event period) of Latin American mergers and acquisitions. This work covers a total of 429 merger & acquisition events announced during the period comprehended between the years 1994 and 2005, in 7 Latin American countries (Brazil, Mexico, Chile, Argentina, Peru, Colombia and Venezuela), where capital markets are relatively more developed. A CAPM based calendar-time approach is used to estimate Jensen’s α, a measure of long-run abnormal returns. On the one hand, Mexico and Argentina present hard evidence on the existence of significant negative abnormal returns. On the other hand, Chile shows evidence of significant positive long-run abnormal returns. There is no proof of abnormal performance for acquiring companies in the rest of the analyzed countries (Brazil, Peru, Colombia and Venezuela). The mergers and acquisitions sample is also studied from different points of view in order to establish possible long-run performance determinants, such as: mode of payment, deal attitude, country of transaction (cross-border or non-cross-border), type of activity (related or non-related) and timing relative to M&A wave (in-wave or out-of-wave). This sub-sample analysis offers some evidence on the existence of abnormal performance as well, but there is no unique results pattern through the sample of studied countries.

The study examined the impact of earnings announcements on the share price of selected mining companies using the most recent data from the Johannesburg Stock Exchange. This study covered a period from 1 January 2011; to 31 December 2015. Using the classical event study methodology, the speed of reaction of the market to annual earnings information releases for a sample of 27 companies listed on the exchange is tested. Over the sample period, the Abnormal Returns (AR), Average Abnormal Returns (AAR) and Cumulative Average Abnormal Returns (CAAR) were calculated. The AR, AAR and CAAR show positive results obtained during the earnings announcement period. The returns yielded from these results are significantly different from zero. / Financial Accounting / M. Phil. (Accounting Sciences)

O objetivo desse trabalho é analisar os efeitos do anúncio da dupla-listagem sobre o comportamento das ações no mercado doméstico das empresas que promoveram a listagem de ADRs. Os aspectos do comportamento analisados são os retornos anormais, os padrões de liquidez e volatilidade de preços. Foram analisados 22 programas de ADRs. Para cada uma das características analisadas foi utilizada uma diferente técnica empírica. A análise dos retornos anormais foi realizada através de um estudo de eventos para 5 diferentes janelas de estudos. A segunda técnica empírica utiliza-se do Índice de Negociabilidade, uma métrica desenvolvida pela Economática envolvendo o número de negócios diários e o volume diário transacionado da ação para medir potenciais alterações na liquidez das ações e, por fim, a terceira técnica utilizada utiliza a variância dos retornos como medida relevante de alteração de volatilidade dos mesmos. Embora com limitações, o estudo apresentou resultados em linha com parte da literatura de referência, demonstrando, excetuando-se pela janela de 5 dias pré e pós evento, que não é possível afirmar que os retornos das ações estudadas após o anúncio da emissão das ADRs são diferentes dos retornos apresentados pelas ações antes do anúncio. Com relação à análise de impacto sobre a liquidez das ações (INM 50d), foi possível rejeitar a hipótese de que o programa não causa impacto na liquidez com um nível de significância de 10% após comparar a liquidez das ações das empresas que emitiram ADRs com a liquidez das ações das empresas que compunham as carteiras dos grupos de controle. Finalmente, ao estudar a volatilidade das ações, foi possível observar que, para os testes-F realizados, das 22 ações testadas, 11 apresentaram resultados que permitem rejeitar a hipótese nula e, portanto, inferir que, para essas companhias, a variância dos retornos durante o período de 50 dias pós-evento foi diferente da variância dos retornos durante o período de 50 dias pré-evento dentro de um nível de significância de 5%. Para as outras 11 empresas testadas, não foi possível rejeitar a hipótese nula e, portanto, não foi possível concluir, para essas empresas, que o evento do anúncio da emissão de ADRs exerceu qualquer influência sobre a volatilidade dos retornos das ações subjacentes. Essa dissertação contribui para o entendimento mais aprofundado das consequências da emissão de ADRs. Tal processo, caro e demandante, expõe as companhias a diferentes níveis de regulação e exige um nível mais elevado de governança e, portanto, deve ser bem entendido por gestores, bancos e consultores. / The purpose of this paper is to analyze the effects of the cross-listing announcement on the behavior of the shares of Brazilian companies that enroll in ADR programs. The analyzed aspects of the domestic shares’ behavior are the abnormal returns, the liquidity levels and the volatility of the returns measured by their variance. 22 ADR programs were analyzed. For each of the characteristic studied, a different empirical technique was utilized. The abnormal returns analysis was conducted through an event study for 5 different study windows. The second empirical technique rely on the “Indice de Negociabilidade”, a metric developed by Economatica which involves the number of daily trades of the market and of the shares to measure potential changes in the liquidity levels of the shares. Finally, the third method used analyzes the variance of the returns of the domestic shares as relevant measure of volatility of returns. Although with limitations, the study presented results aligned with part of the reference studies and bibliography, demonstrating, except for the window of 5 days pre and post event, that it is not possible to assert that the returns of the shares analyzed after the announcement of the issuance of the ADRs are different from the returns presented by the shares before the announcement. With regard to the analysis of the impact on shares’ liquidity (INM 50d), it was possible to reject the hypothesis that the program does not impact liquidity with a significance level of 10% after comparing the liquidity of the shares of the companies that issued ADRs with the liquidity companies’ shares that composed the portfolios of the control groups. Finally, in studying volatility of the shares, it was possible to observe that for the F-tests performed, of the 22 shares tested, 11 presented results that allow the rejection of the null hypothesis and, therefore, infer that for these companies, the variance of returns during the 50-day period postevent was different from the variance of returns over the 50-day period previous to the event within a significance level of 5%. For the 11 other companies tested, it was not possible to reject the null hypothesis and therefore it was not possible to conclude, for these companies, that the event of the announcement of the issuance of ADRs had any influence on the volatility of the returns of the underlying shares. This dissertation contributes to a more in-depth understanding of the consequences of issuing ADRs. Such an expensive and demanding process exposes companies to different levels of regulation and requires a higher level of governance and therefore must be well understood by managers, banks and consultants.

O objetivo desse trabalho é analisar os efeitos do anúncio da dupla-listagem sobre o comportamento das ações no mercado doméstico das empresas que promoveram a listagem de ADRs. Os aspectos do comportamento analisados são os retornos anormais, os padrões de liquidez e volatilidade de preços. Foram analisados 22 programas de ADRs. Para cada uma das características analisadas foi utilizada uma diferente técnica empírica. A análise dos retornos anormais foi realizada através de um estudo de eventos para 5 diferentes janelas de estudos. A segunda técnica empírica utiliza-se do Índice de Negociabilidade, uma métrica desenvolvida pela Economática envolvendo o número de negócios diários e o volume diário transacionado da ação para medir potenciais alterações na liquidez das ações e, por fim, a terceira técnica utilizada utiliza a variância dos retornos como medida relevante de alteração de volatilidade dos mesmos. Embora com limitações, o estudo apresentou resultados em linha com parte da literatura de referência, demonstrando, excetuando-se pela janela de 5 dias pré e pós evento, que não é possível afirmar que os retornos das ações estudadas após o anúncio da emissão das ADRs são diferentes dos retornos apresentados pelas ações antes do anúncio. Com relação à análise de impacto sobre a liquidez das ações (INM 50d), foi possível rejeitar a hipótese de que o programa não causa impacto na liquidez com um nível de significância de 10% após comparar a liquidez das ações das empresas que emitiram ADRs com a liquidez das ações das empresas que compunham as carteiras dos grupos de controle. Finalmente, ao estudar a volatilidade das ações, foi possível observar que, para os testes-F realizados, das 22 ações testadas, 11 apresentaram resultados que permitem rejeitar a hipótese nula e, portanto, inferir que, para essas companhias, a variância dos retornos durante o período de 50 dias pós-evento foi diferente da variância dos retornos durante o período de 50 dias pré-evento dentro de um nível de significância de 5%. Para as outras 11 empresas testadas, não foi possível rejeitar a hipótese nula e, portanto, não foi possível concluir, para essas empresas, que o evento do anúncio da emissão de ADRs exerceu qualquer influência sobre a volatilidade dos retornos das ações subjacentes. Essa dissertação contribui para o entendimento mais aprofundado das consequências da emissão de ADRs. Tal processo, caro e demandante, expõe as companhias a diferentes níveis de regulação e exige um nível mais elevado de governança e, portanto, deve ser bem entendido por gestores, bancos e consultores. / The purpose of this paper is to analyze the effects of the cross-listing announcement on the behavior of the shares of Brazilian companies that enroll in ADR programs. The analyzed aspects of the domestic shares’ behavior are the abnormal returns, the liquidity levels and the volatility of the returns measured by their variance. 22 ADR programs were analyzed. For each of the characteristic studied, a different empirical technique was utilized. The abnormal returns analysis was conducted through an event study for 5 different study windows. The second empirical technique rely on the “Indice de Negociabilidade”, a metric developed by Economatica which involves the number of daily trades of the market and of the shares to measure potential changes in the liquidity levels of the shares. Finally, the third method used analyzes the variance of the returns of the domestic shares as relevant measure of volatility of returns. Although with limitations, the study presented results aligned with part of the reference studies and bibliography, demonstrating, except for the window of 5 days pre and post event, that it is not possible to assert that the returns of the shares analyzed after the announcement of the issuance of the ADRs are different from the returns presented by the shares before the announcement. With regard to the analysis of the impact on shares’ liquidity (INM 50d), it was possible to reject the hypothesis that the program does not impact liquidity with a significance level of 10% after comparing the liquidity of the shares of the companies that issued ADRs with the liquidity companies’ shares that composed the portfolios of the control groups. Finally, in studying volatility of the shares, it was possible to observe that for the F-tests performed, of the 22 shares tested, 11 presented results that allow the rejection of the null hypothesis and, therefore, infer that for these companies, the variance of returns during the 50-day period postevent was different from the variance of returns over the 50-day period previous to the event within a significance level of 5%. For the 11 other companies tested, it was not possible to reject the null hypothesis and therefore it was not possible to conclude, for these companies, that the event of the announcement of the issuance of ADRs had any influence on the volatility of the returns of the underlying shares. This dissertation contributes to a more in-depth understanding of the consequences of issuing ADRs. Such an expensive and demanding process exposes companies to different levels of regulation and requires a higher level of governance and therefore must be well understood by managers, banks and consultants.

This thesis builds upon literature that for many decades have examined the possible wealth creation of M&A’s. We investigate the acquiring firms share value response to M&A’s performed by public acquirers active on the Swedish market in 1998-2016. Our research builds upon previously conducted studies depicting both positive- and negative returns. Furthermore, our study considers how M&A’s are affected by merger waves and their creation of hot and cold markets. Our sample consists of 517 acquisitions including both smaller and larger transactions. Through an event-study, we investigate how the share value reacts during an 11 day event window surrounding the announcement of an M&A. Our findings show predominantly positive abnormal returns disputing much of the previous M&A research. Additionally, because abnormal returns are present throughout the event window, our results indicate that the Swedish market does not operate at a strong level of efficiency. Our main contribution is providing a coherent view of M&A’s conducted in Sweden during nearly two decades. As well as, providing evidence that M&A’s create value for the acquirer.

Ces dernières années, les fusions et acquisitions transfrontalières réalisées par les entreprises chinoises en Europe et en Amérique du Nord se sont développées et ont attiré l’attention des chercheurs. Cependant, il existe peu de recherches se concentrant sur leurs motivations, leur performance et leurs déterminants. Ainsi, l’objectif de cette thèse est d’analyser les opérations annoncées ou réalisées en Europe et en Amérique du Nord entre 2002 et 2012, afin de (1) comprendre les motivations des entreprises en croissance, (2) de déterminer si ces opérations créent de la valeur pour les actionnaires et (3) d’identifier les déterminants de la création/destruction de valeur. Pour ce faire, nous avons utilisé trois méthodes : (1) l’analyse des déclarations d’acquisitions faites par les entreprises chinoises, (2) le calcul de rendements anormaux (AAR, ACAR, CAR) via plusieurs études d’évènements, (3) l’élaboration d’un modèle d’identification des déterminants de la création/destruction de valeur. Les opérations analysées ont été réalisées par des entreprises cotées aux bourses de Shanghai, Shenzhen et Hongkong. Des données supplémentaires ont été tirées de la base de données « Zephyr ». Au total, 93 opérations ont été analysées. Les résultats confirment les résultats antérieurement identifiés pour les acquéreurs occidentaux, étendant ainsi les théories des F&A aux opérateurs chinois. Malgré la différence de structure de propriété (contrôle par l’Etat), les FMN chinoises ont un niveau de performance comparable à leurs homologues occidentaux privés lorsqu’elles réalisent des opérations de F&A. / In recent years, the cross-border mergers and acquisitions by Chinese companies in Europe and North America are developing and have attracted the attention of researchers. However, there is few research focusing on their motivations, their performance and their determinants. Thus, the objective of this thesis is to analyze the transactions announced or completed in Europe and North America between 2002 and 2012, (1) to understand the motivations of growing companies, (2) to know whether these operations create value for shareholders and (3) to identify the determinants of the creation / destruction of value.To do this, we used three methods: (1) analysis of acquisitions statements made by Chinese companies, (2) the calculation of abnormal returns (AAR ACAR CAR) via several events studies (3) development of a model to identify the determinants of the creation / destruction of value. The operations were made by Chinese listed companies in Shanghai, Shenzhen and Hong Kong stock exchanges. Additional data were obtained from the database "Zephyr." A total 93 operations were analyzed. The results confirm the previously identified results for western acquirers. Despite the difference in ownership structure (state control), Chinese MNCs have a level of performance comparable to their private western counterparts when they carry out operations of M & A.

Dans les deux premiers articles de cette thèse, nous explorons les réactions des marchés financiers aux annonces de fusions et acquisitions dans deux contextes différents. Nous nous intéressons en premier lieu, à la régulation des marchés de fusions et acquisitions par la Commission Européenne. Nous nous attachons à déterminer si la Commission Européenne présente toujours des comportements protectionnistes depuis la mise en place de la nouvelle régulation en 2004. Nos résultats suggèrent effectivement que la Commission Européenne agissait de façon protectionniste avant 2004 mais que ce phénomène disparait ensuite et même plus tôt, en 2002. Dans le second article de la présente thèse, nous testons la possible extension à long-terme de l’effet de certification dont bénéficient les entreprises lors de l’obtention d’un crédit syndiqué. Nous souhaitons déterminer si la certification bancaire concerne le projet financé spécifiquement ou plutôt la qualité de l’équipe dirigeante de l’entreprise. Pour cela, nous comparons les réactions des investisseurs à l’annonce d’opérations de fusion et acquisition mises en œuvre par des entreprises américaines avant et après l’annonce de l’obtention d’un prêt syndiqué. S’il existe un effet de long-terme de la certification bancaire, les réactions des investisseurs devraient être plus positives après l’octroi du crédit. Nos résultats ne supportent pas cette hypothèse et nous concluons que la certification bancaire concerne plus particulièrement le projet financé en lui-même. Ayant constaté l’importance de la qualité des données pour la réalisation d’études empiriques en finance, nous comparons, dans un troisième article, deux bases de données de fusions et acquisitions : SDC et Zephyr. Il apparait que ces bases présentent des différences notoires tant au niveau de la présentation que du contenu des données qui peuvent, dans certains cas, entrainer des différences de résultats lors d’analyses économétriques. / We study market reactions to mergers and acquisitions (M&A) announcements in different contexts in two papers. First, we explore the regulation of M&A markets by the European Commission. Our aim is to determine whether the European Commission has still protectionist tendencies towards European firms since the implementation of the new regulation in 2004. Our results confirm that the European Commission presented protectionist behaviors before the new regulation was set in place but this phenomenon does not appear anymore after 2004 and even before, from 2002. In the second paper, we test long-term effect of lender certification. We want to determine if lender certification relates to the financed project only or also sends a good signal about the quality of the management team of the firm. We compare market reaction to M&A announcements for operations carried out by US firms before and after the obtaining of a syndicated loan. If there is a long-term effect of lender certification, market reaction to M&A announcements should be more positive after the loan has been granted. Our results do not support this hypothesis and we conclude that lender certification relates to the financed project only. Since we noticed the great importance of data quality in empirical studies in finance, we compare in the third paper, two M&A databases: SDC and Zephyr. It appears that these databases present noticeable differences in the presentation as well as in the content of data provided which may lead, in some cases, to different results in empirical analysis

Du fait de biais dont souffrent les dirigeants d’entreprises lorsqu’ils prennent des décisions d’acquisition, le M&A a une longue tradition de ne pas générer des retours positifs pour les acheteurs. Au travers de 3 essais, notre recherche explore l’impact de récentes évolutions de l’environnement économique et social, incluant 1) le déploiement des normes IFRS, 2) le développement des comités de conseil d’administration ou de surveillance, et 3) la publication de la Loi NRE, sur la performance M&A des acquéreurs en France. Analysant les rendements anormaux générés au moment où une acquisition est faite, nous trouvons que la performance M&A ne s’est pas améliorée, principalement du fait que les principaux changements intervenus ont laissé un important pouvoir discrétionnaire au management mais aussi parce l’adoption de nouvelles pratiques de marché ont pu être intégrées par les investisseurs dans leur évaluation de résultats d’acquisition. Nous trouvons aussi que les stratégies RSE ont un impact négatif. Cependant, nous trouvons que la mise en place de comités de conseil et l’entrée en vigueur de la Loi NRE, qui ont pu conduire à une transparence accrue de l’information, ont eu un impact positif. / Because management suffers from biases when making acquisition decisions, M&A has been having a longstanding reputation for providing acquirers with no or limited returns. Through 3 essays, our research explores the impact of recent evolution in business environment, including 1) the implementation of IFRS regulations, 2) the development of board committees popularized following SOX regulations, and 3) the implementation of the NRE Law, on acquirers’ M&A performance in France. Analyzing abnormal returns generated at the time of an acquisition is made, we find that M&A performance has not overall improved, mainly because most the changes reviewed can be assumed to leave a significant space for managerial discretion but also because new business practices become market standards integrated by investors when valuing acquisition outcomes. We also find CSR strategies to have a negative impact on M&A performance. We however find that the implementation of a board committee and the enforcement of the NRE Law in France, that may lead to more information transparency, have had a positive impact.