We assess the effects of austerity announcements on investors' perception of the government's solvency across the financial cycle. To do so, we construct a unique news dataset utilizing a newswire database which consists of governmental and parliamentary approvals of austerity measures for 11 European countries. We also follow more regular statements of governmental representatives towards austerity measures. The effects are studied on 10-year sovereign bond yield spreads vis-à-vis Germany during the period 01:2000-12:2019. Implementing pooled OLS regressions, we find significant decreasing effects in the pre-crisis period especially for the GIIPSH group (Greece, Ireland, Italy, Portugal, Spain, and Hungary) and decreasing although not significant effects in the post-crisis period. The crisis period manifests itself with increased surprise effects of announcements. The markets adopted announcements of the GIIPSH group as signals of deteriorating solvency which led to further increases of yield spreads. On the other hand, prudent countries (Czechia, France, Netherlands, Poland, and Slovakia) enjoyed a low sensitivity to their announcements across the cycle. Finally, we find that markets react rather on final announcements of austerity measures than to comments expressed by national representatives....

This dissertation investigates the financial health of municipalities in the United States, their margins of response to fiscal shocks, and their exposure and response to climate risk stemming from hurricanes. In Chapter 1, we construct a novel data set on the fiscal position of municipalities in the United States and document a secular decline in their financial health. Our data combines financial data from the Annual Comprehensive Financial Reports (ACFRs) of municipalities along with Census data of their revenue and expenditure cash flows. We find that a large share of municipalities operate with a negative net position---akin to a negative book equity position in the corporate context. We find that most of the decline originates from the accumulation of legacy obligations, i.e., pensions and other post-employment benefits (OPEBs); this is recognized by municipal bond markets through higher credit spreads. While accounting values from the ACFRs are informative, they are based on book valuations which potentially convey limited information about the economic value of assets and liabilities. Thus, we turn to the market valuation of local governments' equity by estimating an SDF that matches the valuation of a wide range of assets in the economy to prices future tax and expenditure claims. Using market prices for tax and expenditure claims, and market valuations of liability positions we find that the market values of equity are highly correlated with the book values. The negative equity position---in terms of book and market values---for some local governments suggests the presence of implicit insurance by the state and federal governments. The deteriorating fiscal position of municipalities across the United States raises questions about fiscal adjustment mechanisms municipalities have at their disposal and the general equilibrium effects of any adjustment taken. In Chapter 2, we utilize quasi-experimental variation in the year of property tax assessments in the state of Connecticut to provide causal evidence of the fiscal adjustment following a large decline in property values after the Great Financial Crisis. We find that local governments adjust tax rates to maintain stable tax revenues; there is no change in public employment levels and limited adjustments of public services. Our micro data on people's location further allows us to causally estimate the migration elasticity to a change in property tax rates. We find evidence of inter-state migration in response to an increase in property tax rates; and no statistically significant response of intra-state migration. Detailed property and location choice data reveal the elasticity of migration with regard to the property tax bill. An increase in the property tax bill by ten percent leads to an average increase in the migration propensity by about 1.5%. Finally, in Chapter 3, I investigate the investment component of local economic growth in municipalities after hurricanes. Using hand collected and web-scraped statutory property tax rate data in the U.S., I find that municipalities respond to hurricane impact by raising tax rates. I find the hike in tax rates is persistent for 3-4 years after hurricane impact. The response is four times larger for major hurricanes compared to minor hurricanes. However, the increase in tax rates is not expected to be large enough to cause significant out-migration after the average hurricane. I supplement these findings with a novel data set of firm facility-level hurricane impact. I find that firms initially decrease investment in the quarter following hurricane impact and increase it in the final quarters of the second year after impact. Taken together, this chapter presents a novel set of stylized facts on government and firm mitigation investment response to hurricane disasters. In particular, the precarious fiscal health of municipalities coupled with increasing costs of mitigating and managing climate risk poses serious questions about optimal policy in assisting local governments vulnerable to climate change.

Titel: Sambandet mellan finansiell kris och bolags kapitalstruktur Författare: Nancy Nasrat och Valentina Daoud Bakgrund: Den finansiella krisen 2008 hade stor effekt på små och medelstora bolags kapitalstruktur och dess förändring inom den finansiella branschen. Orsaken till krisen var investeringsbanken Lehman Brothers kollaps. Under krisen var det egna kapitalet lågt bland finansiella bolag. Bolagen förlorade kapital och det egna kapitalet de hade var inte tillräckligt att täcka förlusterna. Detta bidrog till att bolagens externa kapital ökade och innebar att bolagens sårbarhet ökade i den finansiella branschen. Syfte: Beskriva och analysera om det finns ett samband mellan den finansiella krisen 2008 och kapitalstrukturen hos ett urval onoterade bolag. Metod: En kvantitativ metod tillämpades som innebär en mätning av variabler. Studien bygger på ett deduktivt tillvägagångsätt som analyserar kapitalstrukturen hos onoterade små och medelstora bolag inom bank-, finans- och försäkringsbranschen. Den analytiska metoden som användes var regressionsanalys. Analysen utfördes med hjälp av databaserna Retriever Business och SPSS. För att utföra regressionsanalysen valdes en beroende variabel och tre oberoende variabler. Den beroende variabeln som valdes var skuldsättningsgrad. De oberoende variablerna var soliditet, eget kapital och avkastning på total kapital. Resultat och slutsats: Resultatet visar att medelvärdet på skuldsättningsgraden var högre under den globala finansiella krisen än efter krisen. Skuldsättningsgraden minskade efter krisen vilket gjorde att de finansiella riskerna minskade, detta kunde ses som en positiv förändring. I förhållande till skuldsättningsgraden hade soliditet störst inflytande på kapitalstrukturen. I enlighet med regressionsanalysen hade soliditet störst varians gentemot skuldsättningsgraden i jämförelse med resterande studerade variabler. / Title: The relationship between a financial crisis and a company's capital structure. Author: Nancy Nasrat and Valentina Daoud Background: The financial crisis of 2008 had a major effect on the capital structure of small and medium-sized companies and its change within the financial industry. The cause of the crisis was the collapse of the investment bank Lehman Brothers. During the crisis, equity was low among financial companies. The companies lost capital and the equity they had was not enough to cover the losses. This contributed to the companies' external capital increasing and meant that the companies' vulnerability increased in the financial industry. Purpose: The aim of the study is to escribe and analyze whether there is a connection between the financial crisis of 2008 and the capital structure of a selection of unlisted companies. Method: A quantitative method was applied which involves a measurement of variables. The study is based on a deductive approach that analyzes the capital structure of unlisted small and medium-sized companies in the banking, finance, and insurance industries. The analytical method used was regression analysis. The analysis was performed using the databases Retriever Business and SPSS. To perform the regression analysis, one dependent variable and three independent variables were selected. The dependent variable chosen was debt-to-equity ratio. The independent variables were equity ratio, equity and return on total capital. Results and conclusion: The result shows that the average value of the leverage ratio was higher during the global financial crisis than after the crisis. The leverage ratio decreased after the crisis, which meant that the financial risks decreased, this could be seen as a positive change. In relation to the debt-to-equity ratio, the equity ratio had the greatest influence on the capital structure. In accordance with the regression analysis, solvency had the largest variance compared to the debt ratio in comparison with the remaining studied variables.

Economic sociologists have long produced rich accounts of the economy’s embeddedness in social relations and the hybridity of contemporary governance architectures. However, all too often, they contented themselves with merely disenchanting a liberal ontology that divides the social world into neatly differentiated spheres, such as the state and the economy or the public and the private. In this dissertation, I argue that this is not enough. If we want to understand actually existing economic government, we also need to attend to the consequences of its persistent violation of the precepts of liberal order. This dissertation does so by accounting for the simultaneity of the Federal Reserve’s rise to the commanding heights of the US economy and the repeated, multi-pronged controversies over it. I contend that together, the Fed’s ascendance and the controversies surrounding it are symptomatic of the contradictions inherent to a liberal mode of governing ‘the economy’ which, on the one hand, professes its investment in a clear boundary between the state and the economy but which, on the other hand, operationally rests on their entanglement. Its embeddedness in financial markets exposes the Fed to attacks that it is either colluding with finance or that it unduly smuggles in political considerations into an otherwise apolitical economy. In response, to secure its legitimacy as a neutral arbiter of market struggles, the Fed needs to invest in autonomization strategies to demonstrate that it is acting neither in the interests of capital nor on behalf of partisan politicians but in the public interest. Its autonomization strategies in turn feed back onto the modes of embeddedness and governing techniques the Fed deploys, often resulting in new controversies. Combining insights from economic sociology and the sociology of expertise, the perspective developed in this dissertation thus foregrounds the persistent tension between embeddedness and autonomy and the sequences of reiterated problem-solving it gives rise to.Based on extensive archival research and interviews with actors, I reconstruct three such sequences in the Fed’s more-than-a-century long quest for embedded autonomy in three independent but related empirical essays. The first focuses on the decade immediately following the Federal Reserve System’s founding in 1913. It traces how the confluence of democratic turmoil in the wake of World War I, its hybrid organizational structure, and an alliance with institutionalist economists led Fed policymakers to repurpose open market operations from a banking technique into a policy tool that reconciled different interests. This made it possible to take on a task no other central bank had attempted before: mitigating depressions. This major innovation briefly turned the Fed into “the chief stabilizer” before it failed to fulfill this role during the Great Depression. The essay thus adds a critical, oft-forgotten episode to the genealogy of the Fed’s ascendancy and the rise of central banks to the foremost macroeconomic managers of our time. The second essay most explicitly develops the theoretical argument underlying this dissertation and applies it to a practice that has been all but ignored in the scholarship on central banking and financial government: bank supervision. Emphasizing its distinctiveness from regulation, I reconstruct how the Fed folded supervision into its project of governing finance as a vital, yet vulnerable system over the course of the second half of the 20th century and into the 21st. I especially focus on the Fed’s autonomization strategies in the wake of the 2008 Great Financial Crisis and its internal struggles which resulted in a more standardized, quantitative, and transparent supervisory process centered around the technique of stress testing. However, the Fed’s efforts to reassert its autonomy and authority have in the meantime become attacked themselves. The essay traces these controversies, and subsequent reforms, to the present day, further demonstrating the recursive dynamic of the Fed’s quest for embedded autonomy. The third essay finally zooms in on a single event during the Great Financial Crisis: the first major public stress test run by the Fed and the Treasury between February and May 2009. By reconstructing its socio-technical assembling in detail and comparing it to the failures of stress tests run by European agencies between 2009 and 2011, I show that the stress test’s success rested on a reconfiguration of the state’s embeddedness in financial circuits, allowing the Treasury’s material and symbolic capital to back the exercise and the Fed to function as a conduit that iteratively gauged and shaped its audiences’ expectations as to what a credible test would look like. This made it possible to successfully frame the test as an autonomous exercise based on expertise. Probing the structural, socio-technical, and performative conditions of the Fed’s claims to legitimacy, the essay thus resolves the ‘mystery’ (Paul Krugman) how a simulation technique could become a watershed event in the greatest financial crisis in a lifetime.

No description available.

The maturity transformation of deposits is a primary driver of economic growth, as loans enable borrowers to spend funds, thereby growing the economy. However, if borrowers cannot repay their loans, the asset quality of banks deteriorate, resulting in non-performing loans or, worse, an economic crisis. An understanding of how macroeconomic and microeconomic determinants impact bank asset quality in South Africa can contribute to knowledge of the bank asset quality phenomenon in the African context. Due to the 2008/2009 global financial crisis, the introduction of new legislation and the value of gold exports, the South African economy presents an opportunity to make an original contribution to the knowledge of determinants that influence bank asset quality. In addition to studying bank asset quality determinants that are contested in research, this study also aims to determine whether a superior returns determinant of non-performing loans exists when comparing a bank’s profitability determinants, namely return on assets, return on equity and interest income on loans. This study applied panel data regression analysis, making use of a balanced panel approach, to study the determinants of bank asset quality. This approach recontextualises the existing bank asset quality theory for the South African financial sector. The results indicate that South Africa is not resilient against the impact of global financial crises trickling through international trade linkages and that regulatory changes do not instantly improve bank asset quality, and may even reduce the short-term asset quality. Moreover, bank asset quality in South Africa is sensitive to the total value of gold exports. It is evident from the profitability measures that the interest income on loans is the most suitable profitability measure of bank asset quality. This study provides an original contribution to bank asset quality determinants and recommends that regulators should pre-emptively determine the impact of new legislation on bank asset quality. Furthermore, interest income on loans as a profitability measure provides the most accurate results. Lastly, a single-country bank asset quality analysis is important, especially for economies that have commodity exports that significantly weigh in on the bank asset mix. / Die termyntransformasie rakende deposito's is die primêre dryfkrag vir groei in die ekonomie: Lenings maak dit vir leners moontlik om fondse te bestee, wat die ekonomie laat groei. Indien hierdie leners hul lenings egter nie kan terugbetaal nie, gaan die gehalte van bankbates agteruit, wat tot wanpresterende lenings of, nog erger, tot 'n ekonomiese krisis kan lei. As begryp kan word hoe makro-ekonomiese en mikro-ekonomiese bepalende faktore op die gehalte van bankbates in Suid-Afrika inwerk, kan dit bydra tot kennis van die verskynsel van bankbategehalte in die Afrika-konteks. In die lig van die 2008/2009 wêreldwye finansiële krisis, die uitvaardiging van nuwe wetgewing en die waarde van gouduitvoere bied die Suid-Afrikaanse ekonomie ’n geleentheid om ’n oorspronklike bydrae te lewer tot kennis van die bepalende faktore wat bankbategehalte beïnvloed. Benewens die bestudering van die bepalende faktore van die gehalte van bankbates wat in navorsing redelik omstrede is, het hierdie studie ten doel om, wanneer 'n bank se winsgewendheidsbepalers, naamlik opbrengs op bates, opbrengs op ekwiteit (eiekapitaal) en rente-inkomste op lenings, met mekaar vergelyk word, vas te stel of daar ’n superieure opbrengsbepaler van wanpresterende lenings bestaan. Vir hierdie studie is ’n regressieontleding van paneeldata uitgevoer, en daar is van ’n gebalanseerde paneelbenadering gebruik gemaak om die bepalende faktore van bankbategehalte te bestudeer. Hierdie benadering herkontekstualiseer die bestaande bankbategehalteteorie vir die Suid-Afrikaanse finansiële sektor. Die resultate van die studie dui daarop dat Suid-Afrika nie veerkragtig is om die uitwerking van wêreldwye finansiële krisisse teen te werk wat met internasionale handelskakelings deursyfer nie en dat reguleringsveranderinge nie dadelik die bankbategehalte verbeter nie; dit kan inteendeel die korttermynbategehalte verlaag. Bowendien is die bankbategehalte in Suid-Afrika gevoelig vir die totale waarde van gouduitvoere. Dit blyk uit die winsgewendheidsmaatstawwe dat die rente-inkomste op lenings die mees geskikte winsgewendheidsmaatstaf van bankbategehalte is. Hierdie studie lewer ’n oorspronklike bydrae tot die bepalers van bankbategehalte en beveel aan dat reguleerders vooruit reeds die uitwerking van nuwe wetgewing op bankbategehalte moet bepaal. Daarby voorsien rente-inkomste op lenings as winsgewendheidsmaatstaf die akkuraatste resultate. Laastens is ’n ontleding van ’n enkele land se bankbategehalte van belang, in die besonder vir ekonomieë met kommoditeitsuitvoere wat beduidend tot die samestelling van bankbates bydra. / Kadimo ya nako ye kopana ya ditipositi ke mokgwa wo bohlokwa wa kgolo ya ekonomi, ka ge dikadimo di dumelela baadimi go šomiša matlotlo, go realo e le go godiša ekonomi. Efela, ge baadimi ba sa kgone go lefela dikadimo tša bona, boleng bja thoto ya dipanka bo a phuhlama, go feleletša go e ba le dikadimo tše di sa šomego gabotse goba, go feta fao, phuhlamo ya ekonomi. Kwešišo ya ka fao ditaetšo tša makroekonomi le maekroekonomi di huetšago boleng bja thoto ya panka ka Afrika Borwa e ka ba le seabe go tsebo ya taba ya boleng bja thoto ya panka go ya ka seemo sa Afrika. Ka lebaka la mathata a ditšhelete a lefase a 2008/2009, tsebišo ya molao wo moswa le boleng bja dithomelontle tša gauta, ekonomi ya Afrika Borwa e fa sebaka seabe sa mathomo tsebong ya ditaetšo tšeo di huetšago boleng bja thoto ya panka. Go tlaleletša nyakišišong ya ditaetšo tša boleng bja thoto ya panka tšeo di ganetšwago nyakišišong, maikemišetšo a nyakišišo ye gape ke go laetša ge eba taetšo ya letseno le legolo la dikadimo tše di sa šomego gabotse di gona ge go bapetšwa ditaetšo tša poelo ya panka, e lego letseno la dithoto, letseno la dišere le letseno la dikadimo. Nyakišišo ye e šomišitše tshekatsheko ya poelomorago ya datha ya phanele, ya go šomiša mokgwa wa phanele wo o lekaneditšwego, go nyakišiša ditaetšo tša boleng bja thoto ya panka. Mokgwa wa go tšwetšapele gape teori ya boleng bja thoto ya panka ya lekala la Afrika Borwa la ditšhelete. Dipoelo di laetša gore Afrika Borwa ga e fokole kgahlanong le khuetšo ya mathata a ditšhelete a lefase ao a rothelago ka dikamanong tša kgwebišano ya boditšhabatšhaba le gore diphetogo tša taolo ga di kaonafatše boleng bja thoto ya panka ka lebelo, gomme di ka fokotša le boleng bja thoto bja paka ye kopana. Go feta fao, boleng bja thoto ya panka ka Afrika Borwa bo ela hloko boleng bja palomoka bja dithomelontle tša gauta. Go a bonagala go tšwa go dikgato tša tiro ya poelo gore letseno la tswala godimo ga dikadimo ke kgato ya poelo ye maleba gagolo ya boleng bja thoto ya panka. Nyakišišo ye e fa seabe sa mathomo ditaetšo tša boleng bja thoto ya panka gomme e šišinya gore balaodi ba swanela go laetša e sa le ka pela khuetšo ya molao wo moswa ka ga boleng bja thoto ya panka. Go feta fao, letseno la tswala godimo ga dikadimo bjalo ka kelo ya tiro ya poelo le go fa dipoelo tše di lebanego gabotse. Sa mafelelo, tshekatsheko ya boleng bja thoto ya panka ya naga e tee, kudu diekonomi tšeo di nago le dithomelontle tša ditšweletšwa tšeo gagolo di dumelelago motswako wa thoto ya panka. / Business Management / Ph. D. (Management Studies)

Thesis (MA)--Stellenbosch University, 2011. / ENGLISH ABSTRACT: The 2008 global economic crisis marks the beginning of considerable systemic changes in global governance. The ‘Group of 20’ (G20), which entered the centre stage of global governance in response to the crisis, may be seen as both a result of and as a vehicle for those changes. Representing some 85 per cent of the global economy the group has the potential to alter the international order almost by stealth. Hence, there is good reason for undertaking a deeper examination of its role in and impact on global governance. This study critically examines some of the changes in global governance embodied – and brought about – by the G20. By using analytical tools from the critical theory of Robert Cox and constructivism, it studies changes in three dimensions of global governance: the material, the institutional and the ideational, so as to achieve a holistic understanding of the nature of the changes taking place within global governance. In so doing, the study sheds light on the role of the G20 in global governance, the impact of the group on global cooperation and the nature of the shift in global governance that it represents. / AFRIKAANSE OPSOMMING: Die 2008 globale ekonomiese krisis kan as die begin van aansienlike sistemiese veranderinge in globale regeerkunde beskou word. Die 'Groep van 20' (G20), wat in reaksie op die krisis ’n sentrale rol in globale regeerkunde ingeneem het, kan as beide 'n resultaat en drywer van hierdie veranderinge gesien word. Die groep verteenwoordig ongeveer 85 persent van die globale ekonomie, en het dus die potensiaal om grootskaalse verandering in die internasionale orde te weeg te bring. Dit is dus belangrik om die groep se rol in globale regeerkunde meer deeglik te ondersoek. Deur gebruik te maak van analitiese metodes wat gebasseer is op die kritiese teorie van Robert Cox asook konstruktivisme, ondersoek hierdie studie veranderinge in drie dimensies van globale regeerkunde. Materiële en institusionele veranderinge, asook veranderinge binne die dimensie van idees, word geïdentifiseer met die oog op 'n meer holistiese begrip van die aard van die veranderinge. Die studie werp daardeur lig op die rol van die G20 in globale regeerkunde, die groep se impak op globale samewerking, en die aard van die magsverskuiwing in globale regeerkunde wat dit verteenwoordig.

Cette thèse de doctorat représente un effort visant à contribuer à la littérature sur le système d'alerte précoce traitant de la prévision de la crise de la dette souveraine et de la compréhension des comportements d’investissement et de croissance des PME dans le contexte de la crise financière mondiale. Le chapitre 1 adresse les crises de la dette à travers un échantillon d'économies émergentes dans la poursuite d'un modèle d'alerte précoce efficace et précis basé sur trois techniques différentes d'exploration de données. Les chapitres 2 et 3 mettent l'accent sur les mécanismes qui sous-tendent l'investissement et la croissance des PME d'un pays en voie de développement dans le contexte de la CFM. Le chapitre 2, réalisé en collaboration avec Majda Seghir, explore le comportement d'investissement des PME en Serbie relatif à la disponibilité des flux de trésorerie générés en interne dans le cadre de la CFM. Il relie cette sensibilité au niveau de contraintes financières comme approximé par les variables telles que la taille de l'entreprise, la structure de propriété, l'effet de levier et la tangibilité de leurs actifs. Finalement, le chapitre 3, travail conjoint avec Michael Stemmer, s'appuie sur l'idée derrière le chapitre 2 pour étudier l'effet des contraintes financières sur la croissance des PME serbes en utilisant le cadre GMM. Nous opposons nos résultats à une économie avancée en faisant une comparaison avec des entreprises belges. / This doctoral thesis represents an effort aimed to contribute to Early Warning System literature dealing with prediction of sovereign debt crisis and understanding of investment and growth behavior of SMEs inthe setting of the global financial crisis. Chapter 1 deals with debt crises over a sample of emerging economies in pursuit of an efficient and accurate early warning model based on three different datamining techniques. In Chapters 2 and 3 the focus is on the mechanisms behind investment and growth of SMEs in a developing country in the context of GFC. Chapter 2, joint work with Majda Seghir, exploresthe investment behavior of SMEs in Serbia with regard to the availability of internally generated cash flowin the context of GFC. It relates this sensitivity to the level of financial constraints as proxied by variables such as firm’s size, ownership structure, leverage and tangibility of their assets. Finally, Chapter 3, done in collaboration with Michael Stemmer, builds on the idea behind Chapter 2 to investigate the effect of financial constraints on growth of Serbian SMEs using GMM framework. We contrast our results with anadvanced economy by running a comparison with Belgian firms.

This dissertation examined the literature of cutback management in the context of the Great Recession. Specifically, it studied the relationship between cutback management policies used by county governments during the recession and revenue changes. The purpose of this dissertation was to test whether or not the percent change in revenue had an impact on the probability that cutback management policies were used in the recession. According to the cutback management literature developed in the 1970s and 1980s, there should be a relationship. The theoretical framework used for this study was the rational-approach framework, which proposes that every expenditure reducing and revenue increasing policy is enacted based on the percent decrease in revenue the government faces. This suggests that the cutback management policies are a proportional response to revenue decline. The framework was operationalized by using a binary logistic regression that used policy en actment as the dependent variable and the percent change in revenue as the independent variable. Eighty-six counties were sampled and 7 years of each county's budget book were examined for policies and financial data. The research found that eleven expenditure policies and three revenue policies had a statistically significant relationship with the percent change in revenues. This resulted in the conclusion that the framework and, therefore, the cutback management literature were useful in explaining primarily expenditure policies. / Includes bibliography. / Dissertation (Ph.D.)--Florida Atlantic University, 2015. / FAU Electronic Theses and Dissertations Collection

Made available in DSpace on 2015-12-03T18:33:08Z (GMT). No. of bitstreams: 1 Peterson_Carlos_Pirola.pdf: 1373676 bytes, checksum: ce4b7c1d993a0bd8c80f2c8bf89a8cf9 (MD5) Previous issue date: 2014-05-19 / This work sought to study the reaction of the Brazilian capital market towards announcements of Mergers & Acquisitions (M&A) processes, investigating its impact in the price of stocks negotiated on S??o Paulo Stock Exchange, Commodities and Futures Exchange (BM&FBOVESPA). With regard to the methodology applied in this work, both descriptive and quantitative researches can be observed. These were carried out by using secondary data collection and statistical analysis. The aim of the survey was to check if the announcements of M&A operations produced impact on the prices of stocks publicly negotiated on BM&FBOVESPA after the global financial crisis in 2008. An event study was carried out in order to verify the existence of statistically significant abnormal returns around the dates of the announcements of the M&A processes, based on the assumption that a link between the stock market and companies decision to join an M&A process exists. The results obtained with the segmentation of the sample between acquiring and acquired companies indicate that announcements of M&A operations did not impact on the prices of publicly traded shares on the BM&FBOVESPA, during the research period, showing evidence of the informational efficiency of the Brazilian capital market as being semi-strong. When making up the segmentation between companies that had a change in control, both the acquired companies as the acquiring firms had positive abnormal returns, a fact that repeated itself in the segmentation carried out with regard to the payment method / Este trabalho procurou estudar a rea????o do mercado de capitais Brasileiro diante do an??ncio de um processo de Fus??es e Aquisi????es (F&A), investigando seu impacto no pre??o das a????es negociadas na Bolsa de Valores, Mercadorias e Futuros de S??o Paulo (BM&FBOVESPA). Com rela????o ?? metodologia aplicada neste trabalho, podem-se observar pesquisas de natureza descritiva e quantitativa, realizadas com coleta de dados secund??rios e an??lise estat??stica. O problema estudado foi verificar se os an??ncios de opera????es de F&A produziram impacto nos pre??os das a????es negociadas publicamente na BM&FBOVESPA ap??s a crise financeira global de 2008. Tendo como pressuposto a liga????o existente entre o mercado de capitais e a decis??o das empresas em ingressar num processo de F&A, foi realizado um estudo de evento com o intuito de verificar a exist??ncia de retornos anormais estatisticamente significantes em torno e na data do an??ncio de um processo de F&A. Os resultados obtidos com a segmenta????o da amostra entre empresas adquirentes e adquiridas indicam que os an??ncios de opera????es de F&A n??o produziram impacto nos pre??os das a????es negociadas publicamente na BM&FBOVESPA, durante o per??odo pesquisado, demostrando ind??cios da efici??ncia informacional do mercado de capitais Brasileiro na forma semiforte. Ao efetuar-se a segmenta????o entre empresas que tiveram mudan??a de controle, tanto as empresas adquiridas quanto as empresas adquirentes obtiveram retornos anormais positivos. Fato que se repetiu na segmenta????o efetuada com rela????o ?? forma de pagamento