RESUMO A pesquisa foca nas fusões bancárias, explorando como podem surgir benefícios não considerados tradicionalmente ao aplicar o método do Fluxo de Caixa Descontado em instituições financeiras. Utilizou-se dados de fontes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Analisaram-se os dados usando o Modelo de Dividendos Descontados e Modelagem Financeira Simples. Projetou-se a Demonstração do Resultado do Exercício e o Balanço Patrimonial dos bancos, ajustados pela taxa de inflação meta do Bacen. Calcularam-se os dividendos projetados para os próximos dez anos, determinou-se o Valor Patrimonial dos bancos individualmente e combinados, simulação que considerou três cenários: pessimista, realista e otimista. Os resultados destacaram variáveis críticas, como crescimento individual e combinado, Retorno sobre o Patrimônio e Taxa de Reinvestimento, mostrando que uma fusão pode gerar valor em todos os cenários analisados. bancárias financeiras Utilizouse Utilizou se Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney Analisaramse Analisaram Simples Projetouse Projetou Calcularamse Calcularam anos determinouse determinou combinados pessimista otimista críticas combinado Reinvestimento analisados (Bacen

The research focuses on bank mergers, exploring how benefits not traditionally considered can arise when applying the Discounted Cash Flow method in financial institutions. Data from sources such as the Central Bank (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 and Infomoney were used. The data were analyzed using the Discounted Dividend Model and Simple Financial Modeling. We projected the Income Statement and Balance Sheet of the banks, adjusted by the Bacen target inflation rate. We calculated the dividends projected for the next ten years, and determined the “Equity Value” of the banks individually and combined, a simulation that considered three scenarios: pessimistic, realistic and optimistic. The results highlighted critical variables, such as individual and combined growth, Return on Equity and Reinvestment Rate, showing that a merger can generate value in all scenarios analyzed. mergers institutions Bacen, , (Bacen) IFData IF IF.Data Brasil Federal Ipeadata B used Modeling rate years Value pessimistic optimistic variables growth Rate (Bacen

La investigación se centra en las fusiones bancarias, explorando cómo pueden surgir beneficios no considerados tradicionalmente al aplicar el método de Flujo de Caja Descontado en entidades financieras. Se utilizaron datos de fuentes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Los datos se analizaron utilizando el modelo de dividendos descontados y el modelo financiero simple. Diseñamos el Estado de Resultados del Año y el Balance General de los bancos, ajustados por la tasa de inflación objetivo del Bacen. Se calcularon los dividendos proyectados para los próximos diez años, se determinó el Valor Patrimonial de los bancos individualmente y en conjunto, simulación que consideró tres escenarios: pesimista, realista y optimista. Los resultados resaltaron variables críticas, como el crecimiento individual y combinado, el retorno sobre el capital y la tasa de reinversión, mostrando que una fusión puede generar valor en todos los escenarios analizados. bancarias financieras Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney simple años conjunto pesimista optimista críticas combinado reinversión analizados (Bacen

ABSTRACT Objective: competition and cooperation occur in different areas of the market. The shipping industry is one of the areas characterized by strong competition and operational cooperation with the objective of operational improvement. Through mergers and acquisitions and joint ventures, the shipping industry has advanced with its business and sought better results. Methods: we analyzed coopetition strategies between global actors of shipping industry in the Brazilian market. We used the multiple case study method with the four main shipping lines in the world based on semi-structured interviews and data from official documents. Results: the results indicate that the shipping lines often employ the strategy of joint services and slot service in partnership with other shipping companies. Market coverage, customer needs, and reduced operating costs were identified as the main motivations for coopetition in the shipping industry. Conclusions: we particularly reveal the coopetition strategies of the shipping companies evaluated in the Brazilian market and their plans to continue operating in this strategic region for the shipping industry. Objective improvement ventures Methods semistructured semi structured documents Results coverage needs Conclusions

RESUMEN El presente estudio estima los impactos de las fusiones y adquisiciones (M&A) en la educación superior privada (ES) brasileña en el período de 2007 a 2016. Para ello, se utilizaron como base de datos cursos de pregrado de Instituciones privadas de Educación Superior (IES). La información fue recolectada a través de datos públicos divulgó en el Instituto Nacional de Estudios e Investigaciones Anísio Teixeira (INEP), así como en el Instituto Brasileño de Geografía y Estadística (IBGE). Con una muestra inicial de 35.324 observaciones, se formó una base de datos de paneles sobre la que se aplicaron dos metodologías: Propensity Score Matching (PSM) y Differences in Differences (DD). Los resultados indicaron que las fusiones y adquisiciones generan efectos positivos y estadísticamente significativos para la calidad académica, solo a partir del tercer trienio, confirmando la hipótesis inicial de que las fusiones universitarias, a largo plazo, aumentan los promedios de los estudiantes en el Examen Nacional de Desempeño Estudiantil (Enade). M&A MA M A (M&A ES (ES 200 2016 ello IES. IES . (IES) INEP, INEP , (INEP) IBGE. IBGE (IBGE) 35324 35 324 35.32 observaciones metodologías PSM (PSM DD. DD (DD) académica trienio universitarias plazo Enade. Enade (Enade) 20 201 (IES (INEP (IBGE 3532 3 32 35.3 (DD (Enade 2 353 35.

ABSTRACT The present study estimates the impacts of mergers and acquisitions on Brazilian private higher education institutions in the period from 2007 to 2016. This was done by using as a database undergraduate courses of private higher education institutions. Information was collected from public data disclosed by the National Institute of Studies and Research Anísio Teixeira, as well as at the Brazilian Institute of Geography and Statistics. With an initial sample of 35,324 observations, a panel database was formed on which two methodologies were applied: Propensity Score Matching and Differences in Differences. The results indicated that M&A generate positive and statistically significant effects for academic quality only from the third triennium onwards, confirming the initial hypothesis that university mergers, in the long term, increase the averages of students in the National Student Performance Exam. 200 2016 Teixeira Statistics 35324 35 324 35,32 observations applied MA M A onwards term Exam 20 201 3532 3 32 35,3 2 353 35,

RESUMO O presente estudo estima os impactos das fusões e aquisições (M&A) no Ensino Superior privado brasileiro no período de 2007 a 2016. Para isso, foram utilizados como base de dados cursos de graduação de instituições de ensino superior privadas. As informações foram coletadas por meio de dados públicos divulgados no Instituto Nacional de Estudos e Pesquisas Anísio Teixeira, bem como no Instituto Brasileiro de Geografia e Estatística. Com uma amostra inicial de 35.324 observações, formou-se um banco de dados em painel sobre o qual se aplicaram duas metodologias: Propensity Score Matching e Diferenças em Diferenças. Os resultados demonstraram que as M&A geram efeitos positivos e estatisticamente significativos para a qualidade acadêmica somente a partir do terceiro triênio, confirmando a hipótese inicial, de que as fusões universitárias, em longo prazo, aumentam as médias dos estudantes no Exame Nacional de Desempenho dos Estudantes. MA M A (M&A 200 2016 isso privadas Teixeira Estatística 35324 35 324 35.32 observações formouse formou metodologias triênio universitárias prazo Estudantes 20 201 3532 3 32 35.3 2 353 35.

Resumen La evolución contemporánea de las actividades de información y comunicación suele aludirse con el término “convergencia”. Con ello se designa la imbricación de las industrias de medios de comunicación, telecomunicaciones e Internet y la mutación de sus usos y consumos sociales. El presente artículo examina y problematiza la convergencia como noción, brinda información sobre cuándo y por qué comenzó a utilizarse, y reflexiona sobre su utilidad analítica en el marco del proceso inconcluso de transformación digital de las comunicaciones. El texto realiza una propuesta de desagregación conceptual de la convergencia en diferentes niveles (tecnologías y plataformas de red; alianzas y fusiones empresariales e industriales; servicios; dispositivos de consumo masivo; modos de acceso; política y regulaciones; y puesta en circulación social significativa) que enfatiza el carácter social e histórico de las tecnologías.

Abstract The contemporary evolution of information and communication activities is often called “convergence.” This designates the interweaving of the media, telecommunications and Internet industries and the mutation of their social uses and consumption. This article examines and problematizes the notion of convergence, provides information on when and why it began to be used, and reflects on its analytical usefulness within the framework of the unfinished process of digital transformation of communications. The text makes a proposal for conceptual disaggregation of convergence at different levels (network technologies and platforms; business and industrial alliances and mergers; services; mass consumption devices; modes of access; policies and regulations; and significant social circulation) that emphasizes social and historical aspects of technologies.

Resumo Após ter se tornado o principal parceiro comercial do Brasil em 2009, a China passou a exercer papel fundamental sobre a entrada de investimentos em setores estratégicos da economia brasileira. Durante os anos de 2005 a 2022, o IED acumulado chinês no país atingiu a marca de US$ 79 bilhões, com predominância em petróleo e gás (37%) e energia elétrica (33%). Diante desse quadro, o objetivo do artigo consistiu em analisar a intensificação dos investimentos da China no Brasil, tomando por base as estratégias mais amplas de internacionalização do capital chinês. O estudo identificou uma concentração maior em setores de energia, o que, por um lado, deriva não apenas da busca chinesa por tais recursos mundo afora, mas também de características do Brasil no período estudado, e que, por outro, implica em formas distintas de participação do capital chinês no país, seja via fusões e aquisições, como no setor elétrico, ou concessões de exploração, no caso de petróleo e gás. 2009 brasileira 200 2022 US 7 bilhões 37% 37 (37% 33%. 33 33% . (33%) quadro que lado afora estudado outro aquisições elétrico exploração 20 202 3 (37 (33% 2 (3 (33 (

Abstract After becoming Brazil’s main trading partner in 2009, China began to play a fundamental role in the entry of investments into strategic sectors of the Brazilian economy. During the years 2005 to 2022, accumulated Chinese FDI in the country reached the mark of US$79 billion, with a predominance in oil and gas (37%) and electrical energy (33%). Given this situation, the objective of the article was to analyze the intensification of China’s investments in Brazil, based on broader strategies for the internationalization of Chinese capital. The study identified a greater concentration in energy sectors, which, on the one hand, derives not only from the Chinese search for such resources around the world, but also from characteristics of Brazil in the period studied, and which, on the other, implies different forms participation of Chinese capital in the country, whether through mergers and acquisitions, as in the electricity sector, or exploration concessions, in the case of oil and gas. JEL: F21, F23, O54. Brazils s 2009 economy 200 2022 US79 US 79 US$7 billion 37% 37 (37% 33%. 33 33% . (33%) situation Chinas which hand world studied other acquisitions sector concessions JEL F21 F F23 O54 O 20 202 US7 7 US$ 3 (37 (33% F2 O5 2 (3 (33 (

Resumo Este estudo tem como objetivo determinar o impacto de uma fusão e aquisição (F&A) no desempenho do banco consolidador em relação a seus concorrentes, tanto na abordagem de intermediação quanto na de rentabilidade, além de propor uma métrica de ranking de F&A para uma análise de desempenho mais precisa. Embora alguns estudos avaliem o desempenho dos bancos em F&As, a explicação de seu impacto sobre as instituições no mercado pode ser mais bem explorada com a proposição de uma métrica financeira-operacional, diferente das avaliações pelo mercado acionário, complementada com o ponto de vista das estratégias organizacionais que aparecem na literatura como essenciais para a continuidade da desenvoltura do tema. Avaliar as consequências das F&As de bancos e entender suas intenções proporciona uma melhor gestão tanto das instituições quanto dos aspectos socioeconômicos do país. Também fornece diretrizes e novas ferramentas de avaliação de desempenho para acadêmicos, gerentes e funcionários do governo nos processos de F&A. O método de pesquisa é quantitativo-qualitativo. Na abordagem quantitativa, foi utilizada a técnica de análise por envoltória de dados (DEA, do inglês data envelopment analysis) com um segundo estágio de regressão linear múltipla. O banco de dados foi formado por informações das demonstrações financeiras dos bancos de 2000 a 2018 (representando o CAMELS), complementadas com informações macroeconômicas e de estrutura de mercado. Na abordagem qualitativa, o impacto dessas variáveis regredidas foi determinado no estágio quantitativo para quatro estudos de caso, que são os "Quatro Grandes" bancos que representam aproximadamente 87% do mercado financeiro brasileiro. Embora alguns estudos abordem o tema da relação entre a eficiência e as F&As, este estudo mostra que não há uma relação clara e direta entre as F&As e o desempenho (a eficiência) dos bancos no mercado. Os resultados sugerem que os bancos realizam as F&As por outros motivos além da busca por eficiência, deixando a eficiência como consequência da operação. Este artigo contribui para a proposição de uma nova métrica de mensuração da eficiência das F&As, cuja função é estabelecer um ranking e relativizar a análise do desempenho dos bancos em relação ao mercado como um todo, permitindo a visualização do efeito relativo em relação aos concorrentes. FA F A (F&A concorrentes rentabilidade precisa FAs As financeiraoperacional, financeiraoperacional financeira operacional, operacional financeira-operacional acionário país acadêmicos quantitativoqualitativo. quantitativoqualitativo qualitativo. qualitativo quantitativo-qualitativo quantitativa DEA, DEA (DEA analysis múltipla 200 201 representando CAMELS, CAMELS , CAMELS) qualitativa caso Quatro Grandes 87 brasileiro operação todo 20 8 2

Abstract This study aims to determine the impact of an M&A on the performance of the consolidating bank in relation to its competitors in both the intermediation and profitability approaches, in addition to proposing an M&A ranking metric for a more accurate performance analysis. Although some studies assess the performance of banks in M&As, the explanation of their impact on institutions in the market can be better explored by proposing a financial-operational metric, different from valuations by the stock market, complemented with the point of view of organizational strategies that appear in the literature as essential for the continuity of the resourcefulness of the topic. Assessing the consequences of bank M&As and understanding their intentions provides better management of both institutions and the country's socioeconomic aspects. It also provides guidelines and new tools for performance evaluation for academics, managers, and government officials on M&A processes. The research method is quantitative-qualitative. In the quantitative approach, the data envelopment analysis (DEA) technique with a second stage of multiple linear regression was used. The database was formed by information from the banks' financial statements from 2000 to 2018 (representing the CAMELS), supplemented with macroeconomic and market structure information. In the qualitative approach, the impact of these regressed variables was determined in the quantitative stage for four case studies, which are the Big4 banks that represent approximately 87% of the Brazilian financial market. Although some studies deal with the topic of the relationship between efficiency and M&As, this study shows that there is no clear and direct relationship between M&As and the performance (efficiency) of banks in the market. The results suggest that banks carry out M&As for reasons other than the search for efficiency, leaving efficiency as a consequence of the operation. This article contributes to the proposal of a new metric for measuring the efficiency of M&As, whose function is to establish a ranking and relativize the analysis of banks' performance in relation to the market as a whole, allowing the visualization of the relative effect vis-à-vis competitors. MA M A approaches MAs As financialoperational operational countrys country s aspects academics managers processes quantitativequalitative. quantitativequalitative qualitative. quantitative-qualitative approach DEA (DEA used 200 201 representing CAMELS, CAMELS , CAMELS) Big 87 (efficiency operation whole visàvis vis à 20 8 2

This article offers a comparative analysis of the transnationalization strategies employed by Natura &Co and Vale S.A., mapping the tangible flows of capital, its agents, practices, and the outcomes of processes such as public offerings, corporate mergers, overseas asset acquisitions, and the restructuring of production operations. It engages in both theoretical and empirical discussions, drawing on theories on global capitalism, global production networks and corporate strategies, and utilizing data collected from case studies in Brazil and Canada, alongside interviews, document analyses, reports, corporate filings, and specialist press publications. By focusing on recent developments, like the establishment and subsequent crisis of the Natura &Co holding, and shifts in Vale’s corporate governance, the article concludes that the consolidation of Brazil-based transnational corporations significantly involves transnational funds, making the identification of ownership control and revealing how the national economy has being integrated into globalized capitalism. Co SA S A S.A. capital agents practices offerings mergers acquisitions operations discussions capitalism Canada interviews analyses reports filings publications developments holding Vales s governance Brazilbased based funds S.A

Cet article propose une analyse comparative des stratégies de transnationalisation adoptées par Natura &Co et Vale S.A., explorant les mouvements concrets de capital, leurs acteurs, pratiques, et les conséquences de divers processus tels que l’introduction en bourse, les fusions et acquisitions, l’achat d’actifs à l’étranger, et la restructuration des opérations de production. Il engage une réflexion à la fois théorique et empirique, s’appuyant sur les théories du capitalisme mondial, des réseaux globaux de production, et des stratégies d’entreprise, et sur des données recueillies à travers des études de cas menées au Brésil et au Canada, des interviews, l’analyse de documents et de rapports, ainsi que sur des enquêtes et publications spécialisées. En se focalisant sur des événements récents tels que la création et la crise de la holding Natura &Co, ainsi que sur les évolutions dans le gouvernement d’entreprise de Vale S.A., l’étude conclut que la consolidation de corporations transnationales brésiliennes est significativement influencée par des fonds transnationaux, compliquant l’identification des détenteurs réels du contrôle de la propriété et illustrant les modalités d’intégration de l’économie nationale dans le système du capitalisme globalisé. Co SA S A S.A. capital acteurs pratiques lintroduction l introduction bourse acquisitions lachat achat dactifs d actifs létranger, létranger étranger, étranger l’étranger production empirique sappuyant s appuyant mondial dentreprise, dentreprise entreprise, entreprise Canada interviews lanalyse rapports spécialisées létude étude transnationaux lidentification identification dintégration intégration léconomie économie globalisé S.A

O artigo realiza uma análise comparativa das estratégias de transnacionalização de Natura &Co e Vale S.A., mapeando as movimentações concretas do capital, seus agentes, práticas e consequências de processos como abertura de capital, fusões corporativas, aquisição de ativos no exterior e reestruturação de operações produtivas. Apresenta-se discussão teórica e empírica, baseadas, respectivamente, nas teorias sobre o capitalismo global, redes globais de produção e estratégias corporativas, e em materiais obtidos por meio de estudos de caso realizados no Brasil e no Canadá, bem como entrevistas, análise de documentos, relatórios, formulários corporativos e publicações na imprensa especializada. Focalizando processos recentes, como a formação e crise da holding Natura &Co, e as mudanças na “governança corporativa” da Vale S.A., conclui-se que a consolidação de corporações transnacionais de origem brasileira tem participação decisiva de fundos transnacionais, tornando mais complexa a identificação do controle da propriedade e revelando as formas de incorporação da economia nacional ao capitalismo globalizado. Co SA S A S.A. capital agentes corporativas produtivas Apresentase Apresenta se empírica baseadas respectivamente global Canadá entrevistas documentos relatórios especializada recentes governança corporativa concluise conclui globalizado S.A

PURPOSE: Global merger and acquisition and capital market activity have increased over the last decade. A key determinant of the value of these transactions are the results of corporate valuations, which require technical expertise as well as professional judgement. The purpose of this research is to identify aspects of corporate valuations, for the purposes of mergers and acquisitions, which require professional judgement and to understand why the judgement is necessary. DESIGN/METHODOLOGY/APPROACH: We followed a mixed-method approach by gathering data from valuation practitioners using a survey, followed by semi-structured interviews. FINDINGS/RESULTS: We find that professional judgement is required throughout the process, from identifying the most appropriate approach to adjusting theoretical valuation inputs. Industry and market nuances are key reasons for professional judgement as is the perceived lack of appropriate asset pricing models. PRACTICAL IMPLICATIONS: The views of practitioners, juxtaposed with academic literature on investment theory, have the potential to contribute to the establishment of best practice in corporate valuations. ORIGINALITY/VALUE: Prior academic research has focused largely on the technical aspects of corporate valuations. In this research, we present the first-hand experiences of practitioners whose professional judgements are a key contributor to the valuations that underpin corporate actions in the South African market. This research extends both academic as well as corporate research.

Cartels are the most egregious of competition law transgressions, because they entail a concerted effort on the part of cartel members to deliberately distort the market through price fixing, bid rigging, market allocation and constraining the supply of goods and services. Despite efforts by national competition authorities in various countries to combat cartelism, cartels have proved to have long tentacles, often extending beyond borders and morphing into "cross-border cartels". This contribution discusses one of the major challenges that cross-border cartels poses to competition authorities, that of prosecutorial and penal jurisdiction. The note focusses on the "banking cartel" that has been and still is the subject of contentious litigation. In March 2023 the Competition Tribunal (the Tribunal) handed down judgment in the matter of the Competition Commission of South Africa v Bank of America Merrill Lynch International Designated Activity Company [2023] ZACT 26 (30 March 2023). There were several questions in the matter, including the jurisdiction of the South African competition authorities to investigate and prosecute firms not incorporated or operating in South Africa (pure peregrini). The Competition Commission (the Commission) had initiated proceedings in the Tribunal against a host of banks for alleged cartel conduct, and some of the respondent banks raised objections and exceptions relating to the jurisdiction of the South African competition authorities. The note observes that while national competition authorities may have prosecutorial jurisdiction against cross-border cartels, there is still a challenge in enforcing an order where cartels are non-resident in the country. The contribution also notes potential challenges to cartel enforcement on the African continent in light of the establishment of the African Continental Free Trade Area (AfCFTA). Due to the removal of various trade barriers, there is likely to be a rise in cross-border competition issues, including cross-border mergers and cross-border cartels. The note therefore discusses a pertinent issue, that of jurisdiction, which may well be a challenge within the AfCFTA.

Resumen El presente ensayo analiza las particularidades y diferencias del silencio administrativo positivo entre la notificación de concentración económica informativa y obligatoria conforme a la Ley Orgánica de Regulación y Control del Poder de Mercado. Las principales diferencias entre ambas radican en los umbrales, el plazo de presentación y la posibilidad de ejecutar la operación de concentración económica. La notificación de concentración económica, al ser una manifestación del derecho constitucional de petición, debe ser resuelta por el órgano resolutivo de la SCPM dentro del término legal correspondiente. Caso contrario, se ejecuta ipso iure por el silencio administrativo positivo.

Abstract This essay analyzes and discusses the particularities and differences of positive administrative silence between informative filing and mandatory filing according to the Ecuadorian Competition Act. The main variance between the informative and mandatory filing lies in the thresholds, the submission period, and the possibility of its execution. The filing is a manifestation of the constitutional right of petition and shall be resolved by the resolution body of the Ecuadorian Competition Authority (SCPM) in the term specified in the law. Otherwise, it is executed ipso iure for the positive administrative silence.

Abstract The objective of this work was to investigate the effect of Economic Policy Uncertainty on Mergers and Acquisitions operations of listed companies in Brazil. For this purpose, we have run a binomial logistic regression model to verify the impact of Economic Policy Uncertainty on the propensity for Mergers and Acquisitions in the following year. Using a sample of 128 publicly traded non-financial companies, from 2010 to 2018, we identified that Economic Policy Uncertainty reduces the propensity of acquiring firms to engage in Mergers and Acquisitions activities. The alternative metric used as a proxy for uncertainty, the Economic Uncertainty Indicator - Brazil, was not statistically significant. The results are consistent with international evidence. This study proposes a hybrid model that can be used to estimate the propensity for Mergers and Acquisitions in other contexts. Furthermore, it contributes to a series of emerging discussions on factors triggered by economic policy uncertainty that can alter the dynamics of corporate decisions. Brazil purpose year 12 nonfinancial non financial 201 2018 activities significant evidence contexts Furthermore decisions 1 20 2

Resumo O objetivo deste trabalho foi investigar o efeito da Incerteza da Política Econômica nas operações de Fusões e Aquisições de empresas listadas no Brasil. Para isso, aplicou-se um modelo de regressão logística binomial que verifica o impacto da Incerteza da Política Econômica na propensão para Fusões e Aquisições no ano seguinte. Utilizando uma amostra de 128 empresas não financeiras de capital aberto, no período de 2010 a 2018, identificou-se que a Incerteza da Política Econômica reduz a propensão de as firmas adquirentes se engajarem nas atividades de Fusões e Aquisições. A métrica alternativa utilizada como proxy de incerteza, o Indicador de Incerteza da Economia - Brasil, não foi estatisticamente significativa. Os resultados são consistentes com as evidências internacionais. Este estudo propõe um modelo híbrido que pode ser empregado para estimar a propensão para Fusões e Aquisições em outros contextos. Ademais, contribui com uma série de discussões emergentes sobre os fatores desencadeados pela incerteza da política econômica que podem alterar a dinâmica das decisões corporativas. Brasil isso aplicouse aplicou seguinte 12 aberto 201 2018 identificouse identificou significativa internacionais contextos Ademais corporativas 1 20 2

RESUMO O motivo de as fusões e aquisições (F&As) acontecerem em ondas é ainda um tema pouco explorado na literatura financeira, especialmente no contexto de mercados fora dos EUA e Reino Unido. Diante disso, o presente trabalho investiga se o otimismo dos agentes econômicos pode levar a uma onda de F&As, utilizando dados brasileiros entre 2007 e 2017 sobre as transações e o Índice de Confança do Empresário, que mede o otimismo dos empresários com a situação atual e futura da economia. Foi utilizada a definição de onda de F&As como em Harford (2005). A partir de um modelo de resposta binária logit, os resultados apontam que o otimismo aumenta a probabilidade de ocorrência de uma onda de F&As. O Ibovespa foi a variável que apresentou maior efeito nas probabilidades de ocorrência de uma onda de F&As. Os resultados foram significantes para diferentes lags.

ABSTRACT The reason why mergers and acquisitions occur in waves is still a subject rarely explored in the financial literature, especially in a context of markets outside the USA and UK. Therefore, the present study investigates whether the optimism of the agents could led to a wave of M&A, using Brazilian data from 2007 to 2017 of transactions and the Business Confidence Index, wich measures the optimism of the entrepreneurs about the current and future economy scenario. We used Harford (2005)’s definition for a M&A wave. Using a Logit binary response model, the study pointed out that optimism increases the probability of M&A wave. Ibovespa was the variable that had the greater effect on the probabilities of a M&A wave. The results were significant for different lags.

RESUMEN La razón por la que las fusiones y adquisiciones suceden en oleadas sigue siendo un tema poco explorado en la literatura financiera, especialmente en el contexto de los mercados fuera de los Estados Unidos y el Reino Unido. Ante esto, el presente trabajo investiga si el optimismo de los agentes económicos puede conducir a una ola de fusiones y adquisiciones, utilizando datos brasileños entre 2007 y 2017 sobre transacciones y el Índice de Confanza del Emprendedor, que mide el optimismo de los emprendedores con la situación actual y futuro de la economía. La definición de ola de fusiones y adquisiciones se utilizó como en Harford (2005). Basado en un modelo de respuesta binaria Logit, el trabajo señaló que el optimismo aumenta la probabilidad de que ocurra una ola de fusiones y adquisiciones. El Ibovespa fue la variable que tuvo mayor efecto sobre la probabilidad de que ocurra una ola de fusiones y adquisiciones. Los resultados fueron significativos para diferentes rezagos.

The study examines the recent experiences of South Africa's competition authorities in engaging with competition matters in the country's digital markets. Specifically, the authors examine engagements by the Competition Commission South Africa (CCSA), the Competition Tribunal of South Africa, and the Competition Appeal Court (CAC) with three regulatory elements: (1) mergers, examined through the MIH and WeBuyCars and Google and Fitbit cases; (2) abuse of dominance, examined through the GovChat v Facebook case; and (3) cartel conduct, examined through the Competition Commission v Bank of America Merrill Lynch International Limited & Others case. In reviewing the decisions made in these cases, the authors highlight regulatory considerations that are coming to the fore in response to competition matters in digital markets.

This study explores how competition authorities in three jurisdictions-South Africa, Australia, and the United Kingdom-have responded to proposed corporate mergers and acquisitions involving online intermediation platforms that provide automobile marketplaces. The article examines the notified (and ultimately prohibited) MIH eCommerce Holdings acquisition of WeBuyCars in South Africa; the notified (and authorised) Gumtree acquisition of Cox Media in Australia; and, in the UK, the notified (and authorised) eBay acquisition of Motors.co.uk. The author evaluates the competition considerations that came to the fore in each of these three cases and, based on these determinations, the competition authorities' decisions. The article then highlights some of the complexities that digital online intermediation platforms pose for competition authorities, and some of the possible ways in which the complexities can be managed.

This article discusses the justiciability of the national security clause of the Competition Act 89 of 1998, which was introduced through recent amendments to the merger regulation framework The clause provides for the executive, through the establishment of a national security committee, to intervene in mergers which may pose a threat to national security interests of the country. The national security committee will have authority to determine whether a proposed merger may be approved, approved subject to conditions, or prohibited. International practice does permit national security concerns as one of the public interest considerations in the assessments of a merger involving a foreign firm. However, section 18A of the Competition Act fails to provide a clear guideline for recourse for parties to a merger that has been deemed to be in contravention of the provision. Consequently, this article assesses the justiciability of the national security clause in section 18A of the Competition Act by advancing the approach of the WTO Panel in Russia - Measures Concerning Traffic in Transit. In the light of this, it is our view that the decision of the national security committee to prohibit a merger based on national security interests could be challenged by an aggrieved party, even though the Act makes no provision for such a scenario on the grounds of the correlative principles of rule of law, legality and legal certainty, as well as the inherent jurisdiction of our higher (in relative terms) courts.