FUSIONS AND ACQUISITIONS IN THE BRAZILIAN BANKING SECTOR: A STUDY ABOUT THE IMPACTS OF ITAÚ-UNIBANCO OVER THE PREFERRED STOCK ITUB4
The fusion of banks Itaú and Unibanco is a particularly relevant fact in the process of economic development of the Brazilian banking sector. It is a milestone in the consolidation of this sector, which started from the economic stabilization started with the Plano Real. This paper presents a study on the variations in the price of preferred stock of ItauUnibanco (ITUB4), in order to verify if this stock allowed the investors gains above the market average, which is measured by the index Bovespa - IBOV. It also presents a comparison among the behavior of the ITUB4 and the preferred stock of Banco Bradesco - BBDC4, which is the second largest brazilian private bank. The prices comparison (for ITUB4 and BBDC4) and the scoring (for IBOV) was made from the daily values of opening, closing, highest, lowest and volume. The values were compared by calculating the correlation and t test, considering alpha equal to 0.05. The results show that by operating with ITUB4, only was possible to obtain gains superior to IBOV and BBDC4 making use of speculative strategies, wich are characterized by short term operations.
Banking sector. Fusions e acquisitions. Itaú-Unibanco. Stock preferred.
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Revista de Contabilidade e Controladoria. ISSN: 1984-6266