Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

Educação escolar para crianças: o que dizem sujeitos deste direito?

The text aims to discuss the problems that this would be set: - What are the concepts of public school children about their right to primary education, as required step in the Basic Education? - What are conducted by children on the elementary school, in terms of its structure, teaching, and acquisitions provide for their users, especially when it comes to literacy? In order to answer these questions, we conducted within the qualitative a case study within twenty children of the early years of elementary public school, ten of the School Mauricio de Sousa and ten children of the School Monteiro Lobato. with construction procedures of data, we worked with observation, semi-directive interview, questionnaire and document analysis. In analyzing the data, two categories emerged: right to education and school for children. The first focuses on what children think about the legal guarantee to school, seeking to understand if they understand the educational area as a right and relate what the law says and the reality in which they participate. The category for school children, including their purposes, characteristics, space literacy and its relationship with the teacher. In this sense, we comment, taking as its founding, the speech of children in their schools, focusing on how they perceive the school in terms of its structure and functioning, relations with the knowledge and the other children. With regard to child rights, the appreciation of Brazilian children should be the basis of the struggle for a more just, democratic, nondiscriminatory. However, children show not recognize education as a right, but as one who deserves the credit, that is, those children who are always attentive, do not fight and do not complain. In interviews, children express a simple wish child that the school had toys. A school for children should be a place with its own characteristics: cheerful, lively, colorful, which included the same time, security and challenges. Children point to the hope that the course of action the teacher was guided by respect their differences in a more emotional, especially with regard to issues of authority and discipline of the group. The most important learning is for all subjects learning to read / write, differing in the idea of how to learn. Unfortunately, for some students, learning reading and writing appears as a difficult and enjoyable process is not perceived by some subjects up to recognize the instrumental writing. Finally, we point to the actors of the school to launch a more accurate to say that the children and how to outline your main locus of learning