Replication Data for: Motivations and Consequences of Advisor Participation in Mergers and Acquisitions

Mergers and Acquisitions (M&A) is a widely studied subject in finance. A question that remains unanswered is the role and impact of the advisor’s choice in the process of acquiring or merging. The current literature focuses on studying the US market/developed countries with different characteristics of an emerging market oriented toward the ownership of firms. Using data from more than 7,000 operations, this paper investigates the role of advisors in the negotiation and success rate and seeks to determine the characteristics for their participation. Linear and logistic regression revealed that the advisors play an active role due to the significantly longer period between the announcement and conclusion of the deal in which they participated. We also identified a higher success rate in comparison with in-house deals. Regarding the determinants, complexity, size of the deal, the acquirer’s previous experience in M&A, and payment entirely in shares increases the probability of hiring an advisor

Which plant compounds influence the natural resistance of cabbage against onion thrips ( Thrips tabaci Lindeman)?

In a field experiment on the natural resistance of cabbage ( Brassica oleracea var. capitata ) against onion thrips (Thrips tabaci) , 20 cabbage genotypes were included: 9 early, 5 mid-early, 6 mid-late (regarding the longevity of the growing period), 3 red, 17 white (regarding colour), 14 hybrids and 6 varieties (regarding genetic origin). For comparisons between genotypes, we determined significant differences in the mean index of damage on the exterior leaves of cabbage heads (1.12–2.83), the net weight of heads (281.40,151169.6 g), and yield loss (5.8–47.4%). The concentration of several compounds from cabbage leaves (epicuticular wax, α-amyrin, β-amyrin, lupeol, sucrose, glucose, fructose, vitamin C, palmitic acid, stearic acid, and arachidic acid) are measured. For all groups of cabbage genotypes the only confirmed negative correlation was between the extent of damage caused by the sucking of onion thrips and epicuticular wax content on the cabbage leaves (in groups where we artificially placed genotypes with similar characteristics). After this preliminary experiment, the research must be extended in order to determine the effect of the remaining analysed compounds in cabbage leaves for resistance (sensitivity) of cabbage to onion thrips attack

Fatores determinantes da estrutura de capital das maiores empresas que atuam no Brasil Determinant factors of capital structure for the largest companies active in Brazil

Estrutura de capital é um tema ainda controverso em teoria de finanças. Desde a discussão entre a teoria tradicional, que defende a existência de uma estrutura de capital ótima que leva à maximização do valor da empresa, e a proposta por Modigliani e Miller (1958), que considera que o valor da empresa não é afetado pela forma como ela é financiada, diversos estudos empíricos têm sido realizados com o objetivo de identificar os fatores que explicam a forma como as empresas se financiam. Esta pesquisa analisa a estrutura de capital das maiores empresas que atuam no Brasil, investigando a relação entre o nível de endividamento e os fatores apontados pela teoria como seu determinante. O estudo é baseado em dados contábeis extraídos das demonstrações financeiras de empresas de capital aberto e de empresas de capital fechado. A técnica estatística utilizada no estudo é a regressão linear múltipla. Os resultados indicam que os fatores risco, tamanho, composição dos ativos e crescimento são determinantes da estrutura de capital das empresas, enquanto que o fator rentabilidade não é determinante. Os resultados, também, mostram que o nível de endividamento da empresa não é afetado pelo fato de ela ser de capital aberto ou de capital fechado.<br>Capital structure is still a still controversial issue in finance theory. Since the discussion between traditional theory, which asserts the existence of an optimal capital structure that maximizes the firm’s value, and Modigliani and Miller’s theory (1958), which considers that the value of a firm is unaffected by how it is financed, many empirical studies have been carried out to identify the factors that explain how a firm finances itself. This research analyses the capital structure of the largest firms in Brazil and investigates the relationship between the leverage ratio and the factors indicated by theory as determinant. The study is based on accounting data extracted from the financial statements of publicly traded and private companies. Multiple linear regression was applied as a statistical technique. The results indicate that risk, firm size, fixed assets and growth are determinants of the firms’ capital structure, while profitability is not a determinant factor. The results also show that the firms’ leverage is unaffected by whether a firm is publicly-traded or private