Mergers and Acquisitions in Brazilian Higher Education Companies

Purpose: The objective of this study is to detect and measure the occurrence extraordinary returns shareholders private higher education companies, listed on Brazilian stock market, B3, when mergers acquisitions occur.
 Methods: This uses Event Study technique process data from 46 merger acquisition events, that occurred in period 2007- 2015, involving three main applies Z-statistic test accumulated standard abnormal returns.
 Results: Based results, it possible affirm presence was not detected after events. Events nature do promote changes short-term value company, cases large publicly traded companies.
 Implications: announcement a or has wide repercussions media attracts attention investors aims gain earnings anticipated post-merger creation. showed potential does always occur reflected prices companies involved, short term.