Intervenção regulatória nos setores de telecomunicações e elétrico em 2012 : um estudo de eventos com modelo de precificação multifatorial

We analyze the effect of two 2012's regulatory measures in the Brazilian telecommunications and electricity markets. The first intervention was undertaken by the telecommunications regulatory agency (Anatel) in 18th of July and refers to the interruption of the sales of important telecommunications mobile companies due to the poor quality of their services. The second one was undertaken by the Brazil Electricity regulatory agency (Aneel) in 11th of September and consists of the definition of the rules governing the renovation of generation and transmission concessions (MP579). We apply a multifactorial pricing model and event studies techniques and we find negative effects of both regulatory interventions in their respective markets. However, the market reaction to the second one seems to be efficient since the prices fell abruptly afterwards. This quick response might be either related to the particular characteristics of the MP579 or to a market perception towards an increase of regulatory intervention due the previous measure in telecommunications.