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Retornos Anormales De Ofertas Públicas Iniciales, Evidencia Para Chile: 1993 - 2000

Author

Listed:
  • Carlos Maquieira Villanueva

    (Universidad de Chile)

Abstract

El objetivo de este trabajo es analizar el comportamiento de las IPO's ocurridas en Chile durante la década de los noventa, por cuanto un gran porcentaje de empresas que se abrieron a Bolsa en ese periodo perdieron gran parte del valor de sus acciones. Para evaluar la rentabilidad anormal que pudo o no haberse generado se examinó el periodo 1993-2000, donde se concentró el mayor número de IPO's en el mercado accionario chileno. Se utilizaron tres métodos para analizar y corroborar el comportamiento que presentaron las IPO's en el periodo de estudio: Cumulative Adjusted Returns (CAR), Holding Period Returns o Buy and Hold Return (HPR) y el Modelo de Tres Factores de Fama y French. Los resultados obtenidos ante la pérdida de valor que experimentaron casi dos tercios de las acciones de empresas que se abrieron a Bolsa, durante el periodo en estudio, dependen de la metodología utilizada para realizar las diferentes pruebas.

Suggested Citation

  • Carlos Maquieira Villanueva, 2004. "Retornos Anormales De Ofertas Públicas Iniciales, Evidencia Para Chile: 1993 - 2000," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 3(4), pages 343-373, Diciembre.
    • Handle: RePEc:imx:journl:v:3:y:2004:i:4:p:343-373
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    File URL: http://www.remef.org.mx/index.php/primera/article/view/189
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    More about this item

    Keywords

    Oferta pública inicial (IPO); Rentabilidades anormales acumuladas (CAR); Retorno del periodo de tenencia o retorno por tenencia en el largo plazo (HPR); Rentabilidad por comprar y mantener acciones por un periodo determinado; Modelo de tres factores de Fama y French;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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