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The Announcement Effect of Bond and Equity Issues: Evidence from Chile

Author

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  • Augusto Castillo

Abstract

This paper analyzes the impact of security offering announcements on stock prices for a sample of 172 issues of securities in the Chilean financial market, during the 1993-2002 period. The sample is composed by 116 equity issues and 56 corporate bond issues. During the same period the SVS (Superintendencia de Valores y Seguros) authorized a total of 562 security issues in Chile, but the final sample was reduced to 172 issues after excluding those companies where not enough trading information was available to perform the study. The main objective of the paper is to verify if the announcement of security offerings has the same impact in Chile as in other countries such as the U.S., where these kind of studies have been performed. To my knowledge this is the first study addressing this issue with Chilean data. We will also try to identify variables that could help to explain differences in the reaction to the issue announcement across issues

Suggested Citation

  • Augusto Castillo, 2004. "The Announcement Effect of Bond and Equity Issues: Evidence from Chile," Econometric Society 2004 Latin American Meetings 218, Econometric Society.
    • Handle: RePEc:ecm:latm04:218
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    Cited by:

    1. Fitriya Fauzi & Dani Foo & Abdul Basyith, 2017. "Islamic Bond Announcement: Is There Any Effect on Returns?," Global Business Review, International Management Institute, vol. 18(2), pages 327-347, April.
    2. Dr Samamba, Lennox Trivedi, 2023. "Legal Aspects of Promoting Investor and Issuer Participation in Sub-Saharan Africa Equity Markets—The Case for a Functional Bond Market," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(8), pages 249-273, August.

    More about this item

    Keywords

    Bonds; Stocks; Study Events;
    All these keywords.

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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