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Transacciones basadas en información privilegiada y conducción empresarial en América Latina

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Author Info
Juan Cruces
Enrique Kawamura

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Abstract

(Disponible en idioma inglés únicamente) A diferencia de los inversionistas externos, los grupos de control tienen la opción de realizar transacciones basadas en información privilegiada y pueden ejercerla a costa de los inversionistas externos. En este trabajo se calculan las probabilidades de realización de transacciones informadas (ITP, por sus siglas en inglés) para el universo de acciones líquidas de siete países latinoamericanos que se negocian tanto en el país de origen como en ADR, y se aplica la ITP para dar respuesta a preguntas sobre la conducción empresarial. Se halló una heterogeneidad considerable de las ITP dentro de un entorno institucional. No obstante, se identificaron diferencias significativas de la ITP media entre gamas de volumen, países y tipos de título valor. La ITP guarda una correlación intuitivamente llamativa con algunas de las variables de protección de inversionistas en el ámbito nacional que se emplean en la obra publicada (no con todas). Se hallaron incrementos considerables de la ITP justo antes de efectuarse anuncios empresariales públicos, lo que sugiere que hay agentes informados privadamente que están explotando su privilegio cuando existe la posibilidad de obtener su mayor valor. La ITP adquiere su valor en el mercado: las compañías con mayor ITP registran un menor coeficiente de Tobin. Se concluye que el mercado parece reconocer y valorar acordemente las variables sustitutivas no observables de la probabilidad de realización de transacciones informadas (ITP) de la calidad de la conducción empresarial, tal como la heterogeneidad del comportamiento de la empresa.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 3207.

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Date of creation: Sep 2005
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Handle: RePEc:idb:wpaper:3207

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