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Tender Offers in South America: Do they Convey Good News to the Market?

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  • Darcy Fuenzalida

    ()
    (Departamento de Economía, Universidad del Pacífico)

  • Samuel Mongrut

    ()
    (Departamento de Economía, Universidad del Pacífico)

  • Mauricio Nash

    ()
    (Departamento de Economía, Universidad del Pacífico)

  • Juan Tapia

    ()
    (Departamento de Economía, Universidad del Pacífico)

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    Abstract

    Los estudios realizados en mercados de capitales desarrollados han encontrado retornos anormales positivos de hasta 15% sobre el valor de mercado de la empresa a ser asquirida en el momento de anunciarse una Oferta Pública de Adquisición (OPA) sobre la misma. En Sudamérica existen pocos estudios sobre si el lanzamiento de una OPA genera un incremento sobre el valor de mercado de la empresa a ser adquirida. No obstante, los estudios realizados reportan rendimientos anormales positivos entre 25% y 50% relacionados con el anuncio de la primera OPA. En este trabajo se argumenta que la razón de esos excesivos rendimientos anormales se debe a que han sido obtenidos asumiendo que los mercados se encuentran perfectamente segmentados aplicándose el modelo de mercado con un índice local. Mediante el uso de un modelo de mercado que permite la integración parcial entre 5 mercados emergentes Sudamericanos, se muestra que sí existen retornos anormales positivos antes, durante, y después del momento del anuncio de la fecha de la primera OPA. Sin embargo, el retorno anormal asociado a la fecha del anuncio es del orden del 8%. De forma consistente, se obtiene un retorno anormal positivo levemente más alto que el anterior usando un modelo de mercado que considera además el riesgo de la pérdida que caracteriza a estos mercados. Estos resultados apuntan a un retorno anormal positivo más bajo en la muestra de adquisiciones considerada.

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    File URL: http://www.up.edu.pe/ciup/SiteAssets/Lists/JER_Jerarquia/EditForm/20060918114735_DD-06-04.pdf
    File Function: First Version, 2006
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    Bibliographic Info

    Paper provided by Departamento de Economía, Universidad del Pacífico in its series Working Papers with number 06-04.

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    Length: 23 pages
    Date of creation: Jun 2006
    Date of revision: Aug 2006
    Handle: RePEc:pai:wpaper:06-04

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    Web page: http://www.up.edu.pe/
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    Related research

    Keywords: Ofertas públicas de adquisión; Estudio de eventos; Mercado emergente;

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