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Anticipación a e Impacto de los Anuncios Corporativos en las Américas

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  • Cruces, Juan José

    ()
    (Escuela de Negocios, Universidad Torcuato Di Tella)

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    Abstract

    Este trabajo analiza si los anuncios corporativos que hacen firmas de distintos países del continente revelan información que no ha sido ya descontada por el mercado. Para ello se utilizan tres técnicas: un estudio de rendimientos anormales, un estudio de volatilidad anormal y un estudio de rendimientos acumulados totales alrededor de los anuncios de las firmas. La muestra va desde enero de 2000 hasta agosto de 2007 y consta de 25 firmas chilenas y de 83 firmas de Argentina, Brasil, México y los Estados Unidos. Los distintos ejercicios muestran que en Chile hay importantes niveles de anticipación a los anuncios de utilidades trimestrales. Argentina y Brasil también muestran importantes niveles de anticipación a los anuncios de utilidades y dividendos, y junto con México se anticipan a los anuncios de adquisiciones y desinversiones, cosa que no sucede en Chile. En la segunda mitad de la nuestra (2004 a 2007) se observa una menor anticipación y un mayor impacto de los anuncios corporativos en Chile.

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    File URL: http://www.svs.cl/sitio/publicaciones/doc/Serie%20de%20documentos/cruces_2009.pdf
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    Bibliographic Info

    Paper provided by Superintendencia de Valores y Seguros in its series Serie de Documentos de Trabajo with number 04.

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    Length: 67 pages
    Date of creation: Jul 2009
    Date of revision:
    Handle: RePEc:svs:svssdt:2009-4

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    Postal: Superintendencia de Valores y Seguros, Libertador Bernardo O´Higgins 1449 12th Floor ZIP Code 8340518 - Santiago - Chile
    Phone: (56 2) 473 4000
    Web page: http://www.svs.cl/
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    Related research

    Keywords: Anuncios Corporativos; Información Asimétrica; Dividendos;

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