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El efecto de los mecanismos internos de control en las operaciones con información privilegiada

Author

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  • José E. Tobar

Abstract

Este trabajo analiza el uso de la información privilegiada en las operaciones de compra de los insiders espanoles y de cómo la estructura de propiedad afecta su comportamiento transaccional. Para ello se realizó un estudio empírico con una muestra de 2.233 operaciones de compra. Respecto al cálculo de los retornos anormales se aplicó la metodología de estudio de eventos, mientras que para el análisis del efecto de la estructura de propiedad se utilizaron regresiones lineales múltiples. Los resultados aportan evidencia sobre la coexistencia de los efectos de control y expropiación de la concentración de propiedad, de la coexistencia de los efectos de convergencia y atrincheramiento de la propiedad de los insiders y del efecto del tipo de accionista sobre los retornos anormales.

Suggested Citation

  • José E. Tobar, 2017. "El efecto de los mecanismos internos de control en las operaciones con información privilegiada," Estudios Gerenciales, Universidad Icesi, vol. 33(144), pages 228-239, July.
    • Handle: RePEc:col:000129:015793
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    File URL: http://www.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/2551
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    More about this item

    Keywords

    Información privilegiada; Estudio de eventos; Estructura de propiedad; Retornos anormales;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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