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Control corporativo y riqueza de los accionistas en el sector eléctrico europeo (2000-2007)

  • John García
  • Francesc Trillas

Este artículo analiza el efecto de los anuncios de cambios en el control corporativo (Ofertas Públicas de Adquisición, OPA) sobre el precio de cotización en Bolsa de Endesa, Hidrocantábrico y Scottish Power, y el impacto de estos acontecimientos sobre los rendimientos de los competidores más cercanos a la empresa que recibe la oferta de adquisición. Por medio de la metodología de “estudio de acontecimiento”, empleando modelos GARCH y MCO, se encuentra que las OPA a estas empresas provocan rendimientos anormales positivos, estadísticamente significativos. Los resultados también sugieren que en industrias con alto poder de mercado, el anuncio de una OPA tiene un impacto positivo sobre los rendimientos de los competidores más cercanos a la empresa objeto de la OPA.

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File URL: http://www.uexternado.edu.co/facecono/ecoinstitucional/workingpapers/garciaytrillas25.pdf
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Article provided by Universidad Externado de Colombia - Facultad de Economía in its journal Revista de Economía Institucional.

Volume (Year): 13 (2011)
Issue (Month): 25 (July-December)
Pages: 297-319

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Handle: RePEc:rei:ecoins:v:13:y:2011:i:25:p:297-319
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  15. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
  16. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
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