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

Author Info

Listed author(s):
  • John García
  • Francesc Trillas

Abstract

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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Keywords: control corporativo; estudio de acontecimiento y valor de empresas;

Other versions of this item:

Find related papers by JEL classification:
  • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
  • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
  • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

References listed on IDEAS
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  3. Cox, Alan J & Portes, Jonathan, 1998. "Mergers in Regulated Industries: The Uses and Abuses of Event Studies," Journal of Regulatory Economics, Springer, vol. 14(3), pages 281-304, November.
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  14. Paul Klemperer, 2004. "Auctions: Theory and Practice," Online economics textbooks, SUNY-Oswego, Department of Economics, number auction1.
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  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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  19. Robert Savickas, 2003. "Event-Induced Volatility and Tests for Abnormal Performance," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 26(2), pages 165-178.
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