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Ofertas Públicas de Adquisición y su efecto sobre las rentabilidades en el mercado accionario: El caso de NUTRESA y SURA en Colombia

Author

Listed:
  • Luis Fernando Melo-Velandia
  • Camilo Andrés Orozco-Vanegas
  • Daniel Parra-Amado

Abstract

Se emplea un estudio de eventos donde se evalúa si hay impactos significativos en las rentabilidades anormales del mercado accionario colombiano a partir de las ofertas públicas de adquisición (OPAs) realizadas sobre las empresas Nutresa y Sura. Definiendo el evento como el 17 de enero de 2022, el cual está relacionado con la adjudicación de las primeras OPAs y el anuncio de una segunda ronda de estas operaciones, se encuentra evidencia estadística de que dicho evento tuvo un efecto significativo sobre los retornos de las acciones estudiadas. En particular, se puede afirmar que, bajo las diferentes especificaciones estimadas, los retornos fueron estadísticamente diferentes durante el evento respecto a aquellos que se hubieran observado en tiempos normales sin la presencia del evento. **** ABSTRACT: An event study is used to assess whether there are significant impacts on the Colombian abnormal returns of the stock market from the takeover bids (OPAs) made on the companies Nutresa and Sura. Defining the event as January 17, 2022, which is related to the award of the first OPAs and the announcement of a second round of these transactions, statistical evidence is found that this event had a significant effect on the returns of the Colombian stock market. The results hold under the different estimated specifications, the returns were statistically different during the event compared to those that would have been observed in normal times without the presence of the event.

Suggested Citation

  • Luis Fernando Melo-Velandia & Camilo Andrés Orozco-Vanegas & Daniel Parra-Amado, 2022. "Ofertas Públicas de Adquisición y su efecto sobre las rentabilidades en el mercado accionario: El caso de NUTRESA y SURA en Colombia," Borradores de Economia 1195, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:1195
    DOI: 10.32468/be.1195
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    References listed on IDEAS

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    More about this item

    Keywords

    Estudio de eventos; Eficiencia de mercado; Ofertas Públicas de Adquisición; Event study; Market Efficiency; Takeover bids;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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