IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Un análisis de la oferta de acciones en las OPAs españolas

  • Inés Pérez-Soba Aguilar

    ()

    (Dpto. Economía Aplicada III)

  • Pedro Durá Juez

    ()

    (Dpto. Economía Aplicada III)

Registered author(s):

    In this paper we focus on, for the period 1995-2007, the analysis of the variables that can affect thebehavior of target company shareholders in a takeover bid and how legislation can influence the sellingdecisions of the agents involved.For this analysis we review the theoretical and empirical literature which proposes various explanatoryvariables that we include in a subsequent multivariate econometric analysis. Furthermore, we introducevariables commonly observed in the Spanish takeover market: a) the existence, or not, of a prior pactamong some of the shareholders and the buyer, and b) a statement in the tender offer prospectus thatexpresses the buyer’s intention to delist the company from the stock exchange. The results support theimportance of both variables, as well as others, in explaining stock supply in the Spanish market. En este trabajo nos centramos, para el periodo 1995-2007, en el análisis de las variables que puedenafectar al comportamiento de los accionistas de las empresas que son objeto de OPA y de cómo lanormativa puede influir sobre las decisiones de venta de los agentes implicados.Para ello revisamos la literatura teórica y empírica donde se propone diversas variables explicativas queposteriormente incluimos en el análisis econométrico multivariante. Además, introducimos variablesque tendrían cierta “especificidad” en el mercado español de OPAs: a) la existencia o no de un pactoprevio entre algunos accionistas y el comprador; y b) la inclusión en el folleto informativo de OPA deuna declaración en la que el comprador expresa su intención de excluir la empresa de la cotización enBolsa. Los resultados respaldan la importancia de ambas variables, entre otras, a la hora de explicar laoferta de acciones en el mercado de control español.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-2012-06.pdf
    File Function: Fisrt version / Primera version, 2012
    Download Restriction: no

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2012-06.

    as
    in new window

    Length: 30 pages
    Date of creation: Oct 2012
    Date of revision:
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2012-06
    Contact details of provider: Postal: C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA
    Phone: +34 96 319 00 50
    Fax: +34 96 319 00 55
    Web page: http://www.ivie.es/Email:


    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ivi:wpasec:2012-06. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Departamento de Edición)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.