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Factores que influyen en el descuento del precio de adquisici¢n de empresas no cotizadas en el Reino Unido

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Abstract

Dentro del tema de la adquisici¢n de empresas esta investigaci¢n aborda el estudio del descuento que se aplica en el precio de adquisici¢n de empresas cuando ‚stas no cotizan en el mercado de capitales. La estimaci¢n de nuestro modelo utilizando una muestra de empresas no cotizadas que han sido adquiridas entre los a¤os 1998 a 2008 en el Reino Unido nos permite se¤alar que los problemas de liquidez que enfrentan las empresas no cotizadas son determinantes para definir el descuento. Adicionalmente, nosotros tambi‚n verificamos otros factores que podr¡an influir en el descuento, como son los relacionados con la calidad de los estados financieros de las empresas no cotizadas y la informaci¢n asim‚trica, sin embargo estos resultan ser no significativos.

Suggested Citation

  • Bol¡var Gacit£a, Claudio Marcelo & Lozano Garc¡a, Mar¡a Bel‚n, 2009. "Factores que influyen en el descuento del precio de adquisici¢n de empresas no cotizadas en el Reino Unido," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2009-06, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Docto.
  • Handle: RePEc:ntd:wpaper:2009-06
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    Keywords

    Adquisiciones; empresas no cotizadas; descuento; factores; Reino Unido.;

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