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Tender Offers in South America: Do they Convey Good News to the Market?

Author

Listed:
  • Samuel Mongrut

    (Universidad del Pacífico)

  • Mauricio Fuenzalida

    (Universidad Técnica Federico Santa María)

  • Samuel Nash

    (Universidad Técnica Federico Santa María)

  • Juan Tapia

    (Universidad Técnica Federico Santa María)

Abstract

Los estudios realizados en mercados de capitales desarrollados han encontrado retornos anormales positivos de hasta 15% sobre el valor de mercado de la empresa a ser adquirida en el momento de anunciarse una Oferta Pública de Adquisición (OPA) sobre la misma. En Sudamérica existen pocos estudios sobre si el lanzamiento de una OPA genera un incremento sobre el valor de mercado de la empresa a ser adquirida. No obstante, los estudios realizados reportan rendimientos anormales positivos entre 25% y 50% relacionados con el anuncio de la primera OPA. En este trabajo, se argumenta que la razón de los excesivos rendimientos anormales se debe a que han sido obtenidos asumiendo que los mercados se encuentran completamente segmentados aplicándole el modelo de mercado con un índice local. Mediante el uso de un modelo de mercado que permite la integración parcial entre cinco mercados emergentes Sudamericanos, se muestra que sí existen retornos anormales positivos, ante, durante y después del momento del anuncio de la fecha de la primera OPA. Sin embargo, el retorno anormal positivo asociado a la fecha del anuncio es del orden del 8%. De forma consistente, se obtiene un retorno anormal positivo levemente más alto que el anterior usando un modelo del mercado que considera además el riesgo de pérdida que caracteriza a estos mercados. Estos resultados apuntan hacia un retorno anormal positivo más bajo en la muestra de adquisiciones considerada.

Suggested Citation

  • Samuel Mongrut & Mauricio Fuenzalida & Samuel Nash & Juan Tapia, 2006. "Tender Offers in South America: Do they Convey Good News to the Market?," Working Papers 06-04, Centro de Investigación, Universidad del Pacífico.
  • Handle: RePEc:pai:wpaper:06-04
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    References listed on IDEAS

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