IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Anticipación a e Impacto de los Anuncios Corporativos en las Américas

Listed author(s):
  • Cruces, Juan José


    (Escuela de Negocios, Universidad Torcuato Di Tella)

Registered author(s):

    Este trabajo analiza si los anuncios corporativos que hacen firmas de distintos países del continente revelan información que no ha sido ya descontada por el mercado. Para ello se utilizan tres técnicas: un estudio de rendimientos anormales, un estudio de volatilidad anormal y un estudio de rendimientos acumulados totales alrededor de los anuncios de las firmas. La muestra va desde enero de 2000 hasta agosto de 2007 y consta de 25 firmas chilenas y de 83 firmas de Argentina, Brasil, México y los Estados Unidos. Los distintos ejercicios muestran que en Chile hay importantes niveles de anticipación a los anuncios de utilidades trimestrales. Argentina y Brasil también muestran importantes niveles de anticipación a los anuncios de utilidades y dividendos, y junto con México se anticipan a los anuncios de adquisiciones y desinversiones, cosa que no sucede en Chile. En la segunda mitad de la nuestra (2004 a 2007) se observa una menor anticipación y un mayor impacto de los anuncios corporativos en Chile.

    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:
    Download Restriction: no

    Paper provided by Superintendencia de Valores y Seguros in its series Serie de Documentos de Trabajo with number 04.

    in new window

    Length: 67 pages
    Date of creation: Jul 2009
    Handle: RePEc:svs:svssdt:2009-4
    Contact details of provider: Postal:
    Superintendencia de Valores y Seguros, Libertador Bernardo O´Higgins 1449 12th Floor ZIP Code 8340518 - Santiago - Chile

    Phone: (56 2) 473 4000
    Web page:

    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:svs:svssdt:2009-4. 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: ()

    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.