Tender offers in South America: Are abnormal returns really high?
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| Natura: | Artículo científico |
| Lingua: | en |
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Universidad ICESI
2006
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| _version_ | 1876466030546518016 |
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| author | Samuel Mongrut |
| author_facet | Samuel Mongrut |
| contents | Tender offers in South America: Are abnormal returns really high? Samuel Mongrut Juan Tapia Darcy Fuenzalida Mauricio Nash Administración y Contabilidad Tender offer abnormal return emerging market Different studies in developed capitalmarkets have found positive abnormalreturns of at least 15% during theannouncement date of a tender offer.Although there are almost no studiesfor South American stock markets,some studies reported positive abnormalreturns, ranging from 25% to50%, related to the announcement ofthe fi rst tender offer. In this study oneargues that estimated positive abnormalreturns in emerging markets arehigh because studies have assumed acompletely segmented capital marketby applying the market model with a local stock market index. By allowingfor partial integration among fiveSouth American emerging markets,one shows that there are in factpositive abnormal returns previously,during, and after the announcementdate of the first tender offer. However,the positive abnormal returnassociated to the announcementdate is in the order of 8%. A slightlyhigher abnormal return is obtainedusing a market model that accountsfor partial integration and downsiderisk. These results prompt towardsa lower positive abnormal return inthe sample of South American fi rmsstudied. 2006 artículo científico 0123-5923 https://www.redalyc.org/articulo.oa?id=21210101 https://www.redalyc.org/journal/212/21210101/ https://www.redalyc.org/journal/212/21210101/html/ https://www.redalyc.org/journal/212/21210101/21210101.epub https://www.redalyc.org/journal/212/21210101/movil en http://www.redalyc.org/revista.oa?id=212 Estudios Gerenciales application/pdf Universidad ICESI Estudios Gerenciales (Colombia) Num.101 Vol. 22 |
| format | Artículo científico |
| id | redalyc_21210101 |
| institution | Redalyc |
| language | en |
| publishDate | 2006 |
| publisher | Universidad ICESI |
| spellingShingle | Tender offers in South America: Are abnormal returns really high? Samuel Mongrut Administración y Contabilidad Tender offer abnormal return emerging market Tender offers in South America: Are abnormal returns really high? Samuel Mongrut Juan Tapia Darcy Fuenzalida Mauricio Nash Administración y Contabilidad Tender offer abnormal return emerging market Different studies in developed capitalmarkets have found positive abnormalreturns of at least 15% during theannouncement date of a tender offer.Although there are almost no studiesfor South American stock markets,some studies reported positive abnormalreturns, ranging from 25% to50%, related to the announcement ofthe fi rst tender offer. In this study oneargues that estimated positive abnormalreturns in emerging markets arehigh because studies have assumed acompletely segmented capital marketby applying the market model with a local stock market index. By allowingfor partial integration among fiveSouth American emerging markets,one shows that there are in factpositive abnormal returns previously,during, and after the announcementdate of the first tender offer. However,the positive abnormal returnassociated to the announcementdate is in the order of 8%. A slightlyhigher abnormal return is obtainedusing a market model that accountsfor partial integration and downsiderisk. These results prompt towardsa lower positive abnormal return inthe sample of South American fi rmsstudied. 2006 artículo científico 0123-5923 https://www.redalyc.org/articulo.oa?id=21210101 https://www.redalyc.org/journal/212/21210101/ https://www.redalyc.org/journal/212/21210101/html/ https://www.redalyc.org/journal/212/21210101/21210101.epub https://www.redalyc.org/journal/212/21210101/movil en http://www.redalyc.org/revista.oa?id=212 Estudios Gerenciales application/pdf Universidad ICESI Estudios Gerenciales (Colombia) Num.101 Vol. 22 |
| title | Tender offers in South America: Are abnormal returns really high? |
| topic | Administración y Contabilidad Tender offer abnormal return emerging market |
| url | https://www.redalyc.org/articulo.oa?id=21210101 https://www.redalyc.org/journal/212/21210101/ https://www.redalyc.org/journal/212/21210101/html/ https://www.redalyc.org/journal/212/21210101/21210101.epub https://www.redalyc.org/journal/212/21210101/movil |