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Reforma regulatoria energética en Europa: impacto de los cambios de control corporativo sobre el valor de las empresas

Author

Listed:
  • John García
  • Luis Gutiérrez
  • Francesc Trillas

Abstract

El proceso de desregulación del sector eléctrico en la Unión Europea generó acciones estratégicas de parte de las empresas del sector que han llevado al reordenamiento de su mercado de energía eléctrica. Una serie de fusiones y adquisiciones ocurrieron a raíz de ese proceso. Este trabajo investiga cómo la consecuente ola de fusiones y adquisiciones que se dio en la primera década de este siglo ha afectado el valor en bolsa de las empresas compradoras y adquiridas. Para este propósito, haciendo uso de la metodología de los estudios de acontecimiento y con técnicas econométricas de MCO, GARCH y SURE se encontró que las fusiones y adquisiciones presentaron un efecto positivo estadísticamente significativo sobre el precio de cotización en bolsa para la empresa objeto de compra (u opada), lo cual es consistente con estudios previos.

Suggested Citation

  • John García & Luis Gutiérrez & Francesc Trillas, 2013. "Reforma regulatoria energética en Europa: impacto de los cambios de control corporativo sobre el valor de las empresas," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, January.
    • Handle: RePEc:col:000090:010418
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    More about this item

    Keywords

    desregulación; fusiones y adquisiciones; estudios de acontecimiento; sector energético; Europa;
    All these keywords.

    JEL classification:

    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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