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Ofertas públicas de adquisición y su efecto sobre la rentabilidad de los mercados accionarios: el caso de Nutresa y sura en Colombia

Author

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  • Melo-Velandia, Luis Fernando

    (Banco de la República de Colombia)

  • Orozco-Vanegas, Camilo Andrés

    (Banco de la República de Colombia)

  • Parra-Amado, Daniel

    (Banco de la República de Colombia)

Abstract

Se emplea un estudio de eventos en el que se evalúa si hay impactos significativos en las rentabilidades anormales del mercado accionario colombiano a partir de las ofertas públicas de adquisición (opa) realizadas sobre las empresas Nutresa y sura. Se define el evento como el 17 de enero de 2022, el cual está relacionado con la adjudicación de las primeras opa y el anuncio de una segunda ronda de estos instrumentos; se encuentra evidencia estadística de que dicho evento tuvo un efecto significativo sobre los retornos de las acciones estudiadas. En particular, se puede afirmar que, bajo las diferentes especificaciones estimadas, los retornos fueron estadísticamente distintos durante el evento respecto a aquellos que se hubieran observado en tiempos normales sin la presencia de este.

Suggested Citation

  • Melo-Velandia, Luis Fernando & Orozco-Vanegas, Camilo Andrés & Parra-Amado, Daniel, 2023. "Ofertas públicas de adquisición y su efecto sobre la rentabilidad de los mercados accionarios: el caso de Nutresa y sura en Colombia," Revista de Economía del Rosario, Universidad del Rosario, vol. 26(1), pages 1-37, June.
    • Handle: RePEc:col:000151:020942
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    References listed on IDEAS

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    More about this item

    Keywords

    estudio de eventos; eficiencia de mercado; ofertas públicas de adquisición;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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