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Anticipación a e Impacto de los Anuncios Corporativos en las Américas

Author

Listed:
  • Cruces, Juan José

    (Escuela de Negocios, Universidad Torcuato Di Tella)

Abstract

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.

Suggested Citation

  • Cruces, Juan José, 2009. "Anticipación a e Impacto de los Anuncios Corporativos en las Américas," Serie de Documentos de Trabajo 04, Superintendencia de Valores y Seguros.
    • Handle: RePEc:svs:svssdt:2009-4
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    File URL: http://www.svs.cl/sitio/publicaciones/doc/Serie%20de%20documentos/cruces_2009.pdf
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    More about this item

    Keywords

    Anuncios Corporativos; Información Asimétrica; Dividendos;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G3 - Financial Economics - - Corporate Finance and Governance
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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