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El impacto de anuncio de eventos en el mercado accionario colombiano

By Gloria Cecilia Velásquez Trujillo

Abstract

Este es un estudio acerca del impacto de varias clases de anuncio de eventos en el mercado accionario colombiano, que contribuye directamente al conocimiento de este mercado emergente. Anuncios de fusiones, adquisiciones, emisión de acciones e incrementos en los dividendos se analizar para ver si afectan los retornos en los precios de las acciones. Se analizan datos del período comprendido entre los años 2003 y 2008 utilizando la Metodología del Estudio de Eventos en su forma original así como desarrollos posteriores de esa metodología que proponen ajustes cuando no se cumplen algunos de los supuestos de los modelos.43 p.This paper studies the possible impact of various types of event announcements on the Colombian stock market, and contributes to the understanding of this emerging market. Announcements of mergers, acquisitions, issuance of shares and the increase of dividends are analyzed to investigate whether these events affect the returns of stock prices. Data from the 2003-2008 period is analyzed with the aid of the Event Study Methodology in its original version, as well as with subsequent developments that propose adjustments when assumptions are not met. The study found that the impact of announcements is similar to what is expected and observed in other markets. In the event of exceptions, the results of the 2006-2008 subperiod tend to what is observed in well developed markets

Topics: Trabajo intelectual. Universidad EAFIT, Tesis. Maestría en Finanzas, Estudio de eventos (Estadística), Mercado de acciones en Colombia, Eficiencia de mercados, Emisión de acciones, Financial economics, Investment and investments, Exchange of securities and commodities, BOLSA DE VALORES - COLOMBIA, MERCADO DE CAPITALES, ACCIONES (BOLSA), DIVIDENDOS, Intellectual work. Universidad EAFIT, Thesis. Master's Degree in Finance, Event study (Statistics), Stock market in Colombia, Efficiency of markets, Issuance of shares
Publisher: Escuela de Economía y Finanzas
Year: 2012
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