EFECTO-RIQUEZA DURANTE LAS COLOCACIONES PÚBLICAS INICIALES PRIVATIZADORAS EN CHILE (1984-1989) (Artículo publicado en inglés)

Roberto J. Santillán Salgado

doi:10.1016/S0123-5923(10)70134-0

Autores/as

Roberto J. Santillán Salgado Ph.D. in Business Administration ITESM -University of Texas, Mexico – United States. Full Professor of Finance, Graduate School of Business Administration, ITESM Monterrey Campus, Mexico.

DOI:

https://doi.org/10.1016/S0123-5923(10)70134-0

Palabras clave:

PRIVATIZACION, CHILE, RENDIMIENTO, subvaluación de OPIs, desempeño subnormal de largo plazo

Resumen

Se estudia el desempeño posterior a la colocación de once Ofertas Públicas Iniciales (OPIs) en Chile, durante 1984-1989 y se proporciona una descripción detallada de las condiciones económicas y políticas prevalecientes. En particular, se presentan los detalles operativos del mecanismo de emisión de acciones, complementado con un estudio estadístico de los Rendimientos Ajustados por el Mercado de las OPIs. Aunque el tamaño de la muestra es limitado y no permite alcanzar una validez externa, el análisis confirma la presencia de patrones de desempeño muy similares a los observados en OPIs tanto privadas como privatizadoras, de acuerdo con otros estudios relacionados (Aggarwal, Leal y Hernández, 1993; Dewenter y Malatesta, 1997; Loughran, Ritter y Rydqvist, 1994; Perotti y Guney, 1993).

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