LA FUSIÓN DE BANCOLOMBIA, CONAVI Y CORFINSURA: UNA APLICACIÓN DE LA METODOLOGÍA DE ESTUDIO DE EVENTOS (Article published in Spanish)

Authors

  • Luis Berggrun Profesor de tiempo completo. del Departamento de Finanzas de la Universidad Icesi. Doctor (c) Administración de Empresas con Enfásis en Finanzas, Tulane University. Master in International Finance, University of Amsterdam. Especialista en Finanzas, Universidad Icesi, Economista, Universidad del Valle.

Keywords:

Mergers, Colombian Banking Sector, Event Study Methodology, Synergies

Abstract

This article discusses the merging process of three Colombian financial institutions (i.e. Bancolombia, Conavi and Corfinsura) with regard to the generation of value to the shareholders involved in this transaction based on a event studies methodology. The purpose of this methodology is to quantify the impact of an event (such as announcing a merger) on the shareholders’ wealth and to establish the potential winners or losers in the process. Parametric and non–parametric tests revealed that the shareholders of Corfinsura were the ones who most profited from the merger because they were able not only to exchange their stock for the more liquid stock of the merging institution (i.e. Bancolombia), but also to take early possession of the value associated with the merger and benefits from all the potential operating and financial synergies.

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Published

2006-09-30

Issue

Section

Research articles

How to Cite

LA FUSIÓN DE BANCOLOMBIA, CONAVI Y CORFINSURA: UNA APLICACIÓN DE LA METODOLOGÍA DE ESTUDIO DE EVENTOS (Article published in Spanish). (2006). Estudios Gerenciales, 22(100), 83-102. https://www2.icesi.edu.co/revistas/index.php/estudios_gerenciales/article/view/201