Search results for "Spanish market"

showing 3 items of 3 documents

Shareholder Wealth Creation in Response to Announcements of Acquisitions of Unlisted Firms: Evidence from Spain

2011

We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns, whereas acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our findings diverge from those reported in the literature for other foreign markets, as our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller …

Acquisition of unlisted firmsFinanceMarket for corporate controlbusiness.industrymedia_common.quotation_subjectEvent studyMonetary economicsPaymentShareholder valueCompetition (economics)ShareholderEvent–studyBusinessListing (finance)Spanish marketDatabase transactionhealth care economics and organizationsmedia_commonSSRN Electronic Journal
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Problemas en la estimación y en el contraste de los rendimientos anormales a largo plazo: Estado de la cuestión

2002

-Jose.E.Farinos@uv.es -Ana.M.Ibanez@uv.es El paradigma de la eficiencia ha sido puesto en entredicho en las últimas décadas como consecuencia de la obtención de rendimientos anormales, estadística y económicamente significativos, durante amplios periodos de tiempo tras algunas importantes decisiones empresariales. No obstante, los problemas conceptuales y estadísticos que presenta la medición y contrastación de los rendimientos anormales a largo plazo ha supuesto que la evidencia obtenida pase a calificarse como anomalía. Dada la escasa proliferación de este tipo de estudios en nuestro mercado y el desafortunado desarrollo de algunos de los existentes, en este trabajo presentamos estos prob…

ECONOMICSG14ORGANIZATIONAL BEHAVIOR AND HUMAN RESOURCE MANAGEMENTBUSINESS AND INTERNATIONAL MANAGEMENTRendimientos anormales a largo plazo; Problemas en la estimación y contraste; Mercado españolUNESCO::CIENCIAS ECONÓMICASrendimientos anormales a largo plazo problemas en la estimación y contraste mercado español long term abnormal returns problems in estimation and testing Spanish market:CIENCIAS ECONÓMICAS [UNESCO]long term abnormal returnsFINANCIAL ECONOMICSjel:G14mercado españolrendimientos anormales a largo plazoproblems in estimation and testingproblemas en la estimación y contrasteSpanish marketINDUSTRIAL RELATIONS AND LABORSTRATEGY AND MANAGEMENT
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COMPORTAMIENTO A LARGO PLAZO DE LAS OFERTAS PÚBLICAS DE VENTA SUBSIGUIENTES EN EL MERCADO ESPAÑOL

2002

This research investigates the long¿run after¿performance of firms conducting seasoned equity offering in the Spanish market during the period 1993¿1999. Due to statistical and conceptual problems related to the estimation and contrast of long¿horizon returns, we analyse the robustness of results to different methodologies. We obtain evidence that issuers experience negative abnormal returns economically and statistically significant during the year after the event. These results are robust to different metrics, estimations and tests used. Finally, underperformance is more severe in small, growth firms. En este trabajo estudiamos si las empresas cotizadas que realizan un oferta pública de v…

oferta pública de venta subsiguiente rendimiento a largo plazo mercado seasoned equity offering long¿run underperformance Spanish market.
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