EFFECT ON D&S SHAREHOLDERS´ WEALTH AND CHILEAN RETAIL COMPANIES DUE TO THE ANNOUNCEMENT OF PUBLIC OFFERING SHARES ADQUISITION, EFECTO SOBRE LA RIQUEZA DE LOS ACCIONISTAS DE D&S Y EMPRESAS DEL SECTOR RETAIL CHILENO PRODUCTO DEL ANUNCIO DE OFERTA PUBLICA DE ADQUISICION DE SUS ACCIONES

Eduardo Sandoval

Revista Internacional Administracion & Finanzas, 2013, vol. 6, issue 2, 1-13

Abstract: This article uses event study methodology through Seemingly Unrelated Regressions estimates (SUR), which allows controlling the data clustering phenomenon, in order to assess primarily the effect on D&S stock returns during the takeover announcement of its stocks by Walmart. The empirical results show significant abnormal returns of 32.2% during the announcement days. Thus, the entry of Walmart was reflected in the stock prices, which is associated with higher efficiency through increases in the expected future cash flows of the company.

Keywords: Takeover; Seemingly Unrelated Regression (SUR); Clustering (search for similar items in EconPapers)
JEL-codes: G11 G14 (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.theibfr2.com/RePEc/IBF/riafin/riaf-v6n2-2013/RIAF-V6N2-2013-1.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ibf:riafin:v:6:y:2013:i:2:p:1-13

Access Statistics for this article

Revista Internacional Administracion & Finanzas is currently edited by Terrance Jalbert

More articles in Revista Internacional Administracion & Finanzas from The Institute for Business and Finance Research
Bibliographic data for series maintained by Mercedes Jalbert ( this e-mail address is bad, please contact ).