Control corporativo y riqueza de los accionistas en el sector eléctrico europeo
This paper analyzes how announcel changes in the corporate control (takeover) of Endesa, Hidrocantábrico and Scottish Power affect their stock market returns and the impact that these events have on the stock market returns of competitors of the target firm. Using an “event study” methodology we fin...
- Autores:
-
García, John J.
Trillas, Francesc
- Tipo de recurso:
- Fecha de publicación:
- 2011
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- spa
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/665
- Acceso en línea:
- http://hdl.handle.net/10784/665
- Palabra clave:
- Corporate control
Event study
Value of firms
Control corporativo
Estudio de acontecimiento
Valor de empresas
- Rights
- License
- Acceso abierto
| Summary: | This paper analyzes how announcel changes in the corporate control (takeover) of Endesa, Hidrocantábrico and Scottish Power affect their stock market returns and the impact that these events have on the stock market returns of competitors of the target firm. Using an “event study” methodology we find that takeovers positively and significantly affect at the 1% level, the stock market return of the target firm. Results are robust across several econometric specifications as GARCH and MCO models. Also, the results suggest the announcement of the launching of a takeover positively and significantly affects the stock market return of the target firm´s competitors in industries with high market power. |
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