Examinando por Autor "Mongrut, Samuel"
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Ítem Liquidez en los Mercados Accionarios Latinoamericanos: Estimando el efecto del Mercado Integrado Latinoamericano (MILA)(Universidad EAFIT, 2012-12-15) Agudelo, Diego A.; Barraza, Santiago E.; Castro, María Isabel; Mongrut, SamuelIn this study one estimates transaction costs associated with intraday liquidity of shares belonging to six Latin American stock markets (Argentina, Brazil, Chile, Colombia, Mexico and Peru) during a period of six months (July 2009 - January 2010). We found that countries with higher market capitalization such as Brazil, Mexico and Chile have lower transaction costs associated with liquidity than Peru, Argentina and Colombia. Moreover, using a panel data model we identified that there is a negative relationship between transaction costs and trading activity and between transaction costs and the volatility of stock returns. Finally, we found that there are important differences between the stock markets of Chile, Colombia and Peru that justify their inclusion in the Integrated Latin American Market (MILA) and that the potential savings in transaction costs associated with a modest increase of 10% in trading activity ranges between 10 and 36 million of dollars for the three countries being the Chilean and Colombian’s markets the most benefited because they have transactions with a higher average value.Ítem Waves and determinants in the activity of Mergers and Acquisitions: The Case of Latin America(Universidad EAFIT, 2012-12-15) Cortés, Lina M.; Agudelo, Diego A.; Mongrut, SamuelThis paper contributes to the current literature of mergers and acquisitions (M&As) by studying the existence of waves and the determinants of M&A activity in the economies of Argentina, Brazil, Chile, Colombia, Mexico and Peru. From a sample of 2,490 M&As announcements reported by Thomson One for these countries, and applying the methodology proposed by Harford (2005), evidence of M&A waves is found for the periods 1993-2002 and 2003-2010 as reported for other regions in various international studies. After controlling for economic and business environment variables, as well as for profitability and book-to-market variables at industry level, we find evidence in favor of the neoclassical theory as a main explanation for M&As, but not for the misvaluation effect. For this purpose, a Prais-Winsten data model with panel corrected standard errors (PCSE) is used, and the results are confirmed through a negative binomial panel data estimation.Ítem Waves and Determinants in the Activity of Mergers and Acquisitions: The Case of Latin America(2012-12-15) Cortes, L.; Agudelo, D.; Mongrut, Samuel; Cortes, L.; Agudelo, D.; Mongrut, Samuel; Universidad EAFIT. Departamento de Economía y Finanzas; Finanzas y Banca (Gifyb)