Examinando por Autor "Vasco, Mateo"
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Ítem Aplicación del modelo gravitacional al impacto del gobierno corporativo en las fusiones y adquisiciones en Latinoamérica(Universidad EAFIT, 2012-12-03) Vasco, Mateo; Cortés, Lina M.; Gaitán, Sandra C.; Durán, Iván A.In this study we analyze whether transnational mergers and acquisitions (M&As) are influenced by country level corporate governance standards. For this purpose, we use a gravity model. Additionally, this study focuses only on the M&As flows from the OECD countries towards Latinamerican economies, and we use the Kaufmann indicators as measures of country level corporate governance, among others. We find evidence that the gravity model is explicative of the M&As flows, and that the higher the level of corporate governance at both origin and destination countries, the greater the M&As activity.Ítem Do news improve liquidity through improved information or visibility? Evidence from Emerging Markets.(Universidad EAFIT, 2015-03-01) Agudelo, Diego A.; Cortes, Lina M.; Vasco, Mateo; dagudelo@eafit.edu.co; lcortesd@eafit.edu.co; mvascoco@eafit.edu.coMarket microstructure models imply that informed trading reduces liquidity. We test for the effect of the frequency of new releases, as a proxy of information arrival, on liquidity in the Chilean stock market. We find that news release frequency is strongly related to improved liquidity. Those results appear for both negative a positive news days and are robust using four different measures of liquidity: bid-ask spread, Amihud measure and two versions of the Zero trading variable. We also find evidence consistent with visibility and information arrival interacting for enhancing liquidity.Ítem Fusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional(Elsevier, 2014) Vasco, Mateo; Cortés, Lina M; Gaitán, Sandra; Durán, Iván A.; Escuela de Economía y Finanzas, Universidad EAFIT, Medellín, Colombia; Escuela de Economía y Finanzas, Universidad EAFIT, Medellín, Colombia, Facultad de Economía y Empresa, Departamento de Economía, Salamanca, España; Escuela de Economía y Finanzas, Universidad EAFIT, Medellín, Colombia, A.B. Freeman School of Business, Tulane University, New Orleans, United States; Finance Department, Prince Sultan University, Riyadh, Arabia Saudita; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y BancaÍtem Liquidity spillover effects of equity offerings over dual-class shares(Universidad EAFIT, 2014-07-01) Vasco, Mateo; Agudelo, Diego A.; mvascoco@eafit.edu.co; dagudelo@eafit.edu.coWe study the spillover effect from equity offerings over dual-class shares. Whereas, evidence has been found that a seasoned equity offering improves stock liquidity, the effect over the liquidity of different type shares of the same firm has not been explored. We use equity offerings of five Latin American countries: Brazil, Chile, Colombia, Mexico and Peru, during 1995 to 2012, because dual-class shares are widely used in the regions. In spite of the expected information asymmetry reduction, using panel data models we found a stock liquidity reduction of dual-class shares upon the offering; consistent with trading migration effects, according with the theory of inventory costs.Ítem Mergers and Acquisitions in Latin America: Industrial Productivity and Corporate Governance(Universidad EAFIT, 2016-03-02) Cortés, Lina M.; Durán, Iván A.; Gaitan-Riaño, Sandra; Vasco, Mateo; lcortesd@eafit.edu.co; sgaitanr@eafit.edu.coThis paper examines the impact of industrial productivity on transnationals M&As from OECD countries towards Latin American countries in the period 1996 to 2010. It also analyzes the relationship between external mechanism of corporate governance and transnational M&As. For this purpose we use a gravitational model at the industry level. We find that industry productivity and higher standards of corporate governance in the country of origin promote transnational M&As activity. However, it is also found that higher levels of capital and technological productivity decreases transnational M&As activity.