Examinando por Materia "IPO"

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    Ítem
    Determinantes financieros del éxito o fracaso de las ofertas públicas iniciales
    (Universidad EAFIT, 2024) Cano Núñez, Juan Manuel; Gómez Mejía, Juan Pablo; Támara Ayús, Armando Lenin
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    Publicación
    Factores esenciales para la viabilidad de las SPAC en el mercado colombiano
    (Universidad EAFIT, 2023) González Díez, Sebastián; Martínez Herrera, Santiago; Botero Ramírez, Juan Carlos
    Nowadays, professional investors use different investment instruments to diversify their portfolios. Throughout history, these products were grouped into fixed-income and equity securities with the main objective of limiting or offsetting exposure to underlying asset risks. As stock markets developed, different vehicles were structured to facilitate the creation of more complex portfolios in different markets. In the last decade, new instruments such as Special Purpose Acquisition Companies (SPAC) have gained importance. These are special assets developed in the stock market with the purpose of attracting investors who want to contribute capital for the acquisition of companies that are not yet public, in specific sectors. These special assets offer characteristics and processing easiness, in contrast to initial public offerings (IPO), as they are commonly known. Their success largely depends on the reputation of the sponsor, which, according to several analysts, creates fragile and susceptible conditions to fraud, both in developed and emerging markets, where surveillance and regulatory conditions could increase such possibility. In the Colombian market, the public listing of companies is in an early stage, not due to lack of technical capabilities but due to disinterest and lack of knowledge among the general population about such types of products to allocate their capital. Therefore, it is relevant to facilitate one of the market agents' missions: to create conditions to attract new investors, which can be achieved, in part, through the adoption of vehicles such as SPACs. Hence, the purpose of this research is to expose the essential factors that will determine the viability of structuring the studied vehicles under local regulatory and operational frameworks, and how some important historical events for the Colombian stock market can affect investors' decision-making.
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    Ítem
    Reforma regulatoria energética en Europa: impacto de los cambios de control corporativo sobre el valor de las empresas
    (Universidad EAFIT, 2012-10-15) García, John J.; Gutiérrez, Luis H.; Trillas, Francesc
    The deregulation process of the European power sector generated strategic moves by the power companies leading to a complete reordering of the European electric market that brought out an upsurge of mergers and acquisitions. This paper researches how the following wave of mergers and acquisitions that took place in the 2000 impacted the market value for the acquiring and selling companies that took part of it. With this objective and making use of the event study methodology, and OLS, GARCH, and SURE econometric techniques, we found that mergers and acquisitions had a positive and significant effect on the average market price in public stock exchanges for the companies that were target which is consistent with previous studies.