Examinando por Materia "Señalización"

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    Ítem
    Explorando la señalización corporativa a nivel sectorial en el mercado bursátil estadounidense : el caso de las recompras de acciones
    (Universidad EAFIT, 2024) Rugeles Aristizábal, Felipe; Chaparro Cardona, Juan Camilo; Montoya Gil, Juan Miguel
    This research offers a detailed analysis of the informational content of stock buyback plan announcements and how the reactions of different market agents influence the Price-Earnings Ratio, relative to their sector, of the companies that execute them. The study covers a sample of 40 companies from the U.S. stock market between the years 2018 and 2023, using Fixed Effects models that control for entity and temporality. The results for the complete sample reveal that, on average, repurchase announcements are associated with excess returns of 1.05% in the Price-Earnings Ratio relative to their sector on the day the announcements are made. Furthermore, it is observed that these effects are durable within a ten-day post-announcement window, gradually diminishing to an equivalent effect of 0.20% daily on the tenth day. Additionally, sector-specific analyses show divergences in the results, varying in magnitude, durability, and the sign of the effects, reflecting the specific characteristics of the companies in each sector and how these condition the investors' reactions to the signals sent by the entrepreneurs.
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    Ítem
    Innovación e incumbent failure: Una ilustración usando la industria de las telecomunicaciones en Colombia
    (Universidad EAFIT, 2008-07-01) Herrera, Hernán; hherrer2@eafit.edu.co
    This paper provides an analysis of the determinants of the Incumbent failure arising from the interdependence competitive. It is used tools provided by game theory (backward induction and analysis of joint strategies in games of signaling) for determining the incentives to invest in innovation for an incumbent firm. For illustration purposes, the case of Telecom and the entry of mobile cellular in Colombia is used. We conclude that participation in the existing market and the expected magnitude of demand that will remain old technology, are barriers to set a firm decides to invest in innovation. The probability of an incumbent firm to invest in innovation is inverse to the likelihood of success of the entrant, the amount of such investment and the magnitude of the benefits that would accrue from the firm established its current product, if the entrant is successful.