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Waves and determinants in the activity of Mergers and Acquisitions: The Case of Latin America

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dc.contributor.authorCortés, Lina M.
dc.contributor.authorAgudelo, Diego A.
dc.contributor.authorMongrut, Samuel
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.creator.emaillcortesd@eafit.edu.co
dc.creator.emaildagudelo@eafit.edu.co
dc.creator.emailsmongrut@itesm.mx
dc.date.accessioned2013-03-20T16:48:08Z
dc.date.available2013-03-20T16:48:08Z
dc.date.issued2012-12-15
dc.description.abstractThis 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.eng
dc.format.mimetypeapplication/pdf
dc.identifier.instnameinstname:Universidad EAFIT
dc.identifier.jelC23
dc.identifier.jelG34
dc.identifier.jelK21
dc.identifier.reponamereponame:Repositorio Institucional Universidad EAFIT
dc.identifier.repourlrepourl:https://repository.eafit.edu.co
dc.identifier.urihttps://hdl.handle.net/10784/658
dc.language.isoeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentCentro Valor Públicospa
dc.publisher.facultyEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordMergers and Acquisitionseng
dc.subject.keywordMergers and Acquisitions Waveseng
dc.subject.keywordLatin American Economicseng
dc.subject.keywordPCSEeng
dc.subject.keywordCounting Modelseng
dc.titleWaves and determinants in the activity of Mergers and Acquisitions: The Case of Latin Americaeng
dc.typeinfo:eu-repo/semantics/workingPaper
dc.type.coarhttp://purl.org/coar/resource_type/c_8042
dc.type.localDocumento de trabajo de investigaciónspa
dc.type.redcolhttp://purl.org/redcol/resource_type/WP
dc.type.versioninfo:eu-repo/semantics/draft
dspace.entity.typePublication

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