Publicación: The stock market reaction to mergers and acquisitions : evidence from the banking industry
dc.contributor.advisor | Cortés Durán, Lina Marcela | |
dc.contributor.author | Lozada Hernández, Juan Manuel | |
dc.coverage.spatial | Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees | eng |
dc.creator.email | jmlozadah@eafit.edu.co | spa |
dc.date.accessioned | 2020-09-02T16:50:58Z | |
dc.date.available | 2020-09-02T16:50:58Z | |
dc.date.issued | 2020 | |
dc.description.abstract | Mergers and acquisitions (M&As) are mainly a mechanism used in the Latin American banking industry to carry out business consolidation. This paper focuses on the effect of M&A announcements on stocks of Latin American banks and their rivals between 2000 and 2019. We evaluate two impacts of M&A announcements: impacts on cumulative abnormalreturns(CAR)andimpactsonevent-inducedvariance(EIV).WeusetheGARCHbased event-study method. We find that acquirers and target banks have a statistically significant CAR, however, the sign is inconclusive. Rivals of acquirers and targets are not affected by M&A announcements. In general, we observe that EIV is negative for acquirers, targets, and rivals. Finally, we estimate a multivariate GARCH model to isolate the effects of co-movements of volatility between the acquirer and the target, and we find that the results remain qualitatively equal. | spa |
dc.description.degreelevel | Maestría | spa |
dc.description.degreename | Magíster en Ciencias en Finanzas | spa |
dc.format.mimetype | application/pdf | |
dc.identifier.ddc | 332.6 L925 | |
dc.identifier.instname | instname:Universidad EAFIT | |
dc.identifier.reponame | reponame:Repositorio Institucional Universidad EAFIT | |
dc.identifier.repourl | repourl:https://repository.eafit.edu.co | |
dc.identifier.uri | https://hdl.handle.net/10784/17610 | |
dc.language.iso | eng | |
dc.publisher | Universidad EAFIT | spa |
dc.publisher.department | Departamento de Finanzas | spa |
dc.publisher.faculty | Escuela de Economía y Finanzas | spa |
dc.publisher.place | Medellín | spa |
dc.publisher.program | Maestría en Ciencias en Finanzas | spa |
dc.rights | Todos los derechos reservados | spa |
dc.rights.accessrights | info:eu-repo/semantics/openAccess | |
dc.rights.coar | http://purl.org/coar/access_right/c_abf2 | |
dc.rights.local | Acceso abierto | |
dc.subject | Bancarización | spa |
dc.subject | Mercado de valores | spa |
dc.subject | Fusiones y adquisiciones | spa |
dc.subject | Industria bancaria | spa |
dc.subject.keyword | Emerging markets | spa |
dc.subject.keyword | GARCH event study | spa |
dc.subject.lemb | INVERSIONES | spa |
dc.subject.lemb | COMPAÑÍAS CONSOLIDADAS | spa |
dc.subject.lemb | CAPITAL BANCARIO | spa |
dc.subject.lemb | SISTEMA BANCARIO | spa |
dc.subject.lemb | ACCIONES (BOLSA) | spa |
dc.title | The stock market reaction to mergers and acquisitions : evidence from the banking industry | |
dc.type | info:eu-repo/semantics/masterThesis | |
dc.type.coarversion | http://purl.org/coar/version/c_ab4af688f83e57aa | |
dc.type.local | Tesis de Maestría | spa |
dc.type.redcol | http://purl.org/redcol/resource_type/TM | |
dc.type.version | info:eu-repo/semantics/acceptedVersion | |
dspace.entity.type | Publication |
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