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European energy industry shocks, corporate control and firm's value

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dc.contributor.authorGarcía, John J.
dc.contributor.authorTrillas, Francesc
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.emailjgarcia@eafit.edu.co
dc.creator.emailfrancesc.trillas@uab.es
dc.date.accessioned2013-11-12T21:49:10Z
dc.date.available2013-11-12T21:49:10Z
dc.date.issued2013-11-12
dc.description.abstractThe deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring. This paper presents preliminary evidence of the impact of this process on investors, using event studies and estimation techniques such as least squares and GARCH. Our findings suggest three stylized facts: 1) regulatory reform in Europe was certainly accompanied by a takeover wave, as predicted by Mitchell and Mulherin (1996); 2) mergers and acquisitions had a positive impact on the stock price of target firms, and a much lower and sometimes even a negative impact for the bidding firms; 3) the effect of takeover announcements on the returns of competitors of the merging firms depends on the degree of market power. In countries with high market power (like Spain) competitors significantly increase share returns upon takeover announcements, whereas in countries with lower market power (like England and Wales) returns do not change significantly.eng
dc.format.mimetypeapplication/pdf
dc.identifier.instnameinstname:Universidad EAFIT
dc.identifier.jelL94
dc.identifier.jelG14
dc.identifier.jelG34
dc.identifier.jelG38
dc.identifier.reponamereponame:Repositorio Institucional Universidad EAFIT
dc.identifier.repourlrepourl:https://repository.eafit.edu.co
dc.identifier.urihttps://hdl.handle.net/10784/1215
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.keywordDeregulationeng
dc.subject.keywordMergers and acquisitionseng
dc.subject.keywordEvent studyeng
dc.subject.keywordEnergyeng
dc.titleEuropean energy industry shocks, corporate control and firm's valueeng
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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