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

Vista sencilla de ítem
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.cospa
dc.creator.emaildagudelo@eafit.edu.cospa
dc.creator.emailsmongrut@itesm.mxspa
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.identifier.jelC23
dc.identifier.jelG34
dc.identifier.jelK21
dc.identifier.urihttp://hdl.handle.net/10784/658
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela 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.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

Archivos

Bloque original
Mostrando 1 - 1 de 1
No hay miniatura disponible
Nombre:
2012_22_Diego_Agudelo.pdf
Tamaño:
812.95 KB
Formato:
Adobe Portable Document Format
Descripción:
Descargar
Bloque de licencias
Mostrando 1 - 1 de 1
No hay miniatura disponible
Nombre:
license.txt
Tamaño:
1.71 KB
Formato:
Item-specific license agreed upon to submission
Descripción:
Descargar

Colecciones

Documentos de trabajo (working papers)