2015-01-222015-01-01http://hdl.handle.net/10784/4649This study analyzes the effectof changes in corporate controlon the way shareholdersbenefit from the announcements of selling and buying airlines, thus contributing to the literature on mergers and acquisitions (M&As) in emerging markets. Using a methodologyof event study, including GARCH and OLS models, we find evidence that some selling companies obtain abnormal returns that are statisticallysignificant after the announcement of the M&A. However, when the merger is not strategic, the companies present statisticallysignificant negative abnormal returns. The resultsare not conclusive when analyzing the effecton the valueof the buying companies.engworkingPaperinfo:eu-repo/semantics/openAccessMergers and acquisitionsEvent studyAirlinesLatin AmericaAcceso abierto2015-01-22G14G34L21Cortés, Lina M.García, John J.Agudelo, David