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Ítem Different legislations regarding OPA's(Universidad Icesi, 2004-04-01) Nash, Mauricio; Fuenzalida, DarcyAn analysis was made of then effectof the Tender Offer Law in Chile, andof the related situation of five countrieswith a more developed marketthan the Chilean one, reaching theconclusion that in order to successfullyimplement a Tender Offer Lawit is necessary to bear in mind thatthe problem is not solved by establishingstandards that regulate transactions,but by creating instancesthat contribute to a more dynamicand efficient market. In addition,there should exist a balance betweenprotection of the minority stockholderand competition for corporate control.Finally, we can conclude that thereis evidence that the Tender Offer Lawhas depressed the Stock Exchange.Ítem The effect of dividen distribution on share return in Chile(Universidad Icesi, 2004-10-01) Nash, Mauricio; Fuenzalida, DarcyNumerous studies relating to the field of dividends have been carried out over the past twenty-seven years. The objective of this paper is to contrast it with the Barclay study (1987) and to complement the Venkatesh paper (1989). This piece of research concludes that, contrary to Barclay's findings, on their postclosure date, share returns in chile do not fall in the amount of their dividend, owing to the fact that in this country the effect depends on the type of dividend. Finally, and as a complement to the Venkatesh study, it was determinded that the average volatility of the twenty-five days prior to closure is lower than that evinced in the twenty-five days after closure.Ítem Stock splits la bolsa de valores de Lima : ¿afectan el rendimiento y la liquidez de los títulos?(Universidad Icesi, 2009-02-25) Nash, Mauricio; Mongrut Montalvan, Samuel; Fuenzalida, DarcyIn well-developed capital markets there is evidence of positive abnormal returns and increased stock liquidity around the announcement date of a stock split. The fi rst phenomenon is due to the fact that a stock split is associated with a forthcoming dividend distribution, while the increased stock liquidity is explained by a diminution in the stock price. In this work, the event study methodology is used in order to verify both phenomenons in a 20 stock splits sample that were accomplished during 1994–2004 years at the Lima Stock Exchange. In contrast with previous studies, it is not found a positive abnormal return associated with the studied stock splits, but it is found an increase in stock liquidity in the days following the stock splits. The results indicate that stock splits do not seem to carry valuable information to the market. This is consistent with the lack of a fi rm dividend policy in Peru and with an overwhelming presence of institutional investors who are better interested in liquidity and the risk of their investments.Ítem Tender offers in South America: Are abnormal returns really high?(Universidad Icesi, 2006-10-01T14:43:15Z) Tapia, Juan; Nash, Mauricio; Mongrut Montalvan, Samuel; Fuenzalida, DarcyDiferentes estudios realizados en mercados de capital desarrollados han revelado tasas de retorno positivas inusuales de por lo menos 15% durante la fecha de anuncio de la oferta pública de adquisición de acciones. Aunque casi no se han llevado a cabo estudios sobre los mercados bursátiles en Sudamérica, algunos estudios han reportado tasas de retorno positivas inusuales en un rango del 25% al 50%, las cuales están relacionadas con el anuncio de la primera oferta de adquisición. En el presente estudio, se argumenta que las tasas de retorno positivas inusuales estimadas en los mercados emergentes son altas porque los estudios se han basado en un mercado de capitales totalmente segmentado aplicando el modelo de mercado y utilizando un índice del mercado bursátil local. Al considerar la integración parcial entre los cinco mercados emergentes en Sudamérica, se demuestra que efectivamente existen tasas de retorno positivas inusuales antes, durante y después de la fecha de anuncio de la primera oferta de adquisición. Sin embargo, el retorno positivo inusual asociado a la fecha del anuncio se encuentra en el orden del 8%. Utilizando un modelo de mercado que considere la integración parcial y el riesgo a la baja, se obtiene una tasa de retorno inusual ligeramente mayor. Estos resultados señalan una menor tasa de retorno positiva inusual en la muestra de las empresas sudamericanas incluidas en el estudio.