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Ítem Modelo práctico involucrando opciones reales en adquisiciones de empresas(Universidad Icesi, 2014-01-01) Salazar G., Richard Javier; Benavides Franco, Julián; Asesor TesisThis work makes a brief description of the real option theory (from its relation with financial options to its application in the field of strategy and acquisitions) and proposes an acquisition model with acquisition and abandon options. The model is based on a company that buys a θ share of a business and may have an option to acquire and an option to abandon, and the acquired company equally may have an option to acquire (repurchase) and an option to abandon. The model is consistent with the theory and the study concludes that when real options are involved in acquisitions, the possession of the company control 4 and the option exercise priority generates different motivations and diverse strategies that could be applied.
Ítem La adquisición de empresas. ¿En qué nivel de relación industrial son un modo más apropiado de diversificación empresarial?(Universidad Icesi, Facultad de Ciencias Administrativas y Económicas, 2015-07-01) Mercado Salgado, Patricia; Cernas Ortiz, Daniel ArturoThe objective of this correlational study is to examine the level of industrial relatedness between companies, the acquirer (which is diversifying) and the acquired, at which the stock market’s reaction is more positive. In order to reach that goal, we used event study methodology over several days before and after the announcement of a sample of 460 acquisitions made by U.S. companies in the years 2000 to 2003. The results partially support the hypothesis that a firm’s value increases more sharply when the acquisition announcement involves moderately related firms. Nonetheless, only when the average level of relatedness was low (not being zero) the stock market reaction was more favorable.