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Vol. 26. Núm. 117.
Páginas 61-83 (Octubre - Diciembre 2010)
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Vol. 26. Núm. 117.
Páginas 61-83 (Octubre - Diciembre 2010)
Open Access
Stock market wealth-effects during privatization initial public offers in chile (1984-1989)
Efecto-riqueza durante las Colocaciones Públicas Iniciales Privatizadoras en Chile (1984-1989)
Efeitos de riqueza durante as Colocações Públicas Iniciais de Privatização no Chile (1984-1989)
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Roberto J. Santillán Salgado
Autor para correspondencia
roberto.santillan@itesm.mx

Dirigir correspondencia a: Av. Rufino Tamayo y Av. Fundadores, Valle Oriente, Garza García, Nuevo León, México, C.P. 66269.
Ph.D. in Business Administration ITESM -University of Texas, Mexico – United States. Full Professor of Finance, Graduate School of Business Administration, ITESM Monterrey Campus, Mexico
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Abstract

The aftermarket performance of eleven privatization Initial Public Offers (IPOs) in Chile during 1984-1989 is studied in this document, and a detailed description of the economic and political conditions that prevailed is provided. In particular, we discuss the operational details of the stock issuing mechanism, complemented with a statistical study on the IPOs’ Market Adjusted Returns. While the sample size is limited and does not support a significant external validity, the analysis confirms the presence of aftermarket performance patterns that are very similar to those observed in private and privatization IPOs reported elsewhere (Aggarwal, Leal and Hernández, 1993; Dewenter and Malatesta, 1997; Loughran, Ritter and Rydqvist, 1994; Perotti and Guney, 1993).

Keywords:
Privatization
IPOs’ short-run underpricing
IPOs long-run under-performance
Resumen

Se estudia el desempeño posterior a la colocación de once Ofertas Públicas Iniciales (OPIs) en Chile, durante 1984-1989 y se proporciona una descripción detallada de las condiciones económicas y políticas prevalecientes. En particular, se presentan los detalles operativos del mecanismo de emisión de acciones, complementado con un estudio estadístico de los Rendimientos Ajustados por el Mercado de las OPIs. Aunque el tamaño de la muestra es limitado y no permite alcanzar una validez externa, el análisis confirma la presencia de patrones de desempeño muy similares a los observados en OPIs tanto privadas como privatizadoras, de acuerdo con otros estudios relacionados (Aggarwal, Leal y Hernández, 1993; Dewenter y Malatesta, 1997; Loughran, Ritter y Rydqvist, 1994; Perotti y Guney, 1993).

Palabras clave:
Privatización
subvaluación de OPIs
desempeño subnormal de largo plazo de OPIs
Resumo

Estudamos o desempenho posterior a colocação de Ofertas Públicas Iniciais (OPIs) no Chile durante 1984-1989 e fornecemos uma descrição detalhada das condições econômicas e políticas prevalecentes. Em particular, apresentamos os detalhes operacionais do mecanismo de emissão de ações, complementado por um estudo estatístico dos Rendimentos Ajustados pelo Mercado das OPIs. Embora o tamanho da demonstração seja limitado e não permita alcançar uma validade externa, a análise confirma a presença de padrões de desempenho muito semelhantes aos observados em OPIs tanto privadas como privatizadas, de acordo com outros estudos relacionados (Aggarwal, Leal e Hernández, 1993; Dewenter e Malatesta, 1997; Loughran, Ritter e Rydqvist, 1994; Perotti e Guney, 1993).

Palavras chave:
Privatização
subvalorização de OPIs
desempenho subnormal a longo prazo de OPIs
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Financial support was provided by the “Fondo para Promover la Actividad de Investigación”, of the Facultad de Ciencias Económicas y Administrativas, Universidad Católica de Chile. The field research for this study was done when the author was a visiting professor at the Escuela de Administración de la Facultad de Ciencias Económicas y Administrativas of Universidad Católica de Chile (1995-1997). Since 1997 Dr. Santillán is a faculty member of EGADE-Tec de Monterrey, México.

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