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Do mergers and acquisitions have an impact on the acquiring shareholders’ wealth in Latin America?
Zayas Torres, Gabriela
Zayas Torres, Gabriela
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Abstract
Esta investigación examina el impacto de 177 fusiones o adquisiciones en el valor de las acciones de las entidades adquirentes en las transacciones completadas en la región de América Latina entre los años 2005 y 2010. Se utilizó una metodología de análisis de evento para calcular los rendimientos anormales de las acciones alrededor del evento, ya sea la fecha del anuncio o de la finalización de la fusión o adquisición. Los resultados generales de esta investigación muestran en promedio retornos negativos para los accionistas en las diferentes ventanas de tiempo, pero sin ningún significativo estadístico. En consecuencia, puede parecer que la fusión o adquisición no tuvo ningún impacto en la riqueza de los accionistas. Estos resultados contribuyen a los limitados estudios realizados sobre el impacto de las fusiones y adquisiciones en América Latina y a los estudios que examinan el evento en la fecha de finalización de la fusión o adquisición.
This research examines the impact of 177 mergers or acquisitions in the acquiring shareholders‘ value for completed deals in the Latin America region from 2005 through 2010. An event study methodology was used to calculate the abnormal returns surrounding the event, which was the announcement or completion date of the merger or acquisition. Prior research findings for different regions have disagreed as to whether acquiring shareholders generate positive or negative returns. Consequently, it may seem as if the merger or acquisition had no impact in the shareholders‘ wealth. These results contribute to the limited studies of the impact of mergers and acquisitions in Latin America and to studies examining the event at the completion date of the merger or acquisition.
This research examines the impact of 177 mergers or acquisitions in the acquiring shareholders‘ value for completed deals in the Latin America region from 2005 through 2010. An event study methodology was used to calculate the abnormal returns surrounding the event, which was the announcement or completion date of the merger or acquisition. Prior research findings for different regions have disagreed as to whether acquiring shareholders generate positive or negative returns. Consequently, it may seem as if the merger or acquisition had no impact in the shareholders‘ wealth. These results contribute to the limited studies of the impact of mergers and acquisitions in Latin America and to studies examining the event at the completion date of the merger or acquisition.
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Date
2011
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Keywords
Latin America, Shareholders‘ wealth