Public Offers and their Effect on the Profitability of the Stock Markets: The Case of Nutresa and sura in Colombia

DOI:  https://doi.org/10.12804/revistas.urosario.edu.co/economia/a.13595

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Published: Aug 11, 2023
Issue: Vol. 26 No. 1 (2023)
Section Articles


Keywords: Event study , Market efficiency , Public offers of acquisition Estudio de eventos , Eficiencia de mercado , Ofertas públicas de adquisición Estudo de eventos , Eficiência de mercado , Ofertas públicas de aquisição

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Authors

Luis Fernando Melo-Velandia
Econometrista principal de la Unidad de Econometría del Banco de la República de Colombia.
Camilo Andrés Orozco-Vanegas
Economista del Departamento de Operaciones y Análisis de Mercados del Banco de la República de Colombia.
Daniel Parra-Amado
Investigador asociado al Departamento de Modelos Macroeconómicos del Banco de la República de Colombia.

Abstract

An event study was used to assess whether there are significant impacts on the Colombian abnormal returns of the stock market from the public offers (opas, for its initials in Spanish) made on the companies Nutresa and sura. Defining the event as January 17, 2022, which is related to the award of the first opas and the announcement of a second round of these transactions, statistical evidence was found that this event had a significant effect on the returns of the Colombian stock market. The results hold under the different estimated specifications, the returns were statistically different during the event compared to those that would have been observed in normal times without the presence of the event.

How to Cite
Melo-Velandia, L. F. ., Orozco-Vanegas , C. A., & Parra-Amado, D. (2023). Public Offers and their Effect on the Profitability of the Stock Markets: The Case of Nutresa and sura in Colombia. Revista Economía Del Rosario, 26(1), 1–37. https://doi.org/10.12804/revistas.urosario.edu.co/economia/a.13595
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