Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines

This study analyzes the effectof changes in corporate controlon the way shareholdersbenefit from the announcements of selling and buying airlines, thus contributing to the literature on mergers and acquisitions (M&As) in emerging markets. Using a methodologyof event study, including GARCH and OL...

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Autores:
Cortés, Lina M.
García, John J.
Agudelo, David
Tipo de recurso:
Fecha de publicación:
2015
Institución:
Universidad EAFIT
Repositorio:
Repositorio EAFIT
Idioma:
eng
OAI Identifier:
oai:repository.eafit.edu.co:10784/4649
Acceso en línea:
http://hdl.handle.net/10784/4649
Palabra clave:
Mergers and acquisitions
Event study
Airlines
Latin America
Rights
License
Acceso abierto
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spelling Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2015-01-22T22:14:34Z2015-01-012015-01-22T22:14:34Zhttp://hdl.handle.net/10784/4649G14G34L21This study analyzes the effectof changes in corporate controlon the way shareholdersbenefit from the announcements of selling and buying airlines, thus contributing to the literature on mergers and acquisitions (M&As) in emerging markets. Using a methodologyof event study, including GARCH and OLS models, we find evidence that some selling companies obtain abnormal returns that are statisticallysignificant after the announcement of the M&A. However, when the merger is not strategic, the companies present statisticallysignificant negative abnormal returns. The resultsare not conclusive when analyzing the effecton the valueof the buying companies.engUniversidad EAFITEscuela de Economía y FinanzasEffects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American AirlinesworkingPaperinfo:eu-repo/semantics/workingPaperDocumento de trabajo de investigacióndrafthttp://purl.org/coar/version/c_b1a7d7d4d402bccehttp://purl.org/coar/resource_type/c_8042Acceso abiertohttp://purl.org/coar/access_right/c_abf2Mergers and acquisitionsEvent studyAirlinesLatin Americalcortesd@eafit.edu.cojgarcia@eafit.edu.codagude14@gmail.comCortés, Lina M.García, John J.Agudelo, DavidLICENSElicense.txtlicense.txttext/plain; charset=utf-82556https://repository.eafit.edu.co/bitstreams/882315ad-49e6-425d-a0fb-238c1d8b6bba/download76025f86b095439b7ac65b367055d40cMD51ORIGINAL2015_02_Lina_Cortes.pdf2015_02_Lina_Cortes.pdfDocumento de trabajo de investigaciónapplication/pdf1262669https://repository.eafit.edu.co/bitstreams/3ab1b8d4-ab4c-411d-9001-c0a4f7c9dd96/download4e31e5de61e272605c391114a4a1371aMD5310784/4649oai:repository.eafit.edu.co:10784/46492024-03-05 14:06:23.171open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co
dc.title.eng.fl_str_mv Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines
title Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines
spellingShingle Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines
Mergers and acquisitions
Event study
Airlines
Latin America
title_short Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines
title_full Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines
title_fullStr Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines
title_full_unstemmed Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines
title_sort Effects of Mergers and Acquisitions on Shareholder Wealth: Event Study for Latin American Airlines
dc.creator.fl_str_mv Cortés, Lina M.
García, John J.
Agudelo, David
dc.contributor.eafitauthor.none.fl_str_mv lcortesd@eafit.edu.co
jgarcia@eafit.edu.co
dagude14@gmail.com
dc.contributor.author.none.fl_str_mv Cortés, Lina M.
García, John J.
Agudelo, David
dc.subject.keyword.eng.fl_str_mv Mergers and acquisitions
Event study
Airlines
Latin America
topic Mergers and acquisitions
Event study
Airlines
Latin America
description This study analyzes the effectof changes in corporate controlon the way shareholdersbenefit from the announcements of selling and buying airlines, thus contributing to the literature on mergers and acquisitions (M&As) in emerging markets. Using a methodologyof event study, including GARCH and OLS models, we find evidence that some selling companies obtain abnormal returns that are statisticallysignificant after the announcement of the M&A. However, when the merger is not strategic, the companies present statisticallysignificant negative abnormal returns. The resultsare not conclusive when analyzing the effecton the valueof the buying companies.
publishDate 2015
dc.date.available.none.fl_str_mv 2015-01-22T22:14:34Z
dc.date.issued.none.fl_str_mv 2015-01-01
dc.date.accessioned.none.fl_str_mv 2015-01-22T22:14:34Z
dc.type.eng.fl_str_mv workingPaper
info:eu-repo/semantics/workingPaper
dc.type.coarversion.fl_str_mv http://purl.org/coar/version/c_b1a7d7d4d402bcce
dc.type.coar.fl_str_mv http://purl.org/coar/resource_type/c_8042
dc.type.local.spa.fl_str_mv Documento de trabajo de investigación
dc.type.hasVersion.eng.fl_str_mv draft
dc.identifier.uri.none.fl_str_mv http://hdl.handle.net/10784/4649
dc.identifier.jel.none.fl_str_mv G14
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L21
url http://hdl.handle.net/10784/4649
identifier_str_mv G14
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L21
dc.language.iso.eng.fl_str_mv eng
language eng
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dc.rights.local.spa.fl_str_mv Acceso abierto
rights_invalid_str_mv Acceso abierto
http://purl.org/coar/access_right/c_abf2
dc.coverage.spatial.eng.fl_str_mv Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees
dc.publisher.spa.fl_str_mv Universidad EAFIT
dc.publisher.department.spa.fl_str_mv Escuela de Economía y Finanzas
institution Universidad EAFIT
bitstream.url.fl_str_mv https://repository.eafit.edu.co/bitstreams/882315ad-49e6-425d-a0fb-238c1d8b6bba/download
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