Tender Offer (OPA), Modelos estadísticos, Periodo de Evento, Periodo de Pre-Evento, Prueba de error individual, Prueba de error acumulado
Abstract
Several studies, mainly made in The United States, have found abnormally positive returns for the company which is the target of a "Tender Offer", at the moment of the announcement.The aim of this research is to compare the international evidence with the chilean one. For this purpose, we studied fourteen important chilean public companies where "Tender Offers" have taken place, between 1995 and 2002. Also we studied the effect that a Law of Tender Offers has in the returns of a given share. Thus, we can finally conclude, that yes there is evidence in Chile, that at the moment a Tender Offer is made public, it generates expectations, producing as a result abnormal positive retuns, on the day of the announcement. These abnormal positive returns are lower in the case of public companies operating under the Lawof Tender Offers.
