ADR-IPO latinoamericanos registrados en la Bolsa de Comercio de Nueva York

ISI: ADR-IPO latinoamericanos registrados en la Bolsa de Comercio de Nueva York


2008 - Trimestre Económico - Vol. 75, Nº 298, Pp 379 - 402


We study the short and long term performance of the stock returns of Latin American companies with an Initial Public Offering (IPOs) by American Depositary Receipts (ADR) in New York Stock Exchange (NYSE). The results indicate a statistically significant underpricing of 9.22% for the ADR-IPOs that compose the portfolio, and a yield of 3.75% when finalizing the third year, being statistically non-significant. Both behaviors were confirmed by the methodology Block Bootstrap, obtaining, in average, an11.33% for the underpricing and a 3.92% for the third year post listing. These results were expected and they agree to what’s indicated by the international literature. At the time to study these Latin American securities comparing its yield with the local market portfolios, the initial underpricing is of -0.51% and of 2.95% after three years; both results are not statistically significant. Because of this, the American investors are the ones who see the most benefits with this type of issuing over the local investors. It’s important to notice that the ADR-IPOs do not display a negative abnormal return after three years of the issue, fact that is in opposition to what’s indicated by the financial literature.


¿Quieres seguir leyendo? [Accede a la publicación completa]

Sales Summit 2017 - Unegocios FEN UChile

El Centro de Desarrollo Gerencial (Unegocios) del Departamento de Administración la Facultad de Economía y Negocios de la Universidad de Chile realizará el 1er Seminario e...

Ingeniería Comercial de FEN lidera ranking de AméricaEconomía 2017

• La Universidad de Chile se posicionó como la mejor universidad del país según el ranking 2017 de la revista América Economía.  • En el subran...

Todos los Derechos © 2014 | Departamento de Administración - Facultad de Economía y Negocios - Universidad de Chile - Diagonal Paraguay 257, torre 26, oficina 1101, piso 11, Santiago, Chile.