PUBLICACIONES

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

ANTONINO PARISI F., FRANCO PARISI F., CARLOS MAQUIEIRA V.

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

Abstract

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.

Keywords

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

¿Cómo los hombres podemos ser aliados en la prevención de la violencia de género?

El martes 26 de mayo, el Observatorio de Gestión de Personas de la Facultad de Economía y negocios de la Universidad de Chile, junto al centro de Desarrollo Gerencial (Unegocios), rea...

¿Se han agotado los Recursos Naturales de Chile?

El 18 de mayo de 2020 Chile se convirtió en el primer país latinoamericano con sobregiro ecológico, es decir, hemos agotado como país los recursos naturales que tenemos ...

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.