Factores en la subvaloración de ofertas públicas iniciales de acciones (IPO), Chile 1993 ? 2006.

2009. Multidisciplinary Business Review (MBR). Vol. 2, N° 1, Pp. 36-46,

Rocío Castillo B, Jorge Gregoire C

Abstract:

This study analyzes the abnormal returns for the very short run in Chilean IPOs for the period 1993-2006; considering the first day closing price in the stock market compared with the offer price, evidence of underpricing is observed as in other international studies. Given a sample of 33 firms issuing an IPO in the period, it is measured the market adjusted abnormal return, concluding that these returns are all statistically significant. Estimations by two stage least squares (2SLS), gives as a result statistically significant coefficients for some factors that could explain the first day abnormal returns. These results are consistent with the predictions of the theories of asymmetric information and litigation risk avoidance, but not with signaling models.

Palabras claves: IPO uhderpricing, asymmetric information.

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