El efecto de los mecanismos internos de control en las operaciones con información privilegiada

Autores/as

  • José E. Tobar Docente - Investigador, Departamento de Estudios Contables y Financieros, Universidad Icesi, Cali, Colombia
  • Esther B. del Brío Catedrática/o, Departamento de Administración y Economía de la Empresa, Universidad de Salamanca, Salamanca, España
  • Alberto de Miguel Catedrática/o, Departamento de Administración y Economía de la Empresa, Universidad de Salamanca, Salamanca, España

DOI:

https://doi.org/10.1016/j.estger.2017.07.002

Palabras clave:

Información privilegiada, Estudio de eventos, Estructura de propiedad, Retornos anormales

Resumen

Este trabajo analiza el uso de la información privilegiada en las operaciones de compra de los insiders españoles y de cómo la estructura de propiedad afecta su comportamiento transaccional. Para ello se realizó un estudio empírico con una muestra de 2.233 operaciones de compra. Respecto al cálculo de los retornos anormales se aplicó la metodología de estudio de eventos, mientras que para el análisis del efecto de la estructura de propiedad se utilizaron regresiones lineales múltiples. Los resultados aportan evidencia sobre la coexistencia de los efectos de control y expropiación de la concentración de propiedad, de la coexistencia de los efectos de convergencia y atrincheramiento de la propiedad de los insiders y del efecto del tipo de accionista sobre los retornos anormales.

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Publicado

2017-09-25

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Cómo citar

El efecto de los mecanismos internos de control en las operaciones con información privilegiada. (2017). Estudios Gerenciales, 33(144), 228-239. https://doi.org/10.1016/j.estger.2017.07.002