Análisis de la eficiencia en la valoración de las empresas que salen a bolsa

  1. Álvarez Otero, Susana
Revista:
Revista española de financiación y contabilidad

ISSN: 0210-2412

Año de publicación: 2008

Número: 140

Páginas: 691-722

Tipo: Artículo

DOI: 10.1080/02102412.2008.10779656 DIALNET GOOGLE SCHOLAR

Otras publicaciones en: Revista española de financiación y contabilidad

Resumen

El objetivo de este trabajo es analizar la eficiencia del proceso de valoración de las empresas que han salido a bolsa durante el periodo 1985-1997. Los resultados ponen de manifiesto que los aseguradores no incorporan toda la información disponible. Así, es posible observar que los aseguradores omiten la incorporación de información privada cuando establecen el precio final de las acciones en la oferta de salida a bolsa. Asimismo, no llegan a incorporar en su totalidad la información pública en dicho precio. Por consiguiente, el tratamiento de la información por parte de los aseguradores no parece ser consistente con un proceso de valoración eficiente en la forma semifuerte, para el caso de las empresas que empiezan a cotizar en el mercado de capitales español. El trabajo también analiza el impacto económico del establecimiento del precio de la oferta sobre las rentabilidades iniciales de las acciones que inician su cotización en la bolsa española.

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Fuente de los datos: Dialnet