Ofertas públicas de adquisición al Grupo Empresarial Antioqueño y su impacto en el mercado accionario y de renta fija colombiano

Abstract

This paper used the event study methodology to estimate the impact of the takeover bids over Grupo Empresarial Antioqueño since November 2021 on the Colombian stock and fixed income market returns. For this purpose, data associated with the dividend-adjusted prices of 22 stocks that make up the Colombian stock market and the coupon-adjusted quotes of the short-term COLTES index were used. The results obtained suggested that there is statistical evidence that the takeover bids studied had a significant impact on stock returns, characterized by a positive effect during the days before and after the awarding of the offers. Meanwhile, for the Colombian fixed income market, a negative impact was observed during the previous days. In both cases, the results indicated that the effect of takeovers bids on returns was greater in the short term.