%0 Journal Article
%T CONTROL CORPORATIVO Y RIQUEZA DE LOS ACCIONISTAS EN EL SECTOR EL¨¦CTRICO EUROPEO, 2000-2007
%A Garc¨ªa
%A John
%A Trillas
%A Francesc
%J Revista de Econom¨ªa Institucional
%D 2011
%I Universidad Externado de Colombia
%X this paper analyses how the announcement of changes in corporate control (tender offer) of endesa, hidrocant¨¢brico and scottish power have affected their stock prices and the impact that these events have on the stock market returns of competitors of the target firm. using an "event study" methodology we find that takeovers positively and significantly affect, at the 1% level, the stock market return of the target firm. results are robust across several econometric specifications such as garch and mco models. also, the results suggest the announcement of a tender offer positively and significantly affects the stock market return of the target firm's competitors.
%K corporate control
%K event study and value of firms.
%U http://www.scielo.org.co/scielo.php?script=sci_abstract&pid=S0124-59962011000200013&lng=en&nrm=iso&tlng=en