Factores determinantes en las OPI
DOI:
https://doi.org/10.29105/rinn5.9-8Keywords:
Capital Markets, Emerging Countries, Shareholder, UnderpricingAbstract
Key Words. Capital Markets, emerging Countries, shareholder, underpricing
Abstract. The effect of “underpricing” is closely related to the difference of the price set up in the IPO and the closing price of its first day of trading. This concept has been studied internationally for more than 3 decades and it is lately relevant to emerging countries, particularly in the stock markets in which double digit growth has been an important factor such as the Mexican Stock Market. Here we will find some theoretical studies as well as some behaviors in this matter regarding companies in their first public offer. This article does
not pretend to be exhaustive but to bring relevance of several studies and theories, to relate variables in international context to the Mexican Stock Market. Further more, conclusions and follow-up actions in this investigation will aim to have a successful initial public offer.
Palabras clave. Accionistas, Mercado de capitales, Países Emergentes, subvaluación
Resumen. El efecto de “underpricing” se encuentra relacionado con la diferencia entre el precio de salida de una acción en su oferta pública inicial y el precio al final en su primer día. Este concepto ha sido estudiado internacionalmente en las ultimas 3 décadas y toma importancia en países emergentes, en especial en las Bolsas de Valores en crecimiento como es el caso de Latinoamérica, en particular hablamos de La Bolsa Mexicana de Valores (BMV). En este estudio, encontramos algunas relaciones teóricas y empíricas sobre el comportamiento que han experimentado las empresas en el momento de su salida a bolsa.
Este artículo no pretende ser exhaustivo sino enmarca las principales investigaciones en materia de OPI a través de un estudio detallado de las variables que afectan a este fenómeno. Además, las conclusiones y pasos siguientes en la investigación, dan luz a los procesos de los agentes involucrados para llevar a cabo una salida a Bolsa exitosa.
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