{"id":83108,"date":"2018-03-10T00:07:10","date_gmt":"2018-03-10T00:07:10","guid":{"rendered":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/la-valoracion-de-las-ofertas-publicas-iniciales\/"},"modified":"2018-03-10T00:07:10","modified_gmt":"2018-03-10T00:07:10","slug":"la-valoracion-de-las-ofertas-publicas-iniciales","status":"publish","type":"post","link":"https:\/\/www.deberes.net\/tesis\/ciencias-economicas\/la-valoracion-de-las-ofertas-publicas-iniciales\/","title":{"rendered":"La valoracion de las ofertas publicas iniciales"},"content":{"rendered":"<h2>Tesis doctoral de <strong> Susana Alvarez Otero <\/strong><\/h2>\n<p>El objetivo de este trabajo de investigaci\u00f3nes establecer los determinantes de la infravaloraci\u00f3n y de la valoraci\u00f3ninicial de mercado de las ofertas p\u00fablicas iniciales (opis) realizadas por las empresas que comenzaron a cotizar en el mercado de capitales espa\u00f1ol a lo largo del per\u00edodo 1985-1997.  el estudio de las salidas a bolsa ha suscitado enorme inter\u00e9s en la literatura financieras, observando dos fen\u00f3menos caracter\u00edsticos de las mismas. El primero es la infravaloraci\u00f3n, esto es, que el precio de venta de las acciones de la empresa sea inferior al que posteriormente el mercado de capitales determina para dichos t\u00edtulos, en particular en el mismo d\u00eda de la emisi\u00f3n. La segunda regualaridad detectadas es el bajo rendimiento que las acciones que salen al mercado a trav\u00e9s de opis suelen tener en el largo plazo, reduciendo sus precios tras dos o tres a\u00f1os incluso por debajo del precio de la oferta.  la parte te\u00f3rica del trabajo se destina al estudio de las distintas hip\u00f3tesis aportadas por la literatura financiera para la explicaci\u00f3n de ambos tipos de regularidades. En lo referente al an\u00e1lisis emp\u00edrico, se proponen sendos modelos para la explicaci\u00f3n de la infravaloraci\u00f3n y de la valoraci\u00f3nde mercado de las opis ennuestro mercado de capitales.  los resultados del estudio revelan que la hip\u00f3tesis del retardo institucional y la hip\u00f3tesis de se\u00f1ales explican la infravaloraci\u00f3n de la sopis esap\u00f1olas, obteniendo un apoyo parcial para la hip\u00f3tesis de selecci\u00f3n adversa. Por lo que concierne a la valoraci\u00f3n de mercado de las opis, se considera el argumento de se\u00f1ales basado en la proporci\u00f3n de acciones retenida por los internos en la oferta. El dividendo anunciado en el folleto de salida a bolsa, el nivel de endeudamiento de las empreas emisoras, el porcentaje de infravaloraci\u00f3n de la sopis y el pretigio de los agentes externos elegidos, esto es, el asegurador y el auditor. Los resultados demuestran la existencia<\/p>\n<p>&nbsp;<\/p>\n<h3>Datos acad\u00e9micos de la tesis doctoral \u00ab<strong>La valoracion de las ofertas publicas iniciales<\/strong>\u00ab<\/h3>\n<ul>\n<li><strong>T\u00edtulo de la tesis:<\/strong>\u00a0 La valoracion de las ofertas publicas iniciales <\/li>\n<li><strong>Autor:<\/strong>\u00a0 Susana Alvarez Otero <\/li>\n<li><strong>Universidad:<\/strong>\u00a0 Oviedo<\/li>\n<li><strong>Fecha de lectura de la tesis:<\/strong>\u00a0 26\/01\/2000<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Direcci\u00f3n y tribunal<\/h3>\n<ul>\n<li><strong>Director de la tesis<\/strong>\n<ul>\n<li>Ana Isabel Fern\u00e1ndez \u00e1lvarez<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tribunal<\/strong>\n<ul>\n<li>Presidente del tribunal: Jos\u00e9 alvaro Cuervo garcia <\/li>\n<li> Maroto acin Juan  Antonio (vocal)<\/li>\n<li>angel Berg\u00e9s lobera (vocal)<\/li>\n<li>gonzalez Eleuterio vallelado (vocal)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesis doctoral de Susana Alvarez Otero El objetivo de este trabajo de investigaci\u00f3nes establecer los determinantes de la infravaloraci\u00f3n y [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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