Cambios en la propiedad accionarial y el gobierno de la empresa: una revisión.

Abstract

Empirical evidence has shown tbe positive effect derived from ownership changes when a better monitoring and governance is expected with the new ownership structure (monitoring hypothesis). When itere is direct change in ownership (due to going private transactions, sale of a block, Initial Publie Offerings, privatisation) or an indirect change (due to splits. stock repurchases and deregulation), monitoring hypothesis influences the price of the operation and the ex-post return obtained. Our review allow us to establish two main conclusions: i) ownership structure of the firm before and after certain operations affects their valuation, and u) ownership stnicture is relevant not only because of its consequences over corporate governance but also because its informative effects. 117 Belén ¡Yaz ¡Yaz y Myriam Careta O/al/a Cambios en la propiedad accionaria/y el gobierno... 1.