30 de Octubre, 2017
Corrección email confirmación - Quincuagésima sesión Seminario Interno FEN

Fecha de inicio: 03 de Noviembre, 2017, 13:00 hrs.

Fecha de término: 03 de Noviembre, 2017, 14:30 hrs.

Cordial saludo,

Este viernes 03 de noviembre de 2017 se llevará a cabo la quincuagésima sesión del Seminario Interno de FEN donde se exponen trabajos en progreso de académicos y avances de tesis de estudiantes.

En esta ocasión se presentará sesión doble:


Título: "Analyst Overlap, Correlated Information and M&A Outcomes"

Autor: Felipe Cortés (Northeastern University) and Francisco Marcet (FEN-UChile)

Abstract: We study the informational role of analyst overlap in mergers and acquisitions. We hypothesize that the presence of analysts following both the target and the acquirer enhances cross-firm information flows and contribute to the pricing of common information related to both companies. Consistent with this, we find that deals with common analysts have higher expected synergies and that the effect is mostly driven by a reduction in deal uncertainty. Targets obtain a greater share of the merger gains in common-analyst deals than in non-common-analyst deals. The results are robust to the use brokerage house closures as a quasi-natural experiment and to various measures of industry similarities between firms. These results suggest the role of common analysts in the mitigation of information asymmetries and distribution of merger gains.

Título: "What kind of information insiders use when trading? Revision of evidence with tighter regulation"

Autor: Harold Contreras (University of Chile) and Jana P. Fidrmuc (Warwick Business School)

Abstract: Tighter insider trading regulation in the post Sarbanes-Oxley Act period forces insiders to trade after releases of public information. Using US insider trading data over 2003-2016, we test whether tighter insider trading regulation results in less insider trading on foreknowledge of future cash flow. Our tests confirm this conjecture. We also show that even though insiders do not trade on material information, but rather against investor sentiment contained in the earnings announcement return, past return and book to market ratio, their trading is still correlated with future returns in ways that suggest attentive insider trading decisions.

El seminario se llevará a cabo a las 13:00 hrs en la sala T504 de la FEN. Se solicita confirmar asistencia con Marcela López (marlopez@fen.uchile.cl) a más tardar el día jueves 02 de noviembre de 2017 a las 13:00 horas, ya que el seminario contempla almuerzo.
Atentos saludos, 
Dirección de Investigación FEN