Desempeño operacional posterior a la oferta pública inicial de acciones de las empresas chilenas

Abstract

In general, the international empirical evidence has documented that the IPO firms experiences a poor financial and operating performance. Despite international evidence, Chilean IPO firms have not shown a poor financial performance (e.g., Aggarwal et al, 1993; Celis and Maturana, 1998). With regard to the post-issue operating performance of Chilean IPO firms, it has not been investigated. This article documented that these firms have not shown a poor operating performance. Likewise, Chilean IPO firms have not shown an increase in costs agency after the IPO. Possible antecedents and implications of these results are discussed.