Spin-Off y Efecto en el Precio de la Acción: El Caso de CSAV S.A.

Abstract

A spin-off is a corporate divestment strategy in which a firm is split into two (or more)independent companies but under the common equity ownership of the shareholders of the parent company. This study evaluates the effect on stock returns of the spin-off announced by Compania Sud Americana de Vapores (CSAV) in September 2011. This in order to draw lessons about a specific corporate divestment strategy and its effects on shareholder´s wealth in the context of an emerging and relatively small market as the Chilean stock market. Through the event study methodology this paper studies the effect on the CSAV´s stock return of the followings facts: income of Grupo Luksic to the CSAV property; the announcement of the spin-off of CSAV; and approval of the shareholders of CSAV capital rise by USD1,200 million. In the first event the share of CSAV recorded a significant positive abnormal returns on t=0 and  the CAR on t=+10 is also positive and significant, showing a favorable market reaction. In the second event significant negative abnormal returns are seen from t=0 to t=+2, showing a negative market reaction to the announcement of the spin-off and a loss of wealth for the shareholders. The CAR on t=+10 is negative and significant, between -18.65% y -24.91%. In the third event, two (of three) models recorded significant negative abnormal return on t=0, however the CAR on t=+10 is not significant.