Resumo

GUTIERREZ-PONCE, Herenia  e  GARRIDO-SUAZO, Marcelo Orlando. Analysis of the Efficiency of the Chilean Stock Market. Finanz. polit. econ. [online]. 2024, vol.16, n.1, pp.17-45.  Epub 28-Maio-2024. ISSN 2248-6046.  https://doi.org/10.14718/revfinanzpolitecon.v16.n1.2024.2.

This work aims to measure the efficiency of the Chilean stock market between 2001-2018. Event Studies methodology was utilized to evaluate the semi-strong efficiency of the stock market, through fusions and/or acquisitions advertisement of IPSA (Selective Stock Price Index) listed companies. This methodology is considered appropriate to measure this efficiency type. Daily data updates were gathered and organized under a return generating market model. The results show that the abnormal returns are not statically significant, so, it is possible to conclude that, in this period, stock market did not behave in an efficient way in semi-strong form.

Palavras-chave : efficient market hypothesis; event studies; market efficient; financial markets; Chile.

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