This paper examines the impact of industrial productivity on transnationals M&As from OECD countries towards Latin American countries in the period 1996 to 2010. It also analyzes the relationship between external mechanism of corporate governance and 2 transnational M&As. For this purpose we use a gravitational model at the industry level. We find that industry productivity and higher standards of corporate governance in the country of origin promote transnational M&As activity. However, it is also found that higher levels of capital and technological productivity decreases transnational M&As activity.

ArticleFusiones y adquisiciones en Latinoamérica, gobierno corporativo y modelo gravitacional ଝ información del artículo Historia del artículo: Recibido el 8 de agosto de 2014 Aceptado el 9 de octubre de 2014Palabras clave: Fusiones y adquisiciones Gobierno corporativo Modelo gravitacional r e s u m e n En el presente estudio se analiza si la actividad de fusiones y adquisiciones (M&A, por su sigla en inglés) transnacionales está influenciada por los estándares de gobierno corporativo de los países. Para lograrlo, se recurre al modelo gravitacional. Se toma la actividad proveniente de países de la Organización para la Cooperación y el Desarrollo Económicos (OECD, por su sigla en inglés) y dirigida hacia seis países latinoamericanos y, como medida de gobierno corporativo, se usan los indicadores de Kaufmann, entre otros. Se encontró que el modelo gravitacional es explicativo del fenómeno y que a mejores estándares de gobierno corporativo en el país de origen y en el país de destino, mayor es la actividad de M&A. a b s t r a c tIn this study, and by making use of a gravity model, an analysis is made on whether transnational mergers and acquisitions (M&A) are influenced by the corporate governance standards of a country. The study only focuses on the M&A flows from the OECD countries towards Latinamerican economies, as well as using the Kaufmann indicators for measuring, among others, the corporate governance of a country. Evidence is found that the gravity model is explicative of the M&A flows, and that the better the level of corporate governance at both origin and destination countries, the greater is the M&As activity.

We study the spillover effect from equity offerings over dual-class shares. Whereas, evidence has been found that a seasoned equity offering improves stock liquidity, the effect over the liquidity of different type shares of the same firm has not been explored. We use equity offerings of five Latin American countries: Brazil, Chile, Colombia, Mexico and Peru, during 1995 to 2012, because dual-class shares are widely used in the regions. In spite of the expected information asymmetry reduction, using panel data models we found a stock liquidity reduction of dual-class shares upon the offering; consistent with trading migration effects, according with the theory of inventory costs.JEL Classification: G12, G14, G15.

Do news improve liquidity through improved information or visibility? Evidence from Emerging Markets.Agudelo, Diego A.; Cortes, Lina M.; Vasco, Mateo. Do news improve liquidity through improved information or visibility?Evidence from Emerging Markets. AbstractMarket microstructure models imply that informed trading reduces liquidity. We test for the effect of the frequency of new releases, as a proxy of information arrival, on liquidity in the Chilean stock market. We find that news release frequency is strongly related to improved liquidity. Those results appear for both negative a positive news days and are robust using four different measures of liquidity: bid-ask spread, Amihud measure and two versions of the Zero trading variable. We also find evidence consistent with visibility and information arrival interacting for enhancing liquidity. JEL: G10, G15, G19

This paper examines the impact of industrial productivity on transnationals M&As from OECD countries towards Latin American countries in the period 1996 to 2010. It also analyzes the relationship between external mechanism of corporate governance and 2 transnational M&As. For this purpose we use a gravitational model at the industry level. We find that industry productivity and higher standards of corporate governance in the country of origin promote transnational M&As activity. However, it is also found that higher levels of capital and technological productivity decreases transnational M&As activity.