There have been many studies in the field of dividends in the last twenty seven years. The aim of this paper is to contrast the Barclay study (1987), and to complement Venkatesh study (1989).In this research, we conclude that, in Chile, contrary to Barclay is conclusion, the share returns, immediately after the date of closing, do not show a drop in the amount of the dividend. Finally, complementing Venkatesh study, we reached the conclusion that the average volatibility of the twenty five day prior to the closing is lower than that of the twenty five days following the closing.

There have been many studies in the field of dividends in the last twenty seven years. The aim of this paper is to contrast the Barclay study (1987), and to complement Venkatesh study (1989). In this research, we conclude that, in Chile, contrary to Barclay is conclusion, the share returns, immediately after the date of closing, do not show a drop in the amount of the dividend. Finally, complementing Venkatesh study, we reached the conclusion that the average volatibility of the twenty five day prior to the closing is lower than that of the twenty five days following the closing.

Los estudios realizados en mercados de capitales desarrollados han encontrado retornos anormales positivos de hasta 15% sobre el valor de mercado de la empresa a ser adquirida en el momento de anunciarse una Oferta Pública de Adquisición (OPA) sobre la misma. En Sudamérica existen pocos estudios sobre si el lanzamiento de una OPA genera un incremento sobre el valor de mercado de la empresa a ser adquirida. No obstante, los estudios realizados reportan rendimientos anormales positivos entre 25% y 50% relacionados con el anuncio de la primera OPA. En este trabajo, se argumenta que la razón de los excesivos rendimientos anormales se debe a que han sido obtenidos asumiendo que los mercados se encuentran completamente segmentados aplicándole el modelo de mercado con un índice local. Mediante el uso de un modelo de mercado que permite la integración parcial entre cinco mercados emergent...