Keywords
CHILE
CAPITAL STRUCTURE
ASYMMETRIC INFORMATION
PANEL DATA
How to Cite
Abstract
IN THIS WORK WE STUDY THE CAPITAL STRUCTURE OF THE FIRMS IN THE CHILEAN STOCK MARKET PERFORMING A COMPARATIVE ANALYSIS BASED IN THE THEORY OF ASYMMETRIC INFORMATION. THE THEORY ASSURES THAT HIGH QUALITY FIRMS "SIGNAL" THEIR CONDITION TO THE MARKET PLACE IN ORDER TO SET UP A SEPARATING EQUILIBRIUM. BY DOING SO, THESE FIRMS WILL DIFFERENTIATE THEMSELVES FORM THOSE OF LOWER QUALITY (AKERLOF, 1970). FIRMS IN THE SELECTIVE PRICE INDEX (IPSA) IN THE CHILEAN MARKET HAVE BEEN CONSIDERED AS THOSE WITH LESS ASYMMETRIC INFORMATION COMPARED WITH THE OTHER QUOTED FIRMS WHICH EMBODY THE GROUP OF FIRMS WITH HIGHER ASYMMETRIC INFORMATION. IT WAS DETERMINED THAT BEING PART OF THE INDEX INVOLVES A REDUCTION IN THE INFORMATIONAL GAP WITH THE CAPITAL MARKETS AND THAT THE HIGHER VISIBILITY OF INDEXED FIRMS PROVIDES THEM WITH A STRAIGHTFORWARD ACCESS TO THE DEBT MARKET.© 2018, Facultad de Contaduría y Administración, Universidad Nacional Autónoma de México. All rights reserved. Publication of the article implies full assignment of property rights (copyright) in Journal of Contaduría y Administración. The publication mreserves the right to total or partial reproduction of the work in other print, electronic or any other alternative means, but always recognizing its responsibility.
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