Información al accionista vs información al público en general: ¿Cuál contiene más valor? (un análisis exploratorio).
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This research studies the possible impact that the public information available to the shareholder can cause in the price of the shares of the companies listed on the Colombian Stock Exchange. Through the analysis of events in the prices of the shares of five companies that are quoted in that market, the abnormal returns of six types of business information were measured: change of board of directors, change of fiscal auditor, change of legal representative, presentation of end of year reports, investment decisions in other companies and fines or sanctions imposed by government entities. The results show that the effect of an event depends on the type of event and the company it affects. In general terms, investment decisions temporarily increased the value of the share, while government sanctions produce significant price reductions.