Reforma tributaria de 2014 y efecto en el mercado bursátil chileno


  • Edinson Cornejo Saavedra
  • Víctor Villalobos Almarza


Abnormal returns, event study, tax reform


This study objective was to determine the effect of 2014 Tax Reform Bill on the Chilean stock market, in the period comprised from its announcement to the approval by National Congress in September 2014. The Event Study Method was used to analyze the abnormal returns of 40 IPSA index companies of different business sectors. Four events were considered within the study: 1) the submittal of the Tax Reform Bill to the Chamber of Deputies; 2) The Chamber of Deputies’ approval of the Bill; 3) the signing up of an agreement between the Chilean Government and the Alianza; and 4) the Congress’ approval of the Bill. The first event had produced significant average negative abnormal returns in companies of the manufacturing sector; the second event rendered non-significant average abnormal negative returns a day after in manufacturing, banking and finance, construction and transportation companies. The third event produced significant abnormal positive returns in the construction and retail companies. The last event showed mixed effects non conclusive.


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How to Cite

Cornejo Saavedra, E., & Villalobos Almarza, V. (2016). Reforma tributaria de 2014 y efecto en el mercado bursátil chileno. RAN - Revista Academia & Negocios, 2(2), 53-72. Retrieved from



Research Article