This research investigates the long¿run after¿performance of firms conducting seasoned equity offering in the Spanish market during the period 1993¿1999. Due to statistical and conceptual problems related to the estimation and contrast of long¿horizon returns, we analyse the robustness of...

This paper analyses the existence of insider trading before a takeover announcement through the changes in spread. Accordingly with the microstructure models that assume the existence of informational asymmetries among investors, the possibility of trading with insiders is a reason why market...

In this research we investigate whether quarterly earnings announcements are informative using awide sample of firms listed in the Spanish Stock Market (SIBE). We study the period comprised between thethird quarterly of 2002 and the fourth quarterly of 2003. We analyse whether abnormal returns...