In this study we analyse the effect of stock splits on stocks¿ trading activity using intraday data from a sample of 46 stock splits from the Spanish stock market. In particular, we study changes to trading activity, trading composition, the information asymmetry of stocks, the distribution of...

This paper examines the empirical behaviour of stock prices around the ex dates of stock splits in order to detect anomalous returns. Also, it is investigated the determinant factors of the split size, its effects on the liquidity and the influence of the market microstructure in the abnormal...

We obtain explicit expressions for the subjective, objective and market value of perpetual executive stock options (ESOs) under exogenous employment shocks driven by an independent Poisson process. Within this setup,we obtain the executive's optimal exercise policy which allows us to analyze the...

This paper analyzes the relationship between economic-financial ratios and thedecision of distributing interim dividends by Spanish firms. With that purpose, we takea sample of non-financial companies quoting in the Spanish Stock Market during theperiod from 1999 to 2001. We choose a...

This paper analyzes changes in capital structure behavior in a sample of Spanish venture capital (VC) backed companies that may occur after a VC investment due to the certification effect provided by VC investors. Our results show significant changes in determinants such as tangibility, size and...

This paper examines whether Working Capital Management (WCM) is sensitive to market imperfections such as asymmetric information, agency conflicts or financial distress. We find that firms have a target investment in working capital and that they take decisions in order to achieve this. In...

In this paper, we explore two of the most relevant theories that explain financial policy in small and medium enterprises (SMEs): pecking order theory and trade-off theory. Panel data methodology is used to test the empirical hypotheses over a sample of 6482 Spanish SMEs during the five-year...

This paper investigates the relationship between board of directors¿characteristics and firm value. We find a positive relationship between board ofdirectors¿ shareholdings and Tobin¿s Q. Endogenous treatment of these variables alsoreveals a positive relationship between Tobin¿s Q and board...

This paper examines the effect of accruals subjectivity on the way investors use the information contained in accruals to set the interest rates charged in debt contracts. To measure the degree of subjectivity involved in the estimation of accruals we use several indicators of their ex ante...

The objective of this work is to analyse the factors motivating firms to follow a conservative (or low-leverage) financial policy over several years. We carry out a study on a sample of 1,396 Spanish firms in the period 1993-2001. Using logit regression and various difference of means analyses,...