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On the informativeness of persistence for mutual funds' performance evaluation using partial frontiers

Domínguez, Amparo Soler; Sáez, Juan Carlos Matallín; … - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2011

The last few years have witnessed a rapid evolution in the literature evaluating mutual fund performance using frontier techniques. The instruments applied, mostly DEA (Data Envelopment Analysis) and, to a lesser extent, FDH (Free Disposal Hull), are able to encompass several dimensions of...

Persistent link: https://www.econbiz.de/10009294285

POLÍTICA DE DIVIDENDOS, RIESGO, ENDEUDAMIENTO Y ESTRUCTURA DE PROPIEDAD: UN ANÁLISIS PARA EL MERCADO ESPAÑOL

Vera, Antonio Mínguez - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2006

. Firstly, the results show that the payment of dividends reduces the risk and the leverage, and increases the ownership …. Secondly, the firm risk presents a negative effect on the debt ratio and on the payment of dividends and a positive … repercussion on the ownership. Thirdly, we can see that the most indebted companies distribute an inferior quantity of dividends …

Persistent link: https://www.econbiz.de/10005212513

FACTORES EXPLICATIVOS DEL REPARTO DE DIVIDENDOS A CUENTA EN LAS EMPRESAS ESPAÑOLAS

Guzmán, Isidoro - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2004

dividends by Spanish firms. With that purpose, we takea sample of non-financial companies quoting in the Spanish Stock Market … the behavior of the companies when paying dividends inadvance. The results show that the ratios related with the firm … de causalidad de la información contable asociada al reparto de "dividendos a cuenta", utilizando como variables …

Persistent link: https://www.econbiz.de/10005731170

Does active management add value? New evidence from a quantile regression approach

Domínguez, Amparo Soler; Sáez, Juan Carlos Matallín; … - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2013

While it has long been recognized that active management is an important issue in the area of mutual fund performance, little consensus has been reached about the value managers’ abilities can add. This study attempts to explore both fund and manager characteristics in order to understand...

Persistent link: https://www.econbiz.de/10010643274

LOS MODELOS MULTIFACTORIALES DE VALORACIÓN DE ACTIVOS: UN ANÁLISIS EMPÍRICO COMPARATIVO

Nieto, Belén - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2001

There are a lot of theoretical and empirical literature of models of price formation in securities markets, based on the relationship between the expected return on assets and different measures of its risk. Using monthly returns for size-based portfolios from January 1982 to December 1998 we...

Persistent link: https://www.econbiz.de/10005515862

-CONVERGENCE IN EFFICIENCY OF THE SPANISH BANKING FIRMS AS DISTRIBUTION DYNAMICS

Ausina, Emili Tortosa - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1999

bancos como a cajas de ahorro, permitiendo la expansión geográfica de estas últimas así como la elección de una determinada …

Persistent link: https://www.econbiz.de/10005212549

-BANK COST EFFICIENCY AS DISTRIBUTION DYNAMICS: CONTROLLING FOR SPECIALIZATION IS IMPORTANT

Ausina, Emili Tortosa - Instituto Valenciano de Investigaciones Económicas (IVIE) - 1999

This paper analyzes the dynamics of cost efficiency scores in the Spanish banking industry during the period 1985-1995 and asks how such dynamics are influenced by specialization. Efficiency has been estimated through a nonparametric approach, and a model of distributions dynamics has been...

Persistent link: https://www.econbiz.de/10005515814

DIVULGACIÓN VOLUNTARIA ESTRATÉGICA ANTE UN NUEVO EVENTO LABORAL: EVIDENCIA EMPÍRICA PARA EL MERCADO CONTINUO ESPAÑOL

Sabater, Ana María; Laffarga, Joaquina - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2006

The aim of this paper is to analyse the disclosure activity in press around a labor event, for the companies quoted on Spanish continuous market and the reaction of stock prices of those firms affected by such events. The previous period to the signature of a firm level collective agreement...

Persistent link: https://www.econbiz.de/10005812829

PARAMETRIC AND NONPARAMETRIC APPROACHES TO EVENT STUDIES: AN APPLICATION TO A HOTEL'S MARKET VALUE

Nicolau, Juan Luis - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2001

The main objective of this paper is twofold: on the one hand, to analyse the impact that the announcement of the opening of a new hotel has on the performance of its chain by carrying out an event study, and on the other hand, to compare the results of two different approaches to this method: a...

Persistent link: https://www.econbiz.de/10005731245

COMPORTAMIENTO DE LOS PRECIOS Y VOLÚMENES DE NEGOCIACIÓN ANTE ANUNCIOS DE BENEFICIOS ANUALES

Sanabria, Sonia - Instituto Valenciano de Investigaciones Económicas (IVIE) - 2004

The aim of this study is analyzed empirically the effect that annual earnings announcementshave in market value and the trading volume of shares on the Spanish Stock Market for the periodbetween 1999 and 2001. With the finality to accomplish a more complete analysis, is examined theactual...

Persistent link: https://www.econbiz.de/10005515810