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...

Do the persistence-predictability of earnings and reputation, affects dividend policy? This study provides new elements to enrich the debate around the question. To this end, a data panel of companies listed in Latin America is structured with financial information obtained in the Datastream...

Do the persistence-predictability of earnings and reputation, affects dividend policy? This study provides new elements to enrich the debate around the question. To this end, a data panel of companies listed in Latin America is structured with financial information obtained in the Datastream...

The low liquidity showed in the evolution of Alternative Markets for expanding firms has caused a great concern among practitioners. The debate arises: Is it this lack of liquidity a market maturity matter? Would liquidity arise itself with more companies going public and more investors trading?...

The low liquidity showed in the evolution of Alternative Markets for expanding firms has caused a great concern among practitioners. The debate arises: Is it this lack of liquidity a market maturity matter? Would liquidity arise itself with more companies going public and more investors trading?...

Spanish Abstract: El “Informe sobre la crisis financiera y bancaria en España, 2008-2014” realizado por el Banco de España (BdE) en Mayo 2017 tiene 252 páginas pero omite importantes hechos y datos.Lo más sorprendente es que parece asumir que la crisis financiera y bancaria en España se...

Spanish Abstract: El WACC es simplemente la tasa a la que se debe descontar el FCF para obtener el mismo valor de las acciones que proporciona el descuento de los flujos para el accionista.El WACC no es ni un coste ni una rentabilidad exigida, sino un promedio ponderado entre un coste y una...

Spanish Abstract: El Dictamen actual tiene poco de “investigación” porque a) habla de muchas opiniones y teorías, y de pocos hechos; b) no identifica a las personas responsables de acciones u omisiones; c) omite algunas declaraciones importantes de comparecientes; d) no han comparecido...

Spanish Abstract: Este documento contiene las preguntas que preparé para los miembros de la Comisión de Investigación sobre la Crisis Financiera en España en el Congreso de los diputados con motivo de mi comparecencia del 28 de septiembre de 2017. También se analizan las sesiones de esta...