First externalities risk due to the size of the companies or the principle that large companies are also at risk of bankruptcy (too big to fail) are examined. The problem is illustrated by a case in which extreme risks with negative consequences for savers and investors are taken. If we...

Spanish Abstract: El descenso de la Bolsa en España (ITBM) en el mes de marzo (hasta el viernes 27) ha sido un 22,9%. Es un importante descenso, pero los ha habido (de momento) mayores. Observando la evolución bursátil de los últimos 80 años, se corrobora que la bolsa española ya ha tenido...

This essay discusses the status of Financial Economics as a discipline in the face of the current global crisis. Contrary to some criticisms that have been levied, it defends the thesis that the discipline has not irresponsibly abused the rational man-rat

El artículo analiza el papel de la tipología del inversor (individual-institucional) en la dinámica del volumen de los activos negociados en el mercado de valores español. A diferencia de la evidencia obtenida para las empresas americanas, los resultados no muestran que dicha división...

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...

The momentum effect is perhaps one of the most embarrassing puzzles in the stock marketresearch nowadays. However, such phenomenon has received scarce attention in the Spanish Market.In this paper, we present a meticulous analysis of the momentum profits in this market, with specialconcern on...

This paper analyses the long-run shareholders¿ wealth effect and the firms¿ operating performance of the rights offerings decision in Spain. The evidence shows that the stock price of firms¿ issuing rights substantially under-perform the different benchmarks employed. It has also been...

Previous evidence has demonstrated that the momentum effect is present in the Spanish stockmarket, and that it can not be explained neither by the CAPM nor the Fama&French (1993) threefactor model. The aim of this paper is to deepen in the possible explanations of such phenomenon byanalyzing two...

Este trabajo analiza el efecto de las redefiniciones del índice Ibex35 en los precios y la actividad de negociación de las acciones incluidas y excluidas. La muestra utilizada está formada por 26 entradas y 22 salidas estables en el periodo enero 1991-diciembre 1998. Los resultados obtenidos...