We analyze the pricing and informational efficiency of the Italian market for options written on the most important stock index, the MIB30. We find several indications inconsistent with the hypothesis that the Italian MIBO is an efficient market. We report that a striking percentage of the data...

This paper studies the relationship between civil war and the value of firms in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked by the death of the rebel movement leader...

This paper studies the effects of conflict onset on asset markets applying the event study methodology. We consider a sample of 112 conflicts during the period 1974-2004 and find that a sizeable fraction of them had a significant impact on stock market indices and on major commodity prices....

This paper studies the relationship between civil war and the value of firms in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked by the death of the rebel movement leader...

During the last 3, 5, 10 and 15 years, the average return of the equity mutual funds in Spain was 600 basis points smaller than the average return of the Spanish Index ITBM. Nevertheless, on December 31, 2006, 348,000 investors in the 120 existing equity mutual funds had 10.7 billion euros. Only...

We compute the Shareholder Value Creation of Banco Popular. The market cap of Banco Popular increased between December 1991 and December 2005 in 14.9 billion euros. The shareholder value creation during this period was 13.4 billion euros. The average shareholder return of Banco Popular in this...

We compute the Shareholder Value Creation of BBVA. The market cap of increased between December 1991 and December 2005 in 61 billion euros. The shareholder value creation during this period was 47.5 billion euros. The average shareholder return of BBVA in this 15 years was 20.1%, higher than...

During the last 5 years (2001-2006), the average return of the pension funds in Spain (2.9%) was lower than the average inflation (3.2%). Nevertheless, on December 31, 2006, 9.9 million investors in the 2,759 existing pension funds had 81 billion euros. Only 6 of the 115 equity pension funds...

During the last 10 years (1997-2006), the average return of the mutual funds in Spain (2.7%) was smaller than the average inflation (2.9%). Nevertheless, on December 31, 2006, 8,819,809 investors in the 2,779 existing mutual funds had 254 billion euros. 246 new mutual funds were launched during...

2006 was a good year for the shareholders of the companies in the Euro Stoxx 50. The shareholder value creation of these 50 companies was 246.1 billion. The companies that created more value for their shareholders were Santander ( 16.2 billion), Endesa ( 15.8 billion), Suez ( 15.6 billion) and...