Previous studies on corporate investment impact on market prices have revealed that investors react positively to the publication of information regarding increases in capital expenditure. We test this hypothesis for the Spanish capital markets considering a sample composed of both investment...

This paper sheds light on the evaluation of portfolio risk by assuming a distribution capable of incorporating the behaviour of most financial variables, especially at the tails: the so called Edgeworth-Sargan distribution. This density is preferable over other distributions, such as the...

This paper investigates the profitability and information content of insider trading in the Spanish stock market. Our results show that insiders earn excess profits when investing on corporate non-public information, while outsiders mimicking them fail to obtain positive excess returns. The...