This paper reports on an issue hitherto unexplored in the literature, namely, the new shares price setting during the subscription period. We report evidence of a spread between the old stock price and the value of new shares obtained through subscription. A framework is developed within which...

This paper examines the influence of the subscription rights market on the liquidity and the trading activity of ex-rights stocks during the subscription period. The results reveal that the liquidity of the ex-rights stocks, except on the two first trading days, increases during this period....

This paper analyses the role of investor sentiment in the contemporaneous dynamics of spot and futures markets and in volatility spillovers between them. To explore this issue, we analyse spot and futures markets on stock market indexes in different countries: the S&P500 for the US, and a...

This paper analyses four key markets within the European context. In this context, where the level of analyst coverage is lower than in the US setting, we aim to ascertain whether the origin of optimism in analyst forecasts in these markets is mainly strategic or whether it also contains an...

This paper is a data-based attempt to analyze what kind of information basically affects close-to-open returns, open-to-close returns, volatility and volume in actively traded individual securities on the Spanish stock market. Specifically, we are interested in detecting how these variables...

The article investigates a sample of 69 announcements of technological alliances involving New Economy firms in Spain, over the five-year period from 1997 to 2002. The purpose of the study is to analyse the impact of these announcements on share prices and volatility in these firms. Various...

This paper analyses four key markets within the European context. In this context, where the level of analyst coverage is lower than in the US setting, we aim to ascertain whether the origin of optimism in analyst forecasts in these markets is mainly strategic or whether it also contains an...

Empirical evidence about the behaviour of the exchange rates in terms of the US Dollar (USD) has shown different regularities (autocorrelation, daily seasonality, heteroscedasticicity, long memory). In this sense, we are interested in analysing the regularities that can be found in the behaviour...