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Spanish stock market structure and the introduction of the derivate securities on the IBEX-35 index

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Abstract

The debate about whether derivatives introduction and trading affect the underlying market stability persists for more than two decades. In this paper we deal with this question from a new perspective. Concretely, we investigate the impact on the underlying stock market structure of the IBEX-35 option and future listing. In this way, we define and identify the Spanish stock market structure for the whole period of study; and, afterwards, we analyse the effects that the new derivatives markets introduction has had on the stock market structure. Our results agree with others authors conclusions: though no generalised and essential change on the stock market structure have taken place, the new derivatives markets introduction seems to have affected a short number of firms included in the IBEX-35 index.

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File URL: http://www.ehu.es/cuadernosdegestion/revista/index.php/en/en/published-issues?y=2001&v=1&n=1&o=5
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Bibliographic Info

Article provided by Universidad del País Vasco - Instituto de Economía Aplicada a la Empresa (IEAE) in its journal Cuadernos de Gestión.

Volume (Year): 1 (2001)
Issue (Month): 1 ()
Pages: 115-139

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Handle: RePEc:ehu:cuader:20010105

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Postal: Instituto de Economía Aplicada a la Empresa, Revista Cuadernos de Gestión, Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain
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Keywords: Stock market structure; derivatives markets introduction; statistical distance; cluster analysis;

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