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Formación de precios de suscripción en el mercado bursátil español: algunas consideraciones

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Author Info

  • Consuelo Riaño Gil

    ()
    (Universidad de La Rioja)

  • Francisco Javier Ruiz Cabestre

    ()
    (Universidad de La Rioja)

  • Rafael Santamaría Aquilué

    ()
    (Universidad Pública de Navarra)

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    Abstract

    En el presente trabajo se examina la valoración relativa de las acciones nuevas y viejas pertenecientes a las ampliaciones de capital con derechos de suscripción en el mercado bursátil español. Para ello se estudia la formación de precios durante el periodo de suscripción de las acciones del mercado continuo a lo largo del periodo 1992-2000. De acuerdo con la hipótesis impositiva, las nuevas acciones están infravaloradas en el mercado. Sin embargo, nuestra evidencia empírica sugiere que la explicación de los resultados requiere del concurso de otras variables explicativas adicionales como los costes de iliquidez, el valor temporal de los derechos, el precio de emisión, la pertenencia o no al índice Ibex-35 y las prácticas habituales de comunicación cliente-entidad financiera. (Copyright: Fundación SEPI)

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    Bibliographic Info

    Article provided by Fundación SEPI in its journal Investigaciones Economicas.

    Volume (Year): 28 (2004)
    Issue (Month): 1 (January)
    Pages: 141-191

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    Handle: RePEc:iec:inveco:v:28:y:2004:i:1:p:141-191

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    Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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    Related research

    Keywords: Ampliaciones de capital; derechos de suscripción; ratio de precios de suscripción; hipótesis impositiva; hipótesis arbitrajista; estudio de sucesos.;

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    1. Eckbo, B. Espen & Masulis, Ronald W., 1992. "Adverse selection and the rights offer paradox," Journal of Financial Economics, Elsevier, vol. 32(3), pages 293-332, December.
    2. Gonzalo Rubio Irigoyen, 1987. "El contenido informativo de los derechos de suscripción e información asimétrica en los mercados primarios," Investigaciones Economicas, Fundación SEPI, vol. 11(2), pages 219-242, May.
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    9. B[oslash]hren, [Oslash]yvind & Eckbo, B. Espen & Michalsen, Dag, 1997. "Why underwrite rights offerings? Some new evidence," Journal of Financial Economics, Elsevier, vol. 46(2), pages 223-261, November.
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    11. Nickolaos V. Tsangarakis, 1996. "Shareholder Wealth Effects of Equity Issues in Emerging Markets: Evidence from Rights Offerings in Greece," Financial Management, Financial Management Association, vol. 25(3), Fall.
    12. Nickolaos V. Tsangarakis, 1996. "Equity rights issues: Signalling vs issue price irrelevance hypothesis," European Financial Management, European Financial Management Association, vol. 2(3), pages 299-310.
    13. Robert S. Hansen, 1988. "The Demise of the Rights Issue," Review of Financial Studies, Society for Financial Studies, vol. 1(3), pages 289-309.
    14. Jung, Kooyul & Yong-Cheol, Kim & Stulz, Rene M., 1996. "Timing, investment opportunities, managerial discretion, and the security issue decision," Journal of Financial Economics, Elsevier, vol. 42(2), pages 159-185, October.
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