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Movimientos Estacionales En El Mercado De Acciones Español

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  • Amado Peiró Giménez

    (Universitat de València)

Abstract

The seasonality of rates of return, present in nearly al1 world stock markets, seemsto contradict the efficiency hypothesis. The Spanish case, with a marked daily and monthly seasonality, is not an exception. This is analyzed using daily returns for the 1985-1992 period and monthly ones for the 1941-1991 period, providing some explanations . La estacionalidad existente en muchas bolsas mundiales parece contradecir lahipótesis de eficiencia en los mercados de acciones. La bolsa española no es unaexcepción. Por el contrario, presenta una acusada estacionalidad diaria y mensual.Utilizando rendimientos diarios del periodo 1985-1992 y mensuales del período 1941-1991 se analiza dicha estacionalidad, proponiéndose algunas explicaciones.

Suggested Citation

  • Amado Peiró Giménez, 1993. "Movimientos Estacionales En El Mercado De Acciones Español," Working Papers. Serie EC 1993-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    • Handle: RePEc:ivi:wpasec:1993-10
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    File URL: http://www.ivie.es/downloads/docs/wpasec/wpasec-1993-10.pdf
    File Function: Fisrt version / Primera version, 1993
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