IDEAS home Printed from https://ideas.repec.org/a/elt/journl/v77y2010i307p651-682.html
   My bibliography  Save this article

El papel de la liquidez en el efecto de la nueva información. El caso de Latibex

Author

Listed:
  • García, C. José

    (Departamento de Finanzas Empresariales, Universidad de Valencia)

  • Herrero, Begoña

    (Departamento de Finanzas Empresariales, Universidad de Valencia, y Departamento de Estudios de la Empresa, Universidad Católica de Valencia San Vicente Mártir)

  • Ibáñez, Ana M.

    (Departamento de Finanzas Empresariales, Universidad de Valencia)

Abstract

Latibex is an international market where major Latin American firms are traded in euros. We investigate whether the price impact of the quarterly earnings announcement are different in Latibex and in Latin American markets due to the different degree of liquidity and trading activity in both markets. Our results suggest that earning announcement is a valuable information that is reflected on prices. However the price adjustment process due to new information takes places in local markets and the changes of prices in Latibex are due to arbitrage between both markets.// En 1999 se creó en España el mercado Latibex destinado a la contratación en euros de valores de las principales empresas latinoamericanas. Desde su creación este mercado se ha caracterizado por tener una menor actividad negociadora y menor liquidez que la existente en los mercados latinoamericanos de origen. El objetivo del trabajo es analizar si el efecto de la información trasmitida por el anuncio de ganancias trimestrales es diferente en ambos mercados, considerando los diferentes niveles de liquidez y actividad negociadora que presentan ambos mercados.Los resultados obtenidos confirman que el anuncio de ganancias es una información relevante para el valor de la empresa. Sin embargo, es en el mercado de origen en el que los precios se ajustan a la información trasmitida, y los cambios observados en los precios en el mercado Latibex son resultado de un proceso de ajuste mediante arbitraje a las variaciones en precios en los mercados de origen.

Suggested Citation

  • García, C. José & Herrero, Begoña & Ibáñez, Ana M., 2010. "El papel de la liquidez en el efecto de la nueva información. El caso de Latibex," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(307), pages 651-682, julio-sep.
  • Handle: RePEc:elt:journl:v:77:y:2010:i:307:p:651-682
    DOI: http://dx.doi.org/10.20430/ete.v77i307.449
    as

    Download full text from publisher

    File URL: http://www.eltrimestreeconomico.com.mx/index.php/te/article/view/449/492
    Download Restriction: no

    More about this item

    Keywords

    anuncio de ganancias; event study; cross-listing; liquidez;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:elt:journl:v:77:y:2010:i:307:p:651-682. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Enrique Popoca). General contact details of provider: http://www.fondodeculturaeconomica.com/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.