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

Author

Listed:
  • Consuelo Riaño Gil

    () (Universidad de La Rioja)

  • Francisco Javier Ruiz Cabestre

    () (Universidad de La Rioja)

  • Rafael Santamaría Aquilué

    () (Universidad Pública de Navarra)

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)

Suggested Citation

  • Consuelo Riaño Gil & Francisco Javier Ruiz Cabestre & Rafael Santamaría Aquilué, 2004. "Formación de precios de suscripción en el mercado bursátil español: algunas consideraciones," Investigaciones Economicas, Fundación SEPI, vol. 28(1), pages 141-191, January.
  • Handle: RePEc:iec:inveco:v:28:y:2004:i:1:p:141-191
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    References listed on IDEAS

    as
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    More about this item

    Keywords

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

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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