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

  • Consuelo Riaño Gil

    ()

    (Universidad de La Rioja)

  • Francisco Javier Ruiz Cabestre

    ()

    (Universidad de La Rioja)

  • Rafael Santamaría Aquilué

    ()

    (Universidad Pública de Navarra)

Registered author(s):

    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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    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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    10. 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.
    11. 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.
    12. Kalay, Avner & Shimrat, Adam, 1987. "Firm value and seasoned equity issues : Price pressure, wealth redistribution, or negative information," Journal of Financial Economics, Elsevier, vol. 19(1), pages 109-126, September.
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    15. 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.
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