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¿Cómo valora el mercado de valores español la adopción de planes de opciones sobre acciones para directivos y consejeros?


  • Mónica Melle

    (Universidad Complutense de Madrid)


Este artículo analiza las reacciones del mercado de capitales español ante la adopción de planes de opciones sobre acciones para directivos y consejeros entre el 1 de septiembre de 1998 y el 31 de julio de 2003, bajo las hipótesis semifuerte de eficiencia del mercado y del contenido informativo de estos sistemas retributivos. El mercado valora favorablemente la formalización de los acuerdos y su comunicación oficial; el precio de ejercicio y los periodos de carencia y de ejercicio de las opciones determinan las rentabilidades anormales positivas. A medio plazo, existe una relación negativa entre la adopción de estos planes y los retornos de los títulos.

Suggested Citation

  • Mónica Melle, 2005. "¿Cómo valora el mercado de valores español la adopción de planes de opciones sobre acciones para directivos y consejeros?," Investigaciones Economicas, Fundación SEPI, vol. 29(1), pages 73-115, January.
  • Handle: RePEc:iec:inveco:v:29:y:2005:i:1:p:73-115

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    References listed on IDEAS

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    1. repec:eee:spacre:v:15:y:2012:i:2:p:211-235 is not listed on IDEAS

    More about this item


    Opciones sobre acciones; gobierno de empresas; estudio de eventos; modelos ARCH; mercado de valores español;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance


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