IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Titulización De Activos: Efectos Sobre El Valor De Las Entidades Bancarias

Listed author(s):
  • Fulgencio López Martínez


    (Caja de Ahorros del Mediterráneo)

  • José Yagüe


    (Universidad de Murcia)

  • Pedro Martínez Solano

    (Universidad de Murcia)

Registered author(s):

    This paper examines the reaction of the Spanish continuous market to the announcement of securitisation operations by listed banks in the period 1993-2003. Results indicate the existence of positive and significant abnormal returns on the day immediately following the announcement date. The average cumulative abnormal returns over windows of varying lengths around the announcement date are also positive and significant. The market’s reaction is stronger when the bank has a higher proportion of equity in its capital structure and is less profitable. Este trabajo examina la reacción del mercado continuo español ante el anuncio de emisiones de titulización realizadas por bancos cotizados en el período 1993-2003. Los resultados obtenidos indican la existencia de rentabilidades anormales positivas y significativas en el día inmediatamente posterior al de la Comunicación Previa a la CNMV. También resultan ser positivos y significativos los promedios de las rentabilidades anormales acumuladas en varios intervalos de días en torno a la fecha de anuncio. La reacción del mercado es mayor ante anuncios realizados por bancos con un mayor peso de los recursos propios en su pasivo y menos rentables.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: Fisrt version / Primera version, 2006
    Download Restriction: no

    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 2006-10.

    in new window

    Length: 29 pages
    Date of creation: Sep 2006
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasec:2006-10
    Contact details of provider: Postal:
    C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA

    Phone: +34 96 319 00 50
    Fax: +34 96 319 00 55
    Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:ivi:wpasec:2006-10. 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: (Departamento de Edición)

    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.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 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.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.