Download or read book Equity Issues in the Spanish Stock Market written by José Emilio Farinós Viñas and published by . This book was released on 2006 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate whether the market sentiment and/or the specific operating performance of firms that conducted an equity issue on the Spanish stock market during the period 1993-2000 are related to the long-run stock-return underperformance in the year following the issue of small and medium firms. Our results reveal that equity issues were conducted by large firms just when the market showed optimistic expectations towards large firms in general. This overoptimism towards large issue firms was related to the 1990s technology boom in the case of initial public offerings (IPO), but we detect earnings management by large firms that conducted a seasoned equity offering (SEO). In this context, small and medium issuers took advantage of the investors' sentiment towards large firms in order to conduct their overpriced stock issues.
Download or read book Asset Pricing and Equity Rights Issues written by Gonzalo Arturo Rubio and published by . This book was released on 1985 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Earnings Management as an Explanation of the Equity Issue Puzzle in the Spanish Market written by Maria J. Pastor-Llorca and published by . This book was released on 2006 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The poor stock price performance of firms that raise capital through seasoned equity offerings is one of the recent puzzles in financial literature. In this study we investigate whether pre-issue earnings management can explain these results for rights issues in Spain. Consistent with this explanation, we notice that firms' issuing rights make use of discretionary accruals to report higher earnings at the time of the offering decision. Most interestingly, firms with higher level of discretionary accruals seem to experience more negative long-run abnormal returns.
Download or read book Managing Complexity written by Cesáreo Hernández and published by Springer. This book was released on 2014-07-25 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents papers by experts in the field of Industrial Engineering, covering topics in business strategy; modelling and simulation in operations research; logistics and production; service systems; innovation and knowledge; and project management. The focus of operations and production management has evolved from product and manufacturing to the capabilities of firms and collaborative management. Nowadays, Industrial Engineering is concerned with the study of how to design, modify, control and improve the performance of complex systems. It has extended its scope to any physical landscape populated by social agents. This raises a major challenge to Industrial Engineering: managing complexity. This volume shows how experts are dealing with this challenge.
Download or read book Spain written by International Monetary Fund and published by International Monetary Fund. This book was released on 2006-06-14 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note assesses the risk profile of the nonfinancial equity investments of Spanish credit institutions (CIs), based on a market-risk approach. It assesses the main features of the situation and indicates the problems of CIs’ nonfinancial equity investments. It presents the evolution of nonfinancial equity investments, and their importance for the economy. It analyzes using the value-at-risk (VaR) approach and recommends enhancing of risk management practices and surveillance with regard to CIs with a significant nonfinancial equity investment, and encourages those CIs to adopt the market-based approach.
Download or read book Illiquidity Risk and the Long Run Underperformance of Seasoned Equity Issues in the Spanish Market written by José Emilio Farinós Viñas and published by . This book was released on 2009 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new evidence on potential risk-based explanations for the low SEO returns in the year after the issue. Specifically, we analyse whether the issue leads to a long-term higher stock liquidity that implies that SEO stocks have lower expected return due to lower exposure to liquidity risk factor. Therefore, we investigate if Spanish SEO firms experience significant changes in long-term liquidity after the issue. Results suggest that SEO-firm liquidity increases significantly in the year after the issue. Finally, we explore the post-performance of SEO firms explicitly accounting for liquidity risk. In particular, we employ the three factor model by Fama and French (1993) extended in one additional liquidity factor based on the illiquidity measure proposed by Amihud (2002). Our results show that underperformance disappears when accounting for liquidity risk.
Download or read book Stock Liquidity Around Credit Risk Changes written by Pilar Abad-Romero and published by . This book was released on 2017 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the existing relationship between announcements of debt rating changes for companies listed on the Spanish stock exchange and the liquidity of their stocks for the period of 2000 to 2010. Liquidity around the announcement day is analyzed using different liquidity measures proposed by the equity market literature. The study also examines the factors that determine the intensity of the announcement's effect on liquidity. The evidence shows that both positive and negative announcements (of improvement and decline in credit rating) lead to an increase in liquidity, which is anticipated by the market in both cases. Regarding the factors that determine intensity, it is observed that investors combine the information included in the announcement with the characteristics of the issuing company. Still, the recent economic and financial crisis, in which the role of the rating agencies has been greatly questioned, has not changed the intensity of these effects on liquidity.
Download or read book Is the Market Over optimistic about the Prospects of Firms that Issue Equity written by María J. Pastor-Llorca and published by . This book was released on 2004 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Testing the Bivariate Distribution of Daily Equity Returns Using Copulas written by Oriol Roch and published by . This book was released on 2005 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Is the Market Over Optimistic About the Prospects of Firms that Issue Equity Evidence for the Spanish Market written by Maria J. Pastor-Llorca and published by . This book was released on 2008 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Previous evidence has documented that equity issuers underperform in the long-run. One possible explanation is that investors have over-optimistic expectations regarding future earnings and the underperformance occurs as these expectations are corrected over time. Our central focus is to test this hypothesis for Spanish rights issuing firms, for that firstly, we examine analysts' predictions about furture earnings of these companies. We observe that forecasts are unusually favourable and, moreover, the post-offering underperformance is most pronounced when analyst predictions have higher optimistic bias. Secondly, we study the market response to issuing firms' earnings announcements in the post-offering period observing a significant negative reaction. So the evidence in this paper is consistent with the excessive optimism hypothesis about issuing firms.
Download or read book Risk Parity Portfolio written by Saul Sala Peñalver and published by . This book was released on 2015 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capitalization-weighted indexes are the most common way to gain access to broad equity market performance. However, interest in risk based investing has grown steadily in the recent post-crisis years as investors seek to overcome the limitations of traditional approaches to asset allocation. Despite the interest, there remains confusion about how to implement these strategies in any investor's portfolio, and even more when we want to implement it into a particular asset class. This paper compares some risk-based indexation methodologies, where risk parity takes an important role, and illustrates these issues as it applies to the Ibex 35 universe. We also use the typical capitalization-weighted index as a benchmark. Using 10 years of data, we show that risk parity portfolios outperform all the underlying portfolios on an absolute and risk adjusted basis.
Download or read book Asset Management written by Andrew Ang and published by Oxford University Press, USA. This book was released on 2014 with total page 717 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stocks and bonds? Real estate? Hedge funds? Private equity? If you think those are the things to focus on in building an investment portfolio, Andrew Ang has accumulated a body of research that will prove otherwise. In this book, Ang upends the conventional wisdom about asset allocation by showing that what matters aren't asset class labels but the bundles of overlapping risks they represent.
Download or read book Spain Financial System Laws and Regulations Handbook Volume 1 Strategic Information and Selected Regulations written by IBP USA and published by Lulu.com. This book was released on with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Overreaction in the Spanish Equity Market written by Aurora Alonso and published by . This book was released on 1988 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Spain Financial System Laws and Regulations Handbook Volume 1 Strategic Information and Selected Regulations written by IBP, Inc. and published by Lulu.com. This book was released on 2017-12-22 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: 2011 Updated Reprint. Updated Annually. Spain Financial System Laws and Regulations Handbook
Download or read book Overreaction in the Spanish Equity Market written by Aurora Alonso Antón and published by . This book was released on 1988 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Spanish Financial System written by José Luis Malo de Molina and published by Springer. This book was released on 2011-11-28 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book analyses the Spanish financial system from the turn of the last century to the present day and the economic, social and political backdrop to this history. The result is a consummate survey of historical developments leading right up to today's key issues and challenges, and to what the future may hold.
