Formación de precios de las acciones tras el acceso al MAB

Autor:	Francisco Javier Ruiz Cabestre, Isabel Lacalle Castillo, Fabiola Portillo Pérez de Viñaspre
Rok vydání:	2015
Předmět:	Economics and Econometrics Accounting Stock market Monetary economics Business Listing (finance) Initial public offering Finance Stock (geology)
Zdroj:	Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad. 44:487-508
ISSN:	2332-0753 0210-2412
DOI:	10.1080/02102412.2015.1088201
Popis:	The aim of this paper is to analyse the impact that joining the Spanish Alternative Stock Market had on share prices of shares for the companies involved. A database was created with the necessary information. It includes all Initial Public Offerings and listing that took place in the Spanish Alternative Stock Market between 2009 and 2013. Issues relating to the initial underpricing of offering prices and the evolution of stock prices have been analysed. The results show an underpricing in the first trading day, which is positively related to the size of the issue and to the climate of the stock market, and negatively related to company size and its age. Moreover, it has been observed that the evolution of the prices of shares between the issue date and 18 months after is not different from the general evolution of share prices of small companies in the market.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::16920bab65a5ab080986da840d0371b7 https://doi.org/10.1080/02102412.2015.1088201 Zobrazit plný text záznamu