Dynamics of the Spanish Stock Market Through a Broadband View of the Ibex 35 Index

We present an analysis of the performance of the Spanish Stock Market over the last six years, examining the most widely used index, i.e. the IBEX 35. Our analysis is broader than conventional benchmark approaches because we study the properties of all feasible portfolios, i.e. portfolios composed given the same investment opportunity set and also given the same constraints as implied by the definition of the IBEX 35 index. We estimate the distribution of performance values of all feasible portfolios according to different performance measures and evaluate the position of the IBEX 35 with respect to this feasible set