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...

Este artículo de presentación del monográfico Mercados Financieros e Instrumentos se estructura en dos partes bien diferenciadas. La primer parte se dedica al debate existente sobre el comportamiento de los rendimientos de los activos financieros, presentando dos de las teorías más...

We introduce the concept of cross-sectional heterogeneity (and homogeneity) of equity markets. From period to period, the stocks in a market may move more or less ‘in line’. When stock prices move perfectly in line, we use the term ‘homogeneous market’. When the stock price developments...