The aim of this paper is to identify strategic groups in a sector using security pricesas a starting point. The initial assumption is that the co-movement of certain common stocksprice residuals, once the effects of the market and industry have been removed from thereturns, show the existence of...

In this study we analyse the effect of stock splits on stocks¿ trading activity using intraday data from a sample of 46 stock splits from the Spanish stock market. In particular, we study changes to trading activity, trading composition, the information asymmetry of stocks, the distribution of...

This paper examines the empirical behaviour of stock prices around the ex dates of stock splits in order to detect anomalous returns. Also, it is investigated the determinant factors of the split size, its effects on the liquidity and the influence of the market microstructure in the abnormal...

This study examines the reactions of the Spanish capital market and financial analysts to CEO presentations organized by the Spanish Society of Financial Analysts. The sample contains 156 presentations that took place during the period 1994-2000. To estimate the effect of these meetings -on...

This paper examines the effect of the Ibex35 index revisions on the price andtrading activity of a sample of 26 additions and 22 deletions during the period January 1991-December 1998. The results shows that Ibex35 revisions raise (reduce) the price of the additions (deletions) especially in the...

In this paper we examine the value of analysts’ stock recommendations in the Spanish capital market in the period 1994-2003, using data from JCF Quant. In every month of the sample period the assets have been classified into five portfolios first attending its consensus recommendations level...