This article uses a direct test of the impact of economic news on stock volatility. The main interest is to test whether the asymmetric response of volatility can be due to the effect of bad news. To do this, this study takes items of news into account as exogenous variables. The analysis is...

In line with the transactions cost theory, this paper shows that the futures market with its higher liquidity and lower transactions costs, leads the options market in the price discovery process. Liquidity and transaction costs are also shown to play a key role in market sensitivity to...

The article investigates a sample of 69 announcements of technological alliances involving New Economy firms in Spain, over the five-year period from 1997 to 2002. The purpose of the study is to analyse the impact of these announcements on share prices and volatility in these firms. Various...

This paper has shown that market penetration strategies are common practice during the product introduction stage in the Money Mutual Funds in Spain. During this stage there is no relation between fees and performance because this strategy is optimal. In order to analyse this relationship during...

This article evaluates the contribution of New Economy stocks to explaining the momentum effect. The results reveal that, by virtue of their distinct characteristics, these assets are more likely to generate momentum returns, and, thus, to increase the concentration of momentum traders. It is...