Recent Submissions

  • The effect of US holidays on European markets: when the cat's away... 

    Casado, Jorge Upna; Muga Caperos, Luis Fernando Upna; Santamaría Aquilué, Rafael Upna (Wiley, 2013)   Artículo / Artikulua  OpenAccess
    This paper presents evidence of the existence of a return effect on European stock markets coinciding with NYSE holidays, which is particularly marked after positive closing returns on the NYSE the previous day. The effect ...
  • The role of investor type in the fee structures of pension plans 

    Abinzano Guillén, María Isabel Upna; Muga Caperos, Luis Fernando Upna; Santamaría Aquilué, Rafael Upna (Springer, 2016)   Artículo / Artikulua  OpenAccess
    We examine the role of the investor type in the fee structure of pension plans. Our examination uses a data set of employer-sponsored and individual private pension funds in Spain. We find different determinants of the ...
  • Momentum and default risk. Some results using the jump component 

    González Urteaga, Ana Upna; Muga Caperos, Luis Fernando Upna; Santamaría Aquilué, Rafael Upna (Elsevier, 2015)   Artículo / Artikulua  OpenAccess
    In this paper we separate the total stock return into its continuous and jump component to test whether stock return predictability should be attributed to omitted risk factors or behavioral finance theories. We extend ...
  • Is default risk the hidden factor in momentum returns? Some empirical results 

    Abinzano Guillén, María Isabel Upna; Muga Caperos, Luis Fernando Upna; Santamaría Aquilué, Rafael Upna (Wiley, 2014)   Artículo / Artikulua  OpenAccess
    This paper analyzes the role of default risk in the momentum effect focusing on data from four developed European stock markets (France, Germany, Spain and the United Kingdom). Using a market-based measure of default risk, ...
  • Game, set and match: the favorite long-shot bias in tennis betting exchanges 

    Abinzano Guillén, María Isabel Upna; Muga Caperos, Luis Fernando Upna; Santamaría Aquilué, Rafael Upna (Taylor & Francis, 2016)   Artículo / Artikulua  OpenAccess
    We test for the existence of Favorite-Longshot Bias (FLB) in tennis betting exchanges. Despite these being order-driven markets, with no direct participation from bookmakers, we have found very similar results to those ...
  • Influence of IPO characteristics on liquidity 

    Acedo Ramírez, Miguel Ángel; Ruiz Cabestre, Francisco Javier; Santamaría Aquilué, Rafael Upna (AECATaylor & Francis, 2011)   Artículo / Artikulua  OpenAccess
    This study examines the relationship between the characteristics that define initial public offerings (IPOs) and the post-offering liquidity of stocks outstanding. We argue that higher underpricing, relative size and retail ...
  • Sentiment-prone investors and volatility dynamics between spot and futures markets 

    Corredor Casado, María Pilar Upna; Ferrer Zubiate, Elena Upna; Santamaría Aquilué, Rafael Upna (Elsevier, 2015)   Artículo / Artikulua  OpenAccess
    This paper analyses the role of investor sentiment in the contemporaneous dynamics of spot and futures markets and in volatility spillovers between them. To explore this issue, we analyse spot and futures markets on stock ...
  • Investor sentiment effect in stock markets: stock characteristics or country-specific factors? 

    Corredor Casado, María Pilar Upna; Ferrer Zubiate, Elena Upna; Santamaría Aquilué, Rafael Upna (Elsevier, 2013)   Artículo / Artikulua  OpenAccess
    This paper analyzes the investor sentiment effect in four key European stock markets: France, Germany, Spain and the UK. The findings show that sentiment has a significant influence on returns, varying in intensity across ...
  • Value of analysts’ consensus recommendations and investor sentiment 

    Corredor Casado, María Pilar Upna; Ferrer Zubiate, Elena Upna; Santamaría Aquilué, Rafael Upna (Taylor & Francis, 2013)   Artículo / Artikulua  OpenAccess
    This paper studies the effect of investor sentiment on analysts' consensus recommendations. Our results show that the optimistic bias of analysts in the issuing of recommendations is affected by investor sentiment: the ...
  • Market sentiment: a key factor of investors' imitative behaviour 

    Blasco de las Heras, Natividad; Corredor Casado, María Pilar Upna; Ferreruela Garcés, Sandra (Wiley, 2012)   Artículo / Artikulua  OpenAccess
    The aim of this paper is to explore herding behavior among investors in order to determine its rational and emotional component factors and identify relationships among them. We apply causality tests to evaluate the impact ...
  • Frequency of consumption and changing determinants of purchase decision: from attributes to values in the organic food market 

    Barrena Figueroa, Ramo Upna; Sánchez, M. (Instituto Nacional de Investigación y Tecnología Agraria y Alimentaria (INIA), 2010)   Artículo / Artikulua  OpenAccess
    El creciente fenómeno de saturación, maduración y globalización de los mercados agroalimentarios, obliga a la oferta al diseño de innovadoras estrategias de actuación, con el fin de conseguir aceptables niveles de ...
  • Pollution shadow prices in conventional and organic farming: an application in a Mediterranean context 

    Arandia Miura, Amaia Upna; Aldanondo Ochoa, Ana María Upna (Instituto Nacional de Investigación y Tecnología Agraria y Alimentaria (INIA), 2011)   Artículo / Artikulua  OpenAccess
    La agricultura ecológica integra criterios ambientales en las prácticas de producción agrícola con el objeto de mejorar el impacto de la producción agraria sobre el medio ambiente. En este trabajo se estiman y comparan ...
  • Explaining farm succession: the impact of farm location and off-farm employment opportunities 

    Aldanondo Ochoa, Ana María Upna; Casanovas Oliva, Valero Upna; Almansa Sáez, Carmen Upna (Instituto Nacional de Investigación y Tecnología Agraria y Alimentaria (INIA), 2007)   Artículo / Artikulua  OpenAccess
    En este trabajo se analiza el impacto de la localización de la explotación agrícola en la sucesión familiar. Para ello se utiliza una encuesta a una muestra de explotaciones ubicadas a diferentes distancias del centro ...

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