Listar por autor UPNA "Santamaría Aquilué, Rafael"
Mostrando ítems 1-20 de 27
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Bad company. The indirect effect of differences in corporate governance in the pension plan industry
This paper analyses the role played by pension plan governance structure and how it impacts on plan fees and plan performance. The results clearly show that fees decrease significantly and performance improves when pension ... -
Behavioral biases never walk alone: an empirical analysis of the effect of overconfidence on probabilities
This paper presents evidence of the impact of overconfidence bias in asset prices drawn from a study based on data from tennis betting exchanges. A series of betting strategies in tournaments with a clear-cut favourite are ... -
Coasimetría idiosincrática y riesgo de insolvencia en el mercado de valores español
En el presente trabajo se analiza la relación entre el riesgo asimétrico, aproximado por las medidas de coasimetría y coasimetría idiosincrática, y el riesgo de insolvencia en el mercado de valores español. Se ha encontrado ... -
Complexity is never simple: intangible intensity and analyst accuracy
We examine the relationship between intangible intensity and the accuracy of analyst forecasts. Using an international sample of 2,200 firms during 2000–2016, we show that analyst accuracy decreases significantly when ... -
Does analyst information influence the cost of debt? Some international evidence
We examine the contribution of analyst forecasting accuracy in reducing the average total cost of debt to firms. Our results reinforce the importance of analyst accuracy as a mechanism for reducing information asymmetries ... -
Does default probability matter in Latin American emerging markets?
We analyse the impact of default probability in four leading Latin American stock markets (Argentina, Brazil, Chile and Mexico). We find no positive default risk premium except in the case of Brazil, and in fact find a ... -
The effect of a switch of management company on pension plan fees
The impact of a switch of management company on pension plan fees is analysed by comparing the effects on employer-sponsored versus individual defined-contribution private pension plans in Spain. This framework is ideal ... -
The effect of US holidays on European markets: when the cat's away...
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 ... -
Game, set and match: the favorite long-shot bias in tennis betting exchanges
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 ... -
Hidden power of trading activity: the FLB in tennis betting exchanges
This paper examines the impact of trading activity on the Favourite-Longshot Bias (FLB) in tennis Betting Exchanges, using direct measures such as betting volume, average bet and standard deviation of the odds. According ... -
The impact of investor sentiment on stock returns in emerging markets. The case of Central European markets
This paper studies the effect of investor sentiment on stock returns in three Central European markets: the Czech Republic, Hungary and Poland. The results show that sentiment is a key variable in the prices of stocks ... -
Influence of IPO characteristics on liquidity
Este estudio examina la relación existente entre las características que definen las Ofertas Públicas de Venta Iniciales (OPIs) y la liquidez de las acciones en circulación tras la ejecución de estas operaciones. Se argumenta ... -
Interes tasa mailegu eragiketetan: lukurreriarekin bueltaka
Se suele comenzar la referencia al sistema financiero calificándolo como el sistema (productos, intermediarios, mercados e instituciones) que permite canalizar el ahorro de las unidades económicas (individuos, empresas, ... -
Investor sentiment effect in stock markets: stock characteristics or country-specific factors?
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 ... -
Is cognitive bias really present in analyst forecasts? The role of investor sentiment
This paper analyses four key markets within the European context. In this context, where the level of analyst coverage is lower than in the US setting, we aim to ascertain whether the origin of optimism in analyst forecasts ... -
Is default risk the hidden factor in momentum returns? Some empirical results
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, ... -
Momentum and default risk. Some results using the jump component
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 ... -
Progress in the removal of pharmaceutical compounds from aqueous solution using layered double hydroxides as adsorbents: a review
Emerging contaminants and, among them, pharmaceutical compounds, have a significant impact on water ecosystems. Layered Double Hydroxides (LDH), being easy to synthesize and cheap materials, have recently gained attention ... -
The role of investor type in the fee structures of pension plans
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 ... -
The role of sentiment and stock characteristics in the translation of analysts’ forecasts into recommendations
The purpose of this paper is to further understanding of the determinants of analysts’ translational effectiveness and, specifically, the role of stock characteristics in the impact of sentiment in the translation of ...