Articles científics

• The Timeline of Trading Frictions in the European Carbon Market

  Medina, Vicente; Ángel Pardo y Roberto Pascual

  (2014).Article

  Energy Economics. Num.42, 378–394

• Do acquirers’ stock prices fully react to the acquisition announcement of listed versus unlisted target firms? Out-of-sample evidence from Spain

  Latorre, M.A., B. Herrero y J.E. Farinós

  (2014).Article

  Applied Economics Letters. Num.21:15, 1075-1078

  Previous results are ambiguous about whether prices fully reflect value creation or destruction at the time of the acquisition announcement when samples are split into listed and unlisted target firms. We find that the Spanish market fully reacts to the acquisition announcement (showing value creation only for unlisted target firm acquisitions), except for the smallest bidders of public targets since we find significant positive abnormal returns for a 24-month post-acquisition window. This evidence is consistent with investors extrapolating the performance of large acquirers of public firm to smaller ones and, therefore, only identifying value creation in the long term.

  DOI: https://doi.org/10.1080/13504851.2014.909566

• Information and Investor Behavior Surrounding Earnings Announcements

  García, C.José, Herrero, Begoña and Ana M. Ibáñez

  (2014).Article

  Journal of Behavioral Finance.

• El efecto del Anuncio de Beneficios cuando cotizan acciones: Un estudio conjunto del mercado de contado y el mercado de opciones

  García Martín, C.J.; B. Herrero Piqueras and A.M. Ibáñez Escribano

  (2013).Participació en congressos

  XXVII Annual Conference of the European Academy of Management and Business Economics.

• Value creation when acquiring public vs private firms. Spanish evidence

  Farinós, J.E., B. Herrero y M.A. Latorre

  (2013).Participació en congressos

  Social Science Research Network.

• Carbon Credits: Who is the Leader of the Pack?

  Medina, Vicente; Ángel Pardo y Roberto Pascual

  (2013).Article

  International Journal of Energy Economics and Policy. Num.Vol. 3, No. 3, 210-220

• Is the EUA a new asset class?

  Medina, Vicente and Ángel Pardo

  (2013).Article

  Quantitive Finance. Num.13:4, pp. 637-653

• Extreme Value Theory versus traditional GARCH approaches applied to financial data: a comparative evaluation

  Furió, D. and F.J. Climent

  (2013).

  Quantitative Finance. Num.1, pp. 45-63

• Volatility Transmission in the CO2 and Energy Markets

  Mansanet-Bataller, M. and P. Soriano

  (2012).Article

  Environmental Economics. Num.Vol. 3, No. 4, 75-81

• Market efficiency and lead-lag relationships between spot, futures and forward prices: the case of the Iberian Electricity Market (MIBEL)

  Ballester, J., Climent, F. and Furió, D.

  (2012).Participació en congressos

  Funcas. Num. pp. 1- 30

  This paper analyzes the relationships between prices from three different markets within the Spanish zone of the Iberian Electricity Market (MIBEL), namely futures, spot and OTC forward markets. The analysis focuses on three aspects: (i) contrasting the weak efficient hypothesis, (ii) analyzing the simple efficiency of the futures market and the short-term causality between the proxy of the spot and futures prices, and (iii) examining the price discovery relationships between the involved series of prices. The empirical results confirm that MIBEL (both spot and futures) prices satisfy the weak efficient hypothesis. As well, the MIBEL futures market is efficient in the simple sense and there...

  This paper analyzes the relationships between prices from three different markets within the Spanish zone of the Iberian Electricity Market (MIBEL), namely futures, spot and OTC forward markets. The analysis focuses on three aspects: (i) contrasting the weak efficient hypothesis, (ii) analyzing the simple efficiency of the futures market and the short-term causality between the proxy of the spot and futures prices, and (iii) examining the price discovery relationships between the involved series of prices. The empirical results confirm that MIBEL (both spot and futures) prices satisfy the weak efficient hypothesis. As well, the MIBEL futures market is efficient in the simple sense and there is unidirectional short-term causality from the futures price to the proxy of the spot price. Lastly, price discovery relationships are also found. In particular, there is unidirectional causality from the futures market to the forward market and to the spot market for 1-month- and 1-quarter-ahead maturities.

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