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Las privatizaciones en el mercado bursátil español: reacciones de precios y volúmenes de contratación.    

By: María José Arcas Pellicer y Francisco Javier Ruiz Cabestre


ABSTRACT

This paper analyses the privatizations in the Spanish stock market. We examine after-market prices and trading volume for public offerings of state-owned companies fron 1986 to 1997. The results show, in the first trading day: first, that public offerings are significantly underpriced, that is greater for initial than for subsequent public offerings and greater for small investors than for institutional investors; and second, a significant trading volume, that leads these stocks to be the most highly traded. Furthermore, we document a significant participation of small and international investors in the privatization process in Spain.

KEY WORDS

Privatizaciones; Ofertas Públicas de Venta (OPVs) y Mercados de Capitales.

Other articles published in the REFC by: MARÍA JOSÉ ARCAS PELLICER y FRANCISCO JAVIER RUIZ CABESTRE. Other articles published in the REFC about: Privatizaciones, Ofertas Públicas de Venta (OPVs) y Mercados de Capitales.