{"id":108359,"date":"2011-11-05T00:00:00","date_gmt":"2011-11-05T00:00:00","guid":{"rendered":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/three-essays-in-finance\/"},"modified":"2011-11-05T00:00:00","modified_gmt":"2011-11-05T00:00:00","slug":"three-essays-in-finance","status":"publish","type":"post","link":"https:\/\/www.deberes.net\/tesis\/pompeu-fabra\/three-essays-in-finance\/","title":{"rendered":"Three essays in finance"},"content":{"rendered":"<h2>Tesis doctoral de <strong> Benjamin Golez <\/strong><\/h2>\n<p>Esta tesis consta de tres cap\u00edtulos. En el primer cap\u00edtulo, muestro que la informaci\u00f3n sobre dividendos impl\u00edcita en los mercados de derivados predice el crecimiento futuro de los dividendos, mejorando as\u00ed las predicciones de los rendimientos a corto plazo en el mercado agregado. En el segundo cap\u00edtulo, analizamos el impacto de la compraventa de opciones en la distribuci\u00f3n del precio del activo subyacente. En concreto, mostramos que los futuros del s&#038;p 500 terminan en el entorno del precio de ejercicio m\u00e1s pr\u00f3ximo en los d\u00edas en que las opciones sobre los futuros del s&#038;p 500 expiran. Documentamos que este efecto est\u00e1 principalmente motivado por el reajuste de la cobertura delta de los intermediarios. En el tercer cap\u00edtulo, desarrollamos una teor\u00eda de sostenimiento de precios en los mercados de valores motivado por un conflicto de intereses y testamos nuestra hip\u00f3tesis en el contexto de la industria espa\u00f1ola de fondos de inversi\u00f3n. En concreto, analizamos c\u00f3mo los fondos de inversi\u00f3n afiliados a un banco operan las acciones del banco matriz y mostramos que, consecuentemente con la hip\u00f3tesis del sostenimiento de precios, los fondos de inversi\u00f3n filiales tienden a incrementar sus posiciones en las acciones del banco matriz despu\u00e9s de una ca\u00edda importante de su cotizaci\u00f3n.<\/p>\n<p>&nbsp;<\/p>\n<h3>Datos acad\u00e9micos de la tesis doctoral \u00ab<strong>Three essays in finance<\/strong>\u00ab<\/h3>\n<ul>\n<li><strong>T\u00edtulo de la tesis:<\/strong>\u00a0 Three essays in finance <\/li>\n<li><strong>Autor:<\/strong>\u00a0 Benjamin Golez <\/li>\n<li><strong>Universidad:<\/strong>\u00a0 Pompeu fabra<\/li>\n<li><strong>Fecha de lectura de la tesis:<\/strong>\u00a0 11\/05\/2011<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Direcci\u00f3n y tribunal<\/h3>\n<ul>\n<li><strong>Director de la tesis<\/strong>\n<ul>\n<li>Jos\u00e9 Mar\u00eda Mar\u00edn Vigueras<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tribunal<\/strong>\n<ul>\n<li>Presidente del tribunal: Juan  ignacio Pe\u00f1a s\u00e1nchez de rivera <\/li>\n<li>paolo Colla (vocal)<\/li>\n<li>  (vocal)<\/li>\n<li>  (vocal)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesis doctoral de Benjamin Golez Esta tesis consta de tres cap\u00edtulos. En el primer cap\u00edtulo, muestro que la informaci\u00f3n sobre [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[18712],"tags":[217238,191874,37278,217239],"class_list":["post-108359","post","type-post","status-publish","format-standard","hentry","category-pompeu-fabra","tag-benjamin-golez","tag-jose-maria-marin-vigueras","tag-juan-ignacio-pena-sanchez-de-rivera","tag-paolo-colla"],"_links":{"self":[{"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/posts\/108359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/comments?post=108359"}],"version-history":[{"count":0,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/posts\/108359\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/media?parent=108359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/categories?post=108359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/tags?post=108359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}