{"id":130819,"date":"1996-01-01T00:00:00","date_gmt":"1996-01-01T00:00:00","guid":{"rendered":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/ensayos-sobre-microestructura-informacion-riesgo-y-liquidez\/"},"modified":"1996-01-01T00:00:00","modified_gmt":"1996-01-01T00:00:00","slug":"ensayos-sobre-microestructura-informacion-riesgo-y-liquidez","status":"publish","type":"post","link":"https:\/\/www.deberes.net\/tesis\/ciencias-economicas\/ensayos-sobre-microestructura-informacion-riesgo-y-liquidez\/","title":{"rendered":"Ensayos sobre microestructura: informacion, riesgo y liquidez."},"content":{"rendered":"<h2>Tesis doctoral de <strong> Miguel Angel Tapia Torres <\/strong><\/h2>\n<p>En el primer capitulo extendemos el modelo de kyle (1985) con una unica subasta, modelando al conjunto de creadores de mercado como agentes informados. Los principales resultados son: respecto al modelo de kyle (1985) la liquidez del activo, la informacion contenida en el precio, y la volatilidad son mayores en nuestro modelo, sin embargo los beneficios del agente informado son menores. En el segundo capitulo, tratamos de cuantificar la importancia del componente de informacion asimetrica en la horquilla en el mercado bursatil espa\u00f1ol, durante los anuncios de dividendo. El resultado mas importante muestra como los agentes que proporcionan liquidez no responden a cambios en los riesgos de informacion asimetrica. En el tercer capitulo, tratamos de averiguar si los agentes exigen una prima por liquidez en el mercado bursatil espa\u00f1ol. Utilizamos dos aproximaciones:  fama y macbeth (1973) y factores de fama y french (1993).  los resultados mas importantes son: (i) mostramos como los costes de liquidez no estan positivamente valorados; (ii) la unica prima por liquidez positiva, aunque no significativa, es la del mes de enero.<\/p>\n<p>&nbsp;<\/p>\n<h3>Datos acad\u00e9micos de la tesis doctoral \u00ab<strong>Ensayos sobre microestructura: informacion, riesgo y liquidez.<\/strong>\u00ab<\/h3>\n<ul>\n<li><strong>T\u00edtulo de la tesis:<\/strong>\u00a0 Ensayos sobre microestructura: informacion, riesgo y liquidez. <\/li>\n<li><strong>Autor:<\/strong>\u00a0 Miguel Angel Tapia Torres <\/li>\n<li><strong>Universidad:<\/strong>\u00a0 Pa\u00eds vasco\/euskal herriko unibertsitatea<\/li>\n<li><strong>Fecha de lectura de la tesis:<\/strong>\u00a0 01\/01\/1996<\/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>Gonzalo Rubio Irigoyen<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tribunal<\/strong>\n<ul>\n<li>Presidente del tribunal: Jos\u00e9 Mar\u00eda Perez Villarreal Gonzalez De Arrilucea <\/li>\n<li>Jordi Caballe Vilella (vocal)<\/li>\n<li>Juan  Carlos Gomez Sala (vocal)<\/li>\n<li>Juan  Ignacio Pe\u00f1a S\u00e1nchez De Rivera (vocal)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesis doctoral de Miguel Angel Tapia Torres En el primer capitulo extendemos el modelo de kyle (1985) con una unica [&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 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