{"id":76257,"date":"2018-03-09T23:21:39","date_gmt":"2018-03-09T23:21:39","guid":{"rendered":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/salidas-iniciales-a-bolsa-infravaloracion-y-rentabilidad-a-largo-plazo-en-el-mercado-espanol-y-el-neuer-markt\/"},"modified":"2018-03-09T23:21:39","modified_gmt":"2018-03-09T23:21:39","slug":"salidas-iniciales-a-bolsa-infravaloracion-y-rentabilidad-a-largo-plazo-en-el-mercado-espanol-y-el-neuer-markt","status":"publish","type":"post","link":"https:\/\/www.deberes.net\/tesis\/ciencias-economicas\/salidas-iniciales-a-bolsa-infravaloracion-y-rentabilidad-a-largo-plazo-en-el-mercado-espanol-y-el-neuer-markt\/","title":{"rendered":"Salidas iniciales a bolsa: infravaloraci\u00f3n y rentabilidad a largo plazo en el mercado espa\u00f1ol y el neuer markt"},"content":{"rendered":"<h2>Tesis doctoral de <strong> Jordi Fabregat Feldsztajn <\/strong><\/h2>\n<p>En este trabajo se estudian las salidas iniciales a bolsa que tuvieron lugar en el mercado espa\u00f1ol entre 1986 y 2000, y en el neuer markt (nm) en 1999. Concretamente, se analiza la existencia de infravaloraci\u00f3n y rentabilidad extraordinaria a largo plazo y sus posibles causas.  el an\u00e1lisis realizado constata la existencia de infravaloraci\u00f3n tanto en el mercado espa\u00f1ol (12,5%) como en el nm (41,7%). El nivel de infravaloraci\u00f3n se relaciona con el sector, la incertidumbre de los inversores acerca del emisor &#8211; medida por la volatilidad durante los treinta primeros d\u00edas de cotizaci\u00f3n &#8211; y la forma de colocaci\u00f3n mediante el libro de \u00f3rdenes. En el nm se observa que las emisiones que fijaban el precio en la mitad superior del rango orientativo de precios ten\u00edan mayor infravaloraci\u00f3n, conforme a la teor\u00eda del ajuste parcial del precio.  la rentabilidad extraordinaria buy and hold (bhar) a tres a\u00f1os en el mercado espa\u00f1ol es del -16,9% respecto al igbm, y a dos a\u00f1os en el nm, del 3% respecto al nemax all share, ambas calculadas sobre el precio de salida. Si el c\u00e1lculo se efect\u00faa sobre el precio de cierre del primer d\u00eda de cotizaci\u00f3n, eliminado el efecto de infravaloraci\u00f3n, estas rentabilidades pasan a ser del -27,7% y el -38,7%, respectivamente, lo que conformar\u00eda la existencia de rentabilidad extraordinaria negativa a largo plazo, como se ha documentado en otros mercados. Este nivel de rentabilidad no lo hemos podido explicar significativamente a partir de las teor\u00edas analizadas: la se\u00f1alizaci\u00f3n, la certificaci\u00f3n y las expectativas heterog\u00e9neas. Las persistencia del fen\u00f3meno hace pensar en la posibilidad de la existencia de un comportamiento optimista, quiz\u00e1 irracional, de los inversores en el momento de la salida que facilitar\u00eda el que las empresas salieran al mercado sobrevaloradas.<\/p>\n<p>&nbsp;<\/p>\n<h3>Datos acad\u00e9micos de la tesis doctoral \u00ab<strong>Salidas iniciales a bolsa: infravaloraci\u00f3n y rentabilidad a largo plazo en el mercado espa\u00f1ol y el neuer markt<\/strong>\u00ab<\/h3>\n<ul>\n<li><strong>T\u00edtulo de la tesis:<\/strong>\u00a0 Salidas iniciales a bolsa: infravaloraci\u00f3n y rentabilidad a largo plazo en el mercado espa\u00f1ol y el neuer markt <\/li>\n<li><strong>Autor:<\/strong>\u00a0 Jordi Fabregat Feldsztajn <\/li>\n<li><strong>Universidad:<\/strong>\u00a0 Ram\u00f3n llull<\/li>\n<li><strong>Fecha de lectura de la tesis:<\/strong>\u00a0 20\/09\/2005<\/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>Carmen Ansotegui Olcoz<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tribunal<\/strong>\n<ul>\n<li>Presidente del tribunal: robert Tornabell carri\u00f3 <\/li>\n<li> Sim\u00f3n de burgo Santiago (vocal)<\/li>\n<li>Rafael Santamar\u00eda (vocal)<\/li>\n<li>Mar\u00eda Victoria esteban (vocal)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesis doctoral de Jordi Fabregat Feldsztajn En este trabajo se estudian las salidas iniciales a bolsa que tuvieron lugar en [&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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