Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión

Detalhes bibliográficos
Autor(a) principal: Miralles-Marcelo, José Luís
Data de Publicação: 2012
Outros Autores: Miralles-Quirós, Maria del Mar, Lisboa, Inês
Tipo de documento: Artigo
Idioma: spa
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.8/3224
Resumo: The objective of this study is to analyze return differences between family and non-family firms quoted on the Spanish stock market over the 1999-2008 period. Furthermore, we compare risk exposure for these kinds of firms; the abnormal profits that may be obtained with a zero cost trading strategy based on being long in family firms and short in non-family firms; and the founder and size effects on performance. Our main results indicate the possibility of gaining abnormal profits trading on small family firms and selling non-family firms. We also observe a significant higher beta risk for family businesses directly managed by their founders. These results are especially relevant for institutional and individual investors, for academics, and the professional managers of these companies.
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spelling Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversiónFamily firmsReturnSizeLiquidityDebtThe objective of this study is to analyze return differences between family and non-family firms quoted on the Spanish stock market over the 1999-2008 period. Furthermore, we compare risk exposure for these kinds of firms; the abnormal profits that may be obtained with a zero cost trading strategy based on being long in family firms and short in non-family firms; and the founder and size effects on performance. Our main results indicate the possibility of gaining abnormal profits trading on small family firms and selling non-family firms. We also observe a significant higher beta risk for family businesses directly managed by their founders. These results are especially relevant for institutional and individual investors, for academics, and the professional managers of these companies.Revista Española de Financiación y ContabilidadIC-OnlineMiralles-Marcelo, José LuísMiralles-Quirós, Maria del MarLisboa, Inês2018-04-27T15:00:14Z20122012-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.8/3224spa0210-2412metadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-01-17T15:46:44Zoai:iconline.ipleiria.pt:10400.8/3224Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T01:47:23.273965Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
title Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
spellingShingle Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
Miralles-Marcelo, José Luís
Family firms
Return
Size
Liquidity
Debt
title_short Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
title_full Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
title_fullStr Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
title_full_unstemmed Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
title_sort Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
author Miralles-Marcelo, José Luís
author_facet Miralles-Marcelo, José Luís
Miralles-Quirós, Maria del Mar
Lisboa, Inês
author_role author
author2 Miralles-Quirós, Maria del Mar
Lisboa, Inês
author2_role author
author
dc.contributor.none.fl_str_mv IC-Online
dc.contributor.author.fl_str_mv Miralles-Marcelo, José Luís
Miralles-Quirós, Maria del Mar
Lisboa, Inês
dc.subject.por.fl_str_mv Family firms
Return
Size
Liquidity
Debt
topic Family firms
Return
Size
Liquidity
Debt
description The objective of this study is to analyze return differences between family and non-family firms quoted on the Spanish stock market over the 1999-2008 period. Furthermore, we compare risk exposure for these kinds of firms; the abnormal profits that may be obtained with a zero cost trading strategy based on being long in family firms and short in non-family firms; and the founder and size effects on performance. Our main results indicate the possibility of gaining abnormal profits trading on small family firms and selling non-family firms. We also observe a significant higher beta risk for family businesses directly managed by their founders. These results are especially relevant for institutional and individual investors, for academics, and the professional managers of these companies.
publishDate 2012
dc.date.none.fl_str_mv 2012
2012-01-01T00:00:00Z
2018-04-27T15:00:14Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.8/3224
url http://hdl.handle.net/10400.8/3224
dc.language.iso.fl_str_mv spa
language spa
dc.relation.none.fl_str_mv 0210-2412
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dc.publisher.none.fl_str_mv Revista Española de Financiación y Contabilidad
publisher.none.fl_str_mv Revista Española de Financiación y Contabilidad
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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