Empresa familiar y bolsa: análisis de rentabilidad y estrategias de inversión
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Outros Autores: | , |
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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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository_id_str |
7160 |
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 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
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 |
dc.rights.driver.fl_str_mv |
metadata only access info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
metadata only access |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
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 |
repository.mail.fl_str_mv |
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1799136968063320064 |