Resumen

GARCIA, C. José; BEGONA HERRERO, María  y  IBANEZ, Ana M.. El papel de la liquidez en el efecto de la nueva información. El caso del Latibex. El trimestre econ [online]. 2010, vol.77, n.307, pp.649-680. ISSN 2448-718X.

Latibex is an international market where major Latin American firms are traded in euros. We investigate whether the price impact of the quarterly earnings announcement are different in Latibex and in Latin American markets due to the different degree of liquidity and trading activity in both markets.

Our results suggest that earning announcement is a valuable information that is reflected on prices. However the price adjustment process due to new information takes places in local markets and the changes of prices in Latibex are due to arbitrage between both markets.

Palabras llave : anuncio de ganancias; event stuydy; coss-listing; liquidez.

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