Derechos:
Atribución-NoComercial-SinDerivadas 3.0 España
Resumen:
This paper addresses the consequences of Spanish Stock Exchange Reform on the seasonal
patterns of daily asset excess returns. Before the Reform, positive abnormal average Monday
excess returns are found. Possible causes are discussed and related with cleariThis paper addresses the consequences of Spanish Stock Exchange Reform on the seasonal
patterns of daily asset excess returns. Before the Reform, positive abnormal average Monday
excess returns are found. Possible causes are discussed and related with clearing and trading
mechanisms. After the Reform daily seasonal effects disappear, suggesting an increase in the
market's operational efficiency.[+][-]