Working Papers Series

The CNMV´s objective in publishing this Working Papers Series is to disseminate original research in the field of the securities markets. With this series the CNMV aims at helping towards a better understanding of securities markets, their functioning and their regulation.

The opinions and analyses in this series are the sole responsibility of the authors and they do not necessarily coincide with those of the CNMV.

Working Papers Series

Títle, description and authors	Number	Year	Other paper	Other paper (eng)
Insider Trading in Connected Firms during Trading Bans Marc Goergen, Luc Renneboog, Yang Zhao	86	2024
Comparative study of the performance of Spanish and foreign equity and fixed-income collective investment schemes (CIS) distibuted in Spain Juan Pedro Gómez	85	2024
Analysis of the implementation of the Spanish Financial Transaction Tax in Equity Markets Ramiro Losada, Albert Martínez Pastor	83	2023
Measuring Transition Risk in Investment Funds Ricardo Crisóstomo	81	2023
On the Bahavior of the Spanish Capital Market Gonzalo Rubio, Ana González-Urteaga, Belén Nieto	80	2022
Regulating Liquidity Risk in Mutual Funds Dominic Cucic	79	2022
Analysis of the behaviour of retail investors in the financial markets during the COVID-19 crisi Guillermo Cambronero Pérez, Gloria Ruiz Suárez	78	2022
Characteristics of sustainable Spanish CISs in 2020 Maria Isabel Cambón; Anna Ispierto	77	2022
Periodic public information on investments funds and how it influences investors´ decisions Ramiro Losada	76	2022
Financial education and savings and investment decisions: An analysis of the Survey of Financial Competences (ECF) Anna Ispierto Maté, Irma Martínez García, Gloria Ruiz Suárez	75	2021
Deconstructing sistemyc risk: A reverse stress testing approach Javier Ojea-Ferreiro	74	2021
Estimating real word probabilities: a forward-looking behavioral framework Ricardo Crisóstomo	73	2021
Gender Regulations on boards of directors: The moderating role of the Institutional environment Irma Martínez García and Silvia Gómez Ansón	72	2021
Non-alternative collective investment schemes, connectedness and systemic risk Ramiro Losada y Ricardo Laborda	71	2020
Behavioural economics for investor protection: Practical recommendations for investors, entities and regulators María Eugenia Cadenas Sáez	70	2020
Rethinking Capital Regulation: The Case for a Dividend Prudential Target Manuel Muñoz	68	2018
Financial density forecasts: A comprehensive comparison of risk-neutral and historical schemes Ricardo Crisóstomo and Lorena Couso	67	2017
Why is investors´ mutual fund market allocation far from the optimum? Ricardo Laborda and Ramiro Losada	65	2017
Speed and biases of Fourier-based pricing choices: Analysis of the Bates and Asymmetric Variance Gamma models Ricardo Crisóstomo	64	2016
The Nature of Volatility Spillovers across the International Capital Markets Gustavo Peralta	63	2016
Managerial ability, risk preferences and the incentives for active management Rarmiro Losada López	62	2016
An Analysis of the Heston Stochastic Volatility Model: Implementation and Calibration using Matlab Ricardo Crisóstomo	58	2014
Analysis of the Spanish securitisation funds: characteristics at the time of their creation and performance during the recession María del Rosario Martín Martín	57	2014
Evidence from purchases and redemptions in the Spanish equity fund market Mª Isabel Cambón y Ramiro Losada	56	2013
Exchange-traded funds: features and recent developments Fco. Javier González Pueyo and Carlos Aparicio Roqueiro	55	2012
Competition and structure of the mutual funds industry in Spain: the role of credit institutions María Isabel Cambón and Ramiro Losada	54	2012
Spanish mutual fund perfomance: an analysis of the determinants Mª Isabel Cambón Murcia	48	2011
La inversión de los hogares españoles: una comparación con Estados Unidos e Italia Anna Ispierto Maté and Mª Victoria Villanueva Fresán	45	2011
Perfil inversor de los hogares españoles: análisis de la Encuesta Financiera de las Familias Anna Ispierto Maté y Mª Victoria Villanueva Fresán	40	2010
Las características de los fondos de inversión monetarios en distintas jurisdicciones Mª Victoria Villanueva Fresán	36	2009
The sub-prime crisis: some lessons for financial supervisors Fernando Restoy	31	2008
Comentario sobre la nueva normativa de hedge funds. Reforma y temas pendientes Alberto García Tobajas	28	2007
La inversión socialmente responsable y la responsabilidad social empresarial en los mercados financieros: una aplicación a las instituciones gestoras en España María Rosario Balaguer Franch	27	2007
Los fondos de inversión: "performance" y persistencia Marián Ruiz Martín	26	2007
Estudio sobre la evolución y los determinantes de las comisiones de gestión y depósito de los fondos de inversión María Isabel Cambón Murcia	21	2007
Valor de realización de los activos de renta fija privada en los fondos de inversión Nuria Baena Tovar	17	2006
Instituciones de inversión alternativa María Isabel Cambón Murcia	6	2004
Utilización y contabilidad de los instrumentos financieros derivados en los fondos de inversión españoles Carlos J. Rodríguez García	4	2003
Teoría de subastas y reputación del vendedor Pedro Durá Juez	3	2003