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
Defining Greenwhasing Ariadna Dumitrescu, Javier Gil-Bazo, Feng Zhou	84	2024
Analysis of the implementation of the Spanish Financial Transaction Tax in Equity Markets Ramiro Losada, Albert Martínez Pastor	83	2023
Spanish securities issues and their relationship with climate change Ramiro Losada López; Albert Martínez Pastor	82	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
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
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
Measuring liquidity of Spanish debt Mª Isabel Cambón Murcia, José Luis Cano Coello y Jesús González Redondo	66	2017
Speed and biases of Fourier-based pricing choices: Analysis of the Bates and Asymmetric Variance Gamma models Ricardo Crisóstomo	64	2016
Network-based Measures as Leading Indicators of Market Instability: The case of the Spanish Stock Market Gustavo Peralta	59	2015
An Analysis of the Heston Stochastic Volatility Model: Implementation and Calibration using Matlab Ricardo Crisóstomo	58	2014
Competition and structure of the mutual funds industry in Spain: the role of credit institutions María Isabel Cambón and Ramiro Losada	54	2012
Credit-risk valuation in the sovereing CDS and bonds markets: Evidence from the euro area crisis Óscar Arce, Sergio Mayordomo y Juan Ignacio Peña	53	2012
La titulización en Europa durante la crisis María del Rosario Martín Martín	49	2011
The financial institutions incentives when they place financial assets with credit risk to retail investors Ramiro Losada	43	2010
The credit default swap market: Areas of vulnerability and regulatory responses Óscar Arce, Javier González Pueyo y Lucio Sanjuán	42	2010
Proceso de consolidación de las infraestructuras de mercado Javier González Pueyo	39	2010
On the role of transparency in the ABS secondary market Ramiro Losada López	38	2010
Organización de los mercados de derivados y las cámaras de contrapartida central Javier González Pueyo	35	2009
Liquidity in financial markets: consequences of credit crisis Nuria Baena Tovar	32	2008
The sub-prime crisis: some lessons for financial supervisors Fernando Restoy	31	2008
Participaciones preferentes: Rentabilidad de las emisiones Eduardo Blanco Marcilla	24	2007
Regulación de las OPA: teoría económica, regulación europea y ofertas sobre empresas españolas Carlos L. Aparicio Roqueiro	20	2007
Estructuras de Titulización: Modelos de Valoración de CDOs Ramiro Losada López	18	2006
Estructuras de titulización: características e implicaciones para el sistema financiero Ramiro Losada López	14	2006
Las exclusiones de negociación bursátil en el mercado español y el capital riesgo Nuria Baena Tovar	12	2006
Manipulación de beneficios y rendimiento a largo plazo de las salidas a bolsa en el mercado español María J. Pastor Llorca y Francisco Poveda Fuentes	11	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
Transparencia y principio de mejor ejecución Enrique Alonso Alonso y Galo Juan Sastre Corchado	2	2003
La regulación del abuso de mercado en Europa y Estados Unidos Nuria Baena Tovar	1	2002