Abstract
Financial efficiency theory postulates that rational investors act in a stock market using all available information at a time, in particular, asymmetries in information. This research seeks to determine if there is an improvement of Market Efficiency in Colombia's Stock Exchange due to the implementation of resolution 296/12 of the Financial Superintendence of Colombia, which decreased the ExDividend Period, by calculating and analyzing ExDividend Performance.
| Translated title of the contribution | Market efficiency and Exdividend period: Tax and microstructural effects for the colombian case |
|---|---|
| Original language | Spanish |
| Article number | 16 |
| Journal | Espacios |
| Volume | 38 |
| Issue number | 44 |
| State | Published - 2017 |
| Externally published | Yes |
Keywords
- ExDividend return
- Financial markets
- Market efficiency
- Microestructural effects
- Tax effects
- Transaction costs
ASJC Scopus subject areas
- Business and International Management
- Management Science and Operations Research
- Management of Technology and Innovation