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The Impact of Relevant International Factors on the Returns of IBEX 35 Companies, 2000-2016

M. Caridad Sevillano and Francisco Jareño ()

Applied Econometrics and International Development, 2017, vol. 17, issue 1, 37-56

Abstract: This paper focuses on analyzing the effect of different international variables on the returns of companies in the IBEX 35. Previous research has focused on analyzing the impact of national factors (US stock market, US interest rates, oil price, and two financial stress indices: CFSI and VIX) on the domestic market. This paper adopts a different perspective to study the sensitivity of business returns. It first analyzes the individual level of companies and then analyzes the sector level. It also studies the effect of the economic crisis on the sensitivity of stock returns. To conclude, the impact of international factors on corporate returns differs from the effects of national variables demonstrated in previous research.

Keywords: Stock Market; Business Returns; International Factors (search for similar items in EconPapers)
JEL-codes: G11 G15 O51 (search for similar items in EconPapers)
Date: 2017
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