Incidencia de la admisión a cotización de las nuevas acciones con diferencias económicas sobre la liquidez y actividad negociadora de las acciones en circulación/Influence of the admission to quotation of new shares with different economic rights on the liquidity and trading activity of stocks outstanding

In this paper we analyse the influence of new shares listing with differing entitlement on the Liquidity and Trading Activity of Stocks Outstanding in the Spanish Stock Exchange. Our empirical evidence suggests that the admission to listing and the existence of a new shares market does not have significant consequences on the liquidity and trading activity of the old shares market in spite of the relationship between the shares of both markets. [PUBLICATION ABSTRACT]