Ibex 35: Stock market index tracking the performance of Spain’s main stock market. It measures the 35 highest-traded stocks as a proxy.

The amount of treasury shares as at 31 December 2021 and 2020 amounts to 1 1,202,351 and 200,320 shares, respectively and represents 0.177% of the share capital of Cellnex Telecom, S.A.
On 21 November 2021, Cellnex notified the termination of the purchase programme, having reached the utmost amount of shares to be acquired.
In execution of the treasury shares purchase programme, 820,000 shares were acquired equivalent to 0.12% of the Company’s share capital, for an effective amount of €42.9 million.
On 19 May 2021, Cellnex announced a treasury shares purchase programme with a limit of €24.7 million and for a maximum of 520,000 shares representing 0.076% of the share capital of the Group.
This purchase programme will be used for issuing shares to employeesinemployees relative to employee remuneration payable in shares.

• Then in March 2020, with markets in crisis, the Fed unleashed historic liquidity injections that would see the Fed’s balance sheet a lot more than double to almost
• The STOXX World AC All Cap Index is a broad, market cap weighted index made to represent the performance of the large, mid and small companies from developed and emerging markets.
• The CDP is a global gold standard for measuring and rating corporate transparency in environmental and sustainability matters.
• Alternatively, companies with good social performances might be better run, have significantly more committed workers and customers, and become less inclined to suffer reputation damage from incidents (oil spillages, industrial tribunals, etc.) and this might result in lower share price volatility.
• Euro Stoxx 50 Index– This index of 50 eurozone stocks provides a blue-chip representation of supersector leaders in the eurozone.

Use of alternative measures of uncertainty avoidance from two frameworks would reduce measurement error and help to check the robustness of our results.
Last two columns in Table 1 report the country-level values of uncertainty avoidance indexes from both frameworks.
Culture, in general, means a couple of shared values, beliefs and norms which distinguish the members of 1 society/group from others (Hofstede 1980; House et al. 2004).
Culture guides human behaviour and determines what is acceptable or unacceptable in a society .
National culture means “the collective programming of your brain distinguishing the members of one nation from others” (Hofstede 1980, 2001; Hofstede et al. 2010).
Though culture is really a ubiquitous concept which is difficult to quantify, however for this study we consider the uncertainty avoidance dimension of national culture.
Cultural psychologist (Hofstede 1980; House et al. 2004) found that uncertainty avoidance varies across countries.

Associated Data

However, this behavior does not constitute market manipulation given that the info is accurate and verifiable.
For the 800 largest stocks, we also document that the short-selling ban negatively affected stock prices, leading to BHARs of −7.79 % and −10.38 % over the 41-days and 81-days intervals, respectively .
Interestingly, stocks in ban countries achieved abnormal returns which are 2.03 % higher through the 40-days pre-ban period, while they remained lower (-5.31 %) over the

• In probably the most complete specification, model , category and position on the board determine both expected value of the remuneration and its own variance.
• BNP Paribas USD 10Y Futures Index – This index aims to provide continuous exposure to the 10-Year T-Note Futures Contract.
• Dow Jones Transportation Average – This index, sometimes called “Dow Transports,” is a price-weighted average of 20 transportation stocks traded in the United States.
• Despite growing body of literature on COVID-19 and currency markets performance, there’s limited evidence on the role of financial sector interventions to cushion stock markets during tumultuous conditions due to the pandemic.

At this stage, the Fed would have to dramatically tighten financial conditions to reset inflation expectations.
Having so incredibly mismanaged the monetary backdrop, the Fed was compelled to craft a plan for meaningful monetary tightening.
Basically, it is a rate increase for every remaining meeting this year and some more next year, while commencing measured balance sheet reduction as early as the May meeting.
The committee’s median “dot plot” projections have rates at 1.9% by the end of the year and 2.8% to summarize 2023.
It’s a rational and reasonable strategy, commencing what would be the most aggressive tightening cycle since 2005.

1 Stock Returns

during 2021, Cellnex carried out discretionary purchases of treasury shares for some €57,755 thousand (€6,509 thousand during 2020).
The STOXX® Global 1800 Index provides a broad yet liquid representation of the world’s most developed markets with a fixed amount of 1,800 components.
Its comprehensive coverage offers diversified country and industry allocation to Europe’s developed economies, replicating almost 90% of the underlying investable market.

Federal Housing Finance Agency House Price Index – Broad measure of the movement of single-family house prices.
The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values predicated on data from all 50 states and over 400 American cities that extend back to the mid-1970s.
The FHFA HPI incorporates tens of millions of home sales and offers insights about house price fluctuations at the national, census division, state, metro area, county, ZIP code and census tract levels.

The only situation where short-selling restrictions seem justified is when market manipulation and illegal insider trading may pose a significant problem for investors during crises.
However, high investor protection standards should be guaranteed in crisis as well as no-crisis periods.

of speculators and hedgers, we discover that speculators benefit from time series momentum at the trouble of hedgers.
Some examples include the Wilshire US REIT Index which tracks a lot more than 80 real estate investment trusts and the NASDAQ Biotechnology Index which includes approximately 200 firms in the biotechnology industry.
We next analyze the largest 800 stocks in Europe and the outcomes in Panel B ofTable 7 reveal a confident coefficient for the BAN×SMALL interacting term with respect to Spreads .
These results suggest that the ban more negatively affected the liquidity of stocks in smaller markets.
We observe that the coefficient of BAN×SMALL is uninformative for Price Range and Volatility .