The absent players
: the impact of firms with no trading activity : estudo exploratório

  • Rafael dos Santos Borges Conceição (Student)

Student thesis: Master's Thesis


Our study aims to analyze the differences between the transactions levels in companies that are listed on the capital market, and realize why they remain listed, using a new measure that analyses the proportion of zero-return days (thereafter referred to as the zero-return metric). Using a Database with 2.502 firms for the period 2004-2014 of the main UK stock market index, a median with 58,7% of days without a return is represented. We assume that the companies want to access this financing structure due to the advantages they offer, however not all companies are able to capture the same way its benefits. On this basis, it is possible to observe significant differences in visibility, capital needs and growth, in the degree of shareholders structure and liquidity, which may explain some differences in transaction level. As a result, the survival rates for those companies is much lower, being an important indicator of their level of performance. Our objective is to present a comprehensive descriptive study of this effect, laying the foundations to a more in depth study.
Date of Award1 Jul 2015
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPaulo Alves (Supervisor)


  • Zero-Return Metric
  • Survival rate


  • Mestrado em Finanças

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