Desarrollo. Premio de la Vega / De la Vega Prize.

José Penso De la Vega (Josseph de la Vega), judeoconverso de origen español fue el primer escritor occidental  que escribió sobre los Mercados de Capital, sobre la llamada Bolsa de Valores, en el s. XVII concretamente.

Digo Occidental porque es posible que en el Extremo Oriente, es decir en China, Japón o Korea se escribiera algo antes sobre este mismo tema:

–sobre China tengo que revisar mi A Concise History of Chinese Economic Thought de Hu Jichuang (gran libro por cierto si se sabe leer “entre (las numerosas) líneas” marxistas).

–sobre Japón se sabe que en el Periodo Edo, concretamente entre 1687 y 1710 emergió un mercado organizado de futuros sobre commodities agrícolas (arroz) pero desconozco sus precedentes y no sé si está basado en una literatura anterior. Y diría que esto no es exactamente un mercado de valores.

–no conozco en detalle la Historia, general y/o económica de Korea.

Realmente no hay consenso sobre cual fue el primer Mercado de Valores ni siquiera en occidente. Si hablamos de mercados de deuda pública / bonos / renta fija, nos podemos remontar más atrás en el tiempo; si hablamos de mercados de deuda empresarial privada / acciones / renta variable, habría que esperar a la aparición de la corporación moderna (sociedad por acciones, sociedad anónima) y aquí se habla de la Dutch East India Company:

In 1602, the Dutch East India Company was formed as a joint-stock company based in six locations with shares that were readily tradable. The stock market had begun, but since stocks were not allowed to be traded with multiple addresses for a company, the stocks were redesignated as coming just fromAmsterdam.

Y volviendo a De la Vega, aunque español de nacimiento (en 1650), este autor precisamente vivió en Amsterdam cuando esta ciudad se convirtió en un importante, si no el principal, centro comercial Occidental (antes lo había sido Sevilla) y escribió un libro sobre las Bolsas de Valores titulado Confusión de Confusiones, por lo visto más descriptivo que explicativo (lo he hojeado en alguna ocasión pero nunca lo he leído).

En su honor la FESE (Federation of European Securities Exchanges / Federación Europea de Mercados de Valores) desde el año 2000 otorga un Premio con su mismo nombre, el Premio Josseph de la Vega. No existe una entrada en Wikipedia sobre este premio. Por ello si te intesa conocer la lista de ganadores desde el año 2000, puedes pulsar en este enlace o ver la  lista siguiente:

2011.

The 2011 Josseph de la Vega Prize was awarded to Peter Hoffmann for his paper «Adverse selection, transaction fees, and multi-market trading».

2009.

The 2009 Josseph de la Vega Prize was awarded to Ryan Riordan and Andreas Storkenmaier for their paper “Latency, Liquidity and Price Discovery”.

2008.

The 2008 Josseph de la Vega Prize was awarded to Alexandra Schaller for her work “Continuous Linked Settlement: An Empirical Approach”.

2007.

The 2007 Josseph de la Vega Prize was awarded to Ulf Nielsson for his paper “Stock Exchange Merger and Liquidity“.

2006.

The seventh Josseph de la Vega Prize was awarded to Arman Khachaturyan for his paper “The one-share-one-vote controversy in the EU”.

A Honourable Mention has been awarded to Benjamin Moldenhauer for his paper “Insider Ownership, Corporate Performance and the German Entrepreneurial Index (GEX) – Practical and Academic Evidence from Germany

2005.

The sixth Josseph de la Vega Prize was awarded in equal parts to Professor Charlotte Christiansenfor her paper “Decomposing European Bond and Equity Volatility” and Helena Beltran, Professor Alain Durré and Professor Pierre Giot for their paper “Volatility Regimes and the Provision of Liquidity in Order Book Markets”.

2004.

The fifth Josseph de la Vega Prize was to Angel Pardo and Roberto Pascual for their research paper “On the Hidden Side of Liquidity

An Honourable Mention was given to Björn Bartling and Andreas Park for their paper “IPO Pricing and Informational Efficiency: The Role of Aftermarket Short Covering

2003.

The fourth Josseph de la Vega Prize was awarded to Söhnke Bartram and Frank Fehle for their research paper “Competition among Alternative Option Market Structures: Evidence from Eurex vs. Euwax

An Honourable mention was given to Carole Gresse for her paper “Crossing Network Trading and the Liquidity of a Dealer Market: Cream-Skimming or Risk Sharing?

2002.

The third Josseph de la Vega Prize was awarded to Peter-Jan Engelen for his research paper “An Empirical Assessment of the Efficiency of Trading Halts to Disseminate Price-Sensitive Information during the Opening Hours of a Stock Exchange – the Case of Brussels

The Josseph de la Vega Special Prize for a paper on Emerging Markets issues went to Ibolya Schindele and Enrico Perotti, for their paper “Pricing Initial Public Offerings in Premature Capital Markets: the Case of Hungary

The Josseph de la Vega Special Prize for a paper on Emerging Markets issues went to Aleksandra Gregoric and Cristina Vespro for their paper “Block Trades and The Benefits from Control in Slovenia
2001.
The Federation of European Securities Exchanges has awarded the Josseph de la Vega Prize 2001 toAlbert J. Menkveld for his research paper “Splitting Orders in Fragmented Markets – Evidence from Cross-Listed Stocks“.
The Josseph de la Vega Special Prize for a paper on Emerging Markets issues went to Nóra Szeles and Gábor Marosi, Budapest, for their paper “Isolation or Association: A Difficult Choice for a Regional Exchange – the Example of the Budapest Stock Exchange
2000.
to Professor Harald Hau for his research paper “Information and Geography: Evidence from the German Stock Market

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