Empirical results
The share futures onset procedure in the ADEX took place in seven phases, as
illustrated in Table AI, of the Appendix. In Table AII we present descriptive statistics
for the seven onset phases for both the derivative and the control group. Table AII as
well as the corresponding Figure 1, of the Appendix, are useful in order to derive some
ad hoc insights about the first and second moments of the returns of the shares as well
as for the capitalization and trading volume of the corresponding firms. So, the control
sample consists of firms the returns of which have higher standard deviations than
those of the derivative group, while their capitalization and trading volume are lower,
in all derivative onset phases.