Stock exchange mergers : a dynamic correlation analysis on Euronext

This article investigates the role of Stock Exchange Mergers on stock market return co- movements. Using a dynamic conditional correlation model proposed by Engle (J Bus Econ Stat 20:339–350, 2002), the Euronext Stock Exchange was analyzed, and findings point to an increase in correlation levels of stock return among Euronext unitholders. In short, Euronext stock exchange mergers increased interdependency among these markets, which means that the possibility of diversifying investment risk in these markets is reduced.info:eu-repo/semantics/publishedVersio

Civil unrest and herding behavior: evidence in an emerging market

This investigation is the first to analyze how civil unrest impacts herding behavior in an emerging economy. Using series of prices and daily traded volumes of the companies that make up the IGPA of the Santiago Stock Exchange between 2010 and 2020, it was found that civil unrest causes reverse herding behavior in the Chilean stock market. Thus, herding behavior and inverse herding behavior are more complex behaviors than the financial literature has reported to date, especially in a period of civil unrest. Different robustness tests support the findings

Evidence Of Chaotic Behavior In American Stock Markets

This article validates the chaotic behavior in the Argentinean, Brazilian, Canadian, Chilean, American, Peruvian and Mexican Stock Markets using the MERVAL, BOVESPA, S&P TSX COMPOSITE, IPSA, IGPA, S&P 500, DOW JONES INDUSTRIALS, NASDAQ, IGBVL and IPC Stock Indexes respectively. The results of different techniques and methods like: Graphic Analysis, Recurrence Analysis, Temporal Space Entropy, Hurst Coefficient, Lyapunov Exponential and Correlation Dimension support the hypothesis that the stock markets behave in a chaotic way and rejected the hypothesis of randomness. Our conclusion validates the use of prediction techniques in those stock markets. It’s remarkable the result of the Hurst Coefficient Technique, that in average was of 0,75 for the indexes of this study which would justify the use of ARFIMA models among others for the prediction of such series.Chaos Theory; Recurrence Analysis; Temporal Space Entropy; Hurst Coefficient; Lyapunov Exponential; Correlation Dimension; BDS Test

The relationship between dividend payout and economic policy uncertainty (EPU), ownership concentration and free cash flow in Chile

This study examines how the dividend payout of Chilean firms is associated with economic policy uncertainty (EPU), while controlling for ownership concentration and free cash flow, to consider agency problems. Its contribution is twofold. First, it detects a non-linear, U-shaped relation between EPU and dividend payout, which is a novel finding. Second, this result holds only in cases of high EPU. No significant relationship in cases of low EPU was detected. The sample comprises an unbalanced panel data of 1034 observations from 2005 to 2016. Including ownership concentration as an independent variable leads to a negative association between it and dividend payout, showing a potential agency problem between the main shareholder and the minorities. If free cash flow is considered in the model, then the results show a positive relation between free cash flow and dividend payout, which implies the mitigation of the agency problem. Finally, once both variables (ownership concentration and free cash flow) are considered together as explanatory variables, only free cash flow turns out to be statistically significant and positively associated with dividend payout

EFECTO FIN DE SEMANA Y FIN DE MES EN EL MERCADO BURSATIL CHILENO

The present work corroborates the existence of two anomalies that question the hypothesis of efficient markets in the Chilean stock market, these are the “effect weekend” or “effect monday” and the “effect month end”. Using the daily values of closing of stock-exchange index IPSA, and following the methodology used by Kenneth R. French, the hypotheses “Trading Time” and “Calendar Time” were checked to contrast the “effect weekend”. In order to contrast the “effect month end” it was made an analysis of averages and variances and, later, a study of temporary windows

Evidencia De Comportamiento Caótico En Indices Bursátiles Americanos

This article validates the chaotic behavior in the Argentinean, Brazilian, Canadian, Chilean, American, Peruvian and Mexican Stock Markets using the MERVAL, BOVESPA, S&P TSX COMPOSITE, IPSA, IGPA, S&P 500, DOW JONES INDUSTRIALS, NASDAQ, IGBVL and IPC Stock Indexes respectively. The results of different techniques and methods like: Graphic Analysis, Recurrence Analysis, Temporal Space Entropy, Hurst Coefficient, Lyapunov Exponential and Correlation Dimension support the hypothesis that the stock markets behave in a chaotic way and rejected the hypothesis of randomness. Our conclusion validates the use of prediction techniques in those stock markets. It’s remarkable the result of the Hurst Coefficient Technique, that in average was of 0,75 for the indexes of this study which would justify the use of ARFIMA models among others for the prediction of such series

EFECTO FIN DE SEMANA Y FIN DE MES EN EL MERCADO BURSATIL CHILENO

The present work corroborates the existence of two anomalies that question the hypothesis of efficient markets in the Chilean stock market, these are the “effect weekend” or “effect monday” and the “effect month end”. Using the daily values of closing of stock-exchange index IPSA, and following the methodology used by Kenneth R. French, the hypotheses “Trading Time” and “Calendar Time” were checked to contrast the “effect weekend”. In order to contrast the “effect month end” it was made an analysis of averages and variances and, later, a study of temporary windows

EFECTO FIN DE SEMANA Y FIN DE MES EN EL MERCADO BURSATIL CHILENO

The present work corroborates the existence of two anomalies that question the hypothesis of efficient markets in the Chilean stock market, these are the “effect weekend” or “effect monday” and the “effect month end”. Using the daily values of closing of stock-exchange index IPSA, and following the methodology used by Kenneth R. French, the hypotheses “Trading Time” and “Calendar Time” were checked to contrast the “effect weekend”. In order to contrast the “effect month end” it was made an analysis of averages and variances and, later, a study of temporary windows

Sistema Activador del Plasminógeno en la Enfermedad Periodontal

The plasminogen activator system is actively involved in periodontal disease dynamics and is finely balanced in terms of their activators and inhibitors, although there are periods where exacerbation of periodontal pockets can break the delicate balance between activators (t-PA) and inhibitors of plasminogen (PAI-2) triggering the progression of periodontal disease include the participation of bacterial pathogens Porphyromonas gingivalis as characterized by generating the major imbalance between activators and inhibitors with a consequent increase in fibrinolytic activity. The effects of the imbalance of the constituents of plasminogen activator system in particular t-PA takes on more importance in the gingival level bleeding events in patients with deficiencies of coagulation factors such as warfarin anticoagulation or severe liver disease such as cirrhosis.The plasminogen activator system as part of the fibrinolytic system is described by the relevant literature regarding their involvement in the pathogenesis of periodontal disease and its components are described comparatively local or periodontal level with systemic level.El sistema activador del plasminógeno participa activamente en la dinámica de la enfermedad periodontal y se encuentra finamente compensado en cuanto a sus activadores e inhibidores, aunque existen periodos donde las bolsas periodontales reagudizadas pueden romper el fino equilibrio entre activadores (t-PA) e inhibidores del plasminógeno (PAI-2) desencadenando el progreso de la enfermedad periodontal; cabe destacar la participación de patógenos bacterianos como la Porphyromona gingivalis, que se caracteriza por generar el desbalance entre los principales activadores e inhibidores con el consecuente incremento de la actividad fibrinolítica. Los efectos del desbalance de los constituyentes del sistema activador del plasminógeno, en particular t-PA, toma mayor relevancia en los eventos hemorrágicos a nivel gingival de pacientes con deficiencias de los factores de la coagulación como los anticoagulados por warfarina y enfermedad hepática severa como la cirrosis. El sistema activador del plasminógeno como parte del sistema fibrinolítico es descrito según la literatura más relevante en cuanto a su participación en la patogénesis de la enfermedad periodontal y sus componentes son descritos comparativamente a nivel local o periodontal con el nivel sistémico