Gobierno Corporativo en Costa Rica

(Disponible en idioma inglés únicamente) En este trabajo se analizan las prácticas de conducción empresarial en Costa Rica. En primer lugar, se calculan las medidas de conducción empresarial constitutivas empleando datos específicos de 87 compañías costarricenses, y se analizan sus efectos en su desempeño; aquí, la media de la conducción empresarial constitutiva de compañías cotizadas en bolsa es igual a 56. 14. En segundo lugar, se presentan nuevos elementos de juicio sobre las medidas constitutivas de la conducción empresarial de jure y de facto al nivel de compañía y sobre sus repercusiones en el desempeño de las mismas. Los resultados indican que la conducción empresarial de facto es mejor que la conducción empresarial de jure. Estos resultados sugieren que las compañías deben aplicar un conjunto de medidas adicionales para compensar la debilidad del entorno jurídico. Además, se presentan indicios de que una mejor gestión de conducción empresarial y medidas constitutivas se vinculan con un desempeño superior de la empresa. En tercer lugar, en este trabajo se analizan los factores que controlan en última instancia a las empresas cotizadas y no cotizadas en bolsa, y se establecen vínculos entre ellas y sus políticas de dividendos. Las empresas familiares son corrientes en Costa Rica y no necesariamente se vinculan con un mejor desempeño empresarial. En cuarto lugar, se estudia la evolución de la propiedad de compañías en Costa Rica. Por último se analizan cambios del Código de Comercio desde el punto de vista de la buena conducción empresarial.

The Elasticity of Substitution in Demand for Non-Tradable Goods in Costa Rica

Using quarterly (annual) information on consumption and prices of non-tradable goods for the period 1980-2002 (1981-2001), this paper estimates the elasticity of substitution in demand for non-tradable goods in Costa Rica. The unit root and cointegration properties of the time series are tested, and then controlling for exogenous variables, the elasticity of substitution belonging to the interval [1. 46, 2. 14] ([ 0. 22, 0. 28]) is estimated. These results are statistically robust.

Bailouts in Costa Rica as a Result of Government Centralization and Discretionary Transfers

This paper investigates the inter-relation between the central government and the municipalities in Costa Rica. It examines episodes in which the central government has bailed out the local governments from their obligations. We employ empirical and descriptive methods to show how discretionary grants relate to the degree of fiscal discipline of the municipality to produce hidden bailouts. Political, demographic, and economic variables explain the allocation of these discretionary transfers. We illustrate the effects of the high concentration of decision-making of the central government on the fiscal performance of the municipalities. The municipalities play a limited role and its functioning largely depends upon the central government. We argue that the national administration would face a high political cost if it did not bail out the local government in several of the episodes studied. Using panel data from 1982-1997 on 81 cantones, we find that the fiscal effort of the local government is reduced by the presence of discretionary grants. The local governments finance local expenses with these discretionary transfers according to our empirical results. As expected from the centralization issue, political variables such as the affiliation of the local administration have significant effects on the resources received by the municipalities.

Measurements of the Total and Differential Higgs Boson Production Cross Sections Combining the H??????? and H???ZZ*???4??? Decay Channels at s\sqrt{s}=8??????TeV with the ATLAS Detector

Measurements of the total and differential cross sections of Higgs boson production are performed using 20.3~fb$^{-1}$ of $pp$ collisions produced by the Large Hadron Collider at a center-of-mass energy of $\sqrt{s} = 8$ TeV and recorded by the ATLAS detector. Cross sections are obtained from measured $H \rightarrow \gamma \gamma$ and $H \rightarrow ZZ ^{*}\rightarrow 4\ell$ event yields, which are combined accounting for detector efficiencies, fiducial acceptances and branching fractions. Differential cross sections are reported as a function of Higgs boson transverse momentum, Higgs boson rapidity, number of jets in the event, and transverse momentum of the leading jet. The total production cross section is determined to be $\sigma_{pp \to H} = 33.0 \pm 5.3 \, ({\rm stat}) \pm 1.6 \, ({\rm sys}) \mathrm{pb}$. The measurements are compared to state-of-the-art predictions.Measurements of the total and differential cross sections of Higgs boson production are performed using 20.3  fb-1 of pp collisions produced by the Large Hadron Collider at a center-of-mass energy of s=8  TeV and recorded by the ATLAS detector. Cross sections are obtained from measured H→γγ and H→ZZ*→4ℓ event yields, which are combined accounting for detector efficiencies, fiducial acceptances, and branching fractions. Differential cross sections are reported as a function of Higgs boson transverse momentum, Higgs boson rapidity, number of jets in the event, and transverse momentum of the leading jet. The total production cross section is determined to be σpp→H=33.0±5.3 (stat)±1.6 (syst)  pb. The measurements are compared to state-of-the-art predictions.Measurements of the total and differential cross sections of Higgs boson production are performed using 20.3 fb$^{-1}$ of $pp$ collisions produced by the Large Hadron Collider at a center-of-mass energy of $\sqrt{s} = 8$ TeV and recorded by the ATLAS detector. Cross sections are obtained from measured $H \rightarrow \gamma \gamma$ and $H \rightarrow ZZ ^{*}\rightarrow 4\ell$ event yields, which are combined accounting for detector efficiencies, fiducial acceptances and branching fractions. Differential cross sections are reported as a function of Higgs boson transverse momentum, Higgs boson rapidity, number of jets in the event, and transverse momentum of the leading jet. The total production cross section is determined to be $\sigma_{pp \to H} = 33.0 \pm 5.3 \, ({\rm stat}) \pm 1.6 \, ({\rm sys}) \mathrm{pb}$. The measurements are compared to state-of-the-art predictions

Search for Scalar Diphoton Resonances in the Mass Range 65−60065-600 GeV with the ATLAS Detector in pppp Collision Data at s\sqrt{s} = 8 TeVTeV

A search for scalar particles decaying via narrow resonances into two photons in the mass range 65–600 GeV is performed using $20.3\text{}\text{}{\mathrm{fb}}^{-1}$ of $\sqrt{s}=8\text{}\text{}\mathrm{TeV}$ $pp$ collision data collected with the ATLAS detector at the Large Hadron Collider. The recently discovered Higgs boson is treated as a background. No significant evidence for an additional signal is observed. The results are presented as limits at the 95% confidence level on the production cross section of a scalar boson times branching ratio into two photons, in a fiducial volume where the reconstruction efficiency is approximately independent of the event topology. The upper limits set extend over a considerably wider mass range than previous searches

Search for Higgs and ZZ Boson Decays to J/ψγJ/\psi\gamma and Υ(nS)γ\Upsilon(nS)\gamma with the ATLAS Detector

A search for the decays of the Higgs and $Z$ bosons to $J/\psi\gamma$ and $\Upsilon(nS)\gamma$ ($n=1,2,3$) is performed with $pp$ collision data samples corresponding to integrated luminosities of up to $20.3\mathrm{fb}^{-1}$ collected at $\sqrt{s}=8\mathrm{TeV}$ with the ATLAS detector at the CERN Large Hadron Collider. No significant excess of events is observed above expected backgrounds and 95% CL upper limits are placed on the branching fractions. In the $J/\psi\gamma$ final state the limits are $1.5\times10^{-3}$ and $2.6\times10^{-6}$ for the Higgs and $Z$ bosons, respectively, while in the $\Upsilon(1S,2S,3S)\,\gamma$ final states the limits are $(1.3,1.9,1.3)\times10^{-3}$ and $(3.4,6.5,5.4)\times10^{-6}$, respectively