Determinants of Ownership Concentration and Tender Offer Law in the Chilean Stock Market

This paper analyzes econometrically the determinants of ownership concentration in the Chilean stock market, with particular attention to the e¤ects of the Tender Offer Law (OPA law). Even though the central pourpose of OPAs Law is achieved, the tender offer mechanism increases the ownership concentration. The main reason for this effect has to do with the "residual OPA" obligation considered by the law.Ownership Concentration, Payout Policy, Minority Shareholders, Tender Offer

Measuring TFP: A Latent Variable Approach

Despite the important role that total factor productivity (TFP) has played in growth literature, few attempts have been made to change the methodology to estimate it. This paper proposes a methodology based on state–space model to estimate TFP and its determinants. With this methodology it is possible to reduce the measurement of our ignorance. As a by-product, this estimation yields the capital share in output and the long-term growth rate. When applied to Chile, the estimation shows a capital share around 0.5 and long term growth of TFP around 1%. Capital accumulation tends to explain more the growth rate in the fast growth periods under the econometric estimation compared to the traditional growth accounting methodology. l II) could be helpful on this task.

Commitment and Dispatch of Heat and Power Units via Affinely Adjustable Robust Optimization

The joint management of heat and power systems is believed to be key to the integration of renewables into energy systems with a large penetration of district heating. Determining the day-ahead unit commitment and production schedules for these systems is an optimization problem subject to uncertainty stemming from the unpredictability of demand and prices for heat and electricity. Furthermore, owing to the dynamic features of production and heat storage units as well as to the length and granularity of the optimization horizon (e.g., one whole day with hourly resolution), this problem is in essence a multi-stage one. We propose a formulation based on robust optimization where recourse decisions are approximated as linear or piecewise-linear functions of the uncertain parameters. This approach allows for a rigorous modeling of the uncertainty in multi-stage decision-making without compromising computational tractability. We perform an extensive numerical study based on data from the Copenhagen area in Denmark, which highlights important features of the proposed model. Firstly, we illustrate commitment and dispatch choices that increase conservativeness in the robust optimization approach. Secondly, we appraise the gain obtained by switching from linear to piecewise-linear decision rules within robust optimization. Furthermore, we give directions for selecting the parameters defining the uncertainty set (size, budget) and assess the resulting trade-off between average profit and conservativeness of the solution. Finally, we perform a thorough comparison with competing models based on deterministic optimization and stochastic programming.Comment: 31 page

An empirical analysis of the annuity rate in Chile

Empirical analyses of annuities markets have been limited to a few industrial countries and restricted by data limitations. Chile provides excellent conditions for research on annuities because of the depth of its market and the availability of data. The authors use a panel of life insurance company data to examine econometrically the main determinants of the annuity rate, defined as the internal rate ofreturn on annuities. The results indicate that the annuity rate is determined by the risk-free interest rate, the share of privately-issued higher yield securities in the portfolio of providers as a proxy for the spread over the risk-free rate, the leverage of providers, the level of broker's commissions, the market share of individual providers, the level of the premium, and the degree of market competition. The results also show that efforts to improve market transparency produced structural shifts in the parameters of the annuity rate equation. The results are consistent with separate research on money's worth ratios, and indicate the need to develop appropriate financial instruments, allowing providers to hedge their risks while extracting higher returns, and also to ensure competition and transparency in annuities markets, in order to ensure good outcomes for annuitants.Insurance&Risk Mitigation,Pensions&Retirement Systems,Economic Theory&Research,Investment and Investment Climate,Non Bank Financial Institutions

Presentación

Presentacion de la revista La colmen

Réquiem por una artista universitaria

Ensayo memorialístico que narra el momento en que se le presentó la ocasión a Virginia Aguirre de fungir como directora de La Colmena, revista que sería creada durante la gestión del Rector Marco A. Morales

When Two Choices Are not Enough: Balancing at Scale in Distributed Stream Processing

Carefully balancing load in distributed stream processing systems has a fundamental impact on execution latency and throughput. Load balancing is challenging because real-world workloads are skewed: some tuples in the stream are associated to keys which are significantly more frequent than others. Skew is remarkably more problematic in large deployments: more workers implies fewer keys per worker, so it becomes harder to "average out" the cost of hot keys with cold keys. We propose a novel load balancing technique that uses a heaving hitter algorithm to efficiently identify the hottest keys in the stream. These hot keys are assigned to $d \geq 2$ choices to ensure a balanced load, where $d$ is tuned automatically to minimize the memory and computation cost of operator replication. The technique works online and does not require the use of routing tables. Our extensive evaluation shows that our technique can balance real-world workloads on large deployments, and improve throughput and latency by $\mathbf{150\%}$ and $\mathbf{60\%}$ respectively over the previous state-of-the-art when deployed on Apache Storm.Comment: 12 pages, 14 Figures, this paper is accepted and will be published at ICDE 201

Algunas inconsistencias en el sistema axiomático deductivo de los elementos de Euclides y sus implicaciones en el aprendizaje de la geometría

Este trabajo consiste en una investigación en proceso que analiza algunas problemáticas del sistema axiomático de Euclides y su impacto en el aprendizaje de la geometría. Enfocamos la atención en la superposición, la vaguedad de algunas definiciones, las imprecisiones de otras y las suposiciones inconscientes o tácitas que se utilizan en algunas demostraciones, (Kline, 1972; Hernández, 2001). Pretendemos mirar el estudio que al respecto hacen investigadores en este campo y como están presentes estos aspectos en las prácticas de profesores y estudiantes de licenciatura en su afán de aprender geometría