A study of co-movements between USA and Latin American stock markets: a cross-bicorrelations perspective

In this paper we use the Brooks and Hinich cross-bicorrelation test in order to uncover nonlinear dependence periods between USA Standard and Poor 500 (SP500), used as benchmark, and six Latin American stock markets indexes: Mexico (BMV), Brazil (BOVESPA), Chile (IPSA), Colombia (COLCAP), Peru (IGBVL) and Argentina (MERVAL). We have found windows of nonlinear dependence and co-movement between the SP500 and the Latin American stock markets, some of which coincide with periods of crisis, giving way to a possible contagion or interdependence interpretation.Comment: Working paper, 9 page

COVID-19 e causalidade na volatilidade do mercado acionário chileno

In this research, the unidirectional Granger causality is studied from the Infectious Disease Equity Market Volatility Tracker index towards the volatility of the Chilean stock market, which is modeled through a conditional autoregressive procedure. Three causality tests are applied and, in a complementary way, the cross-bicorrelation test. The results indicate that this index causes market volatility with most of the tests applied. This indicates the potential relevance of having this new indicator for agents that participate in financial markets, including regulators, companies, and brokers. Additionally, the results are consistent with the evidence on the predictive capacity of this index on oil price volatility and other indices.En esta investigación se estudió la causalidad en el sentido unidireccional de Granger, desde el índice Infectious Disease Equity Market Volatility Tracker hacia la volatilidad del mercado accionario chileno, la cual se modela por un procedimiento autorregresivo condicional. Se aplican tres pruebas de causalidad y, de manera complementaria, la prueba de bicorrelación cruzada. Los resultados indican que este índice causa la volatilidad del mercado con la mayoría de las pruebas aplicadas. Esto señala la potencial relevancia de contar con este nuevo indicador para los agentes que participan en los mercados financieros, entre ellos reguladores, compañías y corredores. Adicionalmente, los resultados son congruentes con la evidencia sobre la capacidad predictiva del índice sobre la volatilidad del precio del petróleo y otros índices.Nesta pesquisa, a causalidade no sentido de Granger unidirecional foi estudada, desde o Infectious Disease Equity Market Volatility Tracker até a volatilidade do mercado acionário chileno, que é modelado por um procedimento autorregressivo condicional. Aplicam-se três testes de causalidade e, de forma complementar, o teste de bicorrelação cruzada. Os resultados indicam que esse índice causa volatilidade no mercado com a maioria dos testes aplicados. Isso indica a relevância potencial de ter este novo indicador para os agentes que participam dos mercados financeiros, incluindo reguladores, empresas e corretoras de valores. Adicionalmente, os resultados são consistentes com a evidência sobre a capacidade preditiva do índice sobre a volatilidade do preço do petróleo e outros índices

Non-Linear Multivariate Dependence between the Mexican Stock Market Index and the Exchange Rate: Efficiency Hypothesis and Political Cycle in Mexico (1994-2012)

Este trabajo utiliza una extensión multivariante de la prueba no paramétrica de no linealidad de Hinich (1991) con el objetivo de investigar si existe una relación no lineal entre el índice de la Bolsa Mexicana de Valores (IPC) y el tipo de cambio peso/dólar medida a través de la correlación cruzada y la bicorrelación cruzada en el periodo 1994-2012 durante tres subperíodos de administración presidencial. Este método divide la muestra en ventanas y proporciona información sobre la dependencia no lineal. El principal hallazgo es que no se detectan ventanas de correlación cruzada significativas. No obstante se observan ventanas de tiempo con una bicorrelación cruzada significativa, lo que sugiere una relación no lineal y bidireccional entre las series. Este trabajo concluye que para los tres subperíodos de administración presidencial ambas series mantienen la misma relación no lineal y bidireccional para cualquier cambio en el gobierno con ventanas significativas concentradas al principio del período presidencial sin importar el partido gobernante. Por último es importante destacar que los períodos no lineales bidireccionales se concentraron a mediados del último período presidencial mexicano, lo que indica que los factores financieros externos y económicos globales afectaron esta relación.This paper uses a multivariate extension of the non-parametric nonlinearity test from Hinich (1991) with the objective of investigating whether there is a nonlinear relation between the index of The Mexican Stock Exchange (IPC) and the peso/dollar exchange rate measured through the Cross-correlation and cross-correlation in the period 1994-2012 for three sub-periods of presidential administration. This method divides the sample into windows and provides information on nonlinear dependency. The main finding is that no significant cross-correlation windows are detected. However, time windows are observed with a significant cross bicorrelation, which suggests a non-linear and bidirectional relationship between the series. This paper concludes that for the three sub-periods of presidential administration both series maintain the same nonlinear and bidirectional relation for any change in the government with significant windows concentrated at the beginning of the presidential period regardless of the ruling party. Finally, It is important to note that the non-linear bidirectional periods were concentrated in the middle of the last Mexican presidential period, indicating that global external and economic financial factors affected this relationship.

Innovaciones financieras en América Latina: mercados de derivados y determinantes de la administración de riesgo

This paper is aimed at examining the theoretical determinants and empirical evidence on the use of derivatives in Latin America for risk management. The contingent claims, the development of their market, and their use, is undoubtedly one of the most powerful financial innovations available to individuals and businesses. It is shown that though Latin American firms use derivatives, there is a lack of research to understand its determinants. The causes and incentives for the development of the Chilean derivatives market are investigated, concluding that its development could not take off in exchanges; however, the OTC market has shown a healthy development. Finally, goals and challenges for Latin American countries are stated and potential research ideas to fill the gap on empirical aspects of risk management in these economies are proposed

Innovaciones financieras en América Latina: mercados de derivados y determinantes de la administración de riesgo

This paper is aimed at examining the theoretical determinants and empirical evidence on the use of derivatives in Latin America for risk management. The contingent claims, the development of their market, and their use, is undoubtedly one of the most powerful financial innovations available to individuals and businesses. It is shown that though Latin American firms use derivatives, there is a lack of research to understand its determinants. The causes and incentives for the development of the Chilean derivatives market are investigated, concluding that its development could not take off in exchanges; however, the OTC market has shown a healthy development. Finally, goals and challenges for Latin American countries are stated and potential research ideas to fill the gap on empirical aspects of risk management in these economies are proposed

Demands of People with Disabilities and Empowerment of Resilient Strategies

The objective of the research is to identify the resilient strategies in people with disabilities of the Technical University of Manabí. The paper presents a conceptual analysis associated with disability in university students. Some points of view related to the strategies of attention to diversity are exposed. A conceptual analysis related to resilience is provided. The situation of disabled students who are enrolled in the different careers of the Technical University of Manabí is addressed, specifying the type of disability they have. An analysis of the population is made for the study and the selection of the sample. The data related to the measurement of resilience is exposed to disabled students, for which the method developed by (Saavedra & Villalta, 2008) was used, consisting of 60 items, divided into 12 specific factors of resilience. Finally, a vision related to the resilience strategy demanded by disabled students of the Technical University of Manabí is offered

Body weight impact of the sugar- sweetened beverages tax in Mexican children: A modeling study

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/156213/3/ijpo12636_am.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/156213/2/ijpo12636-sup-0001-supinfo.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/156213/1/ijpo12636.pd

Do Tobacco Companies Have an Incentive to Promote “Harm Reduction” Products? The Role of Competition

Background Some cigarette companies have started to talk about replacing cigarettes with less harmful alternatives, which might include nicotine vaping products (NVPs), heated tobacco products (HTPs) and oral nicotine delivery products (ONDPs). We consider market competition as a primary driver of whether cigarette companies follow through on their stated intentions. Methods We focus on the behavior of cigarette companies in the US. We compare competition in the pre- and post-2012 time periods, analyze the impact of the growth in NVPs on smoking prevalence and cigarette company profits, and examine the potential future role of competition. Results Since 2006, consumers have broadened their use of non-combustible nicotine delivery products (NCNDPs) to include, inter alia, NVPs, HTPs and ONDPs. US cigarette companies have acquired major stakes in each of these product categories which corresponds to a period of rapidly declining adult smoking prevalence, especially among younger adults (ages 18-24 years). The shifting dynamics of the nicotine product marketplace are also reflected in cigarette company stock prices. While cigarette companies are likely to promote HTPs and ONDPs over NVPs, their incentives will be directly related to competition from independent firms, which in turn will depend on government regulation. Conclusions While cigarette companies will back alternatives to combusted tobacco when threatened by competition, the prospects for their lasting conversion to NCNDPs will depend on the extent of such competition, which will be influenced by government regulation of tobacco products

Gestión del conocimiento. Perspectiva multidisciplinaria. Volumen 10

El libro “Gestión del Conocimiento. Perspectiva Multidisciplinaria”, Volumen 10, de la Colección Unión Global, es resultado de investigaciones. Los capítulos del libro, son resultados de investigaciones desarrolladas por sus autores. El libro es una publicación internacional, seriada, continua, arbitrada de acceso abierto a todas las áreas del conocimiento, que cuenta con el esfuerzo de investigadores de varios países del mundo, orientada a contribuir con procesos de gestión del conocimiento científico, tecnológico y humanístico que consoliden la transformación del conocimiento en diferentes escenarios, tanto organizacionales como universitarios, para el desarrollo de habilidades cognitivas del quehacer diario. La gestión del conocimiento es un camino para consolidar una plataforma en las empresas públicas o privadas, entidades educativas, organizaciones no gubernamentales, ya sea generando políticas para todas las jerarquías o un modelo de gestión para la administración, donde es fundamental articular el conocimiento, los trabajadores, directivos, el espacio de trabajo, hacia la creación de ambientes propicios para el desarrollo integral de las instituciones