Testing for contagion from oil and developed markets to emerging markets : an empirical analysis using systemic risk parameter

This paper analyses the volatility transmission from changes in prices in oil and developed stock markets to emerging markets. We test for volatility contagion from these two factors while allowing for interaction between them in order to account for diversification effects using the M-GARCH framework in a traditional two-factor market model. We find evidence that for all the periods under observation the covariance between developed markets and oil prices is negative. This negative covariance leads to a diversification effect, which lowers the impact of developed market prices on the systemic risk of emerging markets and gives support for the decoupling hypothesis concerning emerging market volatility during the beginning of the global financial crisis (GFC).https://orcid.org/0000-0002-4113-5521https://orcid.org/0000-0001-5986-4813https://www.scopus.com/authid/detail.uri?authorId=56395390800https://www.scopus.com/authid/detail.uri?authorId=5719646546

A test of the efficient market hypothesis with regard to the exchange rates and the yield to maturity in Colombia

This article investigates the informational efficiency of the Colombian stock market with regard to the information contained in the exchange rates as well as the yield to maturity. Since the underlying data is non-normal with time-varying volatility we make use of tests that are based on bootstrap simulations with leverage adjustments in order to create reliable critical values. The results show that neither the exchange rates nor the yield to maturity is causing the stock price index. This is interpreted as empirical support for the efficient market hypothesis in that the Colombian stock market is with regard to these two main variables.https://orcid.org/0000-0001-5986-4813https://orcid.org/0000-0002-6212-1292https://orcid.org/0000-0002-4113-5521https://www.scopus.com/authid/detail.uri?authorId=57196465468https://www.scopus.com/authid/detail.uri?authorId=6603559832https://www.scopus.com/authid/detail.uri?authorId=5639539080

Does attending a public or private university make a difference for students in Colombia?

In this paper, we explore the difference in quality between public and private higher education institutions (HEIs) in Colombia. We test whether the differences in the national exam that measures student performance (Saber Pro) between public and private institutions is statistically significant by employing a propensity matching score approach based on common financial characteristics to avoid issues of selection bias. The results indicate that the difference in student performance between public and private institutions is positive and statistically significant. There is evidence that students in private HEIs perform better in most areas of the Saber Pro than their public counterparts. This performance difference can be attributed to the substantial differences in the patterns of teaching expenditures and income per student between public and private HEIs. The results are robust, since we controlled for statistical differences between private and public universities in terms of growth of revenue, number of undergraduates, number of full-time professors, and income per student by using propensity matching estimators for counterfactual samples.https://orcid.org/0000-0002-4113-5521https://orcid.org/0000-0003-3958-3701https://orcid.org/0000-0001-5986-4813https://www.scopus.com/authid/detail.uri?authorId=56395390800https://www.scopus.com/authid/detail.uri?authorId=56424018700https://www.scopus.com/authid/detail.uri?authorId=5719646546

POTENTIAL DIVIDENDS AND ACTUAL CASH FLOW. A REGIONAL LATIN AMERICAN ANALYSIS

We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.Cash flow to equity, potential dividends, equity value.

Potenciais dividendos e fluxo de caixa efetivos: uma análise regional Latino Americana

We examine the value market assigns to components of the cash flow to equity including potential dividends. We study non financial publicly traded firms from five Latin American countries. The model includes four variables: market value of equity, dividends paid, change in equity investment and change in liquid assets (potential dividends) and are regressed with actual equity value as dependent variable. Tests applied give robust results. The main conclusions: Market assigns less than one dollar to a future dollar for any of the variables studied. Potential dividends destroy value. A dollar invested in liquid assets has a negative Net Present Value and it is not zero NPV investments. We confirm the agency costs of keeping undistributed cash flows.Se examina el valor que el mercado asigna a los componentes del flujo de caja del accionista, incluidos los dividendos potenciales. Se estudia empresas transadas de cinco países de América Latina. El modelo incluye cuatro variables: valor de mercado del patrimonio, los dividendos pagados, cambio en la inversión de patrimonio y cambio en activos líquidos (dividendos potenciales) y se regresaron con el valor de mercado del patrimonio como variable dependiente. Las pruebas estadísticas dan resultados sólidos. Conclusiones: El mercado asigna menos de 1 dólar a un dólar futuro para cualquiera de las variables. Los dividendos potenciales destruyen valor. Un dólar invertido en activos líquidos tiene un valor presente neto negativo. Confirmamos los costos de agencia de no distribuir los flujos de cajaAmericana Examinámos o valor que o mercado determina para componentes do fluxo de caixa, e para valoração do património, incluindo potenciais dividendos. Estudámos firmas não financeiras de capital aberto de cinco países Latino Americanos. O modelo inclui as quatro variáveis seguintes: valoração de patrimônio no mercado, dividendos pagos, mudança no investimento de patrimônio, e mudança em ativos disponíveis (potenciais dividendos). Foi realizada uma análise de regressão a essas variáveis usando valor de património real como uma variável dependente. Os testes efetuados produziram resultados fortes. As conclusões principais são as seguintes: o mercado determina menos de um dólar para um futuro dólar por qualquer das variáveis em revista. Potenciais dividendos destruem o valor. Um dólar investido em ativos disponíveis tem um Valor Líquido Presente negativo e não é investimento zero VPL. Nós confirmámos os custos da agência por manter fluxos de caixa retido

Los criterios de decisión financiera, ¿está dicha la última palabra?, Réplica a las críticas presentadas en "La decisión de inversión y sus complejidades

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Metodologías para el cálculo de la tasa interna de retorno ponderada de Alternativas con flujos no convencionales.

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Metodologías para el cálculo de la tasa interna de retorno ponderada de Alternativas con flujos no convencionales.

Resume

Los criterios de decisión financiera, ¿está dicha la última palabra?, Réplica a las críticas presentadas en "La decisión de inversión y sus complejidades

Resume