We use a unique data set at the individual level to estimate an empirical model explaining the probability of young individuals to become criminals as a function of the presence of adult criminals in their neighborhoods, an a complete set of control variables, including census sector fixed...

We use data of neighborhoods of Bogotá to assess the causal relation between their adolescent fertility and their homicide rates. We find that neighborhoods with high adolescent fertility rates, and that have low secondary enrollment and high crime rates at the moment the children of their teen...

We use hedonic price models to estimate the value households are willing to pay to avoid violent crime in the city of Bogotá. We find that households living in the highest socioeconomic level (stratum 6) pay up to 7.2% of their house values in order to prevent average homicide rates from...

We assess the effect of the homicide rate, individual´s perception of security in their neighborhood of residence, and of the effect of their having been victimized, on life satisfaction. We find a negative effect of the homicide rate on life satisfaction for the subsample of individuals living...

The paper examines the bidders behaviour in the Colombian government bond auctions during 2007 for the period in which there is no uncertainty in the supply. Three main findings are presented. First, in contrast with other treasury auctions (Castellanos [2]), the market clearing price in the...

El desarrollo económico y social en Colombia está amenazado, entre otros factores, por la "inestabilidad jurídica", agravada ahora por el activismo de la Corte Constitucional durante los años 1994-2000. En este documento se ilustran los efectos económicos mas profundos que habrán de tener...

This study presents an alternative way of estimating credit transition matrices using a hazard function model. The model is useful both for testing the validity of the Markovian assumption, frequently made in credit rating applications, and also for estimating transition matrices conditioning on...

El trabajo evalúa el estado de las prácticas de gobierno corporativo en las empresas que negocian acciones ordinarias en la Bolsa de Colombia. Esta tarea se lleva a cabo mediante la construcción de un Índice de Gobierno Corporativo construido con información pública. Por otra parte se mide...

This paper estimates transition matrices for the ratings on financial insti-tutions, using an unusually informative data set. We show that the process of rating migration exhibits significant non-Markovian behavior, in the sense that the transition intensities are affected by macroeconomic and...

En este documento se caracteriza el endeudamiento del sector corporativo privado con el sistema financiero durante el período 1998-2005, y se hallan los determinantes de la probabilidad de que una empresa colombiana incumpla con el pago las obligaciones que ha contraído con este. A través de...