Spanish Abstract:</B> Aunque no se puede desconocer la transformación que ha atravesado el mercado de capitales colombiano en las últimas dos décadas, su desarrollo futuro requiere superar una serie de retos estructurales. De lo contrario, existe el riesgo de que éste se estanque (como ha...

This paper analyzes the effects of diversity of boards of directors' human and relational capital on the performance of firms in Latin America. Using a large database of 442 firms in 6 countries (Argentina, Brazil, Chile, Colombia, Mexico, and Peru) from 2001 to 2012, we construct a Board...

Spanish Abstract: Este documento examina la relación entre coaliciones de grandes accionistas y la probabilidad de completar una fusión y adquisición transfronteriza. Usando diferentes índices de distribución, basados en los valores de Shapley-Shubik de juegos cooperativos, para una muestra...

This paper examines the relationship between firm value and blockholders in Latin America. Econometric results for a comprehensive data set of more than 550 firms listed in the six largest stock markets of the region support a positive effect of variables measuring the existence, contestability,...

English Abstract: Varias reformas se han hecho en Colombia para intentar aumentar la cobertura, mejorar la focalización y hacer económicamente sostenible el sistema pensional. Sin embargo, diferentes componentes como la indexación al salario mínimo (dada su cercanía al salario medio), las...

The economic crisis from the Covid-19 pandemic has generated a fall in tax revenues and an increase in the need for public spending in most economies throughout the world. This situation has led to a substantial increase in the sovereign debt levels and has dramatically reduced the fiscal space...

Which projects/firms should be the target of lending by a Public Development Bank (PDB)? What is the optimal design for the PDB's loans, and the optimal structure for delivering them? We analyze these questions in the context of a model where screening is costly to banks and underprovision of...

This paper enquires whether institutional investors have specific preferences on the composition of the board of directors in Latin American firms they hold shares in. The result show that preferences vary significantly in terms of the type of institutional investor. The econometric results...

We examine the effects of internal capital markets on the propensity of firms to save cash from cash flows (i.e., the cash flow sensitivity of cash). We argue that firms that are net providers of funds to related parties must maintain a higher cash flow sensitivity of cash to prevent high levels...

In this paper we explore the determinants of mortgage loans interest rates in Colombia during the period January 2002-June 2006. We find that the main macroeconomic determinant is public debt interest rates. At a micro level we find that credit risk is the main determinant. We show and analyze...