Based on Chilean evidence, the paper concludes that historical stock returns are useful for explaining future production growth rates, up to two years in advance. Growth rates up to two years in the future significantly explain past returns. When variable

In this paper we look for evidence of structural changes in the Chilean stock market between the mid eighties and the nineties. We find two important structural changes in the Chilean stock market. The first, at the end of 1990, indicates a significant re

This article studies the stock portfolios held by the AFPs (Chilean pension fund managers) in the context of explaining the overall observed portfolio return differences. Descriptive statistics are presented. Several hypotheses are studied and we search f

Se estudia aquí la dependencia serial y la velocidad de ajuste a nueva información en base a retornos semanales de portafolios de acciones transadas en la Bolsa de Valores de Santiago de Chile agrupados por tamaño y volumen transado durante el período 1991-2000. Se estudian...

The exchange rate can be seen as the price that equalizes the present value of expected future exports to the present value of expected future imports and debt payments. In that context, foreign exchange must behave as an asset price. In this paper we dev

This article looks into the fixed income part of the overall portfolios of the AFPs (Chilean pension fund managers) searching for explanations to the observed return differences. Descriptive statistics are presented for these portfolios and several hypoth