Este artículo analiza cualitativa y cuantitativamente el desarrollo de las tomas de control corporativo con posterioridad a la promulgación de la Ley de OPAS y Gobiernos Corporativos, promulgada en el año 2000, siendo uno de sus objetivos el establecer los efectos que dicha ley tuvo sobre el...

Esta Nota Técnica sintetiza los elementos esenciales de la práctica de la supervisión basada en riesgos aplicada por los reguladores financieros. El enfoque busca reconocer los riesgos que inciden sobre un potencial incumplimiento de la regulación financiera. De acuerdo a la capacidad de las...

This paper characterizes the secondary debt market in Chile. It asses the efficiency of the Chilean debt market in terms of transparency, liquidity, safety, cost efficiency and integrity. A special emphasis is made on the Chilean government debt market in Chile, which is dominated by banks and...

In the context of interdependence of the financial markets, it becomes interesting to analyze the implications associated with the Terrorist Attacks of the 11th of September of 2001, in the USA, in terms of the development of contagion mechanisms between the main international stock exchanges....

The primary purpose of this article is to investigate the relationship between bank capital and credit risk taking in emerging market economies. We also investigate the influence of several regulatory, institutional and legal features on the relationship between risk and capital. We apply a...

Comment offrir à aux entreprises, en particulier les petites, une évaluation individualisée de leur qualité, leur permettant, d’une part, de mieux gérer leurs projets et leur développement et, d’autre part, de signaler leur qualité aux tiers, dont les banques. Le problème...

Technology transfer agreements between universities and industrial companies usually involve royalties, sublicensing considerations and allocation of equity. This article extends the analysis of my previous one ("The Economic Sense of Royalty Rates", ewp-fin/970903)to deal with sublicensing...

The UK experienced a major residential real estate boom-bust cycle from the mid-Eighties to the mid-Nineties, accompanied by unprecedented shifts in the owner occupancy rate of young households. Previous empirical analyses have pointed toward income changes and financial deregulation as the...

The theory of asset pricing, which takes its roots in the Arrow-Debreu model (Theory of value [1959, chap. 7]), the Black and Sholes formula (1973) and Cox and Ross (1976 a and b), has been formalized in a general framework by Harrison and Kreps (1979), Harrison and Pliska (1979) and Kreps...

Risk-neutral valuation is used widely in derivatives pricing. It is shown in this paper, however, that the naïve approach of simply setting the growth rate of the underlying security to risk-free interest rate, which happens to work for a geometric Brownian motion (GBM) process, fails to work...