In this paper we ask whether corporate governance practices at the firm level within a single country affect these firms' market valuation. This question is crucial to asses the potential benefits for firms to change their own practices, even though, they cannot affect their country's rules. In...

This paper studies the daily stock price reaction to new information of portfolios grouped by size quintiles. To that end, cross-correlations, autocorrelations and Dimson beta regressions are analyzed. Based on a sample of shares traded in the Santiago de Chile Stock Exchange for the 1991-1998...

The author studies annuity rates in Chile and relates them with industry competition. He finds (1) that annuity insurance companies paying higher broker commissions paid lower annuity rates; and (2) a structural break of the long-run elasticity of annuity rates to the risk-free rate in 2001....

Chilean-style pension reform, leading to the creation of fully-funded privately managed pension systems, may have significant positive direct effects on savings, growth, and welfare. However, the indirect link, via capital market development, may be as important. This hypothesis is verified with...

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level--the first such data in the region--and results from a homogeneous corporate governance questionnaire, the book examines...

The general hypothesis that financial indexation to the CPI has been important for the development of the Chilean capital markets is analyzed from several perspectives. The effective maturity shortening of nominal bonds, the likely dollarization of longer term debt and the reduction of average...

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

El documento contiene el Informe Final sobre 'política de inversión e incentivos para los fondos de cesantía', elaborado por Eduardo Walker a petición de AFC Chile..