In the world the use of auctions has shown two important trends: 1. their use has been extended to a greater number of countries and sectors, 2. the set of objects auctioned has increased exponentially. Colombia is not an exception. The number of auctions and items in the country is huge, the...

There has been so much debate on the increasing use of formal methods in Economics. Although there are some studies tackling these issues, those use either a little amount of papers, a small amount of scholars or a short period of time. We try to overcome these challenges constructing a database...

The industrial organization of developing countries is characterized by the pervasive use of subcontracting arrangements among small, financially constrained firms. This paper asks whether vertical integration relaxes those financial constraints. It shows that vertical integration trades off the...

Recent empirical studies have shown that external investors' protection from expropriation is the single most important factor to explain the large cross countries differences in the access of firms to external finance. This paper analyzed the consequences of poor external investors' protection...

What are the links between the organizational and the financial aspects of an economic relationship? To answer this question, we propose a simple model of an economic organization composed of two cash constrained but privately informed agents. The model allows for conflict of interest between...

While political instability is broadly believed to be bad for economic growth, firm performance and foreign direct investment, few studies convincingly identify the causal impact of conflict on firms and export performance.  In this paper, we analyze the impact of the Kenyan post-election...