We examine performance persistence in the large and growing Brazilian equity fund market from 2000 to 2012. We find a significant risk-adjusted spread between a portfolio of top- and bottom-performing funds, which supports the idea that performance persists. This spread remains after controlling...

In this paper is assessed the importance of the level of financial integration in the costs of capital that the firms in the Latin American markets face. This relation is studied by means of a non balanced panel data model applied to 270 firms trading in six Latin American markets (Argentina,...

El objetivo del presente artículo es identificar los posibles desafíos por ser superados para desarrollar el emprendimiento por oportunidad del Perú. Para ello, se consultan expertos para diseñar escenarios futuros sobre la base de tres fuerzas del entorno que afectan la actividad de...

Traditional project valuation usually overlooks the important risk analysis process because it relies in the complete market assumption. In a complete market it will be possible to either find twin securities or elaborate a dynamic investment portfolio to replicate the project risk and payoff in...

Este documento analiza la dinámica de los Recibos de Deposito Americanos (ADR) de un banco colombiano (Bancolombia) en relación con los factores que inciden en su precio (precio de las acciones (preferenciales) subyacentes, la tasa de cambio y el índice del mercado accionario de Estados...

This paper compares the main proposals that have been made in order to estimate discount rates in emerging markets. Seven methods are used to estimate the cost of equity capital in the case of global well-diversified investors; two methods are used to estimate it in the case of imperfectly...

"En la actualidad nadie niega la importancia de las empresas Clasificadoras de Riesgo debido a que éstas pueden ayudar a que los inversionistas se encuentren mejor informados sobre la calidad crediticia de los títulos sobre los cuales invierten o de los emitidos por empresas de las cuales son...

This paper analyzes the dynamics ofthe American Depositary Receipt (ADR) of a Colombian bank (Bancolombia) in relation to its pricing factors (underlying (preferred) shares price, exchange rate and the US market index). The aim is to test if there is a long-term relation among these variables...

Different studies in developed capitalmarkets have found positive abnormalreturns of at least 15% during theannouncement date of a tender offer.Although there are almost no studiesfor South American stock markets,some studies reported positive abnormalreturns, ranging from 25% to50%, related to...

This paper analyzes the risk reduction effectiveness of currency hedging international portfolios from the perspective of an average Dutch pension fund and insurer during the period 1999-2004. Several portfolios and approaches to hedging are analyzed. Passive hedging seems to be efficient in...