In this paper we analyze the relationship between the investment of Pension Funds Managers (AFPs) and the cost of corporate debt (public and private). Using a sample of 93 non-financial Chilean listed firms between 2009 and 2014, we find that AFP's increases the probability to issue bonds....

This study is the first to analyze the effect on firm value of companies when they participate in the ownership of others companies in an emerging South American economy. For a sample of 83 non-financial Chilean companies traded in the 2005-2009 period, we find evidence of a discount for...