(Disponible en idioma inglés únicamente) A diferencia de los inversionistas externos, los grupos de control tienen la opción de realizar transacciones basadas en información privilegiada y pueden ejercerla a costa de los inversionistas externos. En este trabajo se calculan las probabilidades...

Unlike outside investors, controlling groups have the option to trade on inside information and can exercise it at the expense of outside investors. This paper computes informed trading probabilities (ITPs) for the universe of liquid stocks from seven Latin American countries, trading both at...

This paper presents a small open economy model to analyze the role of central bank liquidity management in implementing “unconventional” monetary policies within an inflation targeting framework. In particular, the paper explicitly models the facilities that the central bank uses to manage...

'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...

I present an attempt to construct multi-period, finite horizon extensions to the well -known two- period financial innovations literature. I first extend the definition of competitive equilibrium with innovations. It is shown that, with a dominating house

Popular press and some practitioners have warned against threats that buying risky assets pose on agents saving for retirement, children education and other uses. This paper shows that in a standard two-period general equilibrium model where some saver shave no risk-sharing motives, there exists...

The events from the 2007-2009 financial crisis have raised concerns that the failure of large financial institutions can lead to destabilizing fire sales of assets. The risk of fire sales is related to exemptions from bankruptcy's automatic stay provision enjoyed by a number of financial...

This paper studies the optimal clearing arrangement for bilateral financial contracts in which an assessment of counterparty credit risk is crucial for efficiency. The economy is populated by borrowers and lenders. Borrowers are subject to limited commitment and hold private information about...