File-URL: http://www.udp.cl/descargas/facultades_carreras/economia/pdf/documentos_investigacion/wp15_espinosa_maquieira.pdf

The main findings of this paper are that firm improvements will involve enhancing management practices, incorporating new technologies to production processes and increasing labor competencies of floor workers and managers. Policies that promote entrepreneurial innovation and a culture that...

Considering the time period from September 2000 to September 2010, we study the nonlinear behaviour of the EMBI index for six emerging Eastern European countries,. Applying the Hinich portmanteau bicorrelation test, the BDS test, the Engle test and Wavelet theory, we observe systematic nonlinear...

We analyze whether changes in external macroeconomic conditions are associated with changes in the dynamics of risk and changes in the degree of informativeness of the price system for the Chilean economy. By focusing our analysis in Chile, we hope to isolate the effect of external macroeconomic...

El propósito de este estudio es aportar información para políticas públicas tendientes a fortalecer el proceso de elección de establecimientos educativos, por parte de los padres. Para ello, se determina la utilidad que aportan los distintos atributos de la escuela en dicha elección y se...

In vertical relationships in which manufacturers and retailers bargain over a volatile surplus, negotiated wholesale prices determine both payoffs and risk-exposure. We use actual wholesale prices to study the profit-sharing and risk-sharing behavior of manufacturers and retailers in the coffee...

During the last two decades, the Chilean banking industry has experienced a high concentration due to several mergers between its institutions. Among the reasons ar- gued for these consolidations, a potential for substantial gains in e¢ ciency is claimed. Recent studies suggest that the Chilean...

This paper investigates the social structures that maximize trust and cooperation when agreements are implicitly enforced. We study a repeated trust game in which the social network determines the information transmission technology. We show that cohesive communities, modeled as social networks...

We propose a clawback-type security (COCLA) as an alternative source of contingent capital for banks. We develop a equilibrium model that contains several distinctive features not found in the existing literature. A bank owner/manager maximizes her expected utility by choosing the bank’s loans...

In this paper, we develop a simple two period model of the holding company-subsidiary relationship that analyzes the option faced by controlling shareholders to optimally bailout subsidiary companies using the holding company’s financial resources. This behavior is rational under several...