This paper uses a natural experiment to identify the impact of a judicial system reform on police behavior. The study finds that, after a decrease in the severity of judicial punishment imposed on Colombian adolescents, arrest rates for adolescents in most misdemeanor crimes decreased due to a...

We describe the patterns of economic growth and social progress in Colombian "functional territories". Unlike political/administrative divisions that emerge at least partly for historical reasons unrelated to economic interactions, functional territories reflect the patterns of spatial...

Spanish Abstract: La firma del acuerdo de paz colombiano resultó en la desmovilización y reincorporación a la vida civil de más de 12.000 excombatientes de las FARC. El conflicto, que estuvo activo casi 60 años, causó más de ocho millones de víctimas y una sociedad dividida. No abordar...

Urban public transport in Latin America has experienced public and private provision, as well as different types of market regulation, moving from almost total liberalization to intervention in fares, route allocation, bus size and service quality, exclusive road lanes, among others. This paper...

We analyse the existence of herding in the cryptocurrency market through the cross-sectional standard (absolute) deviation of returns. Our results show that extreme dispersion of returns is explained by rational asset pricing models although it is possible to observe herding during down markets,...

The main objective of this paper is to provide empirical evidence on the mechanisms that shape the relationship between violent conflict and collective action. Conflict dynamics in Colombia allow us to exploit rich variation in armed group presence and individual participation in local...

Internal conflicts entail large asset losses for certain segments in the civilian population. Asset losses may compromise the future welfare of households, thus leaving a legacy of structural poverty that is difficult to overcome. The purpose of this article is to analyze how asset losses occur...

Rao and Ibanez develop an evaluation method that combines qualitative evidence with quantitative survey data analyzed with propensity score methods on matched samples to study the impact of a participatory community-driven social fund on preference targeting, collective action, and community...

This paper presents new evidence on potential risk-based explanations for the low SEO returns in the year after the issue. Specifically, we analyse whether the issue leads to a long-term higher stock liquidity that implies that SEO stocks have lower expected return due to lower exposure to...