As emerging market businesses increasingly seek credit through United States and other international financial markets, hedge funds and other market players more actively trade claims to their debt. Such creditors accordingly confront in greater measure the disconnect between the integrity,...

This paper shows that, in the aftermath of the 1995 banking crisis, relational financing was a two-edged sword for firms listed on the Mexican Securities Market. On the negative side, only bank-linked firms observed on average a dependence on cash stock to finance their investment projects. On...

Agents usually use a discrete set of prices to alleviate transaction costs for it reduces the bargaining time by reducing the amount of information that parties must exchange. On the other hand, if the discrete price set does not include an acceptable price for both parties, then some...

The bankruptcy of three big private banks (Econocirc;mico, Nacional and Bamerindus) in the beginning of the Plano Real has been attributed to the fast and intense growth of loan after the fall of inflation. The three banks balance sheet data, however, show a decrease in credit amount or a very...

This study investigates the relation between the market value of publicly traded Mexican firms and their disclosures of accounting information adjusted for changing prices. The volatile hyperinflationary environment in Mexico provides an ideal setting for investigating the value relevance of...

Spanish Abstract: El presente trabajo estudia cómo operó el crédito eclesiástico durante el periodo colonial en la ciudad de Santafé. Para ello se toma como instrumento de análisis el caso de los censos consignativos redimibles de los principales de capellanías. A diferencia de otros...

Spanish Abstract: En 1999 Colombia sufrió la peor crisis económica desde que se tienen series de crecimiento. El detonante principal fue una reversión en los flujos de capital, pero la crisis fue agravada por desbalances macroeconómicos y fricciones financieras. En un principio el Banco de...

Spanish Abstract: El periodo de 1923-1931 fue uno de grandes acontecimientos económicos a nivel global, caracterizado por la expansión económica y de crédito posterior a la Primera Guerra Mundial y el inicio de la Gran Depresión. Para el caso particular de Colombia, la creación de...

In a sample of the Brazilian stock market from 1999 to 2015, this paper shows that the book-to-market and momentum of individual firms capture some of the cross-sectional variation in average stock returns, while the market β and size do not play a role. The positive relation of cross-section...

Properly estimating correlations and understanding how they change under different economic conditions plays a key role in asset pricing models, risk management, and many econometric models. In this paper we introduce a robust framework to identify a meaningful correlation relationship, address...