As microstructure models assume informational asymmetries among investors, the possibility of insider trading is a sound reason for liquidity suppliers to increase the bid-ask spread. In this way, the tested effect that takeover announcements have on target firm returns becomes a strong motive...

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...

English Abstract: This study investigates the informational role of thin options markets, specifically the Spanish options market. Firstly, we examine the effect of options markets by analysing stock market reaction to earnings news, conditional on the availability of options markets. Secondly,...

Spanish Abstract: El propósito de este trabajo es analizar el impacto que la emisión de ADR no patrocinados, que no es decidida por la empresa sino por inversores estadounidenses, tiene sobre el valor de la empresa y si tiene consecuencias en la volatilidad de sus precios y en la actividad...

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...

This study investigates the informational role of options trading in the price discovery process around the dissemination of accounting information, specifically annual and quarterly earnings announcements. Firstly, we examine the effect of options markets by analyzing stock market reaction to...

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...