Despite the central importance of investors to all IPO theories, relatively little is known about their role in practice. In this paper we survey institutional investors about how they assess IPOs, what information they provide to the investment banking syndicate, and the factors they believe...

In firms subject to tariff regulations, the authorities have developed “regulatory” accounting methods, to identify accepted costs and possible supernormal lrates of return. These methods are also useful in industries free from price regulation, because information about the economic rate of...

The foreign property rule (FPR) requires that no more than 30% of the assets held in tax deferred retirement savings accounts be foreign property. The FPR is supposed to increase the value of the dollar and reduce its volatility and decrease the cost of capital and promote investment in Canada...

The management of a life insurance portfolio or pension fund must take intoaccount the temporal evolution of its liabilities and its assets through some variables:the factors and returns. Their behaviour is analysed statistically and we deduce it to avector error correction model (VECM). Using...

This paper studies the role of institutional investors (pension fund, insurance companies and investment companies) in the development of the financial sector and economic growth in OECD countries by employing a dynamic panel VAR. While pervious studies in this area have mainly focused on...

Este trabajo ha sido presentado en la Universidad del País Vasco y en el VII Encuentro de Economía Aplicada.

Despite the reforms of recent years, the development of pension funds in Italy remains unsatisfactory, limiting workers’ retirement saving and hampering the capital market.This study analyzes the reasons for the lag, examines the potential benefits of supplementarypension schemes for workers,...

En Jara, Gómez, Pardo (2005) se concluye que los portafolios de los fondos de pensiones obligatorias son financieramente ineficientes. Esta ineficiencia puede reducir el ahorro pensional y suele estar acompañada de rebalanceos frecuentes, lo cual puede afectar el normal funcionamiento de los...

This study presents an alternative way of estimating credit transition matrices using a hazard function model. The model is useful both for testing the validity of the Markovian assumption, frequently made in credit rating applications, and also for estimating transition matrices conditioning on...

Es natural pensar que el futuro pensionado prefiere que su ahorro sea invertido eficientemente; es decir, sin tomar riesgos que no generen retornos adicionales. Sin embargo, no es claro que las AFP est´en incentivadas a invertir en portafolios eficientes. En el caso colombiano, elementos como la...