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  • Santiago de Chile: Universidad de Chile, Departamento de Economía
  • La Habana
  • 1
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper presents evidence on the role of the endowment effect in shaping the risk-taking behavior of entrepreneurs, and how the potential of losing their firms lead them to take higher risks. This study uses an experimental design with 466 entrepreneurs in Cali, Colombia. Results show that entrepreneurs are more likely to accept riskier bets when those are related to the possession of their companies than in non-framed lotteries. The data shows that the existence of the endowment effect increases the certainty equivalent of a lottery, for the median entrepreneur, by 36.5%. This could explain why many entrepreneurs prefer to continue operating their underperforming firms, as well as why many entrepreneurs overvalue their firms during investment processes. This paper presents an alternate view on the drivers behind entrepreneurs' risk-taking behavior and opens a door for future research on the role of biases on entrepreneurs' decision-making processes.
    Keywords: L26 ; G41 ; D91 ; C91 ; ddc:330 ; Endowment effect ; cognitive biases ; entrepreneurship ; risk behavior ; investment decisions ; experimental design
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: Using the coefficient of cooperation, we analyse the effect of cost asymmetries on collusive agreements when firms are able to coordinate on distinct output levels than the unrestricted joint profit maximization outcome. In this context, we first investigate the extent to which collusive agreements are feasible. Secondly, we focus on collusion sustainability in an infinitely repeated game. We show that, regardless of the degree of cost asymmetry, at least some collusion is always sustainable. Finally, the degree of collusion is also endogeneised to show that cooperation has an upper bound determined by the most inefficient firm.
    Keywords: L11 ; L13 ; L41 ; D43 ; ddc:330 ; Imperfect collusion ; cost asymmetries ; sustainability
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper analyses the relationship between horizontal educational diversity (HED) and firm innovation performance, both in the propensity to innovate and the intensity of innovation in firm performance. Moreover, we hypothesise that the organizational structure of the firm moderates this relationship. Using panel data from the Uruguayan Innovation Survey 2006-2012, econometric estimates show that HED is barely associated with innovation performance in products and processes. We found that advanced organisational structures of the firm positively moderate the former relationship, but only for firms achieving radical innovations.
    Keywords: O32 ; M14 ; L60 ; ddc:330 ; Educational diversity ; organizational structure ; innovation performance ; Uruguay
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 4
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper studies the impact of non-refundable grants (NRG) of the Argentinean Technological Fund (FONTAR) on firms' innovative efforts and performance. We use a panel database of 954 firms that applied for public support to innovate during the period 2007-2013. Using a difference-in-differences approach, our results show that the NRG have a positive effect on firms' innovative intensity, considering both the innovation activities to sales ratio and R&D to sales ratio. These remain robust to alternative definitions of control group and the outcome variable. Analysis of heterogeneous effects reveals that the impact was exclusively concentrated on small and young firms.
    Keywords: O32 ; 038 ; C23 ; ddc:330 ; Innovation ; impact evaluation ; Argentina
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
    Publication Date: 2019-03-22
    Description: The national statistical institutes face permanently the need to reform and update the statistical criteria and instruments for labor market analysis, as well as to adapt international recommendations for measurement. These processes pose important challenges regarding the comparability of information, necessary to analyze the labor market dynamics. This study presents a consistent methodological approach for the splicing of labor market aggregates based on microeconomic information from household surveys. We analyze the case of the national unemployment rate for Ecuador; assess the potential alternatives for simulation and define a consistent selection criterion for the prognosis and splicing of the series.
    Keywords: C25 ; J21 ; J24 ; J64 ; ddc:330 ; Unemployment ; splicing of labor indicators ; labor market ; labor surveys
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 6
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper uses administrative data from projects for which an application was made to CORFO's (Chile's main development agency) Seed Capital Program (SCP) during the 2008-12 period. This paper analyzes the likely impact of the program-which is a subsidy provided to new, innovative firms on Start, Growth, and Survival. The projects are supported by sponsors in the application process. Results of our analysis indicate that, controlling for observed characteristics, projects that received the subsidy had a 9.5 percentage point higher probability of starting to sell. Among created firms, subsidized (Treated) firms showed a 17 percentage point higher probability of significant Growth (in sales) and a similar effect on Survival. The analysis also examined a change in the program rules in 2011, whereby sponsors were paid based on performance instead of fixed fees, as it was before 2011. For projects affected by the policy change, results indicate no overall association of the program with the probability of Start and a positive correlation with Growth and Survival. These results could be a consequence of sponsors making better project selections for funding. The change in rules would suggest that the program contributes more to the Growth and Survival of new firms than to their Start, which would take place anyway. The data available for this study did not make it possible to fully control for potential selection biases, and thus the results may overestimate the impact of the program. This calls to suggest to improve data collection standards to help identify the true effect of this type of program.
    Keywords: L26 ; M13 ; O25 ; ddc:330 ; Entrepreneurship programs ; startups ; seed investment ; Chile
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 7
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: While there is a broad consensus in the literature that there is a positive correlation between Internet usage and labor income in the richest countries, this link has not been proven in the developing world. This paper uses propensity score matching techniques and household survey data to estimate the effect of the Internet on wages in Colombia, a country that has experienced a relatively rapid diffusion of information and communications technology in recent years. The empirical results confirm that there is a positive and statistically significant relationship between Internet use and income in this country. Consistent with evidence gathered on developed countries in previous studies, the empirical results also suggest that workers in the middle of the skill distribution receive the lowest wage premium for using the Internet. However, contrary to most evidence from developed countries, low skilled workers in Colombia enjoy the highest wage premium from Internet use, which illustrates the potential for new technologies to address inequality gaps between occupations.
    Keywords: C14 ; J24 ; J31 ; L86 ; O15 ; ddc:330 ; Propensity score matching ; skills ; wage differentials ; internet ; income distribution
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 8
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: The long-run economic performance of Latin America has been unsatisfactory especially in comparison with other emerging economies, which have been able to 'catch up' with developed countries. The historically low innovation and dynamic entrepreneurship rates have been identified as two of the main reasons for this situation. In this paper, we present a synthetic but comprehensive review of the empirical literature related to these topics in the region, as well as the results of the main impact evaluations performed to assess innovation and entrepreneurship policies implemented in Latin America. This review, together with the identification of unexplored or underexplored areas of research, is functional to introducing the investigations that are part of this special issue.
    Keywords: L26 ; M13 ; O31 ; ddc:330 ; Innovation ; entrepreneurship ; Latin America
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 9
    Publication Date: 2019-03-22
    Description: This paper explores the real exchange rate (RER)-economic growth relationship for a wide sample of countries over the period 1960-2009. After removing influential observations, the system-GMM estimates suggest a positive link between an undervalued RER and growth in non-industrial countries, particularly in those with upper-middle and high income levels. In turn, RER volatility is found harmful for growth. These results holds when testing for asymmetric effects of RER misalignment: a real undervaluation boosts growth in non-industrial countries, while overvaluation seems to have no effects at any income level. Besides, the magnitude of the misalignment is also relevant: an undervalued RER of about 26% on average has a positive impact on growth.
    Keywords: O4 ; F4 ; ddc:330 ; Economic growth ; real exchange rate ; exchange rate volatility ; non-industrial countries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 10
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper studies the spatial effects of demographic changes, education conditions and conflict situation on the spatial persistence in the municipal homicide rate in Colombia, as a result of shock increases in the displaced population and local residents between 15-29 years old, the education coverage, and the conflict actions. In order to do this, a temporal analysis of homicides rate during 2000- 2010 is undertaken through the inclusion of temporal dynamic characteristics in a spatial autoregressive model, a spatial weights matrix was constructed that was based on the distance travelled between near-by municipalities and the departmental capital cities which were defined as centroids, which standardizes the municipal relationship that affects the demographic dynamics and social connectivity of the last decade that affects homicides and their temporal persistence. The results show that in some departments of the country there is spatial agglomeration in homicide rates in nearby municipalities but the spatial shock is low and disappears in time. Population changes due to forced displacement flows, greater density of young population and low coverage in secondary education affect the diffusion and concentration of homicides in Colombia.
    Keywords: K42 ; C13 ; C33 ; ddc:330 ; Homicides ; spatial persistence ; demographic dynamic
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 11
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper provides an empirical analysis of the Macroeconomic Imbalance Procedure (MIP). It explores the relationship between sovereign bond yields spreads and the variables contained in the MIP scoreboard using quantile regressions. Results suggest that MIP indicators can explain the behavior of sovereign spreads two, three and four quarters in advance. The scoreboard can't capture strong non-variant country effects that affect the evolution of spreads as well as the different impact that each indicator has on different countries. The introduction of employment indicators has reduced the aggregate effect that country effects have on sovereign spreads.
    Keywords: H63 ; G15 ; C31 ; N2 ; ddc:330 ; Sovereign spreads ; quantile regressions ; Macroeconomic Imbalance Procedure
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 12
    Publication Date: 2019-03-22
    Description: The goal of this paper is to evaluate the impact of the innovation promotion programs carried by the National Research and Innovation Agency (ANII). A combination of non-experimental methods was used to quantify the effects of public support to innovation in three dimensions of the firms' behavior: innova - tion investment, innovation results and economic performance. The results show evidence of crowding-in of public support to innovation. Also, beneficiaries of the programs show larger probability of successfully introducing new products and processes. We do not find impact in the economic performance indicators of the firms.
    Keywords: D22 ; O38 ; C21 ; H43 ; H54 ; ddc:330 ; Impact evaluation ; innovation ; ANII ; Uruguay
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 13
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: Motivated by the fact that some regulations involve extra costs for those firms at a size beyond a critical threshold, this paper contributes to the analysis of the welfare distortions due to these regulations. In the context of a duopoly, our results show that social welfare is not monotonic with the regulatory threshold. In particular, we obtain the paradoxical result that a policy decision of increasing the threshold might involve a dramatic decrease in welfare in some markets. An interesting consequence of this result is that the positive discrimination towards small firms is a rather subtle issue. Our results suggest that the relevant regulatory thresholds should differ across industries. Apparently, this is taken into account in some countries (e.g., USA), but not in many other countries.
    Keywords: L11 ; L13 ; L52 ; ddc:330 ; Duopoly ; welfare ; firm size ; strategic effects
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 14
    Publication Date: 2019-03-22
    Description: In this paper, we discuss the management of monetary policy of the Latin American central banks that have fully established inflation targeting. An optimal monetary rule is estimated for these economies using the Generalized Method of Moments. This analysis allows us to conclude that these central banks have taken into account the economic growth, in addition to price stability. However, only Chile has taken into account the evolution of the exchange rate. Furthermore, Chile, Brazil and Peru have followed an asymmetric behavior, while Colombia and Mexico have adopted a linear monetary policy rule.
    Keywords: E52 ; E43 ; E51 ; E58 ; ddc:330 ; Central Bank ; inflation ; monetary rules ; asymmetries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 15
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: We analyze the effects of macroeconomic fluctuations, as well as episodes of financial instability and inflation, on inequality indicators in Chile for the period 1960-2014. The relationship between episodes of crisis and fluctuations on levels of inequality are estimated from an event study, finding that they are related to fluctuations in inequality. In addition, we perform econometric estimates where inequality indicators relate to different macroeconomic variables and educational performance. The main conclusions are that banking and inflation crises, as well as periods of severe cyclical contractions, tend to increase the levels of inequality in Chile.
    Keywords: E30 ; I30 ; D31 ; ddc:330 ; Economic crisis ; inequality ; income distribution
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 16
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper looks for empirical evidence to show if a very interventionist government stimulates or not private investment in Latin America. Using the same model as Caballero-Urdiales y López-Gallardo (2012), we extend their analysis from five Latin-American countries to all Latin America. The results from our estimated elasticities show evidence in support of three hypothesis: (1) that tax burden (taxes on income and consumption) has significant effects on privateinvestment; (2) that public investment has a crowding out effect with private investment; (3) and that in order to stimulate private investment, the government should have very little intervention.
    Keywords: F21 ; H24 ; H25 ; H54 ; ddc:330 ; Private investment ; gross domestic produc ; public investment ; income tax ; value added tax
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 17
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: We study the effect of adolescent motherhood on education and labor outcomes among 20-24 year old women in Chile. We identify causal effects of motherhood with family fixed effects using a large data set covering the 1990-2011 period. Teen motherhood has negative effects on education and labor outcomes, and timing of motherhood matters: teen births reduce education outcomes, while young motherhood reduces labor force participation. Labor outcome effects are present among the non-poor, and effects changed between 1990 and 2011. Results highlight the important role of adolescent motherhood in women's human capital accumulation and income inequality.
    Keywords: I15 ; J13 ; I25 ; O15 ; ddc:330 ; Adolescent motherhood ; education ; labor market ; teen pregnancy ; Chile
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 18
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper analytically solves a heterogeneous agent model with idiosyncratic shocks to marginal utility of consumption and explores the effects of the borrowing constraint on the price of the asset, the composition of borrowers and lenders in the credit market, and wealth inequality. Results are derived in a stylized model and in a pedagogical fashion.
    Keywords: E00 ; E44 ; G10 ; ddc:330 ; Asset prices ; borrowing constraints ; wealth inequality ; heterogeneous agents
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 19
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This paper develops a methodology using business intelligence (data warehouse) and OLAP tools (Online Analytical Processing) to match individuals from a household survey data to a census one. In order to geo-reference the household data, the method takes advantage of the geographical information of the census. Using the 2003 Household Survey and the 2002 Chilean Census of Population and Housing, the average household income is projected to intra-municipality levels and the results are compared to Elbers et al. (2003) methodology. The results show that the proposed methodology allows for taking into account and display the impact of intra-municipality heterogeneity and the spatial interaction among the spatial units.
    Keywords: C5, C63, C81 ; ddc:330 ; Spatial Matching ; Small Areas Estimation ; Household Surveys ; Household Income ; Business Intelligence
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 20
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: Taking as a reference a simple oligopoly model with differentiated products, in which there are three firms, the purpose of this paper is to complement the existing literature on mergers by proving that the traditional merger paradox can be avoided by assuming that, after the merger, the merging firms increase the existing bilateral product differentiation. In this context, it is proved that a merger could be welfare enhancing by increasing both consumers surplus and merging and non merging firms profits.
    Keywords: L00 ; L13 ; L20 ; ddc:330 ; Horizontal mergers ; product differentiation ; welfare
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 21
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: This study analyzes optimal zoning policy in a duopolistic spatial competition framework for both circular and linear spaces. A regulator is introduced in the third stage of the price-location game through a welfare function to model zoning preferences from firms and consumers. An equilibrium outcome is then found for both spatial configurations. When the regulator is inclined to favor consumers (consumer-oriented) both firms are restricted to locate at one point to serve the whole market. Nevertheless, when the preferences of the regulator are biased towards firms (firm-oriented) the zoning area is maximized, with both firms being located at the market boundaries. The equilibrium outcome confirms location patterns found in real life situations under a non-neutral regulator.
    Keywords: C72 ; D47 ; D60 ; L51 ; L13 ; ddc:330 ; Zoning ; spatial competition ; welfare function ; equilibrium results ; industrial policy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 22
    Publication Date: 2019-03-22
    Description: This study analyses cost stickiness under the dilemma between current profitability and future sales increase. When activity decreases firms are faced to keep profitability adjusting resources, while they should also consider long term consequences and keep slack resources which allow building firms capacities to adapt to external challenges and take advantage of future opportunities. We find empirical evidence that changes in current firm profitability and one year ahead sales increase significantly influence resource adjustment in periods when sales decrease. We find a significant moderating effect of changes in profitability, as well as a significant stressing effect of one year ahead sales increase, on cost stickiness.
    Keywords: M41 ; M21 ; M10 ; ddc:330 ; Cost stickiness ; profitability ; increases in sales ; slack ; resource adjustment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 23
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: In the present article we develop a discrete-time methodology to compare frontend load and balance fees in the accumulation phase of a defined-contribution pension fund under the system of individual accounts. Additionally, using various methods, we study the effect of considering risk and density of contributions in the performance and suitability of the aforementioned types of fees. Finally, we perform a practical application of the methodology to the Peruvian Private Pension System.
    Keywords: G23 ; ddc:330 ; pension funds ; individual account ; front-end load fee ; balance fee
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 24
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: This paper estimates the short-run performance of IPOs issued on the Karachi Stock Exchange in Pakistan. The present study extends the existing literature concentrating on the degree of underpricing over a 3-month period lasting from the listing date to the 3-month anniversary showing significant evidence of IPO underpricing. The analyses support the investors' sentiment and underwriters' prestige hypothesis but not ex-ante uncertainty. The EBA technique has been used to examine fifteen explanatory variables of IPO underpricing. The study finds that the aftermarket risk level of the IPO, the oversubscription ratio, the offer price, the return on assets, post issue promoters' holding and size of the firm are six robust determinants of IPO underpricing.
    Keywords: G12 ; G14 ; ddc:330 ; initial public offerings ; underpricing ; short-run ; extreme bounds analysis ; wealth relative ; three-month
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 25
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: This paper analyses the Spanish residential demand of a bundle of goods conforming the basic services of the households (i.e. electricity, natural gas and drinking water) in 2012. The analysis is made using a QUAIDS model modified in order to consider the censoring in the consumption of natural gas following the approach of Tauchmann (2010), one of the latest advances in this field. The results show that the demand for electricity and drinking water is less sensitive to the variations in prices and household's income than that of natural gas.
    Keywords: C3 ; Q2 ; Q3 ; Q4 ; ddc:330 ; electricity ; natural gas ; drinking water ; censored QUAIDS model
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 26
    Publication Date: 2016-09-29
    Description: This study examines whether a firm's leverage can be used strategically to improve its bargaining position with an organized labor union using samples of non-financial firms listed on the Korean Stock Exchange (KSE) from 1999 to 2013. Through empirical testing, we find that the portfolio with the lowest union labor coverage has the lowest leverage, while the portfolio with the highest union labor coverage has the highest leverage. We also find that collective bargaining power positively affects leverage through the regression of leverage on the bargaining power of the labor union, regardless of the analysis methods, such as static and dynamic models. With a robustness test model that used the industry adjusted labor union concentration index (IUCI), we obtain evidence that collective bargaining power positively influences leverage, which corresponds with the regression results. In conclusion, we suggest the existence of evidence demonstrating that variables related to labor unions affect leverage levels, as suggested in previous studies.
    Keywords: G30 ; G32 ; ddc:330 ; leverage ; bargaining position ; union labor coverage ; static and dynamic models
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 27
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: In this paper the authors introduce a new hybrid approach based on the Extreme Value Theory (EVT) to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. The approach is suitable for measuring market risk in the emerging markets. It is designed to capture the empirical features of returns with emerging markets, such as leptokurtosis, asymmetry, autocorrelation and heteroscedasticity.
    Keywords: G24 ; C22 ; C52 ; C53 ; ddc:330 ; Value at Risk ; Extreme Value Theory ; Expected Shortfall ; Emerging Markets ; Market Risk
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 28
    Publication Date: 2019-03-22
    Description: Using newly panel data on visa restrictions for the years 2000 and 2010 in a theory-grounded gravity model, we find a robust, causal negative impact of visa restrictions on international tourist flows. By destination, the detrimental impact of this type of barrier is observed for tourists going to developing countries (with the exception of East and South Asia), but not for those to developed ones. By country of origin of tourists, the impact of visa restrictions appears to be the same for tourists coming from developed and developing countries. These findings have important consequences in policy terms for tourism management at a regional level.
    Keywords: F10 ; F15 ; ddc:330 ; International tourism ; visa restrictions ; panel data ; gravity model ; developing countries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 29
    Publication Date: 2019-03-22
    Description: Using data from nationwide surveys of provincial institutions and private manufacturing small medium enterprises, this study provided the first evidence of the impact of provincial institution quality and firms' participation in and intensity of corrupt activities on firm productivity in Vietnam. We found that the bribe intensity instead of whether firms bribed state officials or not (measured by a dummy variable) has a negative effect on firm productivity when the endogeneity of corruption and unobservable characteristics are controlled for. This finding contrasts to a popular belief about a paradox for East Asian countries where corruption is positively associated with firm growth.
    Keywords: C26 ; L25 ; ddc:330 ; Corruption ; firm productivity ; SMEs ; Vietnam
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 30
    Publication Date: 2019-03-22
    Description: This paper offers a comparative analysis of the effectiveness of eight popular forecasting methods: univariate, linear, discriminate and logit regression; recursive partitioning, rough sets, artificial neural networks, and DEA. Our goals are: clarify the complexity-effectiveness balance of each methodology; identify a reduced set of independent variables that are significant predictors whatever the methodology is; and discuss and relate these findings to the financial theory, to help consolidate the foundations of a theory of financial failure. Our results indicate that, whatever the methodology is, reliable predictions can be made using four variables; these ratios convey information about profitability, financial structure, rotation, and operating cash flows.
    Keywords: G33 ; C19 ; M4 ; ddc:330 ; Financial failure forecast ; multivariate methods ; artificial intelligence ; machine learning
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 31
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2019-03-22
    Description: The positive impact that competition has on performance in most industries has been questioned in the education sector. The difficulty to measure competition, the idea that parents don't rationally choose schools for their children, and that schools do not react to that choice is in the center of the debate. We critically analyze the prevailing methodology in the literature that relates competition and educational performance, and the data used to estimate that impact. We propose a methodology that considers relevant substitutes for each school using various attributes which parents consider when choosing schools, and we apply it to estimate the effect of competition on educational performance in Chile, were more than 90% of the students are covered by a voucher. The evidence supports the hypothesis that competition has a positive, statistically significant, and economically relevant educational impact on private and public schools.
    Keywords: I21 ; L1 ; ddc:330 ; Vouchers ; competition ; performance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 32
    Publication Date: 2019-03-22
    Description: 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, we examine options trading activity before the release of earnings news (including the announcement period). The results show that the impact on prices before the earnings release is significantly bigger when options trading is available. Moreover, the dissemination of earnings news is associated with significant unusual activity in the options market due to informed trading, especially when the earnings surprise is highly good.
    Keywords: G12 ; G13 ; G14 ; ddc:330 ; options market ; thin market ; informed trading ; price discovery process ; earnings announcement
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 33
    Publication Date: 2016-09-29
    Description: This research analyzes the potential effects that a redistributive fishing quota policy could have on the profits and employment of the artisanal fisher organizations. We use a multi-objective programming model and apply it to the common sardine and anchovies fisheries in the Biobío Region for year 2011. The results indicate the presence of trade-offs between the equity -profits and equity- employment objectives. Moreover, the results suggest the existence of widespread inefficiencies in the effort allocation within the organizations, independently of the weight given to the different objectives.
    Keywords: Q22 ; Q28 ; C61 ; ddc:330 ; collective rights ; trade-off ; multi-objective ; distribution ; artisanal fisheries
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 34
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: This introductory piece provides some context to the special edition on business and economic history of Chile and Latin America. It also provides an introduction to better understanding research and method in business history while inviting for this field to be further developed in Chile.
    Keywords: N0 ; N01 ; N86 ; ddc:330 ; economic history ; business history ; Chile ; Latin America
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 35
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: This is pioneering research in that it makes a comparison of the process of convergence of long-run profits in the manufacturing sector of six European countries (2000-12), differentiating between SMEs and large firms, and by identifying the impact of the crisis on this process. The results obtained by employing the convergence model, known as the Partial Adjustment Model, indicate that the inter-country competitive process, is working better among large companies than among SMEs. The impact of the crisis on this process has been uneven across the countries and the sizes of the firms.
    Keywords: F20 ; L60 ; ddc:330 ; convergence ; crisis ; Europe ; firm ; SME
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 36
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: This paper investigates two issues: whether there is heterogeneity for fund managers as investors and whether there is asymmetric volatility under short-sale constraints. If so, what are the driving factors in the Korean fund market? Fund return data from 2002 to 2008 are used to determine these factors. Specifically, for short-sale constraints, we test the hypothesis of difference of opinion developed by Chen, Hong, and Stein (2001) and Hong and Stein (2003). This hypothesis provides a unique opportunity to test directly the differences of opinion among fund managers that operate fund monies under short-sale constraints using asset-allocating strategies. The results of the GJR-GARCH model show an asymmetric volatility in returns and an increase in differences of opinion among fund managers, which extended to an increase in asymmetric volatility. Furthermore, the results of this study are consistent with the model of Hong and Stein (2003), which predicts that negative asymmetries are more likely to occur when there are large differences of opinion among fund managers. Therefore, our results imply that the overvaluation effect is more remarkable in funds for which a wider dispersion of the opinions of fund managers exists. These findings are consistent with Miller's (1977) intuition and Hong and Stein's (2003) model. In addition, our results also support the stochastic bubble hypothesis and are consistent with Blanchard and Watson (1982) and Wu (1997), even after controlling for fund characteristic variables.
    Keywords: G12 ; G14 ; ddc:330 ; heterogeneity ; asymmetric volatility ; return skewness ; short sale ; turnover
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 37
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: The pivotal role played by non-banking institutions in supporting the expansion of international trade after the Napoleonic Wars and before first globalization c. 1870 - 1913 has long been recognised. Merchant-bankers in particular played a crucial role by advancing monies to consignors of products all over the world. Without this form of credit, many international trade operations could not have taken place. Despite the important extant literature on merchant-banking, we knew little about how these international lenders protected themselves against the risks involved in advancing during this period, in particular for merchantbankers who had diversified both geographically and by products. This paper is concerned with the risk protection strategies followed by one of these actors: Huth & Co., the first of these companies to globalize their operations. During this expansionary period they provided credit to many of their connections all over the world, thus becoming an important financial intermediary within world trade. This paper, therefore, provides the first account of the credit risk management strategies followed by this pioneer global lender.
    Keywords: N23 ; N73 ; N83 ; ddc:330 ; merchant-banking ; risk management ; nineteenth century ; Great Britain ; globalization
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 38
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: The previously successful British merchant houses on the west coast of South America faced significant problems between the two world wars. Earlier historians have referred to difficulties such as the volatility of commodity prices, the organisation and structure of the firms, and changes in patterns of trade. This paper, instead, compares their different experiences on the basis of archives from the merchants and their banks, concluding that their response to crisis differed, depending on the manner and extent of diversification, their core expertise, the quality of their management, and the support of their banks. The outcomes varied from outright failure to continued growth, with the two largest firms struggling to survive and adapt to the new business environment.
    Keywords: L81 ; N76 ; N84 ; N86 ; ddc:330 ; Chile ; Peru ; merchants ; nitrate ; sugar ; cotton
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 39
    Publication Date: 2016-09-29
    Description: This article investigates the biases involved in estimating the effects of teacher attributes on school's performance. The study was performed for Chilean educational system, where student distribution is differentiated by schools and teachers are not randomly assigned to them. Findings showed that teacher attributes which favored learning appeared more frequently alongside higher socioeconomic status students. When correcting the bias, results showed that the effects of teacher attributes have been overestimated for the vast majority of characteristics. Nonetheless, attributes such as teaching experience, being a woman, having short-term specific professional training, and having a greater curriculum coverage continued to have positive impacts on the performance of 4th grade students.
    Keywords: A2 ; I2 ; ddc:330 ; teacher attributes ; sorting ; school segregation ; school performance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 40
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: The role of the agricultural sector during the ISI period and the debate about the agricultural wage and the living conditions of the farm workers have a long historiography. But until today there is little information about workers' income in the long run. In this paper we want to reflect about the wage level reached during this period and for that we will present a new wage series for 1934-1973. We seek to analyze their behavior considering the sector labour productivity, its relation with industrial wages and the institutional frame in this period.
    Keywords: N36 ; N46 ; ddc:330 ; agricultural real wages ; agricultural workers ; ISI ; institutions ; payment in kind
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 41
    Publication Date: 2016-09-29
    Description: This article depicts a location game in a circular market. The equivalence results between a convex and a concave transport cost are reexamined by assuming an arbitrary length. In contrast to previous research the solution found shows that the equivalence relationship depends on the space length. Furthermore, the analysis is extended to a circular model with unitary length and zoning. In this case equivalence does not hold. Moreover, non-existence of equilibrium is shown under strictly linear quadratic functions. Surprisingly, equilibrium exists for a concave quadratic function but not for a convex quadratic function.
    Keywords: C72 ; D43 ; L13 ; R38 ; ddc:330 ; convexity ; concavity ; spatial competition ; circular model ; transport costs ; regulator
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 42
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: Using a new database of all patents issues in Mexico between 1870 and 1911, this paper explores the impact of the vast wave of technology imports into Mexico during the nineteenth century period of globalization. Historians have established that massive technology imports made possible sustained economic growth and early industrialization during this period, but have not systematically explored the degree to which the skills and know-how embodied in new imported technologies stimulated adaptive and inventive activity in Mexico. Did imported technologies stimulate local technological creativity, or were Mexican technicians largely isolated from the adoption and use of imported techniques? The evidence shows that imports did stimulate patenting activity by Mexicans, although this response was modest in relation to increased patenting by inventors from North Atlantic countries. In general, Mexican inventors focused on activities outside the core technical advances on the global frontier, and often on activities that were more entrepreneurial than technical, although we can observe several important exceptions. These findings support the argument that technological capabilities were scarce in Mexico and local technicians had few opportunities to engage with and learn from imported know-how.
    Keywords: F69 ; N76 ; O14 ; O34 ; ddc:330 ; technology ; capabilities ; patents
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 43
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: This article studies female participation rates as entrepreneurs during the 1877- 1908 period using data from the Santiago business license registry, census data and the trademark registry. The evidence reveals that business women in Santiago increased from 3 to 14 percent of the female labor force in the corresponding sectors analyzed during the period. The evidence shows women increasingly as business people: half of the economic sectors analyzed had female entrepreneurs while firms run by women increased from 13 to 20 percent in Santiago, but reached only 5 percent of national firms within the elite.
    Keywords: N86 ; N96 ; ddc:330 ; female entrepreneurship ; economic history ; economic development ; Chile in late 19th century
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 44
    Publication Date: 2016-09-29
    Description: Chile is characterized as being a country with an extreme concentration of the economic activity around Santiago. In spite of this, and in contrast to what is found in many industrialized countries, income levels per inhabitant in the capital are below the country average and far from the levels in the wealthiest regions. This was a result of the weakness of agglomeration economies. At the same time, the mining cycles have had an enormous impact in the evolution of the location of economic activity, driving a high dispersion at the end of the 19th century with the nitrates (very concentrated in the space) and the later convergence with the cooper cycle (highly dispersed). In that context, this article describes the evolution of the location of economic activity in the long run, showing the tensions among Heckscher-Ohlin and New Economic Geography forces. I also offer a deeper analysis of the main drivers of this spatial distribution, focusing in the economic structure of the regions, the productivity levels of each specific economic sector and the evolution of market potential.
    Keywords: R11 ; N96 ; ddc:330 ; Regional economics ; Agglomeration economies ; New Economic Geography ; Heckscher-Ohlin ; Regional convergence
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 45
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: The aim of this study is to analyze investor response to different measures of pension plan performance. To do this, we implement a fixed effects panel data methodology corrected by heteroskedasticity, serial correlation and cross-sectional dependence, as proposed by Vogelsang (2012). The results obtained show that investors make their decision to invest in a specific pension plan depending on past returns and the type of management company administering the plan. On analyzing the flow-performance relationship for each type of management company we find that both types of companies can differ in the information provided to investors and in their marketing strategies and services for attracting clients.
    Keywords: C23 ; G23 ; ddc:330 ; return ; Jensen’s Alpha ; investor behavior ; pension plan flows ; panel data models
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 46
    Publication Date: 2016-09-29
    Description: This paper offers an exhaustive analysis of the effectiveness of several models and methodologies that are commonly used to forecast financial failure: Linear, MDA, Logit, and artificial neural network. Our main aim is to evaluate their relative strengths and weaknesses, in terms of technical reliability and error cost; to do so, models are estimated and validated, and then used to perform an artificial simulation to evaluate which of them causes the lower cost of errors. Reliability is examined in four forecast horizons, to collect evidences about temporal (in) stability. We also check the relative advantages of financial ratios-based models, versus audit-based forecast models. Our results suggest that all models attain a high performance rate; however, artificial neural networks' forecasts seem to be more stable, both in temporal and cross-sectional perspectives.
    Keywords: G33 ; C45 ; C89 ; ddc:330 ; financial failure ; financial difficulties ; forecast insolvency ; audit report
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 47
    Publication Date: 2016-09-29
    Description: We study through framed field economic experiment the effects of exogenous changes in abundance levels of a renewable natural resource on compliance individual decisions of users operating under a common property regime and a system of Territorial use rights in fisheries (TURF) considering extraction quotas and external enforcement to detect and sanctions violations. Our results indicate that in the presence of resource abundance, fishermen decrease the level of abstraction when they face a quota external control vis-à-vis a common property regime, while in a situation of resources scarcity observed also a reduction in extraction levels; however, in this case fishermen have levels of non compliance and extractions higher than in the scenario of resource abundance, even with extractions above the Nash equilibrium.
    Keywords: Q48 ; H23 ; Q53 ; H31 ; ddc:330 ; economics experiments ; compliance ; abundance ; territorial user rights
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 48
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: In this note we study the distortions in an endogenous growth model developed by Grimaud and Tournemaine (2007), where new pieces of knowledge are produced in a R&D sector and used to reduce pollution emissions. Using this model along with a realistic calibration, we conclude that the economy strongly underinvests in R&D, such that the policy maker would need to implement a strong tax-subsidy scheme to correct it. We suggest that a subsidy to human capital can also decrease the gap between market and optimal allocations.
    Keywords: O13 ; O15 ; O31 ; O41 ; Q50 ; ddc:330 ; pollution ; environmental tax ; R&D ; economic growth ; subsidies
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 49
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: Thinly traded securities exist in both emerging and well developed markets. However, plausible estimations of market risk measures for portfolios with infrequently traded securities have not been explored in the literature. We propose a methodology to calculate market risk measures based on the Kalman filter which can be used on incomplete datasets. We implement our approach in a fixed-income portfolio within a thin trading environment. However, a similar approach may be also applied to other markets with thinly traded securities. Our methodology provides reliable market risk measures in portfolios with infrequent trading.
    Keywords: G11 ; G12 ; G32 ; ddc:330 ; incomplete panels ; Kalman filter ; market risk ; risk management ; thin trading ; value-at-risk
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 50
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: In this paper we analyze the mediating role of governance quality in the relationship between fiscal decentralization and regional disparities. Previous work has argued that fiscal decentralization has the potential to reduce income differences across regions but that this potential may not be realized because of governance problems associated with sub-national authorities. Our empirical evidence based on a sample of departments (regions) of Uruguay over the period 1990 - 2010 lends support to this idea. The empirical results show that fiscal decentralization promotes regional convergence, and this effect is boosted in high governance quality settings.
    Keywords: D73 ; H71 ; H73 ; ddc:330 ; fiscal decentralization ; regional disparities ; governance quality ; panel data ; Uruguay
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 51
    Publication Date: 2016-09-29
    Description: This paper focuses on the effect of educational and skill mismatches of workers on overall job satisfaction, and on certain job domains such as salary, number of working hours, promotion opportunities and type of activity performed. An ordered probit model is estimated by using a data set from the Survey of Quality of Working Life (ECVT). In addition to the variables related to these mismatches, other variables related to the characteristics of both the individual and the type of work are included. The results show that overeducated individuals show higher levels of dissatisfaction than those in which the fit is adequate. However, it also shows how individuals with a lower level of education than what would be required for the post do not reflect significant dissatisfaction levels. It is also evidence observed that individuals with less than the required skills are more dissatisfied than those with a proper matching. The results support the need to study both educational and skill mismatches separately.
    Keywords: J24 ; J31 ; ddc:330 ; satisfaction ; educational match ; skill match
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 52
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: Personal characteristics of migrants could help to strengthen the impact of migrant networks on bilateral trade. While most of the attention has been focused on immigrants' educational attainment, this paper focuses on the relevance of the tasks carried out by migrants. Our empirical results confirm that the existence of a large number of foreign-born workers with managerial duties is critical to explain the reduction of transaction costs caused by migrant networks.
    Keywords: F14 ; F22 ; ddc:330 ; international trade ; migration ; networks ; gravity equation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 53
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: Using a sample of 680 and 1,300 judicial and private auctions respectively, we analyze the effect on the wealth of those the law is intended to protect of different regulations applicable to each type of auctions. We find that consistent with a simple economic model, Courts assign judicial auctions in a discretional manner, and that the assigned auctioneers charge fees which are substantially higher than those allowed by law. While this behavior put the intended protection to debtor and creditor at risk, economic theory does not rule out a welfare enhancing effect. We test the hypothesis that the judicial auctions' design reduces the welfare of those intended to protect and, consistent with the predictions of our model, we find it is more likely for Courts to appoint the less effective auctioneers and that the net price received by creditors and debtors in judicial auctions is about 18% to 33% below those that could be obtained in private auctions.
    Keywords: K23 ; L12 ; ddc:330 ; auctions ; regulation ; efficiency
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 54
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: This paper examines the consequences of Financial Reporting Quality (FRQ) on Corporate Performance, using three proxies of FRQ: (i) earnings quality; (ii) conservatism; and (iii) accruals quality. Our purpose is to analyze the effect of a good FRQ on financial performance (FP) measured by the market to book ratio. To this end, the proposed hypotheses are tested on an unbalanced sample of 1, 960 international non-financial listed companies from 25 countries and the special administrative region of Hong-Kong for the period 2002-2010. The use of simultaneous equations for the panel data, via the GMM estimator proposed by Arellano and Bond (1991), highlights the positive effect of financial reporting quality (FRQ) on financial performance. This result is robust according to the different measurements of FRQ (earnings quality, accruals quality and accounting conservatism) and for an aggregated measure for the previous three proxies of FRQ. The empirical evidence shows that this relationship is moderated by the level of corruption perception in the country of origin of the company, the adoption of IFRS, the accounting system used in the country and the influence of the economic cycle.
    Keywords: M41 ; ddc:330 ; Financial Reporting Quality (FRQ) ; Financial Performance (FP) ; Accruals Quality (AQ) ; Earnings Quality (EQ) ; Accounting Conservatism
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  • 55
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Keywords: ddc:330 ; Forty Years of Estudios de Economía
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 56
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: In this paper we characterize optimal punishments with detection lags when the market consists of n oligopolistic firms that compete à la Cournot. It is shown how in the presence of detection lags optimal punishments fail to restore cooperation as long as the number of lags increases. Moreover, collusion sustainability is difficult to achieve also if the number of firms is low.
    Keywords: C73 ; D43 ; ddc:330 ; optimal punishments ; detection lags ; collusion sustainability
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 57
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: Pension funds in Spain have become of considerable importance in recent years. In fact, many studies have focused on fund performance and the adverse impact of fees, although little work has been done on analysis of the determinants of fees. Even though fees are restricted by legal limits in many countries, traditional models do not take these limits into account, and results could be biased; therefore, censored models (such as Tobit or CLAD) may provide a better fit. In this work, we study the determinants of management fees in Spanish equity pension funds. We find a better fit in the CLAD model, which provides unbiased and consistent estimators. Additionally, older and larger pension funds charge greater management fees and these fees increase with low volatility. However, fund returns and market returns barely affect such fees.
    Keywords: G23 ; G10 ; ddc:330 ; pension funds ; management fees ; determinants ; censored models
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 58
    Publication Date: 2016-09-29
    Description: The present paper estimates the effect over participation outcomes of the new reform to the pension system made in Chile in 2008, using a difference in difference matching estimation. The main results found that the treated group shows a higher withdrawal from the labor market and that they worked an average of 8 percentage points (pp) fewer months than the control group in 2009. The treated group also contributed 18 pp fewer months than the control group, and they have, on average, 6 pp more months in inactive status. Looking at the difference in per capita income, the treated group has an average of US$34 more per month than the control group in 2009.
    Keywords: J38 ; I21 ; C21 ; ddc:330 ; scholarships ; upper secondary education ; propensity score matching ; Differential impacts ; EU-SILC-06
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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  • 59
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: This paper evaluates the impact caused by attaching a personalized pension projection (PPP), to the annually report of pension savings. This PPP shows the revenues obtained by the workers when postponing their retirement three years after the legal age for retirement in the Chilean pension system. The method to correct the endogenous treatment which was used it was a quasi-experimental method using instruments such as geographical and demographical information and the number of post offices by Region. The results show that the PPP's reception once has not significant effect on the retirement decision. However, when the treatment is intensified it begins to be taken into consideration. The PPP's reception during two consecutive years, 2005 and 2006, significantly reduced the probability of retirement decision during the year 2011. Finally, the results show that the treatment has much more effects in individuals with higher pension savings.
    Keywords: J14 ; J26 ; ddc:330 ; personal pension projection ; retirement decision ; unobserved heterogenety ; treatments parameters
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29
    Description: The importance of Long Distance Commuting (LDC) has increased as a result of the continuous reduction of transport costs. This paper formalizes the relationship between LDC and wage through a job search model where a commuting time variable is included. The paper proposes that LDC be compensated in wage and be increasing in distance, and that the regions which receive more commuters pay a higher premium wage. The results suggest an average premium of 19% for LDC. However, the applicable rate depends on the workplace location of each commuter, and thus it might be as high as 40%.
    Keywords: J61 ; R23 ; ddc:330 ; long distance commuting ; Coarsened Exact Matching ; spatial wage differentials
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Spanish
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    Publication Date: 2016-09-29
    Description: The main role of the external auditor in the classical corporate governance scheme is to verify the accounting information provided by the firms' managers. Lengthy audit engagements are viewed as a main threat to preserve auditor independence, and therefore regulators have established mandatory rotation rules in many countries worldwide. Researchers, however, have addressed the analysis of audit independence mainly by evaluating the role of the auditor not as an accounting verifier but as a substitute of bankruptcy prediction models. Our results show that the likelihood of audit qualifications decreases with audit tenure. This result is robust to the inclusion in the model of a proxy of accounting quality. Therefore, the potential explanation for this finding based on higher accounting quality associated to lengthy audit engagements is rejected. This threat to the independence of the external auditor has not been considered in the mandatory rotation rules established in most countries that only requires the rotation of the audit partner.
    Keywords: G38 ; L15 ; M4 ; ddc:330 ; auditor independence ; qualified opinion ; auditor tenure ; audit quality
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Santiago de Chile: Universidad de Chile, Departamento de Economía
    Publication Date: 2016-09-29