Proyectos

Task-Specific Training and Job Design

This paper provides a simple theoretical framework based on a new type of human capital introduced by Gibbons and Waldman (2004), called task-specific training, to understand job design. Mainly, in the presence of task-specific training, promotions might result ex-post in the underutilization of human capital and thus firms at the time of designing jobs should

Mergers and CEO power

In this paper a simple model of mergers in which synergies, private benefits and CEO power play a crucial role is proposed. A merger is modeled as a bargaining process between the acquiring and target board with the gains from a merger divided according to Rubinstein’s alternating-offer game with inside options. Boards consider both firm

Socioeconomic status or noise? Tradeoffs in the generation of school quality information

This paper calculates a time series of simple, standard measures of schools’ relative performance. These are drawn from a 1997-2004 panel of Chilean schools, using individual-level information on test scores and student characteristics for each year. The results suggest there is a stark tradeoff in the extent to which rankings generated using these measures: i)

The Old and the New Reform of Chile’s Power Industry

Chile’s regulatory framework introduced in 1981 remained unchanged for more than 20 years. The reform had a positive effect but several warning signals appeared by the end of the 90s indicating the need to introduce changes. The most important problems were the lack of competition in the generation segment and the reluctance to expand capacity.

Un Análisis Econométrico del Consumo Mundial de Celulosa

En este trabajo se especifica y estima un modelo econométrico para el consumo de celulosa a nivel mundial y desagregado según los principales países consumidores. El modelo utilizado corresponde a uno de demanda derivada para una firma productora de papel representativa que demandará celulosa como un insumo más para su producción. Esta demanda es posteriormente

Copula-based measures of dependence structure in assets returns

Copula modeling has become an increasingly popular tool in finance to model assets returns dependency. In essence, copulas enable us to extract the dependence structure from the joint distribution function of a set of random variables and, at the same time, to separate the dependence structure from the univariate marginal behavior. In this study, based

Forecasting crude oil and natural gas spot prices by classification methods

In this article, we forecast crude oil and natural gas spot prices at a daily frequency based on two classification techniques: artificial neural networks (ANN) and support vector machines (SVM). As a benchmark, we utilize an autoregressive integrated moving average (ARIMA) specification. We evaluate out-of-sample forecast based on encompassing tests and mean-squared prediction error (MSPE).

What Drives Capital Structure? Evidence from Chilean Panel Data

There is an extensive literature on the determinants of capital structure for developed countries, but little has been said about emerging economies. This article analyzes the driving forces of capital structure in Chile for the period 1990-2002. We study aggregate leverage and interest-bearing liabilities in isolation for all firms, and firms segmented by economic sector.

La dinámica industrial y el financiamiento de las pyme

Las pyme pagan más que las empresas grandes por su financiamiento, se les exigen garantías, se las financia a plazos cortos y muchas no se pueden endeudar. Se piensa que estas prácticas son fallas de mercado que deberían corregirse con intervenciones regulatorias. Sin embargo, nosotros argumentamos que son respuestas apropiadas a (i) el mayor costo

Do Regional Integration Agreements Increase Business-Cycle Convergence? Evidence from Apec and Nafta

Using monthly industrial sector data from January 1971 to March 2004, we test for business cycles convergence among the major APEC members: Japan, South Korea, Malaysia, Mexico, USA, and Canada. In addition, we examine the synchronization of business cycles among Australia, Japan, and South Korea, based on the quarterly data for the 1957-2003 period, as

The International CAPM and a wavelet-based decomposition of Value at Risk

In this article, we formulate a time-scale decomposition of an international version of the CAPM that accounts for both market and exchange-rate risk. In addition, we derive an analytical formula for time-scale value at risk and marginal value at risk (VaR) of a portfolio. We apply our methodology to stock indices of seven emerging economies

Patrones de Desarrollo Urbano: ¿Es Santiago Anómalo?

La evidencia internacional muestra que las políticas de desarrollo urbano tienen efectos significativos en el bienestar de los individuos. Pese a ello, en Chile estas políticas han sido generalmente diseñadas e implementadas de acuerdo a criterios arbitrarios y omitiendo evidencia empírica relevante. Su evaluación exige conocer las regularidades que caracterizan al desarrollo urbano. Estos hechos,