Carlos Maquieira

• Ph.D. in Business Administration (Finance)
• Professor at Pontificia Universidad Católica del Peru

The link between the financial success of family companies during COVID-19 and their environmental, social, and governance (ESG) performance is examined for the first time in this research. We have a natural setting in the COVID-19 era to see if the market rewards family-run firms that integrate social and environmental concerns into their goals du...

This article studies the relationship between environmental, social and governance (ESG) score and dividend payment for 274 large family firms in the period 2015–2021. This research has three contributions to the literature. First, to the best of our knowledge this is the first article to focus on large family firms considering their greater import...

Purpose This study focuses on how China EPU may impact copper-firms stock returns and also how China EPU mediates between stock returns and copper prices returns. Design/methodology/approach The sample consists of 44 copper firms from January 2011 to March 2022. The study also considers a subsample of 29 net-exporters countries. Panel data methodo...

This study examines how the dividend payout of Chilean firms is associated with economic policy uncertainty (EPU), while controlling for ownership concentration and free cash flow, to consider agency problems. Its contribution is twofold. First, it detects a non-linear, U-shaped relation between EPU and dividend payout, which is a novel finding. Se...

The main objective of this research is to shed more light on how ESG may be seen as a valuable investment for family firms. We study the impact of ESG performance on the value of family firms by considering the moderating role played by financial constraints and agency costs. Using an international sample of 254 firms that belong to the 500 largest...

This article investigates whether herding behavior is present in stock returns of business groups during the COVID-19 pandemic. Using series of prices and daily traded volume of the companies that make up the General Index of Stock Prices of the Santiago de Chile Stock Exchange (S&P/CLIGPA) from January 1, 2010 to October 9, 2020 the results show h...

We analyze how copper-firms stock returns depend on copper-spot prices returns. Nevertheless, the main contribution of this article is to study how changes in Global EPU (GEPU) and Local EPU may impact on copper-firms stock returns and how both of them may influence the sensitivity of stock returns to copper prices returns. We find that both GEPU a...

We analyze herding behavior in the Chinese stock markets in the context of the COVID-19 pandemic using the cross-sectional absolute deviation (CSAD) model proposed by Chang et al. (2000) to detect herding behavior in the time period between January 30, 2001, and June 12, 2020. We consider stock prices for all firms listed (A-shares) on the Shanghai...

This article makes progress in understanding how the heterogeneity of governance factors, and changes in the political/economic landscape influence family firms’ risk taking. Using a sample of 133 Chilean listed firms, this article studies the risk taking behavior of family firms from 2009 to 2016. Using several informational sources, an unbalanced...

Though no clear definition of investment companies exists in Chile, it has been generally understood to refer to companies that have investments in other companies (with or without corporate control) but that do not own productive assets. A question that naturally arises is whether the market value of investment companies is equal to the economic v...

This article reviews the most important studies related to the problem of valuing investments on natural resources. We first consider some of the models developed in economics and then we focus on the most recent models which are based on a private evaluation perspective. Using the contingent claims analysis, the models are built on financial princ...

In this article we present evidence that nonlinearity episodes in financial series are more permanent than transitory. At the same time, these episodes show different behaviors depending on the market analyzed, which would indicate that they are not completely synchronized. On the other hand, the size of the window for detecting nonlinear episodes...

Using data on 52 countries’ banking systems from 2005 to 2014, we explore how the legal and institutional environment influences banking system performance. Using panel data and controlling for financial and economic development indicators, we find evidence of several relationships related to banking system performance. First, a higher degree of le...

Durante los últimos años, Chile presenta una de las tasas más altas, en el mundo, de descontinuación o cierre de negocios. La región del Biobío muestra una tendencia similar al país, según se puede rescatar de diferentes reportes del Global Entrepreneurship Monitor (GEM Biobío). Este porcentaje ha fluctuado alrededor de un 5% a 6% de la población a...

Antecedentes: El uso de instrumentos derivados como política corporativa de cobertura de riesgos financieros genera un impacto positivo en el valor de la empresa. Sin embargo, en países caracterizados por una débil protección legal al inversionista y alta concentración de la propiedad, como es el caso de Chile, los accionistas mayoritarios pudiesen...

El artículo analiza los determinantes de la estructura de capital para una muestra de 113 empresas registradas en la Bolsa de Comercio de Santiago de Chile. El período de estudio comprende de 1990 a 1998. A diferencia de trabajos anteriores para el caso de Chile, se utiliza Lisrel (Linear Structural Relations) para analizar los determinantes y se e...

Background: The use of derivative instruments, as corporate policy to hedge financial risks has a positive impact on the frm value. However, in countries characterized by weak legal protection of the investors' rights and ownership structures highly concentrated, like in Chile, majority shareholders could use this policy to extract wealth from mino...

Using a sample of 85 Chilean firms listed in the Santiago Stock Exchange from 2005 to 2013, we analyze the impact of corporate diversification on firm value. We consider voting rights of the main shareholder and institutional investors' influence on firm value. We report firm-value destruction for diversified firms. Regarding ownership concentratio...

Using a sample of 85 Chilean firms listed in the Santiago Stock Exchange from 2005 to 2013, we analyze the impact of corporate diversification on firm value. We consider voting rights of the main shareholder and the institutional investors influence on firm value. We report firm-value destruction for diversified firms. Regarding ownership structure...

Purpose The purpose of this paper is to analyze the impact triggered by adopting International Financial Reporting Standards (IFRS) in South America. In order to do this, the case of Chile is considered, as it was the first country in the region to adopt IFRS in full form from 2009. Design/methodology/approach The authors analyze a sample of 43 Ch...

Este artículo analiza empíricamente la influencia de las Administradoras de Fondos de Pensión (AFP) como principales accionistas institucionales, sobre las decisiones de estructura de capital de la empresa chilena. Estos inversionistas pueden influir en la estructura de capital mediante distintos papeles como los de monitoreo a la gestión y de reco...

This paper studies the influence of the AFPs, as major institutional investor, on the capital structure decision of the Chilean firm. These investors may influence the capital structure decision, through different avenues; monitoring the firm's managers and transferring useful information to the capital market. The study considers a sample of 109 C...

This paper studies the influence of the AFPs, as major institutional investor, on the capital structure decision of the Chilean firm. These investors may influence the capital structure decision through different avenues; monitoring the firm’s managers and transferring useful information to the capital market. The study considers a sample of 109 Ch...

The main objective of this article is to explore how the number of observations included in a window may impact the rejection rate of linear windows. We employ two methodologies proposed in the literature in order to study the linear and nonlinear behaviour. We use daily Emerging Markets Bond Index (EMBI) index spreads from six of the most importan...

This paper uses the Hinich test to detect non-linearity windows on the series of daily closing prices of the commodities Copper, Gold, Palladium, Brent Oil, Silver, Platinum and Oil WTI. In addition, we use Wavelet theory to study either the scale or the scales that occur or accumulate the process of non-linearity. The results regarding the test of...

p>Rajan and Zingales (1995) find that tangibility, growth opportunity, size and performance are the four common determinants for explaining capital structure across G-7 countries. In this study, we consider a sample of 590 firms from Argentina, Chile, Mexico, Peru and the United States (U.S.), to analyze whether the four common determinants also ex...

This paper uses the Hinich test to detect non-linearity windows on the series of daily closing prices of the commodities Copper, Gold, Palladium, Brent Oil, Silver, Platinum and Oil WTI. In addition, we use Wavelet theory to study either the scale or the scales that occur or accumulate the process of non-linearity. The results regarding the test of...

Rajan and Zingales (1995) find that tangibility, growth opportunity, size and performance are the four common determinants for explaining capital structure across G-7 countries. In this study, we consider a sample of 590 firms from Argentina, Chile, Mexico, Peru and the United States (U.S.), to analyze whether the four common determinants also expl...

Rajan and Zingales (1995) find that tangibility, growth opportunity, size and performance are the four common determinants to explain capital structure across G-7 countries. In this study, we consider a sample of 590 firms from Argentina, Chile, Mexico, Peru and United States of America, to analyze whether the four common determinants also explain...

We survey 290 LATAM firms on capital budgeting, cost of capital and capital structure issues. We analyze the results and compare them to those of other studies. We interpret differences according to special features characterizing both emerging markets and SME. We observe that LATAM firms make use of standard capital budgeting techniques, but give...

In this paper, we analyze the adequacy of using GARCH as the data-generating process to model conditional volatility of stock market index rates-of-return series. Using the Hinich portmanteau bicorrelation test, we find that a GARCH formulation or any of its variants fail to provide an adequate characterization for the underlying process of the mai...

This article focuses on the relationship between performance and corporate diversification. The sample covers 70 Chilean public firms between 2000 and 2007. Our findings show a positive and statistically significant relation between performance and corporate diversification. Moreover, when separating the sample into two groups, namely, those that a...

This article researches the relation between performance and ownership concentration in 12 CHLan firms that issue American Depositary Receipts (ADR) during the period 1998 - 2007. As was seen in the results reported for the United States, this study did not find any statistically significant relation between ownership structure and performance for...

In this article we check for nonlinear behaviour of the 10 most important Latin American emerging market bonds spreads. Applying the Hinich portmanteau bicorrelation test, the BDS test and the Engle LM test, we observe systematic nonlinear structure in the spreads series. Our results suggest that the nonlinear serial dependencies are episodic in na...

We study the short and long term performance of the stock returns of Latin American companies with an Initial Public Offering (IPOs) by American Depositary Receipts (ADR) in New York Stock Exchange (nyse). The results indicate a statistically significant underpricing of 9.22% for the ADR-IPOs that compose the portfolio, and a yield of 3.75% when fi...

This paper studies the determinants of the capital structure for a sample of 113 firms that are listed in the Santiago Stock Exchange (Chile) in the period 1990-1998. The major difference between this and previous studies is the statistical method to analyze the data. Using LISREL (Linear Structural Relations), we find that tangibility of assets is...

This chapter develops a Probit model that identifies the financial variables explaining the bankruptcy of banking institutions in Ecuador as a function of efficiency, assets, capital, risk and operating income. The implications of this study verify the validity of the solvency theory over the self-fulfilled panic speculations. The criteria used was...

Este Documento es producto del trabajo de Académicos del Departamento de Administración El trabajo presenta una discución sobre las principales características del conflicto accionista-bonista, una descripción del marco legal que norma las emisiones de bonos en Chile y un análisis clínico de las características de las cláusulas contractuales de las...

Though no clear definition of investment companies exists in Chile, it has been generally understood to refer to companies that have investments in other companies (with or without corporate control) but that do not own productive assets. A question that naturally arises is whether the market value of investment companies is equal to the economic v...

In this paper, we study the effect of legal reforms and institutional changes on credit market development and the low level of unpaid debt in the Chilean banking sector. Using time series data on yearly basis (1960-1997), we conclude that both information sharing and deep financial market liberalization during the seventies are positively related...

The major objective of this paper is to investigate institutional arrangements as a determinant of loan repayment in the Chilean financial market. A second aim is to analyze the effects of these arrangements on borrowers’ behavior. Although La Porta et al. (1997, 1998) classify Chile as a French Civil Law country, the law and private arrangements h...

This paper examines the performance of newly public firms and compares those firms that initiated dividends with those that did not. Earnings increases following the dividend initiation and earnings surprises for initiating firms are more favorable than those for noninitiating firms. Furthermore, had noninitiating firms declared dividends that matc...

Alfred Chandler once described the U.S. conglomerate movement of the 1960s and '70s as an “historical aberration and a 'disaster.” And the recent trend in corporate mergers and acquisitions away from “diversifying” acquisitions would seem to confirm Chandler's argument. In what constitutes yet another piece of evidence in support of Chandler's argu...

We examine wealth changes for all 1283 publicly traded debt and equity securities of firms involved in 260 pure stock-for-stock mergers from 1963 to 1996. We find no evidence that conglomerate stock-for-stock mergers create financial synergies or benefit bondholders at stockholders' expense. Instead, we document significant net synergistic gains in...

El objeto de este articulo es estudiar más profundamente los efectos financieros de las privatizaciones reportados por Megginson, Nash y Van Randerborgh 1994 para una muestra de 22 empresas chilenas privatizadas entre 1984 y 1989.

This paper examines empirically whether the dividend initiation decisions of a sample of newly-public firms are best explained by the predictions of the Miller and Rock (1985) cash flow signalling model, or by the competing agency cost models presented by Easterbrook (1984), Jensen (1986), and Rozeff (1982). Our results strongly support the agency...

In OLS regression studies of changes in Treasury Hill (TB) rates on anticipated money, investigators have found negative coefficients on anticipated money, basically over the period 1977-1982, which is inconsistent with the market efficiency hypothesis. Using a time-varying Bayesian regression regime, we pinpoint the precise weeks in which this neg...

Este articulo estudia el efecto de la legislación tributaria vigente en Chile sobre la Estructura de Endeudamiento de las empresas.

Este artículo provee una discusión y síntesis organizada de los principales enfoques teóricos así como de la evidencia empírica que han surgido en relación a la ecuación originalmente propuesta por Irving Fisher (1896). Esta ecuación establece una relación entre la tasa de interés nominal, la tasa de interés real y la tasa de inflación esperada. Pa...

This paper presents a new methodology called MVNE to valuation of new ventures based on APV (Adjusted Present Value) principles. Company valuation of established firms is a very well studied and documented topic. In opposite, valuation of early stage companies is a much less known case and it presents challenges in modeling and computing the busine...

Este Documento es producto del trabajo de Académicos del Departamento de Administración Este artículo analiza los determinantes de la tasa de pago de dividendos en Chile, basado en un modelo que minimiza la suma de los costos de agencia y los costos de transacción. El análisis se basa en un estudio de corte transversal durante el período 1986-1992,...

Este Documento es producto del trabajo de Académicos del Departamento de Administración Este estudio documenta por primera vez el impacto que tienen cambios significativos en el pago de dividendos de empresas chilenas sobre la riqueza de los accionistas. Se analiza una muestra de 129 cambios de pagos en dividendos (75 aumentos y 54 disminuciones) p...

Este articulo estudia los pagos de dividendos de un grupo de 44 sociedades anónimas abiertas chilenas entre 1993-1994.

El articulo analiza tres hipotesis, señal de flujo de caja, flujo de caja libre y estructura de propiedad como explicacion alternativa a la decisión de inicio de dividendos de empresas cuyas acciones son transadas por primera vez en el mercado bursátil OTC.