Fuenzalida Darcy

Universidad Técnica Federico Santa María · Departamento de Ingenieria Comercial

Este estudio pretende determinar las variables que pueden estar influyendo en las exportaciones chilenas subdivididas en cuatro grupos de bienes: manufacturas; alimentos, bebidas y tabaco; minería y metales y; materias primas de origen agrícola para el período 2002-2016. El estudio permite concluir que los acuerdos de Chile con MERCOSUR, CA y China...

El objetivo del estudio es determinar el efecto de la inversión extranjera directa (IED) y competitividad sobre el comercio bilateral de los países latinoamericanos (Argentina, Brasil, Chile, Colombia, Ecuador, México y Perú) con sus principales destinos comerciales para el período 2006-2012 y, en una segunda etapa, cómo el comercio aproximado y la...

Antecedentes Sudamérica se caracteriza por la desindustrialización de sus exportaciones, las cuales ofrecen limitadas posibilidades de diversificación productiva. Esto ha provocado un mediocre desempeño económico y exportador, aunado al mantenimiento de un modelo neoextractivista. Metodología Dado este escenario y la importancia de impulsar las ex...

Traditional project valuation usually overlooks the important risk analysis process because it relies in the complete market assumption. In a complete market it will be possible to either find twin securities or elaborate a dynamic in vestment portfolio to replicate the project risk and payoff in every state of nature at any moment in the future. F...

The main objective of this article is to analyze the world and regional market for objects of art, collection, antiquity, publishing and graphic industries, and in order to analyze the opportunities offered by the creative goods market to export diversification and job creation and inclusion. Determine the variables that may be influencing the expo...

This paper analyzes the illiquidity premium in the MILA. Using seven proxies for illiquidity, we find a positive and significant illiquidity premium for our sample. A microstructure bias-free portfolio weighting based on past returns is critical in our finding of an illiquidity premium, which is robust to several methodological changes in our portf...

The main objective of this article is to analyze the world and regional market for objects of art, collection, antiquity, publishing and graphic industries, and in order to analyze the opportunities offered by the creative goods market to export diversification and job creation and inclusion. Determine the variables that may be influencing the expo...

The vast majority of universities in the western world have integrated an online learning platform in their campus, to help teachers and to go with the times, the most used technology is a learning management system (LMS by the acronym in English learning management system), being Moodle the most used LMS platform in the world, because, compared wi...

There is not many studies regarding the use of Knowledge Management (KM) practices in Chile, and not a study that compares this usage with other countries. This research is aimed to find out the level of use of selected KM practices in Chile, the importance that has in the companies and if it is a formal part of the company strategy (level of insti...

The aim of this study is to determine the factors that affect working capital management in Latin American companies. Using an unbalanced panel data analysis for companies quoted in five Latin American capital markets it is shown that companies in Argentina, Brazil, Chile and Mexico are holding cash excesses, which could destroy firm value. Results...

This paper aims to discover whether or not good corporate governance practices generate positive returns on the Lima Stock Exchange (LSE). The study examines two questions. First, does the announcement that a firm is in the good corporate governance index (GCGI) increase its stock price and offer a positive abnormal return? Second, from the point o...

Knowledge is increasingly being recognized as a vital organizational resource that provides competitive advantage (Davenport, T. & Prusak, L. 1998, Edvinsson, L. & Malone, M. 1997., Stewart, T. 1997, Argote, L. and P. Ingram 2000, Choo 1998). Managing knowledge assets can be a challenge for organization, specially their external Knowledge like thei...

p>Este trabajo analiza, usando una metodología alterna a la existente en la literatura del tema, la existencia de rendimientos anormales en el corto plazo ocasionados por cambios en la intensidad de la inversión en proyectos de investigación y desarrollo, I+D (R&D intensity). Se observa que los inversionistas obtienen rendimientos anormales en por...

En este estudio se evalúa la importancia que tiene el nivel de integración financiera sobre los costos de capital propio que enfrentan las empresas en los mercados Latinoamericanos. Se estudia esta relación mediante un modelo no balanceado de datos de panel aplicado a 270 empresas que cotizaron en seis mercados Latinoamericanos (Argentina, Brasil,...

In this article, we identify the determinants of firm insolvency for Peruvian firms that benefited from the insolvency procedure taken by the National Institute for the Defense of Competition and Intellectual Property (INDECOPI). Using a logistic model applied to 62 firms with and without insolvency during the period 1995-2007, we found some macroe...

In this article, we identify the determinants of firm insolvency for Peruvian firms that benefited from the insolvency procedure taken by the National Institute for the Defense of Competition and Intellectual Property (INDECOPI). Using a logistic model applied to 62 firms with and without insolvency during the period 1995-2007, we found some macroe...

The main objective of this research is to verify the validity of capital structure theories with pecking order and trade off models for examining how companies finance themselves in Latin America. A sample of corporations from Argentina, Brazil, Chile, Mexico, and Peru that assumedly had traded in their respective stock markets during the period 19...

This paper compares the main proposals that have been made in order to estimate discount rates in emerging markets. Seven methods are used to estimate the cost of equity capital in the case of global well-diversified investors; two methods are used to estimate it in the case of imperfectly diversified local institutional investors; and one method i...

The main objective of this research is to verify the validity of capital structure theories with pecking order and trade off models for examining how companies finance themselves in Latin America. A sample of corporations from Argentina, Brazil, Chile, Mexico, and Peru that assumedly had traded in their respective stock markets during the period 19...

During the last two decades the Baltic region has been subject to several episodes of investment volatility and political turmoil. Although financial liberalization processes undertaken in these countries could reduce the cost of equity, it seems that investors have been cautious in investing in the Baltic region. In this research, we estimate the...

Some Latin American markets have been seriously affected by the episodes of financial crises during the last 15 years. One way of dealing with crises is to find mechanisms and policies that may be implemented in order to prevent or face this type of episodes. However, we can also try to characterize and anticipate periods of turbulence in emerging...

Some Latin American markets have been seriously affected by the episodes of financial crises during the last 15 years. One way of dealing with crises is to find mechanisms and policies that may be implemented in order to prevent or face this type of episodes. However, we can also try to characterize and anticipate periods of turbulence in emerging...

In the last 50 years, we have had approximately 40 events with characteristics related to financial crisis. The most severe crisis was in 1929, when the financial markets plummet and the US gross domestic product decline in more than 30 percent. Recently some years ago, a new crisis developed in the United States, but instantly caused consequences...

In well-developed capital markets there is evidence of positive abnormal returns and increased stock liquidity around the announcement date of a stock split. The fi rst phenomenon is due to the fact that a stock split is associated with a forthcoming dividend distribution, while the increased stock liquidity is explained by a diminution in the stoc...

Existe evidencia en mercados desarrollados que indica la existencia de un rendimiento anormal positivo y un posible incremento de la liquidez accionaria en las fechas cercanas al anuncio de una partición accionaria o stock split. El primer fenómeno se debe a que el anuncio de una partición accionaria es interpretado como un preludio de un anuncio d...

Around the world, near 46% of a company's stock is concentrated in the hands of the three main shareholders and, for companies that operate in South American markets, that percentage rises to 70%. After a portfolio study and panel data estimation conducted on 271 companies corresponding to five emerging South American markets, the article concludes...

Existe evidencia en mercados desarrollados que indica la existencia de un rendimiento anormal positivo y un posible incremento de la liquidez accionaria en las fechas cercanas al anuncio de una partición accionaria o stock split. El primer fenómeno se debe a que el anuncio de una partición accionaria es interpretado como un preludio de un anuncio d...

Traditional project valuation usually overlooks the important risk analysis process because it relies in the complete market assumption. In a complete market it will be possible to either find twin securities or elaborate a dynamic investment portfolio to replicate the project risk and payoff in every state of nature at any moment in the future. Fu...

Traditional project valuation usually overlooks the important risk analysis process because it relies in the complete market assumption. In a complete market it will be possible to either find twin securities or elaborate a dynamic investment portfolio to replicate the project risk and payoff in every state of nature at any moment in the future. Fu...

Diferentes estudios realizados enmercados de capital desarrolladoshan revelado tasas de retorno positivasinusuales de por lo menos 15%durante la fecha de anuncio de laoferta pública de adquisición de acciones.Aunque casi no se han llevadoa cabo estudios sobre los mercadosbursátiles en Sudamérica, algunosestudios han reportado tasas de retornopositi...

Traditional project valuation usually overlooks the important risk analysis process because it relies in the complete market assumption. In a complete market it will be possible to either find twin securities or elaborate a dynamic investment portfolio to replicate the project risk and payoff in every state of nature at any moment in the future. Fu...

Different studies in developed capital markets have found positive abnormal returns of at least 15% during the announcement date of a tender offer. Although there are almost no studies for South American stock markets, one study reported positive abnormal returns, ranging from 25% to 50%, related to the announcement of the first tender offer. This...

Numerous studies relating to the field of dividends have been carried out over the past twenty-seven years. The objective of this paper is to contrast it with the Barclay study (1987) and to complement the Venkatesh paper (1989). This piece of research concludes that, contrary to Barclay's findings, on their postclosure date, share returns in chile...

En la actualidad es innegable la importancia del riesgo pais y del riesgo soberano como indicadores para monitorear la percepcion de riesgo de los inversionistas internacionales y para que empresarios extranjeros y locales evaluen su nivel de exposicion a este riesgo total al invertir en mercados emergentes. Riesgo pais y riesgo soberano son concep...

Numerous studies relating to the field of dividends have been carried out over the past twenty-seven years. The objective of this paper is to contrast it with the Barclay study (1987) and to complement the Venkatesh paper (1989). This piece of research concludes that, contrary to Barclay¿s findings, on their postclosure date, share returns in Chile...

An analysis was made of then effect of the Tender Offer Law in Chile, and of the related situation of five countries with a more developed market than the Chilean one, reaching the conclusion that in order to successfully implement a Tender Offer Law it is necessary to bear in mind that the problem is not solved by establishing standards that regul...

En este trabajo, se argumenta que para valorar empresas o proyectos de inversion (inversiones reales) en mercados emergentes es necesario considerar cinco caracteristicas que poseen estos mercados: la existencia de rendimientos bursatiles muy volatiles, la carencia de informacion historica relevante, la escasez de titulos liquidos (mercados incompl...