Julio Riutort

Adolfo Ibáñez University · School of Business

We study individuals' incentives to make investment decisions. Using data from a large pension system in Chile we find that individuals who are active in managing their investments have, on average, poor performance. We provide robust evidence suggesting that learning plays an important part in this phenomenon. Indeed, individuals who have made suc...

La competencia es el mecanismo por el que una economía social de mercado busca lograr eficiencia, bienestar social, legitimidad en sus resultados y, en definitiva, el desarrollo integral de los países. Considerando su importancia, en este documento se profundizará en su valor desde una concepción liberal, para luego profundizar en el caso de Chile,...

Research Summary We examine the relationship among inheritance taxes, shareholder protection, and the family firms' market value. Drawing on the family firm, corporate governance, and institutional complementarities literature, we argue that inheritance taxes act as external corporate governance mechanisms for decoupling business families' socioemo...

El siguiente documento da cuenta de nuestras propuestas con el fin de abordar los defectos que posee el sistema previsional chileno, potenciar sus aspectos positivos y, a su vez, incorporar otros instrumentos e incentivos que permitan aumentar las pensiones, tanto las de los actuales como las de los futuros jubilados. Se ofrecen propuestas que busc...

Using a randomized experiment in Chile, we study the impact role models have in the context of a training program for micro-entrepreneurs. We show that being in a group randomly chosen to be visited by a successful alumnus of the program increases household income one year after, mostly due to increased business participation and business income. W...

We review the corporate takeover regulation in place in the world and find evidence that it is converging from the Market Rule (MR) towards the Equal Opportunity Rule (EOR). The literature on the economic rationale of these rules shows that the Private Benefits of Control (PBC) affect control changes; in particular, the EOR has the potential to pre...

We review the corporate takeover regulation in place in the world and find evidence that it is converging from the Market Rule (MR) towards the Equal Opportunity Rule (EOR). The literature on the economic rationale of these rules shows that the Private Benefits of Control (PBC) affect control changes; in particular, the EOR has the potential to pre...

We propose a model to estimate the private benefits of control in control transfer transactions for a broad range of regulatory environments, from private negotiations to mandatory tender offers. The Barclay and Holderness' and Dyck and Zingales' Block Premium models are nested as special cases. With corporate control transfer regulation around the...

We study a new channel by which permit holdings in a cap-and-trade system can affect investment behavior. In the presence of financial constraints, permit holdings can matter through their effect on the firm’s internally available resources and indirectly affect investment. To test this relationship, we exploit the cross-sectional and temporal vari...

type="main"> We propose a model to estimate the private benefits of control in control transfer transactions for a broad range of regulatory environments, from private negotiations to mandatory tender offers. The Barclay and Holderness' and Dyck and Zingales' Block Premium models are nested as special cases. With corporate control transfer regulati...

In order to determine the market reaction to an announcement of a change in the audit firm, we carry on an event study between 2004 and 2013 that includes 130 publicly traded Chilean Companies. We find that the market reacted positively when a company announced that it will keep its audit firm that year. We rule out possible biases in the informati...

We study the impact of financial constraints on the investment behavior of electricity generating utilities. The pollution permit allocation rule of the US SO2 regulation introduced variation in internally available funds, in an industry where firms are otherwise very similar. We use this exogenous variation to identify the relationship between cas...

We exploit the heterogeneity in pollution permits allocation and the variation in the permits price to identify a new channel by which cap-and-trade programs can affect firm decisions: they may affect investment through the impact of free pollution permits on the firms cash flow. A firm with a permit allocation higher than its emissions will have a...