bluuebunny/crossref_metadata_2025 huggingface dataset:
A cidade patrimonial e turística
Authors: de Almeida Paula Karine , Miguel Eleusy Natalia , Freitas Wagner José da Silva
Published: July 2020

O turismo se coloca como uma atividade capaz de refuncionalizar os espaços geográficos, e dotá-los de novas paisagens e simbologias. Tal temática pode ser considerada muito pertinente nos estudos envolvendo o espaço urbano e que dialogam diretamente com a ciência geográfica e o urbanismo. Dessa maneira, destaca-se a relevância de estudos que visem abordar a relação do turista com o espaço e/ou a paisagem, tendo destaque, neste trabalho, os estudos envolvendo cidades turísticas patrimoniais. Nesse sentido, o trabalho em questão tem como principal objetivo analisar a percepção dos turistas acerca do espaço urbano da cidade de Tiradentes, identificando a imagem urbana formada pelos mesmos, a partir dos dados contidos nas mídias sociais. Em se tratando dos procedimentos metodológicos, recorreu-se a fases distintas, sendo elas: pesquisa documental e bibliográfica, estudo de caso, registros fotográficos, observações in loco e análise de dados obtidos junto ao TripAdvisor. Para obtenção e análise dos dados, recorreu-se à técnica conhecida como Web Scraping (WS), utilizada em tarefas que envolvam mineração na web. A partir das análises foi possível identificar qual seria a imagem urbana formada a partir da percepção dos turistas acerca da cidade de Tiradentes, notando, de forma mais centrada, uma forte associação com o Centro Histórico, e, em muitas vezes, enxergando a totalidade da cidade restrita apenas a este espaço central.
Morfologia Urbana e a revolução dos dados
Authors: Krafta Romulo , Rauber Alice
Published: July 2020

Morfologia Urbana é um campo altamente dependente de dados espaciais urbanos. Sua dificuldade de obtenção constituiu durante muito tempo obstáculo ao desenvolvimento de pesquisas na área, porém, mais recentemente, o aumento na disponibilidade de dados, a emergência do big data e o crescente desenvolvimento de ferramentas e tecnologias de informação, vem abrindo novas possibilidades para explorar digitalmente o território. Não se trata apenas de disponibilidade abundante de dados e softwares para manipulá-los, mas novas capacidades de integrá-los, o que encoraja a cruzar fronteiras disciplinares. O presente artigo tem como foco a relação entre o campo da morfologia urbana, caracterizado por contornos bem definidos em termos de quais dados são requeridos, e o que tem sido feito na dita fronteira do conhecimento, onde dados de diferentes tipos são combinados. Como contribuição este trabalho identifica perspectivas para futuras pesquisas, mostrando como a morfologia urbana pode se beneficiar dessa revolução dos dados, em especial utilizando-se de novos mecanismos descritivos e analíticos. Isso é evidenciado através da exploração de grafos temporais, hipergrafos e grafos multicamadas, ainda pouco empregada nos estudos urbanos, mas que demonstra potencial para: a) descrições multidimensionais da forma urbana; b) explorações de análises do espaço-tempo.
A Quantitative Model for the Integrated Policy Framework
Authors: Adrian Tobias , Erceg Christopher , Lindé Jesper , Zabczyk Pawel , Zhou Jianping
Published: July 2020

Many central banks have relied on a range of policy tools, including foreign exchange intervention (FXI) and capital flow management tools (CFMs), to mitigate the effects of volatile capital flows on their economies. We develop an empirically-oriented New Keynesian model to evaluate and quantify how using multiple policy tools can potentially improve monetary policy tradeoffs. Our model embeds nonlinear balance sheet channels and includes a range of empirically-relevant frictions. We show that FXI and CFMs may improve policy tradeoffs under certain conditions, especially for economies with less well-anchored inflation expectations, substantial foreign currency mismatch, and that are more vulnerable to shocks likely to induce capital outflows and exchange rate pressures.
Review Of The Fund’s Income Position For FY 2020 And FY 2021-2022
Authors:   International Monetary Fund
Published: July 2020

This paper reviews the Fund’s income position for FY 2020 and FY 2021–22. It updates the April 2019 projections and proposes decisions for the current year. The paper also includes a proposed decision to set the margin for the rate of charge for financial years 2021 and 2022. Projections of the Fund’s income are subject to larger than normal uncertainties related to the impact of the COVID-19 pandemic on key assumptions. For FY 2020, these uncertainties relate mainly to the discount rate used to measure the Fund’s retirement plan obligations at April 30, 2020 and to the full year asset returns on the retirement plan and the Endowment Subaccount (EA), given the recent volatility in financial markets. For FY 2021–22, a key additional uncertainty is the scale of new lending associated with the economic fallout from the COVID-19 pandemic.
Diffusional growth of cloud droplets in homogeneous isotropic turbulence: DNS, scaled-up DNS, and stochastic model
Authors: Thomas Lois , Grabowski Wojciech W. , Kumar Bipin
Published: July 2020

Abstract. This paper presents a novel methodology to use direct numerical simulation (DNS) to study the impact of isotropic homogeneous turbulence on the condensational growth of cloud droplets. As shown by previous DNS studies, the impact of turbulence increases with the computational domain size, that is, with the Reynolds number, because larger eddies generate higher and longer-lasting supersaturation fluctuations that affect growth of individual cloud droplets. The traditional DNS can only simulate a limited range of scales because of the excessive computational cost that comes from resolving all scales involved, that is, from large scales at which the turbulent kinetic energy (TKE) is introduced down to the Kolmogorov microscale, and from following every single droplet. The novel approach is referred to as the “scaled-up DNS”. The scaling up is done in two parts, first by increasing both the computational domain and the Kolmogorov microscale and second by using super-droplets instead of real droplets. To ensure proper dissipation of TKE and scalar variance at small scales, molecular transport coefficients are appropriately scaled up with the grid length. For the scaled-up domains, say, meters and tens of meters, one needs to follow billions of real droplets. This is not computationally feasible, and so-called super-droplets are applied in scaled-up DNS simulations. Each super-droplet represents an ensemble of identical real droplets, and the number of real droplets represented by a super-droplet is referred to as the multiplicity attribute. After simple tests showing the validity of the methodology, scaled-up DNS simulations are conducted for five domains, the largest of 643 m3 volume using a DNS of 2563 grid points and various multiplicities. All simulations are carried out with vanishing mean vertical velocity and with no mean supersaturation, similarly to past DNS studies. As expected, the supersaturation fluctuations as well as the spread in droplet size distribution increase with the domain size, with the droplet radius variance increasing in time t as t1∕2 as identified in previous DNS studies. Scaled-up simulations with different multiplicities document numerical convergence of the scaled-up solutions. Finally, we compare the scaled-up DNS results with a simple stochastic model that calculates supersaturation fluctuations based on the vertical velocity fluctuations updated using the Langevin equation. Overall, the results document similar scaling to previous small-domain DNS simulations and support the notion that the stochastic subgrid-scale model is a valuable tool for the multi-scale simulation of droplet spectral evolution applying a large-eddy simulation model.
Surface Water Purification using cellulose Paper Impregnated with Silver Nanoparticles
Authors: Raheem Shahad A. , Alfatlawi Alaa H.
Published: July 2020

Abstract. The objective of this study is to prepare a cellulose paper was impregnated with silver nanoparticles (AgNPs) for the purpose of water purification (Disinfection (removal of Escherichia Coli, Staphylococcus Aureus, Enterococcus Faecalis, Enterobacter Aerogenes, Klebsiella Pneumoniae, and Proteus mirabilis) and filtration). AgNPs papers were prepared by chemical reduction of silver nitrate (AgNO3) with various concentrations (0.005 M, 0.015 M, 0.03 M, and 0.05 M) using sodium borohydride (NaBH4) as a reducing agent. Two ratios of NaBH4 / AgNO3 of 2 : 1 and 10 : 1 were used to show the effect of reduction on the formation and removal efficiencies of AgNPs. AgNPs papers were characterized using Scanning Electron Microscopy (SEM) and Transmission Electron Microscopy (TEM). An acid digestion using HCL acid followed by analyzing the samples in Atomic Absorption Spectrometer (ASS) was conducted to measure the silver concentration in AgNPs papers. TEM images showed that the silver nanoparticles size in the papers varies from 1.3 to 75 nm. Water samples, after filtration through AgNPs papers, were analyzed using (ASS) to measure the silver concentration in the effluent water. AgNPs paper antibacterial efficiency ranged (99 % to 100 %) for both reduction ratios. The average silver content in the effluent water for the three replicates ranged from 0 to 0.082 mg/L which meets the United States- Environmental Protection Agency (US-EPA) guideline for drinking water of less than 0.1 mg/L Turbidity tests showed that these papers can be usefully used as a point of use filters as the turbidity reduced to less than 1 NTU.
Global distribution of photosynthetically available radiation on the seafloor
Authors: Gattuso Jean-Pierre , Gentili Bernard , Antoine David , Doxaran David
Published: July 2020

Abstract. A 21 year (1998–2018) continuous monthly data set of the global distribution of light (photosynthetically available radiation, PAR, or irradiance) reaching the seabed is presented. This product uses ocean color and bathymetric data to estimate benthic irradiance, offering critical improvements on a previous data set. The time series is 4 times longer (21 versus 5 years), the spatial resolution is better (pixel size of 4.6 versus 9.3 km at the Equator), and the bathymetric resolution is also better (pixel size of 0.46 versus 3.7 km at the Equator). The paper describes the theoretical and methodological bases and data processing. This new product is used to estimate the surface area of the seafloor where (1) light does not limit the distribution of photosynthetic benthic organisms and (2) net community production is positive. The complete data set is provided as 14 netCDF files available on PANGAEA (Gentili and Gattuso, 2020a, https://doi.org/10.1594/PANGAEA.910898). The R package CoastalLight, available on GitHub (https://github.com/jpgattuso/CoastalLight.git, last access: 29 July 2020), allows us (1) to download geographical and optical data from PANGAEA and (2) to calculate the surface area that receives more than a given threshold of irradiance in three regions (nonpolar, Arctic, and Antarctic). Such surface areas can also be calculated for any subregion after downloading data from a remotely and freely accessible server.
A Gauss Elimination Method for estimating locations of extrema in gridded data: Applications for Potential Field Data
Authors: Nguyen Kim Dung , Tran Tuan Dung
Published: July 2020

Abstract. Extrema in gravity measurements can be used to locate geological structures of interest and the boundaries of such structures can be associated with the maxima in the gradients of the gravitational field strength. Finding the extrema of measured geophysical fields measured on the Earth's surface when the data is sparse is challenging. The inferred positions of such extrema are highly model dependent. Polynomial functions of two variables can be fitted to the data. Higher order polynomials typically give more accurate determination of the extrema, but the maximum order of the polynomial is limited by the number of data points. Difficulties are accentuated in the vicinity of boundaries of the existing data. The maximum horizontal gradient method has often been applied in this context. But in that particular construction, quadratic functions are developed in each dimension. Although the magnitudes of the extracted coefficients are obtained from three points related by their positions on orthogonal straight lines, off axis information should be included as well. The present paper introduces a modification of the maximum horizontal gradient method to overcome these difficulties. A Function f of the two variables x and y: f(x,y) = a1x2 + a2y2 + a3x2y2 + a4x2y + a5xy2 + a6xy + a7x + a8y + a9 is established by Gaussian elimination method base on a 3x3 neighborhood data grid. An extract creates a 4-dimensional space based on 4 specific cases of function f, including x = 0, y = 0, y = −x and y = x, they are four functions of one variable. The extreme points position are detected from these functions of one variable. To prove the proposed theoretical basis, as well as the built computer program, the paper presents two numerical models. The obtained results shown that the new approach has more maxima points than the traditional approach. Beside advantages of new approach, some disadvantages is also discussed in this paper. Moreover, we conclude with the application of our new approach to gravitational data in the East Vietnam Sea and demonstrate that we thereby disclose the existence of a gravity trench undetectable in the traditional method.
Authors: Muñoz C. Juan Pablo
Published: July 2020

The article describes the design of a new financial service concept in Chile, by means of conjoint analysis. The concept was named "personal banking" and consists in the offering of highly personalized bank services, oriented to the high-income market segment, so that customers can satisfy all their financial needs without visiting a bank branch. The implicit assumption is that the higher volume of operations of this market segment justifies the offering of a prime service. At the same time, this service may generate a higher customer loyalty, concentrating personal and business bank transactions in the same bank. The results of the research, which was performed in a high-income customer sample segmented by activity: top executives, self-employed professionals and entrepreneurs, revealed a high potential for the personal banking concept. The most valued attributes were Telebank and Personal Banker, which mean time saving for the customer.
Authors: Miranda Radic Ernesto
Published: July 2020

The existence of economies of scale in the pension funds administrators (administradoras de fondos de pensiones, AFPs) is tested. To that end, lineal and logarithmic functional specifications -both direct and inverse- are explored, eventually selecting the direct logarithmic functional structure. This specification corresponds to an indirect total cost function derived from a generalized Cobb Douglas production function. Data is processed in time series, cross section and pooling of observations. Cross section and pooling analyses produce estimates consistent with expectations, thus providing support to the hypothesis. Time series analyses, on the other hand, do not produce adequate outcomes but in the case of two AFPs. One of the conforms to expectations and the other one does not. These findings provide conditional support to the hypothesis tested. They also highlight -given the relevance for public policy of this phenomenon- the need to seek further with the aim ti elucidate the shortcomings of this study
Time Series Properties of four Latin American Equity Markets: Argentina, Brazil, Chile and Mexico
Authors: Urrutia Jorge L.
Published: July 2020

Variance ratio tests indicate that the equity markets of Argentina, Brazil and Mexico follow random walks, but not those of Chile. The low correlations among the four markets suggest that investments in these countries can contribute to reduce portfolio risk. The research on the random walk hypothesis has been heavily concentrated on the large equity markets of the United States, Canada, Japan and Europe (summers 1986; Fama and French 1986a, 1986b; Lo and MacKinlay 1988, and Poterba and Summers 1988). Even though some studies have been conducted for stock markets of developing countries (Errunza 1983 and Errunza and Losq 1985), little research has been done in Latin American capital markets (Errunza and Losq 1987). This paper employs the variance-ratio test to investigate the random walk hypothesis for the following four Latin American equity markets: Argentina, Brazil, Chile and Mexico. Two versions of the variance-ratio tests are implemented : first, the variance-ratio under the maintained hypothesis of homocedasticity and, second, the heteroscedasticity-robust variance-ratio. The empirical results reported in the paper indicate that the random walk hypothesis is rejected for Chile but it is generally confirmed for Argentina, Brazil and Mexico. Therefore, American investors might not be able to develop investment strategies that can be generate abnormal returns in these three countries. However, the low correlation among these markets suggests that American investors can reduce the risk of their portfolios by diversifying in international stocks of these countries.
Authors: Díaz C. Carlos , Zurita L. Salvador
Published: July 2020

In April of 1991, the Bolsa de Comercio de Santiago, the oldest and most important stock exchange in Chile, started listing futures on IPSA, a popular stock index formed by the forty most highly traded stocks of the country. In this paper we study to what extent the theorical arbitrage relations between future and spot prices of IPSA have held in the case of the contract of futures on IPSA.
Limited-and Nonrecourse Project Finance: a Survey
Authors: Kleimeier Stefanie
Published: July 2020

This paper reviews limited- and non-recourse project finance, a special financing approach for newly to be developed projects where the funds are directly linked to the cash flows of the project. This survey comprises a comprehensive literature review on project finance. Practitioner literature is reviewed with respect to project risks and hedging possibilities, project participants, the legal framework of the project company, the financial elements, and a special form of project finance: the build-operale-transfer model. Next to practitioner oriented literature, the academic literature is reviewed which models project finance as an element of a capital structure equilibrium. An appendix lists references of practitioner's articles on project finance and thus allows the reader to gather information about specific areas in project finance, for example with respect to requirements for project finance in various industries or countries.
Authors: Olavarrieta Soto Sergio
Published: July 2020

This article synthesizes the large literature regarding the Resource-Based approach to strategy (Wernerfelt 1984, Barney 1991), which suggests that firm success is related to the set of firm-specific resources rather than to industry attractiveness. After providing a brief history of the Strategic Management discipline, the phenomena of rents and superior returns persistence within an industry is discussed. Next, I examine the characteristics of the resource-based approach to strategy, which emerged aiming to explain firm diversity, and has become an alternative to Porter's model for strategy formulation. Finally, the implications and limitations of the resource-based approach to strategy are discussed.
Risk-Based Premiums for Pension Insurance
Authors: Zurita L. Salvador
Published: July 2020

The present paper develops a model to compute risk-based premiums for the USA pension insurance administered by the public Pension Benefit Guaranty Corporation (PBGC). Pension insurance is shown to he analogous to a financial put option, and pricing equations and their analytical solutions are obtained. The model includes costly audits that follow a Poisson process, whose average frequency is determined by the policymaker in order to attain Pareto-optimality. The model is estimated for a sample of us firms for the period ¡982-1986. The main policy implication is that risk-based premium rales increase at an increasing rate with the level of underfunding, in contrast with the current law of flat premium rates after certain level of underfunding.
Authors: Johansen B. Oscar
Published: July 2020

The author posits the existence of certain regularities to be found in every social organization. In the present paper five of such regularities are identified, under the denomination of "laws of social organizations". Each of these establishes border lines that set limits or constraints for the designer of organizations, in a way similar to that of the laws of physics, chemistry and other scientific fields.
Authors: Olavarrieta Sergio A. , Friedmann Roberto
Published: July 2020

The two most relevant strategy approaches present in the strategic management literature are: the market attractiveness, or Porter's approach, and the resource-based view of the firm. Recently, however, a new strategy approach has emerged in the strategy literature. This approach, called "evolutionary approach to strategy", emphasizes the dynamic aspects of competition and highlights the role of organizational learning, market orientation, and innovativeness for developing competitive advantages. The present article examines the foundations of the evolutionary approach to strategy and compares it with the other two dominant strategic perspectives. The article also provides a discussion of the implications for business practice and future research in the field of this new- theoretical strategic perspective.
Authors: Zurita L. Salvador , Huerta G. Iván
Published: July 2020

Convertible debentures are hybrid securities: they are similar to regular bonds in that they pay fixed coupons and principal at maturity, but at the same time they can be exchanged for common stocks of the issuing firm. As in the case of wairants, if the conversion option is exercised, the firm will issue new stock, diluting its property. Typically, these securities are callable after some years, enabling the firm to force the conversion of the debentures. In this paper we study a convertible debenture with conversion terms variable in time, callable by the firm at a call price also function of time, and we model dividend yields and coupon payments as continuous in time. Finally, we develop a numerical example in order to asses the relative importance of the features of the bond.
Authors: Acuña A. Eduardo
Published: July 2020

The present paper inquires into the capacity of Chilean unions to participate as collaborators in the modernization of labor relations at the level of firms. The content postulates that, if unions are to render an effective participation, previous organizational changes are required. The article extends into a deep analysis of the nature of such changes.
Authors: Acuña A. Eduardo
Published: July 2020

Three theoretical models are presented as a contribution aimed at explaining the occurrence of changes in organizations. The first one is based on the elaborations carried out in the field of organizational development, in which changes are conceived as evolutionary planned processes, with education and participation playing an outstanding role. The second model emphasizes the use of power in the implementation of changes by organizational authorities. This is a suitable strategy in situations where changes are radical and call for prompt execution. The third model defines changes as a result of interactive processes among actors in organizations, who, in accordance with their specific interests, use power to exert influence on the contents and progress of changes. The three models contribute to the development of a theory of organizational change and are framed in an explanatory complementarity. They are also useful for the purposes of praxis in the field of organizational changes.
The Financial and Operating Performance of Newly Privatized Firms: an International Empirical Analysis
Authors: Megginson William L. , Nash Robert C. , Van Randenborgh Matthias
Published: July 2020

This study compares the pre- and postprivatization financial and operating performance of 61 companies from 18 countries and 32 industries that experience full or partial privatization through public share offerings during the period 1961 to 1990. Our results document strong performance improvements, achieved surprisingly without sacrificing employment security. Specifically, after being privatized, firms increase real sales, become more profitable, increase their capital investment spending, improve their operating efficiency, and increase their work forces. Furthermore, these companies significantly lower their debt levels and increase dividend payout. Finally, we document significant changes in the size and composition of corporate boards of directors after privatization.
Authors: Fernández M. Francisco
Published: July 2020

The text is concerned with structural changes occurring in complex organizations, an exceptional contingecy in the life of organizations, and thus normally passed over as a study subject. Emphasis is placed on a diachronic analysis perspective of the phenomenon of strutural changes, by recourse to the image of the life cycle of structures. A model is proposed for the interpretation of the phenomenon that seeks to integrate into a single comprehensive pattern both the actions of authorities that patronize change and the mutation dynamics of people affected by reforms.
Authors: Maquieira V. Carlos , Danús S. Mónica
Published: July 2020

We study the determinants of the dividend payout ratio considering a model that minimizes the sum of transaction and agency costs. Using a cross-sectional analysis on a sample of 60 Chilean public traded companies from 1986 to 1992, we examine the relationship between the dividend payout ratio and the expected growth rate, the beta, the percentage of shares helds by insiders and the number of stockholders. We find a positive and statistically significant relationship between the dividend payout ratio and the expected growth rate, which can be consistent with the signaling hypothesis.
Authors: Mendoza H. Miguel
Published: July 2020

The contents review the evolution of the consumers' protection movement in Chile and over the world. The subject matter is set forth in terms of the various normative bodies enforced in different countries and regions in the course of time. A theoretical frame is proposed in order to evaluate the consumers' protection movement from three perspectives: the State, through legal enforcement, regulation and education; consumers' organizations, by recourse to education and information to the public, and enterprises, through competition, self-regulation and education. Reference is also made to the possible sources of the development and importance that the consumers' protection movement is evidencing in many countries nowadays. The contents search into the empirical evidence in Chile, in the light of the existing consumers' protection law and its impact on the national scene. The conclusion reached is that the probability to obtain satisfaction upon submission of a complaint has decreased ever since the enforcement of the current law. Empirical evidence supports the hypothesis that activities including a considerable service component are the most affected by consumers' dissatisfaction.
Authors: Zúñiga Sergio , Soria Karla
Published: July 2020

In this paper we empirically estimate the structure of the interest rates in Chile by using Nelson and Siegel 1987 parsimonious nonlinear specification. We work with daily yields from discount bonds of the Chilean government, which are traded at the Bolsa de Comercio de Santiago (Santiago Stock Exchange) during 1994-1997. Since the transactions of the instruments are unable to satisfactorily fill the spectrum of terms to maturity, the information is added, which implies performing monthly average estimates of the term structure for the 1994:01-1997:12 period. In agreement with the evidence from previous studies, the results in every month invariably confirmed descending spot curves with regard to the time to maturity, while forward curves always were below spot curves. According to the pure expectations theory, it is probable that much of this effect be due to the fact that current levels of the rates were above their steady state levels. Like other theories, the one on segmented markets also offers a commendable explanation for the persistent negativity of the term structure of interest rates.
Time Prices and the Demand for Primary Health Care in Chile
Authors: Henríquez H. Ricardo
Published: July 2020

In this paper we study the demand for primary health care in Chile. Particularly, we examine the demand for preventive care using a sample of urban children residents in the Metropolitan Region. Following Acton (1975), we assess the influence of time prices and several other socioeconomic and demographic factors on demand. Although not significant at conventional levels, the negative coefficient of travel time price would indicate that this non-monetary factor (and potentially other sources of time not controlled for in this study) could act, under certain circumstances, as a money price in discouraging demand. The magnitude of the travel time price elasticity is consistent with the range of time price elasticities found in high-income countries. The greatest impact on the probability of demand is found to be associated to food collection, nutritional status of the child and prescription of medicines. Among the nutritional conditions, undernourishment is the most important. The working status of the mother a d economic variables such as earned and non-earned income do not have a relevant impact on demand.
The Announcement Effect of Junk Bond Issues: an Analysis of the 1976-1989 Period
Authors: Castillo R. Augusto
Published: July 2020

This paper analyzes the impact of corporate junk bond offering announcements on stock prices for a sample of 680 issues of below investment grade bonds, during the 1976-1989 period. The sample shows a -1.0% cumulative abnormal return (CAR) for a two day event window period, and the zero CAR hypothesis is rejected with 99% confidence. The cumulative abnormal returns are negative and significant for combined announcements of bond and equity issues (CAR of -2.10%), and for announcements of convertible bond issues (CAR of -1.24%). Announcements of issues of straight bonds (CAR of -0.24%) are not significantly different from zero. Differences in CARs are observed across subsamples formed on the basis of size of the issuer, relative size of the issue, rating of the issue, name of the underwriter, market value of the issuer, and year of issue, but these variables are not significant when used in cross sectional regressions. The only variables with some explanatory power in those regressions are the ones indicating type of the issue, recession periods, and the dummy used to identify announcements made in 1976 (the first year junk bond issues were allowed).
Authors: Díaz H. Fernando
Published: July 2020

The way a country organizes its tax structure can significantly affect the efficiency of capital allocation and can induce sub optimal capital flows. This paper reviews the classical theory of capital international taxation. In the first part an arbitrage model for capital allocation is used to analyze which kind of tax structures lead to interior equilibrium in the international capital market. In the second part the efficiency of such equilibrium and of the tax structures involved are analyzed from the point of view of the maximization of national income. For a small an open economy the optimality of the tax structure strongly depends on the tax structure of its commercial partners and may also depend on the level of the taxes established.
Authors: Parisi F. Antonino , Parisi F. Franco , Guerrero José Luis
Published: July 2020

This study analizes the forecast ability of the sign variation of the daily exchange in neural networks. The forecast of price's direction is important to effective trade strategies (Leung, Daouk & Chen, 2000). We used backpropagation neural network models: the Multilayer Perceptron, the Jordan-Elman Recurrent network and the Ward network, all with standard and recursive method. To test the forecast ability we use an out-of-sample set of 398 observations and over 337 out-of-sample sub-set of 60 observations. The relative performance of the models was measured by the number of hits of the exchange rate variation sign, using for that the Pesaran & Timmermann s (1992) directional accuracy test. Then, the results of the best neural network model was compared with the ones of AR(1) model and with a buy and hold strategy. The neural network of three layers had the best performance and it forecast ability was significant in statistical and economical terms. When we used a recursive process for re-estimate period to period the weights of the network, we do not find a better performance. In addition, we compare the percentage of sign prediction between ward standard network, ward recursive network and the AR(1) model, and the last was significantly higher. However, the model's forecast capacity did not generate higher significant returns, in relation to a passive investment strategy, even when the abnormal average returns was positive. The results were the expected for the Chilean case due to: the few agent that have this market, the high volatility of rate exchange as consequences of international financial crisis, and the significant changes in the market produced by the Central Bank's interventions.
Authors: Raineri B. Andrés
Published: July 2020

It has been shown that the management of work teams is dependent on the culture where these are being developed. This research analyzes the perceptions that have a sample of chilean workers about the culture where they work and discusses the consequences of these perceptions for the development of work teams under such culture. In a first section of this paper new categories are developed in order to describe work culture in Chile. In a second section, using sample of 1008 subjects, the preferences of the subjects for these and other descriptors were analyzed. Results show that work culture in Chile can be described as being characterized by: individualism, paternalism, conflict avoidance, authoritarianism, improvisation, and classism. The implications and limitations of the methodology used in this study are discussed. The similarities and differences with other Chilean work culture research and essays are also analyzed. Finally, the consequences of these results, for the development of work teams in such a culture, are further developed.
Authors: Parisi F. Antonino
Published: July 2020

This study analyzes the efficiency of some technical analyses's tools more used: moving average 2, 10, 50, 100 and 200 days, momentum of 7 days, %R of 10 days, %K of a day and RSI of 10 days. For it one worked with daily prices series of Dow Jones Industrial Average (DJI) and Nasdaq's stocks, corresponding to period January 02 of 1992 -- July 18 of 2002. The results aim at that the best techniques, for the stocks sample analyzed, are %K and %R. These surpass in yield to the other techniques and to the «buy and hold» strategy, have greater stability on the time, and produces the greater abnormal return, still considering the transaction costs. The yield of %K is significantly greater to the one of the other techniques, as much in the DJI's stocks like of the Nasdaq's stocks. Also it was observed that the moving average of 10, 50, 100 and 200 days, the momentum of 7 days and the RSI are statistically equivalent, as far as yield. The results of the study indicate that the technical analysis would not only allow to increase the yield by means of an active management of the investments, but also to reduce the volatileness of the returns and, consequently, the level of assumed risk.
Authors: Parisi F. Antonino
Published: July 2020

This study analyzes the ability of the recursive dynamics multivaried models constructed through genetic algorithms and the recursive neuronal networks to predict the sign of the IPSA's weekly changes. The data correspond to the period between July 14,1997 and December 9, 2002. The analyzed models were evaluated in 60 series generated by a block-bootstrap process. The results indicate that the network ward would have better forecast ability than the genetic algorithms model and the naive model to predict the sign of the IPSA's changes. The network ward and the genetic algorithms models surpassed, in average, the buy and hold strategy, even when a transaction cost of 0.1 % is considered.
Authors: Maquieira V. Carlos , Moncayo M. Ingrid
Published: July 2020

We extend the Maquieira and Danús (1998) study. In doing so, we use the model proposed by Rozeff (1982) to determine dividend payments. This model considers two opposites factors which may explain the dividend payout policy- transaction costs and agency costs. We do a cross sectional analysis on a sample of fifty four Chilean public companies in the Santiago Stock Exchange during the period 1996-2002. We find that dividends signal future growth of the companies. Furthermore, the greater the percentage of shares owned by insiders the higher the dividend payout. Finally, we find that the past growth rate of the companies is negatively associated with the dividend payments.
Authors: González Araya Marcelo , Tomasello W. Leslie
Published: July 2020

In this paper, we study the use of options in Shareholder Agreements in privately held companies. We focus exclusively on the use, in this type of agreements, of exit strategies and the general restrictions to transfer and to cede shares. We find that the legal framework of the agreements generates different kind of options. These options can be either explicit - for instance, call options and put options - or implicit - for example, drag-along rights -, and we try to recognize in them the basic elements of the financial options.
Determinants of Firm Leverage in Chile: Evidence from Panel Data
Authors: Fernández Viviana
Published: July 2020

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 interest-bearing liabilities for firms classified by economic sectors. Our results give more support to the trade-off theory than to the pecking-order hypothesis.

The contribution of our work is also methodological. Our econometric specification is based on a random-effects panel data model for censored data developed by Anderson (1986) and extended by Kim and Maddala (1992). We extend Anderson-Kim-Maddala’s work to panel data models for uncensored data, and devise specification tests for non-nested random-effects models. Most literature on capital structure focuses on the cross-section variation of the data by averaging observations over time.
Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: The Finite-Horizon Case
Authors: Vélez-Pareja Ignacio , Tham Joseph , Fernández Viviana
Published: July 2020

When discounting free-cash flows (FCF) at the Weighted Average Cost of Capital (WACC), we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases, the firm may be able to obtain a loan at a rate that is below the market rate. With subsidized debt and taxes, there would be a benefit to debt financing, and the unleveraged and leveraged values of the cash flows would differ. The benefit of lower tax savings are offset by the benefit of the subsidy. These two benefits have to be introduced explicitly. In this article, we present the necessary adjustments to the WACC and the cost of leveraged equity under the existence of subsidized debt and taxes in a multiple-period setting. We analyze the cases of the WACC applied to the FCF and the WACC applied to the capital-cash flows (CCF). We also utilize the Adjusted Present Value (APV) to consider both the tax savings and the subsidy. We show that all these different approaches give the same answer.
Authors: Torres Moraga Eduardo , Flavián Blanco Carlos , Hidalgo Campos Pedro
Published: July 2020

La confianza es uno de los factores más importantes a la hora de elegir una determinada institución financiera, en especial cuando se trata de adoptar la banca en Internet. Existen antecedentes en la literatura que permiten pensar que la imagen corporativa de una institución financiera cumple un importante papel en el aumento de la confianza de los consumidores. Bajo esta perspectiva y comparando la banca en Internet con la banca convencional, en el presente estudio se analiza la intensidad con la cual cada una de las dimensiones que componen la imagen corporativa influye sobre la confianza de los consumidores. Los resultados de los análisis muestran que la seguridad y los servicios ofrecidos influyen con mayor intensidad sobre la confianza hacia la banca en Internet que hacia la banca convencional, y que, por el contrario, la reputación y la accesibilidad a los servicios son más favorables para la confianza en este último contexto bancario. Estos resultados permiten a los directivos de la banca identificar y gestionar eficientemente los factores de la imagen corporativa que influyen con más fuerza sobre la confianza de los consumidores.
Authors: Raineri B. Andrés
Published: July 2020

Se analizaron las diferencias de satisfacción laboral de una muestra de empleados de un grupo de empresas chilenas en función de su nivel jerárquico y edad. Los resultados indican una relación positiva entre nivel jerárquico y satisfacción laboral. También se encontró una relación positiva entre edad y niveles de satisfacción laboral. La relación entre nivel jerárquico y satisfacción laboral encontrada en Chile se asemeja a la relación positiva entre estas dos variables observadas en culturas individualistas como las de países anglosajones. Chile, que ha sido descrita como una cultura colectivista por algunos autores, se diferencia de otras culturas colectivistas como las asiáticas, donde no se han encontrado diferencias en satisfacción laboral según nivel jerárquico. Se

discuten consecuencias y posibles explicaciones para estos resultados.
Authors: Gregoire C. Jorge , Álvarez T. Carolina
Published: July 2020

El presente trabajo realiza una estimación empírica de la importancia de determinados factores que pudieran explicar el tamaño del spread de los bonos corporativos en el mercado chileno.

Se realiza un análisis econométrico de datos de panel, para una muestra de bonos chilenos correspondiente al período enero 2000 a junio 2005. Los resultados, tanto para bonos con cláusula de rescate como aquellos sin la cláusula, indican resultados significativos para las variables retorno y volatilidad de las acciones, estructura de tasas al vencimiento (nivel y pendiente), clasificación crediticia y plazo al vencimiento de los bonos, todos con los signos esperados teóricamente.
Authors: Uribe Rodrigo , Martínez Carolina
Published: July 2020

Este estudio examina los factores predisponentes a piratear música en Internet en una muestra de estudiantes universitarios chilenos. Se utiliza la Teoría del Comportamiento Planeado (actitud, control percibido de la conducta, moralidad, comportamiento pasado y opinión de su entorno social) junto a dos variables demográficas (edad y sexo) como base para determinar los factores que influyen en la descarga ilegal de archivos musicales. Los análisis revelan que el modelo posee una capacidad predictiva aceptable (45% de la varianza) para explicar la intención de piratear. Más aún, se observa que todos los componentes analizados, salvo el sexo, poseen una capacidad predictiva significativa.
Authors: Hansen Erwin , Torres Juan Pablo
Published: July 2020

Este artículo caracteriza la relación existente entre la estructura de capital de una firma y su retorno accionario, utilizando una muestra de firmas no financieras que cotizan en bolsas de cinco países latinoamericanos y de EE.UU. para el período 2000-2007. En particular, se ha probado si las firmas dejan fluctuar su nivel de leverage (razón deuda-patrimonio) libremente con las variaciones de los retornos accionarios (hipótesis de ausencia de reajuste), o si por el contrario, realizan acciones corporativas tendientes a mantener el leverage en algún nivel que consideran óptimos o deseable (hipótesis de reajsute perfecto). Los resultados obtenidos muestra que en las firmas estudiadas, las fluctuaciones de los retornos accionarios se traspasan casi en una proporción uno a uno a los niveles de leverage. Este resultado es similar al que se encuentra para la muestra de firmas de EE.UU, y que complementa la evidencia previa en Welch (2004). Adicionalmente, se verifica que la dinámica de los retornos accionarios explica casi un 50% de la dinámica de la estructura de capital.
Authors: Geldres W. Valeska V. , Etchebarne L. M. Soledad , Bustos M. Luis H.
Published: July 2020

El artículo presenta una metodología de evaluación de impacto de instrumentos de políticas públicas, aplicados al marketing internacinoal. Específicamente, se aplica esta metodología a la Asistencia de Marketing de Exportación (AME) a un grupo de 59 empresas exportadores en la región de La Araucanía. Los resultados muestran que las empresas que utilizaron los instrumentos lograron un mejor desempeño exportador relativo a aquellas que no los utilizaron.No obstante lo anterior, los resultados no presentan diferencias estadísticamente significativas.
Authors: Mouliá Patricia I. , Lazzari Luisa L.
Published: July 2020

La actividad de las organizaciones es un fenómeno complejo. Los factores de competitividad están vinculados a los recursos humanos, por lo cual resulta necesario que las organizaciones

cuenten con especialistas en esta área. En un escenario incierto es conveniente disponer de herramientas que ayuden a tomar decisiones tales como elegir el candidato adecuado para un puesto de trabajo.

En este artículo se presentan tres modelos de selección de recursos humanos, basados en la teoría de los conjuntos borrosos y se los aplica al ámbito deportivo.
Authors: Jara Bertin Mauricio , Arias Moya José Tomás , Rodríguez Perales Arturo
Published: July 2020

El presente estudio analiza los determinantes del desempeño bancario entre dos entornos institucionales bien diferenciados, como lo es el contexto latinoamericano y el contexto estadounidense. Para una muestra de 111 bancos pertenecientes a seis países latinoamericanos y Estados Unidos a lo largo del periodo 1997- 2010, nuestros resultados indican la existencia de diferencias significativas en el desempeño de las instituciones bancarias entre ambos entornos institucionales. Específicamente, por un lado, la banca norteamericana presenta mayores niveles de desempeño en comparación a Latinoamérica, lo que puede venir explicado por la mayor eficiencia administrativa asociada a sus activos totales. Por otro lado, nuestros resultados muestran que el grado de diversificación a través de actividades bancarias no tradicionales, factor predominante en la banca latinoamericana, tiene un efecto positivo sobre el desempeño de los bancos.