Examinando por Autor "Veloso Ramos, Carmen L."

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  • Miniatura
    Ítem
    Are the effects of market concentration and income diversification on banking performance persistent?
    (Universidad EAFIT, 2020-09-08) Muñoz Mendoza, Jorge A.; Sepúlveda Yelpo, Sandra M.; Veloso Ramos, Carmen L.; Fuentealba, Carlos Delgado; Universidad de Concepción
    We analyze the effects of market concentration and income diversification on banking performance. We used a sample of 134 countries for the period 1994-2011 and used the GMM estimator proposed by Arellano and Bover (1995). Our results show that market concentration and income diversification have a positive and non-linear effect on bank performance. The non-linearity suggests that the positive effect is reversed if the banking industry has high levels of market concentration and income diversification. During an economic crisis, the banking industry reduces diversification to support its performance. These results are relevant for the design of financial policy and banking strategies.
  • Miniatura
    Ítem
    Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage
    (Universidad EAFIT, 2020-02-28) Muñoz Mendoza, Jorge A.; Sepúlveda Yelpo, Sandra M.; Veloso Ramos, Carmen L.; Universidad de Concepción
    We analyzed the effects of ownership structure, capital structure and growth opportunities on stock price reactions when companies issued debt or equity. Our results, based on event study methodology and IV regressions from a sample of 70 Chilean firms, indicate that controlling shareholder ownership has a negative effect on stock price reactions for debt issuances and a positive effect for equity issuance. These results indicate that debt issuances are a substitute for majority shareholder monitoring, and that equity issuances are associated with superior corporate performance. Equity issuances are a means for expropriating wealth from non-controlling shareholders. Debt and growth opportunities have a non-linear effect.