Examinando por Materia "Mercados accionarios"

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    Anuncios macroeconómicos y mercados Accionarios: El caso Latinoamericano
    (Universidad EAFIT, 2011-12-15) Agudelo, Diego A.; Gutierrez, Angelo
    Do stock markets reflect changes on the macroeconomic fundamentals? . The semi-strong form of the Efficient market hypothesis (HEM - Fama 1970) asserts that stock prices should react immediately to the surprise content on announcements of macroeconomic variables, without predictable over or under reaction. We test this in the six main Latin-American equity markets: Argentina, Brazil, Chile, Colombia, México and Perú, for the announcements of Consumer Price Inflation, Central Bank interest rate, GDP growth, Trade Balance and Unemployment rate. Following Flannery and Protopapadakis (2002), we estimate the effect of the surprises of such announcements, using time series models of conditional volatility, controlling of the exchange rate and international stock markets. We found that the effects on the market returns are significant and with the expected sign only for the CPI in Mexico, for the interest rate in Chile and Colombia, and for Unemployment on those three markets. Moreover, in some cases the stock markets incorporate the announcement with a lag, whereas in others, they react to the announcement rather than to the surprise, in conflict with the HEM. We conclude that the Latin-American stock markets react only partially to the macroeconomic announcements and not fully incorporating the new information in an efficient manner.
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    El impacto del Covid -19 en el sector e-commerce
    (Universidad EAFIT, 2021) Abad Vega, Nicolás; Echavarría López, Marcela Isabel; Gaitán Riaño, Sandra Constanza
    The COVID-19 pandemic was the determining factor in the world’s economy in 2020. Because of the uncertainty caused and the imposed measures by different governments to prevent the spread of the virus, many people lost their jobs and many companies had to close, affecting supply and demand worldwide. Equity markets also decreased their returns and volatility increased dramatically. However, there was one sector that benefited from the pandemic, which was the e-commerce sector. COVID-19 accelerated society’s digital adoption, the internet was the element that allowed people to stay connected and acquire the products they needed without having to leave home. This work uses an econometric model to explain the impact of the pandemic on the price of the most representative companies in the e-commerce sector. The results show that, although the death toll negatively affects the S&P500, the most representative companies in this sector saw their share prices rise as the death toll from COVID-19 rose.