Examinando por Materia "Mercados emergentes"
Mostrando 1 - 16 de 16
Resultados por página
Opciones de ordenación
Ítem Análisis de eficiencia en los mercados de opciones sobre índices : una aproximación a los mercados emergentes(Universidad EAFIT, 2011) Loaiza Palacio, Daniel; Arbeláez Zapata, Juan CamiloAn efficient capital market is characterized because asset prices reflect the effects of information based on events that have already occurred and on events that the market expects will happen in the future (Fama, 1965). Although the hypothesis of efficiency has been proven in multiple index options markets, it has been conducted mainly in developed markets, and has relied more on the count of violations than on the estimation of returns which are obtained when strategies are implemented to take advantage of market inefficiencies and its comparison with the returns of the market. This study proposes a methodology, based on dynamic programming, for testing the efficiency in emerging markets such as Latin-Americans, and allows a comparison of the test results on a developed market of index options. At the end some recommendations are done to undertake an efficiency test in the future COLCAP index options market in Colombia.Publicación Análisis de la relación entre la orientación social y ambiental y el desempeño financiero de las empresas en el mercado latinoamericano(Universidad EAFIT, 2025) Ramírez Aristizábal, Sebastián; Téllez Falla, Diego FernandoThis study examines the relationship between environmental and social orientation and financial performance in companies from the Latin American Integrated Market (MILA) in 2023. Using textual analysis of 95 annual report CEO letters and financial data from Economática, social and environmental orientation was quantified via Moss et al.’s (2018) dictionary. The results revealed no statistically significant correlations between the socio-environmental variables and financial metrics, though weak trends emerged: negative coefficients for the environmental dimension and positive ones for the social dimension. Traditional factors like leverage and firm size were found to be strong predictors of financial performance. These findings underscore the complexity of linking ESG practices to profitability in emerging markets, where conventional financial drivers still prevail. The study contributes evidence to inform better ESG communication strategies and suggests that future research should integrate verified ESG metrics and longitudinal approaches to more fully capture these dynamics.Ítem Asimetría en la información y su efecto en los rendimientos en los mercados accionarios latinoamericanos(Universidad EAFIT, 2012-12-15) Villarraga, Edwin; Giraldo, Santiago; Agudelo, DiegoEn este estudio se estima la probabilidad de transacciones informadas comportamiento y sus efectos en los rendimientos diarios e intradiarios en Latinoamérica. Calculando la probabilidad diaria dinámica de transacciones informadas (Easley, Engle, O’Hara y Wu, 2008), como una medida del nivel de información en las transacciones, se investiga si está relacionada con los volúmenes de negociación y la capitalización de mercado de las acciones en la muestra. Adicionalmente se busca una relación de corto plazo entre la probabilidad de transacciones informadas y los rendimientos. Se evaluaron 343 acciones en los 6 principales mercados latinoamericanos, constituyéndose en el primer estudio en evaluar la dinámica de la asimetría de la información en los mercados la región. Los resultados, consistentes con la teoría de microestructura de mercados, evidencian que existe un mayor nivel de asimetría en la información en las acciones con menor volumen de negociación y menor capitalización de mercado, y que los precios de las acciones se mueven en la dirección de la información, si bien parte de este efecto es revertido al día siguiente.Ítem Chinese Multinational Enterprises: Effects on World Poverty(Universidad EAFIT, 2021) Neme Castillo, Omar; Chiatchoua, Cesaire; Briseño Perezyera, José IsraelPublicación Corporate and ESG performance : the moderating effect of environmental dimensions(Universidad EAFIT, 2024) Hurtado Rivera, Daniel; Gaitán Riaño, Sandra Constanza; Téllez Falla, Diego FernandoÍtem Cross- Hedging emerging stock indexes in Latin America with commodities and financial futures contracts in time of crises(Universidad EAFIT, 2022) Arango Montoya, Valeria; Couleau, AnabelleÍtem Economic Value of Energy and Petrochemical Companies and Multiple Directorships: Evidence from Saudi Arabia(Universidad EAFIT, 2022-12-12) Salmen Aljaaidi, KhaledPublicación Forecasting Colombian Yield Curves & Rates With LSTM and Nelson-Siegel Models(Universidad EAFIT, 2024) Uribe Ramírez, Sebastián; Almonacid Hurtado, Paula MaríaÍtem Identificación no paramétrica de factores para el corte transversal de retornos de acciones latinoamericanas(Universidad EAFIT, 2022) Zuluaga Rendón, Simón; Agudelo Rueda, Diego AlonsoÍtem Impacto de los precios de los commodities en las economías suramericanas entre el 2000 y 2015(Universidad EAFIT, 2016) Gil Castro, Gina María; Velásquez Ceballos, HermilsonÍtem Índice de sentimiento del inversionista colombiano (ISIC)(Universidad EAFIT, 2020) Mejía Guerra, Juan Sebastián; Coronel Andrade, Fabricio; Mora Cuartas, Andrés MauricioPublicación Las prácticas ESG y su influencia en el costo de capital y el riesgo de insolvencia en mercados emergentes de América Latina(Universidad EAFIT, 2024) Villalba Vergara, Giovani Antonio; Vergara Jurado, Judith CeciliaÍtem Los programas de ADRs en Colombia : una aproximación jurídico descriptiva y propositiva(Universidad EAFIT, 2008-07) Merino Jaramillo, Camilo; Estrada Montoya, Marcela; Toro Valencia, José Alberto; Posada Botero, José DavidÍtem Systemic appropriation of social innovation in organizations from emerging markets: A proposal for the generation of shared value(Universidad EAFIT, 2022-06-16) Franco-Arango, Laura; Álvarez-Mesa, CatalinaÍtem The disposition effect in bonds and stocks : new evidence from an emerging market(Universidad EAFIT, 2019) Hincapié Salazar, Juliana; Agudelo Rueda, Diego AlonsoPublicación The interlinks between internationalization and sustainability : analysis of an emerging market multinational(Universidad EAFIT, 2022) Gómez-Trujillo, Ana María; González-Pérez, María AlejandraThe accelerated dynamism of markets and the grand global challenges are forcing companies to devise different strategies to remain competitive while also contributing to the sustainable development of the societies in which they operate. This challenges companies’ traditional behaviors and capabilities, especially those from emerging markets that operate in uncertain and volatile environments within these economies, forcing them to find alternatives to gain legitimacy among local and international stakeholders in order to remain competitive. In this way, this dissertation aims to analyze the adoption of a sustainability strategy by Emerging Market Multinationals (EMNEs) to safeguard long-term corporate competitiveness and contribute to sustainable development. The research is reported into three papers: a systematic literature review and two empirical papers. The three papers complement one another by identifying the interweaves between firms’ foreign expansion (internationalization), integration of sustainability into corporate strategy, and how both positively contribute to long-term relevance of EMNEs operating in harsh conditions and turbulent environments. The first paper aims to identify previously unexplored aspects of the relationship between corporate sustainability and internationalization in the context of emerging markets. Hence, it provides a systematic review of the literature that connects both concepts. The review included 90 articles published in 61 journals indexed in [Web of Science Core Collection, EBSCO, Scopus and Google Scholar] between 1991 and 2021. The articles were coded into the following categories: publication year, paper title, journal, author name, research objectives, theoretical approaches, geographical and sectorial contexts, methodologies for inquiry, and study findings. A category to classify identified avenues for future research was also included in order to help understand the relationship between internationalization and sustainability. In sum, the systematic literature review concludes that internationalization is a driver for pursuing sustainability initiatives. It also identifies seven broad research streams that connect internationalization and sustainability and suggests avenues for future research. These streams are: (1) Evolution of MNEs and institutional environment in the implementation of sustainability initiatives, (2) Firms’ specific resources and capabilities concerning CSR, (3) The role of networks and supply chains in MNEs, (4) Development of competitive advantages, (5) Geographical and sectorial context, (6) Theoretical Frameworks, and (7) Measures and methods. The second paper presents findings from an empirical study examining the integration of sustainability into an emerging market multinational's corporate strategy. It also considers how such integration might contribute to achieving and maintaining corporate legitimacy and long-term competitive relevance. This study employs a qualitative single case study methodology on a Colombian multinational firm operating in energy transmission, roads, and telecommunication sectors. Primary data were collected using direct observations and 31 technologically mediated face-to-face interviews conducted in five Latin American countries. The study was supported by secondary data such as corporate reports from 2005 to 2021, archival data, and media coverage. The findings suggest that integrating sustainability into corporate strategy enables subsidiaries to respond to internal and external demands successfully. The strategy deployment develops unique firm capabilities that enable subsidiaries to integrate a sustainability focus into the decision-making and initiatives required to overcome the liabilities of operating in volatile, uncertain, and foreign environments. It also allows the firm to gain competitive advantages and safeguard corporate legitimacy. The third paper explains how a corporate sustainability strategy contributes to sustainable development and how it helps in overcoming the liabilities of foreignness. Interviews with elite and non-elite informants, as well as archival data, were used to collect data for this research. According to the findings, firms from emerging markets have adopted the sustainability flag in their internationalization process to overcome liabilities of foreignness and build legitimacy among their stakeholders. It also enables companies to give back to society through their contribution to sustainable development and the creation of public value. Concisely, this dissertation uses a qualitative case study methodology to contribute to the debate on the relationship between internationalization and sustainability in emerging markets by integrating and analyzing previous literature on this field. In addition, we discuss the integration of sustainability into corporate strategy to achieve and maintain corporate legitimacy and long-term competitive relevance. Finally, we analyze the internationalization of EMNEs and the implementation of a sustainability strategy to overcome their liabilities of foreignness and contribute to sustainable development through a single case of a Colombia multinational operating in the energy transmission, roads, and telecommunication sectors. The findings of this thesis contribute to two growing fields of study within International Business: specific characteristics of emerging market firms and their internationalization process, and the incorporation of corporate sustainability in their operations. With regard to policy, this dissertation makes two major contributions. From the outward FDI perspective, emerging market economies should promote and facilitate the incorporation of sustainability strategies to improve international competitiveness of their industries and gain legitimacy abroad, especially when the institutional environment of these countries encourages enterprises to seek growth opportunities abroad. From the inward FDI perspective, governments should partner with multinational firms to achieve sustainable development goals and align corporate sustainability goals with national commitments to the SDGs. These will guarantee the contribution of EMNEs to local and international sustainable development as well as the generation of public value for societies.