Examinando por Materia "Transaction costs"
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Ítem Efecto de las transacciones internacionales de electricidad-TIE sobre los precios de la electricidad y sobre el bienestar social en Ecuador y Colombia(Universidad EAFIT, 2005) Escobar Moreno, Agustín; Flórez Estrada, Mónica Paola; García Rendón, John JairoA partir de la implementación del esquema de Transacciones Internacionales de Electricidad de corto plazo TIE para los intercambios de electricidad entre Ecuador y Colombia, se han producido beneficios para ambos países, reflejados principalmente en un aumento de demanda para los productores del país exportador y un aumento en la oferta para el país importador que le ha representado un ahorro en los costos de producción y unos menores precios de la electricidad -- El funcionamiento de las transacciones TIE maximiza el uso de las líneas de interconexión y permite optimizar los recursos energéticos de los países que se encuentren interconectados utilizando este mecanismo, pues las transferencias de energía se presentan desde el país con menor precio de mercado hacia el país de mayor precio, lo que conlleva el acercamiento los precios de mercado de ambos países hasta igualarse o hasta que la capacidad de transferencia de la interconexión lo permita -- A medida que la capacidad de transmisión entre los países se desarrolle, el beneficio social general será mayorÍtem Formas de integración de las empresas(Universidad EAFIT, 21/10/2007) Tamayo, Mery Patricia; Piñeros, Juan David; Universidad EAFITÍtem Institutional framework and bribery in Latin America: The case of PetroTiger Ltd. and Ecopetrol S.A.(Universidad EAFIT, 2014) Siegel, Eyal; González-Pérez, María AlejandraDue to different institutional interpretations, there is a broad set of perceptions and attitudes towards bribery and corruption. Especially in the international business context, it is not likely to have a uniform understanding and consensus regarding the interpretation and the handling of these behaviours. This paper analyses the corruption environment in Latin America. Based on analysing the specific case of the firm PetroTiger Ltd., which was engaged in bribery activities with the Colombian state-controlled firm Ecopetrol S.A. in 2010, this study finds characteristics of corruption in the Latin American region. This research distinguishes itself from the existing literature since it provides new insights in one specific region, including a broad set of dimensions and approaches. A compilation of desk research, media analysis and the Latin American Corruption Perception Index by the Transparency International underpins the corruption in this region. The primary findings show that the Latin American region differs from others because its level of perceived corruption is defined by its strong cultural influences, the internal economic drivers of Latin American firms, and the weak enforcement of legislation. Above all, this paper confirms that each region has its own characteristics and that the global perception on corruption is changing negatively. Taking this into account, this research explains the main causes for Latin America, and here for gives insights for further research that specific focusses on the cultural, economic or legal factors.Ítem Liquidez en los mercados accionarios latinoamericanos : estimando el efecto de una posible fusión(Universidad EAFIT, 2010) Castro Roldán, María Isabel; Agudelo, DiegoEn este trabajo se propone una metodología para determinar los costos de transacción asociados a la liquidez en los seis mercados accionarios latinoamericanos más importantes: Argentina, Brasil, Chile, Colombia, México, Perú, utilizando información intradiaria en un periodo de 6 meses (Julio 2009 - Enero 2010). Los costos de transacción considerados son los asociados al margen de oferta y demanda (“bid-ask Spreads”) y el impacto en el precio. Una vez obtenidos los costos de transacción, se compara el desempeño relativo en liquidez de los diferentes mercados y se estima el posible efecto de la fusión de los mercados de Colombia, Chile y Perú, que comenzó a finales del 2009 y concluirá en el 2011. Los efectos esperados de esta integración son el aumento de transacciones con la consecuente disminución de los costos de transacción, dinamizando más aún estos tres mercados.Ítem Liquidez en los Mercados Accionarios Latinoamericanos: Estimando el efecto del Mercado Integrado Latinoamericano (MILA)(Universidad EAFIT, 2012-12-15) Agudelo, Diego A.; Barraza, Santiago E.; Castro, María Isabel; Mongrut, SamuelIn this study one estimates transaction costs associated with intraday liquidity of shares belonging to six Latin American stock markets (Argentina, Brazil, Chile, Colombia, Mexico and Peru) during a period of six months (July 2009 - January 2010). We found that countries with higher market capitalization such as Brazil, Mexico and Chile have lower transaction costs associated with liquidity than Peru, Argentina and Colombia. Moreover, using a panel data model we identified that there is a negative relationship between transaction costs and trading activity and between transaction costs and the volatility of stock returns. Finally, we found that there are important differences between the stock markets of Chile, Colombia and Peru that justify their inclusion in the Integrated Latin American Market (MILA) and that the potential savings in transaction costs associated with a modest increase of 10% in trading activity ranges between 10 and 36 million of dollars for the three countries being the Chilean and Colombian’s markets the most benefited because they have transactions with a higher average value.Ítem Medidas intradiarias de liquidez y de costos de transacción asociados en la Bolsa de Valores de Colombia(Universidad EAFIT, 2011-12-15) Agudelo, Diego AlonsoThe two main transaction costs associated to liquidity on a exchange are the bid-ask spread and the price impact. The former measure is deemed relevant only for small transactions, whereas the second is relevant for larger trades. We show a procedure to estimate both liquidity measures at intraday frequency using the Trade and Order database from the Colombia Stock Exchange. We obtain liquidity measures of transaction cost for a sample of 15 colombian stocks in two periods: April -July 2007 and December 2007 to May 2008. In a panel data model we found, as reported by the previous literature, that liquidity increases with both trading activity and returns, and decreases with volatility. That model also provides evidence of the diminishing effect on liquidity by the Initial Public Offer of Ecopetrol, the Colombian mixed-owned Oil Company on November 2007, which attracted a large share of the trading activity from most of the other stocks.Ítem Rendimiento ex-dividendo como indicador de eficiencia en un mercado emergente: caso colombiano 1999-2007(Universidad EAFIT, 2012-12-15) Arroyave C., Elizabeth T.; Agudelo R., Diego A.We study the ex-dividend return in the Colombian stock market between 1999 and 2007, period that includes the merger of the former three Colombian stock exchanges in the Bolsa de Valores de Colombia in July 2001. Contrary to the Efficient Market Hypothesis, we found positive and statistically significant ex-dividend returns in the sampled period, only in part explained by transaction cost and tax effects. Moreover, even subtracting transaction costs and tax effects, a dividend capture strategy would have got positive and economically sizable returns between 2006 and 2007 in the most liquid stocks. The decrease of those ex-dividend returns is also reported along the studied period, providing evidence of increasing informational efficiency after the merger of the three stock exchanges. Methodologically, this study highlights the importance of accounting for frictions in both academic efficiency studies and in testing speculative strategies by practitioners.