Escuela de Finanzas, Economía y Gobierno

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A propósito de “el trabajo”
(Universidad EAFIT, 15/10/2002) Naranjo Restrepo, Oscar Mauricio; Universidad EAFIT
About the theory and empirical analysis of “the persistence of profit”and its applicability to Colombia
(Universidad EAFIT, 15/04/2003) Ruiz, Isabel; Western Michigan University
Absolute Income Inequality and Rising House Prices
(Universidad EAFIT, 2016-12-01) Goda, Thomas; Stewart, Chris; Torres García, Alejandro; tgoda@eafit.edu.co; atorres7@eafit.edu.co
Income inequality and house prices have risen sharply in developed countries during the last three decades. We argue that this co-movement is no coincidence but that inequality has driven up house prices on the grounds that it raises the total demand for houses, which inflates their prices considering supply restrictions. To test this hypothesis, we conduct cointegration tests for a panel of 18 OECD countries for the period 1975-2010. The results suggest that income inequality and house prices in most OECD countries are positively correlated and cointegrated, and that in the majority of cases absolute inequality Granger-causes house prices when measured in absolute terms. Relative inequality, on the other hand, is not cointegrated with house prices, which is expected given that total house demand depends on the absolute amount of investible income.
Absolute Income Inequality and Rising House Prices
(2016-12-01) Goda, Thomas; Stewart, Chris; Torres García, A.; Goda, Thomas; Stewart, Chris; Torres García, A.; Universidad EAFIT. Departamento de Economía y Finanzas; Estudios en Economía y Empresa (GEE)
Income inequality and house prices have risen sharply in developed countries during the last three decades. We argue that this co-movement is no coincidence but that inequality has driven up house prices on the grounds that it raises the total demand for
Absolute Inequality and Violent Property Crime
(Universidad EAFIT, 2016-08-22) Goda, Thomas; Torres, Alejandro; tgoda@eafit.edu.co; atorres7@eafit.edu.co
Rational choice models argue that income inequality leads to a higher expected utility of crime and thus generates incentives to engage in illegal activities. Yet, the results of empirical studies do not provide strong support for this theory; in fact, Neumayer provides apparently strong evidence that income inequality is not a significant determinant of violent property crime rates when a representative sample is used and country specific fixed effects are controlled for. An important limitation of this and other empirical studies on the subject is that they only consider proportional income differences, even though in rational choice models absolute difference in legal and illegal incomes determine the expected utility of crime. Using the same methodology and data as Neumayer, but using absolute inequality measures rather than proportional ones, this paper finds that absolute income inequality is a statistically significant determinant of robbery and violent theft rates. This result is robust to changes in sample size and to different absolute inequality measures, which not only implies that inequality is an important correlate of violent property crime rates but also suggests that absolute measures are preferable when the impact of inequality on property crime is studied.
Access and retention in higher education in Colombia: The case of the children´s university EAFIT
(Palgrave Macmillan, 2017-01-01) Isabel C. Montes; Abad, Ana Cristina; Isabel C. Montes; Abad, Ana Cristina; Universidad EAFIT. Departamento de Economía y Finanzas; Estudios en Economía y Empresa (GEE)
Un Acercamiento Sectorial y Regional del Ciclo de Vida de las Firmas Colombianas a través de un Modelo Datos de Panel
(Universidad EAFIT, 15/10/2004) Cardona Acevedo, Marleny; Osorio García, Ana Rocío; Cano Gamboa, Carlos Andrés; Universidad EAFIT
La acreditación: un paso adelante hacia el logro de la calidad en la educación superior.
(Universidad EAFIT, 1999-02-22) Jaramillo, Alberto
La necesidad y conveniencia de garantizar la calidad en los programas de formación universitaria son asuntos que nadie pone en tela de juicio. En su lugar, se ha discutido ampliamente acerca de cuál es el mejor instrumento para asegurar la existencia de esa calidad. Las posiciones han variado desde un fuerte intervencionismo, caracterizado por la revisión y aprobación in vitro de los programas que las instituciones aspiran ofrecer, hasta el reconocimiento de una amplia y fuerte autonomía para la apertura y gestión de pregrados y posgrados. En este último extremo, la aceptación social -expresada a través de la demanda del programa y de sus egresados por el mercado- sustituye totalmente la vigilancia del Estado.
Actividad bursátil en los mercados accionarios colombianos. Determinantes y evolución 1997-2007
(Universidad EAFIT, 2009) Agudelo Rueda; Diego Alonso; Departamento de Finanzas, Universidad EAFIT; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y Banca
Actividad bursátil en los mercados accionarios colombianos: Determinantes y evolución 1997 - 2007
(Universidad EAFIT, 2009-09-18) Agudelo Rueda, Diego Alonso
We present evidence of the important improvement of the Colombian stock market in terms of trading activity in the last ten years. Indeed, the merger of the former three stock exchanges (Bogota, Medellín and Cali) into the Bolsa de Valores de Colombia in July 2001 can be associated, in an econometric model, to a significant improvement in number for trades for most of the individual stocks. We also explore the determinants and time series regularities of trading activity. Results show that trading activity is strongly positively related to contemporaneous and lagged returns, and is reduced before an macroeconomic announcement, portraying the Colombian stock market as a conservative yet not sophisticated one. Trading activity tend to be lower on Mondays and Fridays and before and after a holiday, and shows a positive end of the year effect. We discuss several explanations for this relations based on the theory and anecdotic observations.
El Acuerdo de Basilea: Estado del Arte del SARC en Colombia
(Universidad EAFIT, 2005-04-15) Torres Avendaño, Gabriel
The first version of the Basel Capital Accord was signed in 1988 by representatives of Group G-10. Since then, this accord has been widely implemented around the world. There has been various amendments including market risk and, lately, in Basel II, the operative risk. In Colombia, since 2002, it is mandatory for risk management in Financial Institutions.
El Acuerdo de Basilea: Estado del Arte del SARC en Colombia
(Universidad EAFIT, 2005) Torres Avendaño, Gabriel Ignacio; Docente departamento de Finanzas. Universidad EAFIT; Economía y Finanzas; Finanzas; Grupo de Investigación Finanzas y Banca
La administración del servicio
(Universidad EAFIT, 1995-09-15) Barriga Manrique, Enrique
Este trabajo pretende analizar los principales factores de éxito en la administración del servicio de formación universitaria de directivos de Pymes. Consta de seis partes. La primera, plantea el objetivo del trabajo. En la segunda parte, se analizan las consideraciones que justifican el trabajo. La tercera, presenta algunos elementos conceptuales relacionados con el servicio. En la cuarta parte, se realiza un breve análisis del mercado de formación universitaria de directivos de Pymes en Colombia. En la quinta parte se analizan los principales aspectos de las fases del proceso de formación, de directivos de Pymes claves para lograr una gestión exitosa del servicio. Por último se presentan unas reflexiones finales.
Affine term structure models: forecasting the Colombian yield curve
(Universidad EAFIT, 2015-12-02) Velásquez-Giraldo, Mateo; Restrepo-Tobón, Diego A.; mvelas26@eafit.edu.co; drestr16@eafit.edu.co
Superior modeling of the yield curve is useful for asset pricing, financial planning, and risk management. In this article, we estimate five affine term structure models using daily Colombian data. We find that a three-factor model outperforms the other models in one and five days ahead forecasts. The model’s factors closely mimic empirical proxies for the level, the slope, and the curvature of the Colombian yield curve.
Agglomeration Economies in the Presence of an Informal Sector The Colombian Case
(Universidad EAFIT, 2018-01-26) García, Gustavo A.; ggarci24@eafit.edu.co
This paper analyzes the relationship between agglomeration economies and productivity in the context of a developing country while taking into account the marked presence of an informal sector. Using data from Colombia, we investigate the effect of agglomeration economies on formal and informal productivity. We examine whether the informal sector achieves benefits from agglomeration economies as well as whether there are differences between the formal and informal sectors in terms of agglomeration returns. We find that agglomeration economies, measured by the density of local employment, have a significantly positive effect on productivity in the informal sector, while there is little effect in the formal sector. We estimate an elasticity of wages with respect to employment density of approximately 2% for the informal sector, which implies that informal workers in denser areas will earn approximately 11% more than those in less dense areas.
Agrega valor el modelo Black-Litterman en portafo- lios del Mercado Integrado Latinoamericano (MILA)? Evaluación empírica 2008-2016
(Universidad EAFIT, 2018-11) Luna-Ramírez, Susana; Arango, Diego A.; slunara@eafit.edu.co; dagudelo@eafit.edu.co
The Black-Litterman model (BL) has been offered as an alternative to the classical Markowitz Mean-Variance framework, to structure well-diversified portfolios that incorporate visions from fundamental analysts. We apply this model to stock portfolios in the countries of the Mercado Integrado Latinoamericano (MILA): Colombia, Chile, Mexico and Peru, starting from the constituents of the main stock market indexes. As perspectives, we use the historical analyst ́s recommendations in Bloomberg for the period 2008-2016. We find that portfolios created with BL outperform the main index, both in average return and in alpha, in each of the four countries. Moreover, a regional BL portfolio that combines the four BL country portfolios, outperforms a regional Benchmark, measured in dollars, in each one of three alternatives of Us dollar hedge.
El alcohol en el presupuesto familiar: incidencia del poder adquisitivo y de la composición demográfica de los hogares
(Universidad EAFIT, 2014-12-15) García Arancibia, Rodrigo; Secretaría de Estado de Ciencia, Tecnología e Innovación, Provincia de Santa Fe (Argentina).
An algorithmic approach for simulating realistic irregular lattices.
(Universidad EAFIT, 2013-07-12) Duque, Juan C.; Betancourt, Alejandro; Marin, Freddy
There is a wide variety of computational experiments, or statistical simulations, in which regional scientists require regular and irregular lattices with a predefined number of polygons. While most commercial and free GIS software offer the possibility of generating regular lattices of any size, the generation of instances of irregular lattices is not a straightforward task. The most common strategy in this case is to find a real map that matches as closely as possible the required number of polygons. This practice is usually conducted without considering whether the topological characteristics of the selected map are close to those for an “average” map sampled in different parts of the world. In this paper, we propose an algorithm, RI-Maps, that combines fractal theory, stochastic calculus and computational geometry for simulating realistic irregular lattices with a predefined number of polygons. The irregular lattices generated with RI-Maps have guaranteed consistency in their topological characteristics, which reduces the potential distortions in the computational or statistical results due to an inappropriate selection of the lattices.
Algunas notas sobre globalización
(Universidad EAFIT, 15/06/2000) Patino Villa, Carlos Alberto; Universidad Pontifica Bolivariana
Algunos conceptos de la econometría espacial y el análisis exploratorio de datos espaciales
(Universidad EAFIT, 25/10/2008) Acevedo Bohórquez, Ingrid; Velásquez Ceballos, Hermilson; Universidad EAFIT

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