Examinando por Autor "García, J.J."
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Ítem Competition Policies for the Internet Market in Colombia: Impact in Entrepreneurship”(Conferences and Publishing International Limited ACPIL, 2019-09-19) Molina, A.; García, J.J.; Molina, A.; García, J.J.; Universidad EAFIT. Departamento de Economía y Finanzas; Estudios en Economía y Empresa (GEE)Ítem Efectos del cargo por confiabilidad sobre el precio spot de la energía eléctrica en colombia(Universidad Nacional de Colombia, 2016-01-01) Duque, J.P.B.; García, J.J.; Velásquez, H.; Universidad EAFIT. Departamento de Economía y Finanzas; Research in Spatial Economics (RISE)This paper considers the effect of electricity generation reliability on the spot price of the electricity market in Colombia, a mechanism implemented in 2006 to encourage existing generators or new investors to increase the installed capacity in the wholesale energy market. We describe the performance of this mechanism in Colombia and analyse the behaviour of some structural variables in the operation of this market, such as the ratio between the market demand and the actual availability, El Niño and La Niña, the reservoir level, and some regulation measures. The spot price presents high volatility implying that the proper specification corresponds to a regression model with ARCH structure (Engle, 1982). Results show that the reliability charge is positive and statistically significant. Also, El Niño has a positive impact on the spot price, due to the large hydraulic share of this market.Ítem Regulatory reform and corporate control in European energy industries(2012-01-01) García, J.J.; Trillas, F.; García, J.J.; Trillas, F.; Universidad EAFIT. Departamento de Economía y Finanzas; Estudios en Economía y Empresa (GEE)The deregulation process in the EU electricity sector triggered strategic decisions that led to industry restructuring. This paper presents preliminary evidence of the impact of this process on investors, using event studies and estimation techniques such as least squares and GARCH. Our findings suggest three stylized facts: 1) regulatory reform in Europe was certainly accompanied by a takeover wave, as predicted by Mitchell and Mulherin (1996); 2) mergers and acquisitions had a positive impact on the stock price of target firms, and a much lower and sometimes even a negative impact for the bidding firms; 3) the effect of takeover announcements on the returns of competitors of the merging firms depends on the degree of market power. In countries with high market power (like Spain) competitors significantly increase share returns upon takeover announcements, whereas in countries with lower market power (like England and Wales) returns do not change significantly. © 2012 IEEE.