Regarding the effect of geography on social violent behavior, this study introduces the idea that Geographic Fragmentation is associated with more terrorism, given its close relationship with the role of the government and socioeconomic conditions of people. We consider a panel of 128 countries...

Spanish Abstract: En los últimos 30 años el estudio del Behavioral Finance (“Finanzas comportamentales”)ha ganado importancia tanto en estudios académicos como en la práctica de las Finanzas. En este documento pretendo ofrecer una introducción al tema, orientada para estudiantes y...

In recent years the problem of the determination of causality has become an increasingly important question in the field of corporate governance. This paper reviews contemporary literature on the topic and finds that the current approach is to attempt to determine causality empirically and that...

We propose a method for event studies based on synthetic portfolios that provides a robust data-driven approach to build a credible counterfactual. The method is used to evaluate the effectiveness of volatility auctions using intraday data from the Colombian Stock Exchange. The results indicate...

We analyze the profit efficiency of the Colombian banking industry during the period 2001 - 2013. Unlike previous studies, we estimate revenue and cost efficiency separately and then compute profit efficiency as a composite measure of both cost and revenue efficiency. This approach overcomes the...

This document presents a set of estimates on the effects of reducing the rate of income tax on enterprises in the Colombian case. The estimate made under a partial equilibrium scheme generates different and less reliable results than those based on a general equilibrium model

The purpose of this paper is to empirically study the effect of employee involvement in the workplace on job satisfaction for millennial workers in Colombia. Data were obtained from a sample of 2103 millennial employees working in 11 companies of different sectors located in the five main cities...

Teaching Dynamic Macroeconomics at undergraduate courses relies exclusively on intuitive prose and graphics depicting behaviours and steady states of the main markets of the economy. But when the case of forward-looking agents and the macroeconomic implications of their actions are discussed,...

This study measures the efficiency of public secondary education expenditure in 35 developing and developed countries using a two-step semi-parametric DEA (data envelopment analysis) methodology. First, we implement two cross-country frontier models for the 2009-2012 period: one using a physical...

Previous work has established that an appreciation of the real exchange rate (REER) con-tributes to premature deindustrialization, less productive investment and dependence on commodity booms and busts in emerging markets economies (EME). From the literature, it is less clear, however, what the...