We dissect the impact of liquidity on returns of Latin American firms using a detailed data set of firm characteristics over various market cycles. We find that firm-level liquidity (illiquidity) is positively (negatively) associated with returns. Further analysis reveals that global illiquidity...

As part of the Colombian government's strategy to support the armed-conflict victims, a Graduation Program called "Transformando Mi Futuro" (Transforming my future) was implemented. Unlike other graduation programs, this one targets the urban population and has no assets transfers. To evaluate...

This paper enquires whether institutional investors have specific preferences on the composition of the board of directors in Latin American firms they hold shares in. The result show that preferences vary significantly in terms of the type of institutional investor. The econometric results...

Rural poverty, a widespread problem for the Paraguayan government over the last decade – as well as for other economies in the region – , led to the implementation, in 2016 and 2017, of the “Sembrando Oportunidades Familia por Familia” pilot program, an initiative based on the graduation...