Annuity rates in Chile (defined as the internal rates of return that equate the present value of expected payments to the premium paid by annuitants) are studied and related with industry competition. We document that: a) annuity insurance companies paying higher broker commissions paid lower...

The Chilean evidence indicates the possibility of predicting future aggregate stock returns.Compared with naive prediction strategies, it is possible to predict returns with significantly more, success, using lagged dividend yields and lagged interest. Results are partly interpreted as evidence...

This article presents stylized facts regarding the behavior of the level and structure of interest rates in Chile. Some of the conclusions may be of general interest since:1) “Real” (CPI- indexed) interest rates are considered, which allows to analyze factors other than the expected...