This study aims to determine the impact of the Latin American Integrated Market (MILA) start-up in the main indicators of the stock markets of the countries that conform it (Chile, Colombia, and Peru).At the end, several indicators were reviewed to measure the impact on profitability, risk,...

This paper analyzes how fund flows react to past performance in the dynamic Brazilian equity fund market over the period 2001 to 2012. The study also tests for a "smart money" effect (Zheng, 1999), or whether funds that receive more money subsequently outperform those that receive less money. We...

We analyze the significance of 41 asset pricing anomalies in Latin America. We examine economic significance via portfolio simulations that dilute the effect of microcaps. To avoid reporting false discoveries, we employ a multiple hypothesis testing framework. Few anomalies are economically...