The exchange rate can be seen as the price that equalizes the present value of expected future exports to the present value of expected future imports and debt payments. In that context, foreign exchange must behave as an asset price. In this paper we dev

In this paper explores whether payout ratios of Chilean companies are explained by the extent of potential agency conflicts between controlling and minority share- holders. I use both panel data regression analysis and an event study to test different hypotheses related to the effect of...

We present a synthesis of the major political and economic events that have influenced the development of laws and capital markets in Chile, and their impact on the evolution of Chilean conglomerates through time. We find that laws and regulations in Chile have been extremely «path dependent»,...