The purpose of this paper is to clarify some of the difficulties that a practitioner may find in implementing the binomial model for valuing a corporate bond with multiple embedded options in emerging markets. Especially, when faced with the dilemma of determining which should be the proxy...

We analyse the effect of the Global Financial Crisis (GFC) on portfolios of USD denominated sovereign bonds. We use propensity matching estimators in order to measure the average difference in the volatility of sovereign spreads between the non-crisis and crisis period. We use a parsimonious...

This paper analyses the effect of surprises in local and international economic news on the Colombian local-currency government bond market. In this study, we categorize the different government bond issues into three constant-duration portfolios to correct for mismatching maturities among...

Value-at-Risk (VaR) has become one of the most used techniques in financial risk management. The purpose of this paper is to address how well the technique holds in a thinly traded environment, such as the one in the Colombian stock market. Our purpose is to measure the efficiency of...

An extensive body of knowledge has been developed around the theoretical relationship between the assumption that support the theory of the cost of capital and those that support the Portfolio-Capital Asset Pricing Model. The main discussion concerning how these theories are related is focused...

In this study we trace changes in sovereign bond spreads over major phases of the recent international financial crisis for representative sovereign bond portfolios drawn from 43 countries, including 20 emerging economies. We extend upon traditional factor analyses and utilize propensity score...

In Colombia the dropout rate in 2013 among business, economics and accounting schools was 53.65% at the national level. Is within this context, that the Colegio de Estudios Superiores de Administración (CESA) reported one of the lowest dropout rates at the national level. From an institutional...

The purpose of the present paper is to assess the current situation of the science and technology system in Colombia from a comparative perspective of quality indicators in Latin America and the Caribbean (LAC). We analyze the development of the science and technology policy in Colombia form a...

In this paper, we examine the effects of international arbitration on GDP growth in Latin American countries. After reviewing the literature on the importance of arbitration from an economic standpoint, and by using a panel regression that allows us to control for country effects, we found that...