Browsing by Author "Bonilla, Claudio A."
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Item Caso aplicado : empredimiento social : el caso de proyecto B(Universidad del Desarrollo. Facultad de Economía y Negocios, 2011) Riesco Guzmán, Agustín; Bonilla, Claudio A.Item Determinants of the Risk Attitude in Entrepreneurship: Evidence from Latin America(School of Business and Economics, Universidad del Desarrollo, 2014) Sepúlveda, Jean P.; Bonilla, Claudio A.This paper departs from the traditional analysis of the effects of risk aversion in entrepreneurship to study the determinants of entrepreneurial risk aversion in developing a new venture and becoming an entrepreneur. We took fear of failing as a proxy for risk aversion and applied our analysis to the most important Latin American economies. We observed that being male, having more years of formal education and believing to have the necessary skills to develop a new venture decreased the probability of feeling a fear of failing and, thus, eventually increased the probability of developing a new venture. Age affects risk quadratically (first positively, but after some point, negatively), and if there is a prior experience of having shut down a business, risk aversion increases, that is, the probability of feeling a fear of failing, which reduces the probability of becoming an entrepreneurItem Episodic Non-linearities and Market Efficiency in the Mexican Stock Market(2011) Bonilla, Claudio A.; Romero, Rafael; Gutierrez, ElizabethWe investigate the weak form of the efficient capital market hypothesis through the detection of a non-linear dynamic with potential for predictability of stock returns in the Mexican stock market. We apply the Hinich portmanteau bicorrelation test and the Brock, Dechert and Scheinkman test to the data. We observe that all the return series are characterized by a few brief periods of highly significant non-linearity. However, we cannot say that the Mexican market fails to satisfy the weak form of the efficient capital market hypothesis because the non-linear dependences appear on rare occasions and they are rapidly arbitraged away.Item Financial Markets and Politics: The Piñera Effect on the Chilean Capital Market(2014) Bonilla, Claudio A.; Contreras, Harold; Sepúlveda, Jean P.The 2010 presidential election in Chile marked a change from the center-left coalition that governed the country for twenty years to a center-right coalition led by politician and businessman Sebastian Piñera. We study the effect that Piñera's presidential campaign had on the Chilean capital market. By using a panel of forty-nine companies during a period of thirteen months prior to the election, we find that there was a positive and significant effect on the capital market because of the expectation that Piñera would be elected president. That expectation continued throughout the entire presidential campaign.Item Precautionary saving in mean-variance models and different sources of risk(2021) Vergara, Marcos; Bonilla, Claudio A.We study the effects of first- and second-order risk increases on precautionary saving in a mean-variance model. In doing so, we reduce the gap between the theory of saving, which mainly stems from the expected utility model, and empirical estimations of the theory that are based on different measures of dispersion; these are atheoretical concepts that do not arise from optimal agent behavior. We then analyze what effects different risk sources have on saving and show that our results, derived in the mean-variance space, can easily be translated to conditions in the expected utility space. We argue that our contribution establishes a more solid ground for analyzing policies in highly risky environments, such as the COVID-19 pandemic.Item Risk aversion, downside risk aversion, and the transition to entrepreneurship(2020) Bonilla, Claudio A.; Vergara, MarcosIn this paper, we discuss the transition from secure employment to risky selfemployment (entrepreneurship) caused by a small increase in wealth. Building on the apportioning risk literature, we prove that the transition from secure employment to risky entrepreneurship is based on a measure of the difference between the strength of downside risk aversion and the strength of risk aversion. This result highlights the idea that using the behavioral approach of risky lotteries to study entrepreneurship can produce different results from the traditional economic theory of entrepreneurship, which can have policy implications that must be considered with caution.Item Social or political cleavages? A spatial analysis of the party system in post-authoritarian Chile.(2011) Bonilla, Claudio A.; Carlin, Ryan; Love, Gregory; Silva Méndez, ErnestoLipset and Rokkan's (Party system and voter alignments: cross national perspectives, Lipset and Rokkan eds., New York: Free Press, pp. 1-64, ) sociological model of cleavages and the so-called 'freezing hypothesis' dominate theorizing about party system formation. Torcal and Mainwaring (Br. J. Polit. Sci. 33:55-84, ) show the relevance of a purely political cleavage for structuring the party system in the case of Chile, challenging the freezing hypothesis's claims. They also dispute case-specific research that argues Chile's party system still reflects a 'three-thirds' division between Left, Right, and Center. Revisiting this debate, our study employs spatial maps of the party system. Such political-economy models are rare in studies of Latin American politics. The application here supports a democratic/authoritarian political cleavage in Chile. [ABSTRACT FROM AUTHOR]Item Stock Returns in Emerging Markets and the Use of GARCH Models(2011) Bonilla, Claudio A.; Sepúlveda, Jean P.We use the Hinich portmanteau bicorrelation test to detect for the adequacy of using GARCH (Generalized Autoregressive Conditional Heteroscedasticity) as the data-generating process to model conditional volatility of stock market index rates of return in 13 emerging economies. We find that a GARCH formulation or any of its variants fail to provide an adequate characterization for the underlying process of the 13 emerging stock market indices. We also study whether there exist evidence of ARCH effects, over windows of 200, 400 and 800 observations, using Engle's LM (Lagrange Multiplier) test, and find that there exist long periods of time with no evidence of ARCH effects. The results suggest that policymakers should use caution when using autoregressive models for policy analysis and forecast because the inadequacy of GARCH models has strong implications for the pricing of stock index options, portfolio selection and risk management. Specially, measures of spillover effects and output volatility may not be accurate when using GARCH models to evaluate economic policy.Item The attitude toward the risk of entrepreneurial activity: Evidence from Chile(School of Business and Economics, Universidad del Desarrollo, 2010) Sepúlveda, Jean P.; Bonilla, Claudio A.We study the factors that may influence the attitude toward the risk of entrepreneurial activity and its impact on the propensity to become an entrepreneur. We proxy the attitude toward risk by using the answers to the fear of failing question contained in the Global Entrepreneurship Monitor survey. Interesting results are found. First, we found that being male, having more years of formal education and believing to have the necessary skills to developing a new venture have all a negative effect on an individual`s attitude toward risk and therefore, increase the probability of becoming an entrepreneur. Age affects the risk in a quadratic way (first positive but after to some point negative). Finally, contrary to conventional wisdom, having the experience of shutting down a business has no effect on the risk`s attitude for developing a new venture in the Chilean caseItem The Complementarity Effect: Effort and Sharing in the Entrepreneur and Venture Capital Contract(School of Business and Economics, Universidad del Desarrollo, 2016-04) Vergara, Marcos; Bonilla, Claudio A.; Sepúlveda, Jean P.Item The factors affecting the risk attitude in entrepreneurship: evidence from Latin America(2014) Sepúlveda, Jean P.; Bonilla, Claudio A.