Browsing by Author "Sepúlveda, Jean P."
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Item Aversión al riesgo y diferencias de género : una nueva mirada a la evidencia en Chile(Universidad del Desarrollo. Facultad de Economía y Negocios, 2010) Moreira Puentes, Mayra; Pezo Riquelme, Felipe; Sepúlveda, Jean P.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 Earnings Management and Performance in Family-Controlled: Evidence from an emerging economy(2014-11-27) Sepúlveda, Jean P.; Jara-Bertin, MauricioThis study introduces an earnings management dimension to compute premanipulated accounting performance to determine whether family-controlled firms have higher performance relative to non-family-controlled firms. Using a premanipulated return on assets measure for Chilean firms dataset, we find that the premanipulated performance of family controlled firms is superior to that of non-family-controlled firms. We also show that the presence of institutional investors in the firm’s ownership structure has a positive influence on performance of family companies. The results suggest that earnings management behavior is not sufficient to explain the higher performance of family-controlled firms that has been reported in the literatureItem Estructura de propiedad de empresas familiares y no familiares y su relación con el desempeño : Chile 1998-2007(Universidad del Desarrollo. Facultad de Economía y Negocios, 2011) Acuña, Guillermo Ignacio; Sepúlveda, Jean P.Item Factores que explican la aversión al riesgo de emprender : evidencia para el periodo 2006-2010, en 19 países alrededor del mundo(Universidad del Desarrollo. Facultad de Economía y Negocios, 2012) Gattini Kenchington, Bruno; Wilckens Correa, Juan; Sepúlveda, Jean P.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 How do fund managers invest: self strategy or herding in private pension funds?(2007-09-10) Olivares, José A.; Sepúlveda, Jean P.We use Sias (2004) approach to decompose the correlation among investment strategies followed by pension funds administrators in the Chilean private pension fund system during the periods 1997-2001 and 2002-2005, and find that most of this correlation is explained by herding behavior. That is, fund managers mimicking the investment strategy of other funds. We argue that the obligated minimum guaranteed return that pension funds institutions must fulfill, created the incentive for fund managers to herd.Item La incertidumbre macroeconómica y las decisiones de crédito de la banca chilena : evidencia período 1986-2006(Universidad del Desarrollo. Facultad de Economía y Negocios, 2011) Ercoreca Alvarado, Claudio Andrés; Melgarejo Padilla, Claudio Alejandro; Sepúlveda, Jean P.Item On the Relationship Between Concentration and Competition: Evidence from the Chilean Private Pension System.(2012) Sepúlveda, Jean P.I use Panzar and Rosse (1987) methodology to estimate the degree of competition among Pension Fund Administrators (PFAs) in the Chilean private pension system for the period 1996 to 2008. The results indicate that the industry can be described as a cartel (or monopoly) during this period. There is evidence that in this industry there is a negative, and statistically significant, correlation between concentration and competition.Item Ownership Concentration of Family and Non-Family Firms and the Relationship to Performance(School of Business and Economics, Universidad del Desarrollo, 2014-12) Acuña, Guillermo Ignacio; Sepúlveda, Jean P.; Vergara, MarcosThis paper analyzes whether family enterprises perform better than non-family enterprises, as found in previous studies on Chilean companies, based on the ownership structure of the business, which is an important factor in the literature on corporate governance that had not been taken into account. The analysis confirmed that family enterprises performed better than non-family enterprises and that the effect of ownership concentration on business performance depends on the type of enterprise, regardless of whether it is family-owned. Lastly, the results suggest that performance is better when there is a concentrated ownership, comprised both of shareholders who are family members and others who are not, than with other schemes of corporate governanceItem Persistencia en la industria bancaria chilena(Universidad del Desarrollo. Facultad de Economía y Negocios, 2009) López Landaeta, Sandra Carolina; Sepúlveda, Jean P.Item Relación entre el desempeño económico y la incertidumbre macroeconómica : evidencia para Chile(Universidad del Desarrollo. Facultad de Economía y Negocios, 2009) Olivares Becerra, Camila Ignacia; Sepúlveda, Jean P.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 Técnicas financieras y tecnologías de la información : conocimiento y factores que determinan su uso en la pyme del Gran Concepción(Universidad del Desarrollo. Facultad de Economía y Negocios, 2011) Bustamante Quiñones, Sebastián; Concha Bidegaín, Matías; Sepúlveda, Jean P.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 effect of bank ownership and deposit insurance on monetary policy transmission revisited: the role of precautionary savings(2022) Sepúlveda, Jean P.; Vergara, MarcosWe generalize the Model of Andries and Billon (2010) by allowing for a general type of consumer‘s preferences that allows the presence of prudent behavior. Having precautionary savings changes the model's implication that the existence of public banks diminishes the effectiveness of monetary policy. Indeed, the new setup shows that the existence of public banks may increase or decrease the effect of monetary policy on the level of loan supply depending upon the degree of relative risk aversionItem The factors affecting the risk attitude in entrepreneurship: evidence from Latin America(2014) Sepúlveda, Jean P.; Bonilla, Claudio A.