JEFAS Vol. 23 Nº 44 (2018)
URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4132
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Ítem Solo Metadatos Effects of institutional quality and the development of the banking system on corporate debt(Universidad ESAN. ESAN Ediciones, 2018-06-01) Tresierra, Alvaro Edmundo; Reyes, Sergio DavidPurpose – This study aims to determine if the quality of national institutions and banking development condition the maturity of debt depending on the horizon of short or long term. Design/methodology/approach – Analysis is performed on a sample of 116 nonfinancial companies from Peru and Brazil. The measures of quality of national institutions and banking development were obtained from World Bank data and included factorial analysis for dynamic considerations. Findings – The findings, through the treatment of pointed indicators, the factor analysis and the subsequent estimation of a dynamic econometric model, called GMM-SYS, show that institutional quality fosters the maturity of long-term debt and banking development boots short-term financial relations. Research limitations/implications – Evaluating different measures of the quality of national institutions and banking development is necessary to demonstrate the robustness of the results beyond the sample evaluated in Latin America. Practical implications – The research allows to understand the interaction between national institutions and system banking through debt maturity, and this is useful for establishing common target between both groups. Social implications – It is important for corporate finance to understand the mechanisms of the interaction between national institutions and system banking, because this affects internal decisions of firms regarding financial implications. Originality/value – The treatment of measures of national institutions and banking development include dynamic considerations, and the application of this study in Latin America provides new findings regarding these kind of indexes and their interaction with firms¨ features such as debt maturity.Ítem Solo Metadatos Determinantes y pronóstico de la actividad bursátil del mercado accionario colombiano(Universidad ESAN. ESAN Ediciones, 2018-06-01) Agudelo, David; Agudelo, Diego A.; Peláez, JuliánPurpose – To study the determinants and evolution of the trading activity in the Colombian Stock Market from 2007 to 2016. Design/methodology/approach – ARMA time series models were used, including several explanatory variables recommended by previous literature. Findings – We find that stock market activity can be predicted to a large extent by its lags, and that positive returns in the last three months, emissions and the VIX index are also explicative variables, as suggested by empirical studies in other countries and theoretical models of market microstructure. These results are robust by using alternative measures of trading activity, total number of trades and turnover. Originality/value – The main contribution of this study is the analysis of the trading activity of the Colombian Stock Market, a critical variable for monitoring the development of any financial market.
