JEFAS Vol. 17 Nº 33 (2012)
URI permanente para esta colecciónhttps://hdl.handle.net/20.500.12640/4120
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Ítem Solo Metadatos Evaluación del impacto de la política de incentivos sectoriales en el desarrollo de los municipios mineros de Castilla y León(Universidad ESAN. ESAN Ediciones, 2012-12-30) Berumen, Sergio A.It is discussed whether the policy of incentives to the mining sector is or is not appropriate. Proponents argue that thanks to this the municipalities have greater opportunities to develop, while detractors argue that it makes no sense to channel resources into an industry without a future. In this paper we have proposed to evaluate the impact of the aid generated within the Coal Plan 1998–2005, the National Strategic Coal Reserve Plan 2006–2012, and the Structural Funds of the European Union 2000–2006 in twelve selected socioeconomic variables in the 105 municipalities of Castilla y León between 1998 and 2010.Ítem Solo Metadatos Rendimiento ex-dividendo como indicador de eficiencia en un mercado emergente: caso colombiano 1999–2007(Universidad ESAN. ESAN Ediciones, 2012-12-30) Arroyave C, Elizabeth T.; Agudelo R., Diego A.We study the ex-dividend return in the Colombian stock market between 1999 and 2007, period that includes the merger of the former three Colombian stock exchanges in the Bolsa de Valores de Colombia in July 2001. Contrary to the Efficient Market Hypothesis, we found positive and statistically significant ex-dividend returns in the sampled period, only in part explained by transaction cost and tax effects. Moreover, even subtracting transaction costs and tax effects, a dividend capture strategy would have gotten positive and economically sizable returns between 2006 and 2007 in the most liquid stocks. The decrease of those ex-dividend returns is also reported along the studied period, providing evidence of increasing informational efficiency after the merger of the three stock exchanges. Methodologically, this study highlights the importance of accounting for frictions in both academic efficiency studies and in testing speculative strategies by practitioners.
