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The Financial Stability Board (FSB) determined that entities classified as shadow banking are of a credit nature because they are capable of affecting the financial system through the entry and exit of capital. This study aims at measuring the impact of shadow banking in the systemic risk in Chile. A sample of 91 institutions (Run) belonging to the mutual funds was used, with a series showing a continuous behaviour between 2004 and 2018.

The measurement is carried out using the conditional value at risk (CoVaR) methodology, which analyses the behaviour of an institution in a regular state against the same institution in a state of stress.

The results obtained reflect that liquidity mismatches do not have a relevant effect on the systemic risk, while the 2008 crisis does contribute to its decline.

There are less number of literature studies that apply statistical models regarding shadow banking, at least at a quantitative level, so this research is a beginning for other studies, supporting future authors in their new research as a basis.

El Consejo de Estabilidad Financiera determinó que las entidades clasificadas como Shadow Banking son de carácter crediticio debido a que son capaces de afectar al sistema financiero mediante la entrada y salida de capitales. Este estudio tiene como objetivo medir el impacto del Shadow Banking en el Riesgo Sistémico de Chile. Para esto se utilizó una muestra de 91 instituciones (Run) pertenecientes a los Fondos Mutuos, con series que muestran un comportamiento continuo entre 2004 y 2018.

La medición se lleva a cabo mediante la metodología CoVaR, la cual analiza la conducta de una institución en estado normal versus la misma institución en estado de estrés.

Los resultados obtenidos reflejan que los desajustes de liquidez no tienen un efecto relevante en el Riesgo Sistémico, mientras que la crisis del 2008 si contribuye a la disminución de este.

Existe muy poca literatura que aplica modelos estadísticos respecto al Shadow Banking, al menos a nivel cuantitativo, por lo que esta investigación es un inicio para otros estudios, apoyando como base a futuros autores en sus nuevas investigaciones.

In this issue we present seven articles originally from Canada, Chile, Colombia and Spain. The articles are of diverse subjects: first, some herd behaviour of the institutional investors in Chile; second, the impact of growth strategies and the company's resources on the business growth method; third, the effectiveness of the norms on the directives of the remuneration committee of the board of directors on the appropriate remuneration of the directors; fourth, the incidence of the behaviour of the stakeholders in the failure of the companies; fifth, barriers and options to increase the female workforce in mining companies; sixth, the factors that impulse the exporting behaviour of companies; and seventh, the impact of the design of a product in the buying intention of the consumers. All the articles, including those written in Spanish or Portuguese, are available in English.

En este número presentamos siete artículos provenientes de Canadá, Chile, Colombia y España. Los artículos tienen temáticas muy diversas: 1) algunos comportamientos en manada de los inversores institucionales en Chile; 2) El impacto de la estrategia de crecimiento y de los recursos de la empresa en el método de crecimiento empresarial; 3) La efectividad de las normas sobre la Comisión de Remuneraciones de los Consejos directivos sobre la remuneración apropiada de los consejeros; 4) La incidencia del comportamiento de los grupos involucrados (stakeholders) en el fracaso de las empresas; 5) Barreras y opciones para incrementar la fuerza laboral femenina en las empresas mineras; 6) Los factores que impulsan el comportamiento exportador de las empresas; y 7) El impacto del diseño de un producto en la intención de compra de los consumidores. Todos los artículos, aún los escritos en español o portugués, están disponibles en inglés.

Companies are wishing to incorporate good corporate governance practices into their organization in order to be more attractive to investors, knowing whether this influences their financial indicators and profitability or not. This, in fact, is beneficial for investors so they know that a company who applies the principles of corporate governance (CG) presents best management practices and transparent information, safeguarding the interests of all its stakeholders, which helps their investment decision; reducing market uncertainty, making it more efficient and liquid. The research focuses on the companies listed in the Stock Exchange of Lima that had implemented CG strategies in their organizations.

The purpose of this paper is to identify elements of intentional herd behavior (HB), differentiating it from spurious, or unintentional HB.

Using a panel of 50 stocks belonging to 18 Chilean equity mutual funds between December 2002 and October 2009, with manually collected data regarding physical positions of monthly purchases and sales, the authors calculate the level of HB and, by applying panel regressions with fixed and random effects, analyze the factors that determine this behavior, classifying them as agency, information, efficiency and behavioral problems.

The research establishes that among Chilean equity mutual funds, there is a herding of 2.8 percent, implying that for 100 funds trading a certain stock, 53 go in the same direction and 47 in another. This effect increases during widespread market dips and when stocks become fashionable, attracting market attention. This behavior is not merely spurious, associated with variables that predict returns, but also has an intentional component, related to agency problems and information, and a behavioral component, related to investors’ biases and beliefs.

The paper is original because, despite existing evidence of herding in international markets, it has been little quantified or studied in emerging markets. In addition, the literature does not distinguish between spurious and intentional HB, nor does it test different hypotheses jointly to explain the phenomenon.

La relazione del Dott. Luciano Merlo ha accennato ai problemi che sorgono con l'intervento dell'autorità statale nel campo delle attività turistiche; ed ha esaminato quanto in Italia si è attuato attraverso l'opéra di un ente di recente costituzione: la Cassa per il Mezzogiorno. Ma nel nostro paese molteplici provvedimenti sono stati da tempo emanati nel settore turistico: dalle disposizioni concernenti i pubblici esercizi a quelle che disciplinano le tariffe alberghiere e la loro pubblicità; da quelle relative alla istituzione di scuole per il personale degli alberghi alle norme che rendono obbligatoria l'attuazione di migliorie igieniche e sanitarie negli esercizi ricettivi; e così via. In questa breve relazione noi vorremmo però esaminare in modo particolare i provvedimenti adottati dallo Stato italiano per il miglioramento delle attrezzature alberghiere, e specialmente quelli relativi ai contributi ed ai mutui che vengono concessi a favore delle singole aziende.

La questione generale dell'intervento dello Stato nel campo delle attività turistiche non si può dire sia stata finora esaurientemente affrontata; nè d'altro lato è pretesa del presente studio, che si propone unicamente l'esame di un caso particolare, il tracciarne le linee, le modalità e gli obiettivi. È tuttavia opportuno ricordare che in effetti cospicui e generali interventi statali nel settore del turismo si vanno da tempo verificando e diffondendo; e, sull'esempio dei risultati altrove conseguiti, anche Stati che in passato non avevano ritenuto di conferire a tale attività una forma e un coordinamento a carattere pubblico, vi considerano e attuano ora con particolare interesse simili interventi. È noto d'altra parte che, secondo la pacifica e universalmente accettata formulazione della scienza giuridica, l'attività di governo, e pertanto in senso lato amministrativa, di uno Stato, interviene «dirigendo integrando e addirittura sostituendo l'attività dei privati e delle associazioni private, diretta alla soddisfazione dei bisogni fisici, economici, intellettuali e morali».

This issue sees the Emerald Group join the journal as a partner and includes five papers about innovation and two general pieces. The introduction to the theme of innovation reviews international and Latin American literature and analyzes Latin American patents in the USA. There is a study of university patents in Mexico from 1995 to 2009, as well as a case study of two new technology companies in Brazil and the positive role played in their development by a family conglomerate which filled the institutional voids around them. A data analysis is conducted on the dissemination of eight electronic products in the nine largest Latin American countries, and econometric studies look at agro‐industrial marketing in Chile. Another paper examines the effect of adopting new international accounting laws (IFRS) on the quality of information provided by companies in the Chilean market. Finally, the paper examines the influence of managerial perceptions on the strategic responses adopted by four Colombian organizations when facing a political crisis. This edition includes contributions from Chile, Colombia, Costa Rica, Spain, Mexico, Nicaragua and the UK.

En este número el Grupo Editorial Emerald ha ingresado como socio a la revista. Se publican cinco artículos sobre innovación, más dos artículos de índole general. El artículo de introducción a innovaciones revisa la literatura internacional y latinoamericana y hace un análisis de las patentes latinoamericanas en Estados Unidos. Se presenta un estudio sobre las patentes universitarias en México 1995‐2009. Se estudian dos casos de nuevas empresas tecnológicas en Brasil, y el positivo papel que tuvo para su desarrollo un conglomerado familiar que compensó los vacíos institucionales del entorno. Se analizan los datos sobre la difusión de ocho productos electrónicos en los nueve mayores países latinoamericanos. Se realizan estudios econométricos sobre las innovaciones en mercadeo de negocios agroindustriales en Chile. Otro artículo trabaja el efecto de adoptar las nuevas normas contables internacionales (NIIF o IFRS) en la calidad de la información que emiten las empresas en el mercado chileno. Finalmente, un artículo estudia la influencia de la percepción gerencial sobre las respuestas estratégicas adoptadas por cuatro empresas colombianas ante una crisis política. Este número contiene contribuciones provenientes de Chile, Colombia, Costa Rica, España, México, Nicaragua y Reino Unido.

L'activité économique des stations thermales a pris aujourd'hui un tournant important. Après des décennies de conflit entre le thermalisme et la médecine clinique et pharmacologique, les stations thermales ont reçus aujourd'hui une nouvelle mission toute aussi précise qu'importante pour l'humanité.

The purpose of this paper is to analyze the effect of political instability on rural credit in Lima between 1835 and 1865. In particular, it explores the effects of wars on interest rates for the agricultural sector.

The paper relies on primary sources for the study of the early credit market of Lima. In particular, the study relies on a sample of more than 800 notarized loans for 1835–1865, collected from the National Archives of Peru, to determine the effect of wars on the cost of credit.

The evidence shows that wars increased interest rates on rural loans and that the impact of wars on the cost of credit was greater when the State lacked fiscal resources. Political instability made funding more costly for landlords and farmers, especially in the late 1830s and early 1840s.

This paper is one of the few historical studies on the role of wars on rural credit in Latin America. It contributes to our understanding of the linkages between political instability and financial development.

The purpose of this paper is to analyze the functioning of the rural credit market of Lima from 1825 to 1865, paying special attention to the effect of information asymmetries on the access to rural credit.

The article relies on primary sources for the study of the early credit market of Lima. In particular, the study relies on a sample of notarized loans for 1825–1865 and on property tax reports, collected from the National Archives of Peru, to determine the effect of information asymmetries, collateral and regional lending on access to credit. The article also analyzes the legal system of Peru during this period to determine whether property rights were well protected and so collateral could be used in the rural credit market.

A revision of the legislation shows that the legal system had some deficiencies, but allowed landlords and tenants to use their assets as collateral. Tax reports show that landlords and tenants owned valuable capital that could be used as collateral. Evidence from notarized loans shows that information asymmetries severely restricted inter-regional lending. In Lima, however, notaries played a role as financial intermediaries, providing the information about potential borrowers and allowing landlords and tenants to access credit. As a result, access to credit was significant for landlords and tenants.

This paper is one of the few historical studies on the role of information asymmetries in the allocation of rural credit in Latin America. It contributes to our understanding of credit markets prior to the creation of banks.