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The purpose of this paper is to identify and analyse the characteristics of high net worth individuals (HNWI) as potential angel investor in Antofagasta, the main mining resource periphery in Chile.

Using the resource periphery approach and angel investing, the authors apply a survey to a sample of 37 HNWI in this region. The data collected were analysed using descriptive statistics.

Descriptive results show that the characteristics of these individuals do not significantly differ from those exhibited by angel investors in developed countries and that HNWI show a relative high willingness to become angels and to form a network.

This paper has some limitations regarding the size and scope of the sample. It is a relatively short sample that does not allow to make more sophisticated analysis and it is only regional and, therefore, it is not possible to make a comparison at a national level.

From the perspective the design of policies and programmes oriented towards the promotion of a high potential start-ups in resources peripheries, it is essential to know what the characteristics of HNWI are and their propensity to become angel investors.

Research on angel investment has been traditionally based on the experience of core regions in developed countries. This type of funding source, however, can play a significant role in the promotion of development and diversification in resource peripheries due to the limited access that these areas have to traditional capital funds and the orientation of angel investment towards innovative ventures, but studies from this perspective are very scarce. In this sense, this paper is pioneer in this topic in peripheral regions.

El objetivo de este artículo es identificar y analizar las características de las personas con alto patrimonio neto como potenciales inversionistas ángeles en Antofagasta, la principal fuente de recursos minerales en la periferia de Chile.

A través del enfoque de las periferias de los recursos naturales y la inversión ángel, se aplicó una encuesta a una muestra de 37 personas con alto patrimonio neto en esta región. La información recogida fue analizada usando estadística descriptiva.

Los resultados muestran que las características de estas personas no difieren significativamente de los inversionistas ángeles en países desarrollados y muestran un fuerte deseo de ser inversionistas ángeles y formar una red.

Este artículo presenta algunas limitaciones en relación al tamaño y el alcance de la muestra. Es una muestra relativamente pequeña y no permite realizar análisis más sofisticados y es solo a nivel regional y, por lo tanto, no es posible comparar a nivel nacional.

Desde la perspectiva del diseño de políticas públicas y programas orientadas a la promoción de empresas de alto potencial de crecimiento en las periferias de recursos naturales, es esencial conocer las características de las personas con alto patrimonio neto y su propensión a convertirse en inversionistas ángeles.

La investigación sobre inversión ángel ha estado tradicionalmente enfocada en la experiencia de las regiones centrales de los países desarrollados. Sin embargo, esta alternativa de financiamiento puede jugar un rol preponderante en la promoción del desarrollo y la diversificación en las periferias de recursos naturales debido al limitado acceso a fuentes de capital tradicionales y la orientación de la inversión ángel hacia emprendimientos innovadores en estas regiones. Los estudios desde esta perspectiva son muy escasos. En este sentido, este artículo es pionero en la investigación de la inversión ángel en las regiones periféricas de recursos naturales.

The purpose of this paper is to examine whether the seasonal anomaly known as the reverse weekend effect detected at index level can also be observed at individual stock level.

This paper's methodology is based on the model first developed by Connolly and then employed by Chang, Pinegar, and Ravichandran in which returns are regressed against the dummy variable for Monday. In addition, the conditional variance is also included into the mean equation following Engle, Lilien, and Robins. Given the increasing evidence that equity returns are conditionally heteroskedastic, the paper includes in the conditional variance the lag of the squared residual from the mean equation (i.e. autoregressive conditional heteroskedasticity term introduced by Engle) and the previous period's forecast variance (i.e. the generalized autoregressive conditional heteroskedasticity term introduced by Bollerslev). Also, the paper controls for the different impact of good and bad news on the conditional variance following Glosten, Jaganathan, and Runkle.

It is found that the anomaly is widely distributed among large firms, not just confined to a few firms. The finding suggests that the anomaly at the index level is not driven by the extreme returns of a few firms. The paper also finds that the anomaly at the firm level is not evenly distributed across the weeks of the month. Furthermore, trading volume and illiquidity of individual firms can only partially explain the seasonal anomaly.

This paper extends the study of the reverse weekend effect in individual firms.

This paper investigates if and how entrepreneurs' social capital influences their individual entrepreneurial orientation attributes (innovativeness, proactiveness, and risk-taking).

The research method adopted is an exploratory multiple case study. The case chosen is that of an emerging and under-examined entrepreneur, the religious entrepreneur. The study investigates 20 pastors responsible for small enterprise-churches in Brazil.

Social capital influences individual entrepreneurial orientation, being characterized by a relative paradox. The networks must be dense enough to stimulate entrepreneurs' individual entrepreneurial orientation but not be so dense as to harm innovativeness, proactivity and risk-taking. Further, data show that individual entrepreneurial orientation influences social capital.

One limitation relates to the semi-structured interviews' restricted use. A second limitation is associated with the recognition of churches only as productive enterprises.

This article suggests the significance of incorporating both themes in entrepreneurial education and training programs. It also stresses the appropriateness of religious entrepreneurship as an empirical research field for business scholars.

The contributions are fivefold. First, the authors build exploratory theoretical propositions on the influence of social capital on individual entrepreneurial orientation. Second, they highlight the significance of dense networks for individual entrepreneurial orientation, expanding the literature that supports the relevance of cohesive networks solely to the construct's organizational dimension. Third, the authors suggest that a relative paradox may characterize individual entrepreneurial orientation. Fourth, the authors suggest the existence of recursion between both constructs. Finally, this study is one of the first to examine social capital and individual entrepreneurial orientation, considering innovativeness, proactivity, and risk-taking, which represents a neglected field in benchmarking studies.

The primary objective was to determine the prevalence of indicator microorganisms [Staphylococcus aureus, non-S. aureus staphylococci (NSAS), coliforms and aerobic bacteria] for contamination of chicken carcasses, carcass drip and rinse water from the informal chicken market in Gauteng, South Africa.

Chicken swabs, chicken drips and rinse waters were collected from 151 chickens from 47 random outlets. Pre-tested questionnaires were administered to capture the risk factors for bacterial contamination. Standard microbiological procedures were conducted for isolation and enumeration of target bacteria.

NSAS (64% and 41%) and S. aureus (12% and 31%) were prevalent on carcasses and in carcass drip respectively. Coliforms (62%) and aerobic bacteria (85%) were detected in rinse water. Significant risk factors for contamination of carcasses with NSAS, S. aureus and coliform organisms were: evisceration of chickens on the same location used for sale, cleaning of display counter with dirty clothes/wipes, holding of differently sourced chickens in the same cage prior to slaughter, not cleaning the display table/counter and hands at all, washing knives in rinse water, high turnover of daily slaughter and length of time to display chickens.

The limitations of this research were the limited geographical coverage and small sample size.

The isolation of these indicator microorganisms suggests the potential presence of other chicken-borne pathogens not tested for in the study.

The findings serve to inform policy on public health and street-vended food and can guide control on good sanitary practices.

This is the first comprehensive report on ready to eat chickens from the informal markets in Gauteng, South Africa.

The purpose of this paper is to compare and contrast the international trade characteristics of commerce between Latin American countries and some of the top economies in the world, in order to identify new business opportunities for LATAM firms in dynamical external markets.

A triple indexed gravity model, correcting with robust standardized errors clustered, and a panel data analysis was used to obtain the relationship between Latin American countries and advanced and other emerging economies.

The main finding of this paper is that innovation overcomes gravity effects and parameters typical of a knowledge society are the significant ones to explain trade among different regions. The model that includes an innovation proxy accommodates with the new international theories of trade. Besides, communication capacity is essential to reach consumers abroad with newer and more complex products. Moreover, the constant is significant when innovation is included, which may imply intersectoral trade that behaves relatively stable in bilateral trade.

The findings suggest that the economies that have some relevance in trade, have increasing numbers regarding patents. Thus, the empirical findings relate to the theoretical models which state that comparative advantages may be dynamic due to technological innovation.

This paper shows that innovation is a central parameter to engage in intratrade and develop a knowledge-based economy. Latin America sometimes appears to be a puzzle as to how to improve its economic performance and overcome its social and economic problems. Intratrade seems to be the route to increase Latin American business participation in world trade.

El propósito de este documento es comparar y contrastar las características comerciales internacionales del comercio entre los países latinoamericanos y algunas de las principales economías del mundo, con el fin de identificar nuevas oportunidades de negocios para las empresas de LATAM en mercados externos dinámicos.

Se utilizó un modelo de gravedad triple indexado el que se corrigió con errores robustos estandarizados clusterizados, y un análisis de datos de panel para obtener la relación entre los países latinoamericanos y las economías avanzadas y otras economías emergentes.

Uno de los principales hallazgos es que la incorporación de la innovación en el modelo anula el efecto de las variables típicas asociadas a la gravedad. Por lo que se podría suponer que, los parámetros propios de una sociedad del conocimiento son más importantes para explicar el comercio entre las diferentes regiones. El modelo incluye un variable de innovación que se adapta a las nuevas teorías internacionales del comercio. Otro hallazgo es que la capacidad de comunicación es esencial para llegar a los consumidores en el extranjero con productos más nuevos y complejos. Por último, la constante es significativa cuando se incluye la innovación, lo que podría implicar un comercio intersectorial que se comporta relativamente estable en el comercio bilateral.

Los resultados sugieren que las economías que tienen cierta relevancia en el comercio poseen un número creciente de patentes. Por lo tanto, los hallazgos empíricos se relacionan con los modelos teóricos que establecen que las ventajas comparativas pueden ser dinámicas debido a la innovación tecnológica.

Este documento muestra que la innovación es un elemento central para participar en el comercio interno y desarrollar una economía basada en el conocimiento. América Latina a veces parece ser un enigma sobre cómo mejorar su desempeño económico y superar sus problemas sociales y económicos. El comercio intraindustrial parece ser la ruta para aumentar la participación empresarial de América Latina en el comercio mundial.

The purpose of this paper is to provide evidence about the effects of the MILA agreement in terms of improving financial market efficiency.

The authors measure efficiency by studying the stock reaction to earnings announcements using a conditional heteroscedasticity generalized autoregressive conditional heteroscedasticity-adjusted market model and the most commonly implemented event study tests for 3,399 events across four countries in the Latin American Integrated Market (MILA).

Contrary to expectations, the results show that the MILA agreement has isolated gains in terms of reaction to corporate earnings announcements, which translates into partial improvements in market efficiency. However, the evidence indicates that the MILA agreement favored cointegration, which is in line with other studies.

This paper provides evidence for policymakers and regulators that a stock market agreement is a condition that promotes market cointegration, but it is not an element that in itself ensures an improvement in market efficiency. To achieve greater MILA benefits, regulatory and market-level changes are required.

This is the first study that analyses the effect of a stock market agreement on the efficiency of markets, expanding on what has been studied in the finance literature regarding the influence of these agreements on cointegration.

Esta investigación entrega evidencia sobre los efectos del acuerdo MILA respecto a mejoras en la eficiencia de los mercados accionarios involucrados.

Medimos eficiencia estudiando la reacción de los mercados accionarios tras anuncios de resultados utilizando un modelo de mercado ajustado por heteroscedasticidad condicional (GARCH). Además, consideramos las pruebas de estudios de evento más utilizadas en la literatura para 3,399 eventos en los 4 países involucrados en el acuerdo MILA.

Contrario a lo esperado, los resultados muestran que el acuerdo MILA genera aumentos marginales en la reacción frente a anuncios corporativos, lo cual se traduce en mejoras parciales de la eficiencia de mercados accionarios. Sin embargo, la evidencia muestra que el MILA sí favorece a la cointegración, lo cual va en línea con estudios previos.

Esta investigación entrega evidencia para reguladores de que un acuerdo de integración bursátil promueve cointegración entre mercados, pero no es un elemento que por sí solo asegure una mejora en eficiencia. Para alcanzar mayores beneficios del acuerdo MILA, se requieren cambios adicionales a nivel de mercado accionario y de regulación.

Este es el primer estudio que analiza el efecto de un acuerdo de integración bursátil en la eficiencia de los mercados accionarios, expandiendo lo que ha sido ya encontrado en la literatura financiera respecto a la influencia de estos acuerdos en cointegración.

The purpose of this study is to analyze the perception of accountants in relation to the complexity of accounting for financial instruments and in relation to the disclosure of financial instruments in annual reports. Both aspects are relevant for the external users, and for the firms’ internal management.

The database comprises questionnaires answered by accountants from Brazil and Chile. Data were analyzed based on reliability statistics and multivariate regression analysis.

The main results indicate that accountants perceive the accounting for derivatives, hedge accounting, fair value measurement of financial instruments and the respective disclosure of these operations as a complex issue. These findings are interesting considering that there are detailed accounting standards relating to financial instruments.

The results indicate that education and gender affect the perception of complexity about accounting of derivatives.

Findings from this research show that accountants do perceive derivatives as complex items for accounting, particularly accounting for hedges.

The results can motivate some initiatives for training activities and for teaching academic content about financial instruments in undergraduate courses.

To the best of the authors’ knowledge, this is the first study that tests some personal characteristics of accountants (namely, professional experience, education and gender), in contrast to their perceptions about complexity of accounting for derivatives.

The current depletion of fossil fuels and environmental degradation are requiring greater energy efficiency in buildings, particularly in the residential sector. However, environmental improvement actions for dwellings are usually based on general considerations, without identifying the most appropriate measurements to be taken in each case, or reviewing their application with stakeholders. This article puts forward a strategy to propose effective and feasible modifications in the design or refurbishment of single-family homes to reduce energy use while maintaining indoor comfort. The improvements proposed are based on dynamic energy simulations of individual models adapted to local realities that can be carried out by regular professionals. The process includes the review of studies and information on the geographic area, and compilation of the constructive features and occupancy data of each house to create a proper energy behaviour model. Possible improvements to the building are then simulated separately in each model and the results recorded. Subsequently, a budgetary analysis of these alternatives according to construction costs and financial projections is carried out in order to identify retrofit packages and consult the opinions of residents and builders. The application of this strategy is demonstrated in the study of several houses in Concepción, Chile, where different sets of measures have been identified to achieve high reductions in energy demand while having low cost and being highly appreciated by the participants. This provides a methodology for developing and validating effective solutions for the environmental improvement of existing dwellings and new housing projects.

Integrated design is a strategy to develop sustainable architecture projects incorporating multidisciplinary work and environmental performance assessments, which has provided significant advancement to public buildings in developed countries. This paper presents a review of some aspects of integrated design for the planning and construction of energy efficient housing in the south of Chile, as part of the reconstruction process following the earthquake on 27th February 2010. Firstly, a synthesis is made of the characteristics, implicit conditions, participants, steps, resources and expected results of an integrated design approach according to existing references. This is then contrasted with normal housing design practice in Chile according to current building regulations and interviews with professionals in the field. The design processes of experimental houses and housing projects that place specific focus on energy performance are then analysed, with follow-ups and interviews to review significant aspects. After examining those experiences, the authors identify some particular features and resources of integrated design that promote environmental improvements.