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Article
Publication date: 5 March 2018

Urbi Garay

The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

Abstract

Objective

The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

Design/methodology/approach

This work gathers, analyses and critically discusses the attributes of investments in art in general, and in Latin American art in particular.

Findings

Most studies report that art (art in general, and Latin American in particular) has offered relatively low but positive real returns, which have tended to be below those offered by stocks and similar to those realized by bonds. Art has a low correlation with other investments.

Research limitations and implications

The literature on the attributes of Latin American art as an investment is limited and new research would help to close the knowledge gap with respect to this segment of the art market as it continues to grow.

Practical implications

Similarly to the research carried out into other segments of the art market, studies on Latin American art suggest that the works of art are worth more, ceteris paribus: the more renowned the artist, the larger the work, whether they were executed in oil, and if they were auctioned at Sotheby’s or Christie’s. The paper also details a series of practical implications for those who participate in the art market.

Originality/value

To the best of the authors’ knowledge, this is the first exhaustive review of the literature on the attributes of Latin American art as an investment. The findings of this study are useful for academics, art collectors, auction houses, gallerists and others who take part in the arts market.

Propósito

Presentar los avances y las tendencias de la literatura sobre el arte como inversión, y delinear líneas de investigación a ser desarrolladas.

Diseño/metodología/enfoque

Este trabajo reúne, analiza y discute críticamente los atributos de inversión del arte, en general, y latinoamericano, en particular.

Hallazgos

La mayoría de los estudios reportan que el arte (tanto el arte, en general, como el arte latinoamericano, en particular) ha ofrecido rendimientos reales positivos, aunque relativamente bajos, los cuales tienden a ser inferiores de los de las acciones y a ser similares a los de los bonos. El arte tiene una baja correlación con otras inversiones.

Limitaciones e implicaciones de la investigación

La literatura sobre los atributos del arte latinoamericano como inversión es limitada. Es de esperar que nuevas investigaciones permitan ir cerrando la brecha del conocimiento con respecto a esta parte del mercado del arte a la par que éste continúe creciendo.

Implicaciones prácticas

Los estudios de arte latinoamericano sugieren, similar a las investigaciones sobre otros segmentos del mercado del arte, que las obras de arte valen más, ceteris paribus: cuando el artista es más reputado, a medida que el área de las obras es mayor, si han sido ejecutadas en óleo, y cuando son subastadas en las casas de subastas Sotheby’s o Christie’s. En el trabajo se detallan, además, una serie de implicaciones prácticas para los participantes del mercado de arte.

Originalidad/valor

Hasta donde se ha podido comprobar, esta es la primera revisión exhaustiva acerca de los atributos del arte latinoamericano como inversión. Los resultados de esta investigación son de utilidad para: académicos, coleccionistas de arte, casas de subastas, galeristas, y demás participantes en el mercado del arte.

Article
Publication date: 3 August 2015

Carlos Pombo and Enrique Ogliastri

This Special Issue is dedicated to the memory of the unexpectedly deceased Professor Luis J. Sanz, president of BALAS and Associate Editor of ARLA. The issue includes six papers…

291

Abstract

This Special Issue is dedicated to the memory of the unexpectedly deceased Professor Luis J. Sanz, president of BALAS and Associate Editor of ARLA. The issue includes six papers from Chile, Spain and Costa Rica/Argentina. The case study is on the privatization of the Buenos Aires underground in 1998, a topic of renewed interest in 2015. One of the studies determines the effect of director education and international experience on the firm’s access to international markets. Another paper studies the effect of corporate board diversity on company reputation. The third analyzes the negative effect of the politicization of State savings banks on the benefits of these financial institutions in Spain. The fourth studies the effect of the diversification strategy and cross-control by shareholder groups on firm value in Chile. Finally, we have a literature review, using meta-analysis methodology, on the relationship between auditor specialization by industry and the structure of audit fees.

Resumen

Este número especial es dedicado a la memoria del súbitamente fallecido profesor Luis J. Sanz, presidente de BALAS y Editor Asociado de ARLA. Publicamos seis trabajos originados en Chile, España, y Costa Rica/Argentina. El caso trata sobre la privatización del metro de Buenos Aires en 1998, tema de renovada vigencia en 2015. Un estudio determina el efecto de la educación de posgrado y la experiencia internacional de los directores en el nivel de acceso a mercados internacionales de sus empresas. El segundo estudia el efecto de la diversidad en la composición de las juntas directivas sobre la reputación de la empresa. Tercero, se analiza el efecto negativo de la politización de las cajas de ahorros estatales en los beneficios de estas instituciones financieras en España. Cuarto, se estudia el efecto de la estrategia de diversificación y del control cruzado de grupos de accionistas sobre el valor de la empresa en Chile. Finalmente, una revisión de la literatura con metodología de meta análisis sobre la relación entre la estructura de auditores especializados por sector empresarial y la estructura de precios de sus tarifas.

Details

Academia Revista Latinoamericana de Administración, vol. 28 no. 3
Type: Research Article
ISSN: 1012-8255

Open Access
Article
Publication date: 12 June 2017

Christian Acuña-Opazo and Alejandro Álvarez-Marín

La presente investigación examina la existencia de memoria de largo plazo por medio del cálculo del coeficiente de Hurst y Hurst ajustado, y del análisis de características de

Abstract

Propósito

La presente investigación examina la existencia de memoria de largo plazo por medio del cálculo del coeficiente de Hurst y Hurst ajustado, y del análisis de características de estructuras caóticas en la serie del mercado bursátil de Chile, específicamente a través del Índice de Precios Selectivo de Acciones.

Diseño/metodología/enfoque

Se desarrolló un breve análisis del mercado, según la metodología de Box y Jenkings. La validez de los resultados se realizó por medio de la prueba propuesta por Brock, Dechert y Scheinkman. En segundo lugar, se procedió a analizar la dinámica y patrones del índice y de su rendimiento, para observar si existía evidencia de memoria de largo plazo.

Hallazgos

Los resultados demuestran la presencia de esta memoria en el mercado bursátil chileno, determinado a través del índice accionario en dos escalas, diaria y trimestral, lo que además corrobora resultados obtenidos por otros autores, confirmando el uso de la metodología de Rango Re-escaldo para la identificación y determinación de memoria de largo plazo en una serie temporal.

Originalidad/valor

Este estudio permitirá a futuros investigadores realizar análisis similares en otros mercados, aportando un nuevo enfoque al analizar la memoria de la largo plazo y los factores que inciden en ella.

Palabras clave

Exponente de Hurst, Índice bursátil, Mercados eficientes, Mercados fractales

Tipo de artículo

Artículo de investigación

Purpose

This research examined the existence of long-term memory by calculating the coefficient of Hurst and Hurst set, and the analysis of characteristics of chaotic structures in the series of stock market of Chile, specifically through the Selective Price Index Shares.

Design/methodology/approach

A brief analysis of the market was developed, according to Box and Jenkins methodology. The validity of the results was performed by means of the test proposed by Brock, Dechert and Scheinkman. Secondly, we proceeded to analyze the dynamics and patterns of the index and its performance, to see if there was evidence of long-term memory.

Findings

The results demonstrate the presence of long-term memory in the Chilean stock market, determined by stock index in two scales, daily and quarterly, which also corroborates results obtained by other authors, confirming the use of the methodology Range Re-scalded for the identification and determination of long-term memory in a time series.

Originality/value

This study will allow future researchers to perform similar analyzes in other markets, providing a new approach when analyzing the long-term memory and the factors that affect it.

Details

Journal of Economics, Finance and Administrative Science, vol. 22 no. 42
Type: Research Article
ISSN: 2077-1886

Keywords

Article
Publication date: 3 August 2015

Luis Sanz, Francisco A. Leguizamón R. and Guillermo Edelberg

This case study examines the Argentinian privatization process that occurred in the early 1990s and which marked the start of the third phase of the history of public services in…

Abstract

This case study examines the Argentinian privatization process that occurred in the early 1990s and which marked the start of the third phase of the history of public services in the country. The research focusses on the role played by a group of private companies in the privatization of the Buenos Aires Subway, an icon of the modernization of mass passenger transportation. It explores the background to the process, the alternative selling options available to the government and concerning the degree of public control that would be retained. It examines the effects of privatization on the economy of the country, on government debt and on the workers who lost their jobs as a result of the sale. The paper ends by describing the measures were taken during the transition from a bureaucratic management model to an entrepreneurial one.

Resumen

El caso examina el proceso de privatización en la Argentina a comienzos de los años 90..s cuando inició la tercera fase en la historia de los servicios públicos de ese país. Se centra en la exploración del proceso de transición hacia un conjunto de empresas privadas del Subterráneo de Buenos Aires, icono de modernización del transporte masivo de pasajeros Explora los antecedentes, las alternativas de venta por parte del gobierno, así como las relacionadas con el grado de control en manos de este último. Explora los efectos sobre la economía del país, la deuda del gobierno y el impacto sobre los trabajadores que no serían contratados luego de la privatización. Termina describiendo los cuidados adoptados en la transición desde una gestión de índole burocrática a otra de carácter empresarial.

Article
Publication date: 9 November 2021

Washington Macias, Katia Rodriguez, Flavio Arosemena-Burbano and Donald Zhangallimbay

The purpose of this work is to analyze a brand valuation methodology proposed by the current Ecuadorian National Service for Intellectual Rights, assessing the relevance of the…

Abstract

Purpose

The purpose of this work is to analyze a brand valuation methodology proposed by the current Ecuadorian National Service for Intellectual Rights, assessing the relevance of the proposed marketing variables: awareness, associations and evaluation of purchase determinants, and their relationship within the proposed methodology.

Design/methodology/approach

The authors used data from surveys of 482 consumers of two agricultural brands in Ecuador (supplies, equipment and services). The authors applied linear multiple regressions estimated by generalized least squares with heteroskedasticity-robust standard errors. “Intention to repurchase” and “recommend” the brands were selected as dependent variables due to their relationship with brand value.

Findings

Brand awareness and associations positively influence the two dependent variables. However, the interaction between brand awareness and associations is negative, suggesting that, for the upper level of awareness, associations have no effect over intentions. This result holds for both brands. Brand evaluation of purchase determinants was a significant predictor of intentions only for the brand which belongs to a product category in which the purchase decision process is more extensive and with more effort.

Research limitations/implications

This study is focused only on agricultural brands, which limits the generalization of the findings.

Originality/value

The agricultural sector is very important in Ecuador due to its contribution to GDP and employment, and the country's position as the fifth exporter of bananas worldwide. Understanding consumer behavior is important for brands and firms' managers in order to preserve or increase brand value, for which a reliable valuation model is useful.

Details

Journal of Agribusiness in Developing and Emerging Economies, vol. 13 no. 2
Type: Research Article
ISSN: 2044-0839

Keywords

Open Access
Article
Publication date: 17 May 2018

Edinson Edgardo Cornejo-Saavedra

Examinar si las firmas no financieras que estuvieron registradas en la Superintendencia de Valores y Seguros de Chile (SVS) manipularon la cifra de beneficios para evitar reportar…

1492

Abstract

Propósito

Examinar si las firmas no financieras que estuvieron registradas en la Superintendencia de Valores y Seguros de Chile (SVS) manipularon la cifra de beneficios para evitar reportar pérdidas o disminuciones en las ganancias, durante el período 2010-2014.

Diseño/metodología/enfoque

Se analizó la distribución de los beneficios netos y la distribución de los cambios en los beneficios netos de las firmas, de acuerdo con la metodología de Burgstahler y Dichev (1997).

Hallazgos

Los resultados mostraron frecuencias inusualmente bajas de pequeñas pérdidas y de pequeñas disminuciones en los beneficios, y frecuencias inusualmente altas de pequeñas utilidades y de pequeños incrementos en las ganancias. Ambos resultados fueron estadísticamente significativos.

Implicaciones prácticas

El estudio presentó evidencia de posibles prácticas de earnings management para evitar reportar pérdidas o disminuciones en el beneficio neto durante el período 2010-2014. Estos resultados permitirían identificar empresas “sospechosas” de earnings management, y aumentarían la probabilidad de detectar las firmas que manipularon al alza el beneficio reportado en los estados financieros o que —en un caso extremo— cometieron un fraude aún no revelado.

Originalidad/valor

Los resultados de este tipo de estudios podrían ser útiles para focalizar actividades de monitorización y fiscalización para una mayor transparencia en el mercado bursátil.

Palabras clave

Manipulación del beneficio contable, Distribución de frecuencias, Beneficio neto, Pérdida, Umbral de beneficios.

Clasificación del artículo

Trabajo de investigación

Purpose

This paper aims to examine whether a sample of non-financial Chilean firms performed earnings management to avoid the decreases and losses in the earnings during the 2010-2014 period.

Design/methodology/approach

The analysis is undertaken using the distributions of earnings changes and earnings, according to Burgstahler and Dichev (1997) methodology.

Findings

The results showed unusually low frequencies of small losses and small declines in earnings and unusually high frequencies of small benefits and small increases in earnings. Both results were statistically significant.

Practical implications

The study presents evidence of possible earnings management activity to avoid reporting losses and earnings decreases during the period 2010-2014. These results would allow to identify “suspicious” companies of earnings management and would increase the likelihood of detecting firms that managed upside the reported earnings or that – in an extreme case – would be committing a fraud not disclosed.

Originality/value

The results of these types of studies would be useful to carry out monitoring and control activities, to increase transparency in the stock market.

Details

Journal of Economics, Finance and Administrative Science, vol. 23 no. 45
Type: Research Article
ISSN: 2077-1886

Keywords

Article
Publication date: 5 March 2018

María Milagros Vivel-Búa and Rubén Lado-Sestayo

The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of…

Abstract

Objective

The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of hedging with derivatives for the reduction of this risk.

Methodology

Economic exposure is tested with the Jorion model (1990) using both a currency basket and an individualised analysis for the main currencies sustaining business activities between Spain and Latin America: the Mexican peso, Brazilian real, Argentine peso, Chilean peso, and Colombian peso. For the hedging analysis, dynamic panel data models were estimated using a generalised method of moments.

Results

The results reveal that the number of firms with significant economic exposure is sensitive to the temporal frequency of the observations. The evidence denotes that the firms’ export profile is predominant, both when considering a basket of Latin American currencies and when individually considering the five main pairs of currencies. The only exception is the Argentine peso, where firms’ import profile is slightly higher. The Chilean peso stands out as the currency with the greatest number of firms with significant exposure.

Originality

This work provides unpublished evidence on economic exposure to currency risk in Latin America in a recent period characterised by two main aspects: an important devaluation of some Latin American currencies with respect to the euro; and an enhancement of Spanish business activities in the region to favour growth during the recent recession of the Spanish economy.

Propósito

este trabajo analiza la exposición económica al riesgo cambiario en Latinoamérica por parte del sector empresarial español entre 2010 y 2016. Asimismo, evalúa la efectividad de la cobertura con productos derivados en su reducción.

Metodología

la exposición económica es estimada a través del modelo de Jorion (1990), utilizando tanto una cesta de divisas como un análisis individualizado para las principales divisas que sustentan la actividad entre España y Latinoamérica, a saber, Peso mexicano, Real brasileño, Peso argentino, Peso chileno, y Peso colombiano. Respecto al análisis de la cobertura, se estiman modelos dinámicos con datos de panel a través del método generalizado de momentos.

Resultados

los resultados muestran que el número de empresas con exposición económica significativa es sensible a la frecuencia temporal de las observaciones. Asimismo, la evidencia denota que el perfil exportador de las empresas es mayoritario, tanto al considerar una cesta de divisas latinoamericanas como, individualmente, los cinco principales pares de divisas. La única excepción es el peso argentino, donde el perfil importador de las empresas es levemente superior. Asimismo, el peso chileno destaca como la divisa con mayor número de empresas con exposición significativa.

Originalidad

este trabajo aporta evidencia inédita sobre la exposición económica al riesgo cambiario en Latinoamérica en un período reciente caracterizado por dos aspectos principales: i) una importante depreciación de algunas divisas latinoamericanas respecto al euro; ii) una potenciación de la actividad empresarial española en esa región para favorecer su crecimiento durante la reciente recesión de la economía española.

Details

Academia Revista Latinoamericana de Administración, vol. 31 no. 1
Type: Research Article
ISSN: 1012-8255

Keywords

Open Access
Article
Publication date: 6 November 2017

María del Mar Miralles-Quirós, José Luis Miralles-Quirós and Celia Oliveira

The aim of this paper is to examine the role of liquidity in asset pricing in a tiny market, such as the Portuguese. The unique setting of the Lisbon Stock Exchange with regards…

2310

Abstract

Purpose

The aim of this paper is to examine the role of liquidity in asset pricing in a tiny market, such as the Portuguese. The unique setting of the Lisbon Stock Exchange with regards to changes in classification from an emerging to a developed stock market, allows an original answer to whether changes in the development of the market affect the role of liquidity in asset pricing.

Design/methodology/approach

The authors propose and compare two alternative implications of liquidity in asset pricing: as a desirable characteristic of stocks and as a source of systematic risk. In contrast to prior research for major stock markets, they use the proportion of zero returns which is an appropriated measure of liquidity in tiny markets and propose the separated effects of illiquidity in a capital asset pricing model framework over the whole sample period as well as in two sub-samples, depending on the change in classification of the Portuguese market, from an emerging to a developed one.

Findings

The overall results of the study show that individual illiquidity affects Portuguese stock returns. However, in contrast to previous evidence from other markets, they show that the most traded stocks (hence the most liquid stocks) exhibit larger returns. In addition, they show that the illiquidity effects on stock returns were higher and more significant in the period from January 1988 to November 1997, during which the Portuguese stock market was still an emerging market.

Research limitations/implications

These findings are relevant for investors when they make their investment decisions and for market regulators because they reflect the need of improving the competitiveness of the Portuguese stock market. Additionally, these findings are a challenge for academics because they exhibit the need for providing alternative theories for tiny markets such as the Portuguese one.

Practical implications

The results have important implications for individual and institutional investors who can take into account the peculiar effect of liquidity in stock returns to make proper investment decision.

Originality/value

The Portuguese market provides a natural experimental area to analyse the role of liquidity in asset pricing, because it is a tiny market and during the period studied it changed from an emerging to a developed stock market. Moreover, the authors have to highlight that previous evidence almost exclusively focuses on the US and major European stock markets, whereas studies for the Portuguese one are scarce. In this context, the study provides an alternative methodological approach with results that differ from those theoretically expected. Thus, these findings are a challenge for academics and open a theoretical and a practical debate.

Details

Journal of Economics, Finance and Administrative Science, vol. 22 no. 43
Type: Research Article
ISSN: 2077-1886

Keywords

Article
Publication date: 10 June 2013

Enrique Ogliastri

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…

777

Abstract

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.

Resumen

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.

Details

Academia Revista Latinoamericana de Administración, vol. 26 no. 1
Type: Research Article
ISSN: 1012-8255

Article
Publication date: 1 July 2004

Isabel M. Prieto and Elena Revilla

This paper analyzes how organizations may use different knowledge management styles according to higher or lower emphasis on (1) techno‐structural initiatives for information…

Abstract

This paper analyzes how organizations may use different knowledge management styles according to higher or lower emphasis on (1) techno‐structural initiatives for information processing, and (2) behavioral solutions for knowledge sharing by organizational members. As a consequence, the effects of these styles on learning capacity are also different. The empirical analysis of the present study found that knowledge management practices can be categorized into four styles: (1) passive, (2) behavioral, (3) techno‐structural, and (4) active. The active style, which implies superior management of both techno‐structural and behavioral tools of knowledge management has been the most effective in the development of learning capacity. In contrast, the passive style, which implies weak management of both kinds of knowledge management initiatives, results in lower learning capacity. Hence, this work focuses on suggesting and empirically testing a characteristic framework for how a set of knowledge management initiatives interact and influence learning capacity in organizations.

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 2 no. 2
Type: Research Article
ISSN: 1536-5433

Keywords

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