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Bitcoin and the South Sea Company: A comparative analysis 比特币与南海公司:比较分析
Pub Date : 2021-03-17 DOI: 10.14718/REVFINANZPOLITECON.V13.N1.2021.9
Michael Demmler, Amilcar Orlian Fernández Domínguez
This paper examines historical Bitcoin price data together with the price data of a well-known and generally accepted historical asset price bubble (the 1720 South Sea Bubble) with the aim of identifying possible similarities. In order to find empirical evidence of speculative bubble tendencies, the article analyses distribution moments and autoregressive models of time series of both assets. Results show that historical daily prices of both assets—taking into account one year before and one year after the maximum price level—clearly show the two phases of bubble expansion and subsequent crash. Furthermore, various similarities between the South Sea Bubble and Bitcoin can be found in descriptive statistics, such as mean of return, standard deviation, and skewness. Statistical tests also show several explosive moments in the time series of the South Sea Company and Bitcoin returns, which implies that both assets exhibit more than one financial bubble.
本文将比特币的历史价格数据与一个众所周知且被普遍接受的历史资产价格泡沫(1720年南海泡沫)的价格数据一起进行了研究,目的是找出可能的相似之处。为了寻找投机泡沫倾向的经验证据,本文分析了这两种资产的时间序列分布矩和自回归模型。结果表明,这两种资产的历史每日价格——考虑到最高价格水平的前一年和后一年——清楚地显示了泡沫扩张和随后崩溃的两个阶段。此外,南海泡沫和比特币在描述性统计上有很多相似之处,比如收益均值、标准差和偏度。统计测试还显示,南海公司和比特币的回报在时间序列中出现了几个爆炸性时刻,这意味着这两种资产都表现出不止一个金融泡沫。
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引用次数: 1
Independencia de la junta directiva y desempeño financiero: evidencia de empresas colombianas 董事会独立性和财务业绩:来自哥伦比亚公司的证据
Pub Date : 2021-03-17 DOI: 10.14718/REVFINANZPOLITECON.V13.N1.2021.8
Diógenes Lagos Cortés, Rolando Roncancio Rachid
This work aims to analyze the relationship between management board independence and financial performance (variables ROA, ROE, and Tobin’s Q). Two perspectives on independence were used: (a) Law 964 of 2005 (mandatory in the Colombian stock market) and (b) an expanded view that included business relationships (cross-directorships, seniority on the board), financial relationships (compensation packages, ownership participation), and personal relationships (founders, members of the owner family) as factors that limit independence. Regression models (random effects) were used on an unbalanced data panel composed of 69 companies from the Colombian Stock Exchange. The results showed that a more rigorous definition of independence is better appreciated by the market. It was found that board independence does not affect accounting performance (ROA and ROE), but it does affect market performance (Tobin’s Q).
本研究旨在分析管理委员会独立性与财务绩效之间的关系(变量ROA、ROE和Tobin’s Q)。本文采用了两种独立视角:(a) 2005年第964号法律(在哥伦比亚股票市场是强制性的)和(b)将业务关系(跨董事关系、董事会的年资)、财务关系(薪酬方案、所有权参与)和个人关系(创始人、所有者家族成员)纳入限制独立性的因素的扩展观点。回归模型(随机效应)在哥伦比亚证券交易所69家公司组成的非平衡数据面板上使用。结果表明,更严格的独立性定义更能得到市场的认可。研究发现,董事会独立性不影响会计绩效(ROA和ROE),但会影响市场绩效(Tobin’s Q)。
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引用次数: 2
Vacunación y desarrollo en tiempos de la COVID-19 COVID-19时期的疫苗接种和发展
Pub Date : 2021-03-17 DOI: 10.14718/REVFINANZPOLITECON.V13.N1.2021.1
Joan Miguel Tejedor Estupiñán
The pandemic caused by the SARS-CoV-2 virus had left, until December 2020, approximately 100,000,000 infected and 2,000,000 fatalities around the world (Johns Hopkins University and Medicine, 2020) . Nevertheless, as scientists and politicians from all around the world have warned, the consequences of this pandemic would expose the weaknesses of national health systems in the face of these types of global threats, as well as their level of response to the social side effects caused by global protection measures imposed by the World Health Organization.
截至2020年12月,由SARS-CoV-2病毒引起的大流行在全球造成约1亿人感染,200万人死亡(约翰霍普金斯大学和医学院,2020年)。然而,正如来自世界各地的科学家和政治家所警告的那样,这次大流行的后果将暴露出各国卫生系统在面对这些类型的全球威胁时的弱点,以及它们对世界卫生组织实施的全球保护措施所造成的社会副作用的反应水平。
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引用次数: 1
Análisis de eficiencia financiera de las empresas cotizantes en el mercado accionario colombiano para el periodo 2012- 2017 2012- 2017年哥伦比亚股票市场上市公司财务效率分析
Pub Date : 2021-03-17 DOI: 10.14718/REVFINANZPOLITECON.V13.N1.2021.2
Hector Darío Balseiro Barrios, Jorge Armando Luna Amador, Francisco Javier Maza Ávila
This paper aims to evaluate the financial efficiency of 69 companies listed in the Colombian stock market between 2012 and 2017, to understand how these organizations carry out the optimal allocation of resources. For this purpose, data envelopment analysis (DEA)—CCR, BCC, and EE models—is applied to the following variables: operating income, property, plant and equipment, investments, and inventories. The results showed that most of the companies did not efficiently allocate their resources during the considered period, given that, on average, only 17 companies (26.82%) achieved efficiency, and only 6 of them maintained it uninterruptedly. Moreover, the study concludes that the scale type used by companies is not determinant in the efficiency result obtained.
本文旨在评估2012年至2017年期间在哥伦比亚股票市场上市的69家公司的财务效率,以了解这些组织如何进行资源的优化配置。为此,数据包络分析(DEA)——ccr、BCC和EE模型——应用于以下变量:营业收入、财产、厂房和设备、投资和库存。结果表明,在考虑的时间段内,大多数公司没有有效地配置资源,平均只有17家公司(26.82%)实现了效率,只有6家公司保持了不间断的效率。此外,研究还得出结论,企业使用的规模类型并不是效率结果的决定因素。
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引用次数: 1
Influencia del directorio en el desempeño del Mercado Integrado Latinoamericano 董事会对拉丁美洲一体化市场绩效的影响
Pub Date : 2021-03-17 DOI: 10.14718/REVFINANZPOLITECON.V13.N1.2021.10
Luis Améstica Rivas, Andrea King Domínguez, Viviana Moraga Dionicio, Rodrigo Romero Romero
The main objective of this research is to determine whether characteristics of the composition of the board of directors, such as percentage of women, board independence, or size and ownership concentration in the Latin American Integrated Market (MILA), contribute to the economic performance of companies. The ROA, ROE, and Tobin’s Q were used as performance measures. This study performs a regression analysis using the Tobit Model, with dynamic and static panel data with fixed effects, on a sample of 83 companies. Finally, evidence was found that both board size and ownership concentration influence the performance of companies.
本研究的主要目的是确定董事会组成的特征,如女性比例、董事会独立性或拉丁美洲综合市场(MILA)的规模和所有权集中度,是否有助于公司的经济绩效。采用ROA、ROE和Tobin’s Q作为绩效衡量指标。本研究使用Tobit模型,对83家公司的样本进行了动态和静态面板数据固定效应的回归分析。最后,我们发现董事会规模和股权集中度对公司绩效都有影响。
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引用次数: 3
Financiamiento sostenible de la inversión pública: evidencia para México, 2001-2019 公共投资的可持续融资:墨西哥2001-2019年的证据
Pub Date : 2021-03-17 DOI: 10.14718/REVFINANZPOLITECON.V13.N1.2021.3
José Luis Hernández Mota, Iván Abdel Marín Medrano
This paper aims to analyze public investment spending with sustainable external financing. The theoretical section examines solvency and fiscal compliance conditions that allow determining a rule for sustainable debt accumulation with a public investment policy. Empirically, a fiscal reaction function is estimated, which validates the hypothesis of positive effects of the implementation of the rule on primary balance and phy-sical budgetary investment for the period 1990:I-2019:IV. The results suggest discussing the relevance of modifying debt and public spending policy in order to stimulate economic activity.
本文旨在分析可持续外部融资下的公共投资支出。理论部分检查偿付能力和财政合规条件,允许确定可持续债务积累与公共投资政策的规则。在经验上,估计了财政反应函数,验证了该规则的实施对1990年至2019年期间的基本平衡和实际预算投资产生积极影响的假设。结果建议讨论修改债务和公共支出政策的相关性,以刺激经济活动。
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引用次数: 2
La generación de empleo en el sector industrial en Colombia 2010-2018 2010-2018年哥伦比亚工业部门的就业创造
Pub Date : 2021-03-17 DOI: 10.14718/REVFINANZPOLITECON.V13.N1.2021.6
Lorena Sotelo Forero, L. E. Vallejo Zamudio
This paper aims to explain the relationship between labor policy and job creation in the industrial sector in Colombia in the period 2010-2018. To the effect, it first examines the topic of labor in the development plans of the two administrations of former president Juan Manuel Santos. First, a diagnostic analysis of industrial employment is carried out for the study period based on data of the Annual Manufacturing Survey (EAM, for its acronym in Spanish) administered by the National Administrative Department of Statistics of Colombia (DANE, for its acronym in Spanish). Second, the characteristics of industrial employment creation are examined, emphasizing the evolution of its participation in total employment and its growth, as well as the importance of industrial subsectors in job creation, and how the nine main Colombian cities participate in it through these subsectors. One of the most important conclusions is that industrial employment in Colombia has responded to conjunctural changes (world economy slowdown, exchange rate revaluation, market closure in Venezuela), as well as to changes occurred since economic opening in labor issues, which sought to implement greater flexibility in the labor market.
本文旨在解释2010-2018年期间哥伦比亚工业部门劳动政策与就业创造之间的关系。为此,它首先考察了前总统胡安·曼努埃尔·桑托斯两届政府发展计划中的劳工主题。首先,根据哥伦比亚国家统计行政部门(DANE)管理的年度制造业调查(EAM)的数据,对研究期间的工业就业进行了诊断性分析。其次,考察了工业创造就业的特点,强调了其参与总就业和增长的演变,以及工业子部门在创造就业中的重要性,以及哥伦比亚9个主要城市如何通过这些子部门参与创造就业。最重要的结论之一是,哥伦比亚的工业就业对时局变化(世界经济放缓、汇率重估、委内瑞拉市场关闭)以及自经济开放以来在劳工问题上发生的变化作出了反应,这些变化力求在劳动力市场上实现更大的灵活性。
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引用次数: 1
Financial Efficiency Analysis of Listed Companies in the Colombian Stock Market Between 2012 and 2017 2012 - 2017年哥伦比亚股票市场上市公司财务效率分析
Pub Date : 2021-01-06 DOI: 10.14718/REVNNANZPORITECON.V13.N1.2021.2
Hector Darío Balseiro Barrios, J. Amador, Francisco Javier Mazar Ávila
This paper aims to evaluate the financial efficiency of 69 Colombian companies listed on the stock market between 2012 and 2017, to understand how these organizations carry out the optimal allocation of resources. For this purpose, data envelopment analysis (DEA)—CCR, BCC, and EE models—is applied to the following variables: operating income, property, plant and equipment, investments, and inventories. The results showed that most of the companies did not efficiently allocate their resources during the considered period, given that, on average, only 17 companies (26.82%) achieved efficiency, and only 6 of them maintained it uninterruptedly. Moreover, the study concludes that the scale type used by companies is not determinant in the efficiency result obtained.
本文旨在评估2012年至2017年期间69家哥伦比亚上市公司的财务效率,了解这些组织如何进行资源优化配置。为此,数据包络分析(DEA)——ccr、BCC和EE模型——应用于以下变量:营业收入、财产、厂房和设备、投资和库存。结果表明,在考虑的时间段内,大多数公司没有有效地配置资源,平均只有17家公司(26.82%)实现了效率,只有6家公司保持了不间断的效率。此外,研究还得出结论,企业使用的规模类型并不是效率结果的决定因素。
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引用次数: 0
Los impactos sociales y económicos de la pandemia de la Covid-19 en Latinoamérica Covid-19大流行对拉丁美洲的社会和经济影响
Pub Date : 2020-10-13 DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.3730
Joan Miguel Tejedor-Estupiñán
Durante la historia, la humanidad ha tenido que afrontar, investigar y superar innumerables enfermedades infecciosas las cuales han tenido alcances de epidemia y de pandemia. Existen datos de muchas epidemias de influenza como la que se expandio por Mesopotamia y Asia meridional, hacia el 1200 a C., hasta la pandemia de gripe de influenza (1889-1890); diversas epidemias de pestes bubonicas producidas por el patogeno yersinia pestis, como la plaga de Justiniano (541-542), que se origino en el Imperio Romano y se extendio en Europa y Asia del Este, la Peste Negra (1346-1356), la Plaga Rusa (1770-1772), entre otras epidemias de este patogeno que se expandieron por diversas ciudades de Europa, Africa, y Norte America durante el siglo XVI y XVII.
纵观历史,人类不得不面对、研究和克服无数的传染病,这些传染病已达到流行病和大流行的程度。有许多流感流行的数据,如公元前1200年左右在美索不达米亚和南亚蔓延到流感大流行(1889-1890)的流感;生产的各种流行是要说bubonicas patogeno鼠疫杆菌,如瘟疫的查士丁尼(541-542),在罗马帝国origino extendio在欧洲和亚洲东部、黑死(1346-1356),俄罗斯(1770-1772)等流行的瘟疫这patogeno,欧洲,非洲,北和美国不同城市在16世纪和17世纪。
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引用次数: 3
Transmisión entre precios de los alimentos en Bogotá, 2000-2017 2000-2017年波哥大食品价格的传导
Pub Date : 2020-08-14 DOI: 10.14718/REVFINANZPOLITECON.V12.N2.2020.3079
A. Rodríguez-Romero, M. Torres-Ortiz
This article aims to estimate whether there is an asymmetric transmission of changes in the wholesale prices of various foods to consumer prices in Bogota, and what relationship it may have with the degree of perishability. For this purpose, the evolution of prices and gross margin was characterized based on volatility and the ADF unit root test; the Koyck model was estimated to quantify the contemporary effect of a wholesale price change, the speed of adjustment, the number of months to reach half of the final impact, and the value of that impact. Finally, a model was estimated to differentiate the effect of an increase and a decrease in wholesale prices. For non-perishable foods, greater volatility was recorded in the gross margin, less transmission of the magnitude of the change, greater sensitivity to increases, and asymmetry in transmission.
本文旨在估计波哥大各种食品的批发价格变化是否存在不对称传导,以及它与易腐程度的关系。为此,基于波动率和ADF单位根检验对价格和毛利率的演变进行了表征;估计Koyck模型量化批发价格变化的当代影响,调整的速度,达到最终影响一半的月数,以及该影响的价值。最后,估计了一个模型来区分批发价格上涨和下降的影响。对于非易腐食品,毛利率的波动性更大,变化幅度的传递更少,对增长的敏感性更强,传播不对称。
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引用次数: 1
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Revista Finanzas y Política Económica
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