IN THIS RESEARCH, THE BANKRUPTCY SITUATION OF COMPANIES LISTED ON THE SANTIAGO DE CHILE STOCK EXCHANGE AND THE SÃO PAULO STOCK EXCHANGE ARE TESTED, THROUGH MODELS: Z-SCORE, LOGIT AND PROBIT, COMPARING THE FORECAST OF THE COMPANIES CLASSIFIED AS LIKELY TO FAIL, IN ORDER TO ASSESS WHETHER THE MODELS COULD ANTICIPATE A POSSIBLE CRISIS SITUATION. THE RESULTS INDICATE THAT, FOR THE YEAR 2016, THE BANKRUPTCY OF 13 CHILEAN COMPANIES AND 59 BRAZILIAN COMPANIES, MOSTLY BELONGING TO THE CONSTRUCTION AND MANUFACTURING SECTOR IN BOTH COUNTRIES, WAS FORECAST. IT IS CONCLUDED THAT THE Z-SCORE AND Z1 MODELS WOULD BE MORE APPLICABLE TO THE ECONOMIES UNDER STUDY, AS THEY WERE CORRECT IN THE FORECAST OF ALL CHILEAN COMPANIES AND 49 BRAZILIAN COMPANIES, AND IT IS ALWAYS NECESSARY TO COMPLEMENT THE TOOLS ORIENTED TO FINANCIAL ANALYSIS.

THE OBJECTIVE OF THIS ARTICLE IS TO ANALYZE THE CAPITAL STRUCTURE ADJUSTMENT OF LATIN AMERICAN FIRMS THROUGH THE PECKING ORDER AND TRADE-OFF THEORIES USING A SAMPLE OF 975 NON-FINANCIAL FIRMS FOR THE PERIOD 2000-2017. THE RESULTS SUPPORT THE EXISTENCE OF A TARGET CAPITAL STRUCTURE. ADJUSTMENT SPEEDS RANGED BETWEEN 48.9% AND 74.3% AND GENERATE A RAPID CONVERGENCE OF LEVERAGE TOWARDS ITS TARGET LEVEL. FINANCIAL DEFICITS EXPLAINED LESS THAN HALF OF THE CHANGES IN DEBT, WHICH CONTRADICTS THE PECKING ORDER THEORY. THE RESULTS OF THE ERROR CORRECTION MODEL INDICATED THAT COMPANIES DYNAMICALLY DEVIATE FROM THEIR LONG-TERM CAPITAL STRUCTURE. THE CONVERGENCE SPEEDS IN THE PARTIAL ADJUSTMENT MODEL INCREASED UP TO 69.5% AND 91.7% WITH THE ERROR CORRECTION METHOD. THESE RESULTS ARE RELEVANT FOR FIRMS AND INVESTORS.

PREVIOUS STUDIES HAVE ANALYZED THE BANKING MARKET CONNECTEDNESS USING AGGREGATE INDICES OR A SMALL SAMPLE OF BANKS BUT IGNORE THAT THE LINKAGES MAY BE AFFECTED BY SYSTEMIC AND IDIOSYNCRATIC FACTORS. WE ANALYZE THE CONNECTEDNESS BETWEEN 205 BANKS FROM 42 COUNTRIES BETWEEN JANUARY 02, 2007, AND DECEMBER 29, 2023. USING A TWO-STEP APPROACH, WE FIRST REMOVED COMMON GLOBAL FACTORS FROM THE BANKING STOCK VOLATILITY, AND THEN WE USE THE LASSO-VAR MODEL TO ESTIMATE THE BANK STOCK MARKETS NETWORK AS A HIGH-DIMENSIONAL SYSTEM. OUR RESULTS REVEAL THAT THE UNOBSERVABLE COMMON GLOBAL FACTORS OF BANKING STOCK VOLATILITY ACT AS A SYSTEMIC VEHICLE THAT AMPLIFIES SHOCKS. WE IDENTIFY THE MARKETS AND BANKS THAT OFFER SIGNIFICANT ADVANTAGES TO DIVERSIFYING RISK, AND THOSE THAT TRANSMIT THE LARGEST IDIOSYNCRATIC SPILLOVERS AND INDUCE FINANCIAL CONTAGION WITHIN THE NETWORK. THESE RESULTS HAVE IMPORTANT IMPLICATIONS FOR INVESTMENT DECISION-MAKING AND POLICYMAKERS.

THIS PAPER AIMS TO ANALYZE DECISIONS ABOUT PAYMENT RATES ON CREDIT CARD STATEMENTS BY USING BACKGROUND FACTORS AND PERCEPTIONS THAT INDIRECTLY INFLUENCE BELIEFS, ACCORDING TO THE THEORY OF PLANNED BEHAVIOR.DESIGN/METHODOLOGY/APPROACHSINCE LEGAL AND INSTITUTIONAL FRAMEWORKS AND HOUSEHOLD FINANCIAL SURVEYS ARE HETEROGENEOUS AMONG COUNTRIES, HOUSEHOLD DATA ON THE CHILEAN ECONOMY IS USED AS THE STARTING POINT IN THIS MATTER.FINDINGSTHE PROBABILITY THAT AN INDIVIDUAL CHOOSES TO PAY AMOUNTS LESS THAN THE TOTAL BILLING OF THEIR CREDIT CARDS RISES WITH ESSENTIAL VARIABLES RELATED TO PERCEIVED BEHAVIORAL CONTROL. BEING THE HEAD OF THE HOUSEHOLD, BEING YOUNGER, PERCEIVING A HIGH OR EXCESSIVE FINANCIAL BURDEN OF DEBT AND FACING UNFAVORABLE AND UNEXPECTED SITUATIONS THAT DIVERT THE BUDGET, AMONG OTHERS, ARE RELEVANT TO REPAYMENT DECISIONS.ORIGINALITY/VALUETHE NOVELTY OF THIS ARTICLE IS THAT ITS PSYCHOLOGICAL APPROACH DIFFERS FROM THE TRADITIONAL FOCUS OF ECONOMIC RATIONALITY REGARDING CREDIT CARDS. THE RESULTS ARE RELEVANT FOR POLICYMAKERS AND FINANCIAL REGULATORS DUE TO IMPLICATIONS FOR HOUSEHOLD BEHAVIORAL FINANCE AND MEANS OF PAYMENT.

ANALIZAMOS EL EFECTO DE LA COMPETENCIA Y LA SUBVENCIÓN ESCOLAR PREFERENCIAL (SEP) SOBRE LA CALIDAD DE LAS ESCUELAS CHILENAS PARA EL PERÍODO 2000-2013. UTILIZAMOS MODELOS DE PANEL DINÁMICOS Y MOSTRAMOS QUE LA COMPETENCIA TIENE UN EFECTO POSITIVO Y NO LINEAL EN LA CALIDAD DE LA EDUCACIÓN. EL EFECTO POSITIVO INICIAL DE LA COMPETENCIA SOBRE LA CALIDAD DE LA EDUCACIÓN NO ES PERSISTENTE Y SE REVIERTE EN LOS ALTOS NIVELES DE COMPETENCIA. EL IMPACTO DE LA COMPETENCIA EN LA CALIDAD DE LA EDUCACIÓN TAMBIÉN DEPENDE DE LA DEPENDENCIA ADMINISTRATIVA DE LAS ESCUELAS. LA LEY SEP AUMENTÓ LA CALIDAD DE LA EDUCACIÓN, PERO A TRAVÉS DE LA COMPETENCIA PROFUNDIZÓ LA DESIGUALDAD ENTRE ESCUELAS PÚBLICAS Y PRIVADAS. ESTOS RESULTADOS SON RELEVANTES PARA EL DISEÑO DE POLÍTICAS PÚBLICAS ORIENTADAS A REDUCIR LA DESIGUALDAD EN LA EDUCACIÓN CHILENA.

EL OBJETIVO DE ESTE ESTUDIO FUE DAR A CONOCER LAS PERCEPCIONES DE LOS ALUMNOS ACERCA DE LA EXPERIENCIA DE ESTUDIAR CON CASOS EMPRESARIALES EN LA ASIGNATURA DE MARKETING, EN DOS CARRERAS DE LA FACULTAD DE CIENCIAS EMPRESARIALES (FACE) DE LA UNIVERSIDAD DEL BÍO-BÍO, SEDE CHILLÁN, CHILE. SE APLICÓ UNA ENCUESTA A 91 ESTUDIANTES, DONDE LOS PRINCIPALES RESULTADOS INDICARON QUE LA PERCEPCIÓN DE LOS ESTUDIANTES FUE POSITIVA. LOS ESTUDIANTES, EN SU MAYORÍA, MANIFESTARON QUE FUE UNA EXPERIENCIA AGRADABLE Y MUY CREATIVA, E INDICARON QUE FUE UNA ACTIVIDAD ESTIMULANTE. ADEMÁS, VALORARON LA METODOLOGÍA NO SOLO POR EL APRENDIZAJE DE UNA DISCIPLINA EN PARTICULAR ¾EN ESTE CASO, MARKETING¾, SINO QUE TAMBIÉN PORQUE LES AYUDÓ A DESCUBRIR LIDERAZGOS, CONOCER A SUS PARES, Y A RECONOCER SUS PROPIAS FALENCIAS Y HABILIDADES AL DESARROLLAR TRABAJOS COLABORATIVOS, LO QUE LES SERVIRÁ PARA ENFRENTAR EL MUNDO LABORAL.

ESTE ESTUDIO SE PROPONE REVISAR LA PARTICIPACIÓN DE LAS MUJERES EN LA GESTIÓN DE LAS UNIVERSIDADES PÚBLICAS CHILENAS DURANTE EL AÑO 2014 Y ANALIZAR TECHOS DE CRISTAL QUE IMPIDEN SU ASCENSO. DE 847 CARGOS DIRECTIVOS, 206 SON OCUPADOS POR MUJERES (24,3%): ESTA PARTICIPACIÓN SE CONCENTRA EN DECANATURAS O DIRECCIONES DE DEPARTAMENTO, Y RESULTA BAJA EN LOS NIVELES SUPERIORES. A TRAVÉS DE UN MODELO LOGIT, SE MIDE SU DESEMPEÑO MEDIANTE VARIABLES DE AÑOS DE ACREDITACIÓN, PRESENCIA EN RANKING QS E INDICADORES FINANCIEROS. SE ESTABLECE QUE NO HAY SIGNIFICANCIA ESTADÍSTICA QUE PERMITA INFERIR QUE EL DESEMPEÑO DE LAS UNIVERSIDADES DEPENDE DE LA PRESENCIA DE MUJERES U HOMBRES EN LA GESTIÓN.

THE PURPOSE OF THIS ARTICLE IS TO ANALYZE THE EFFECTS OF ACCRUALS-BASED EARNINGS MANAGEMENT (AEM) AND INSTITUTIONAL AND FINANCIAL DEVELOPMENT ON CORPORATE RISK OF LATIN-AMERICAN FIRMS. DESIGN/METHODOLOGY/APPROACH THE GMM ESTIMATOR WAS USED ACCORDING TO ARELLANO AND BOND (1991) FOR PANEL DATA ON A SAMPLE OF 914 NON-FINANCIAL COMPANIES BETWEEN 2005 AND 2017. FINDINGS AEM PRACTICES SIGNIFICANTLY INCREASE CORPORATE RISK. THIS RESULT INDICATES THAT THE RISK INCREASE IS ASSOCIATED TO WEAKENING OF THE CORPORATE GOVERNANCE OF COMPANIES. POSITIVE DISCRETIONARY ACCRUALS ALSO HAVE THE SAME IMPACT ON CORPORATE RISK. IN ADDITION, ACCRUAL-BASED EARNINGS MANAGEMENT HAS A NON-LINEAR IMPACT ON CORPORATE RISK. HIGHER INSTITUTIONAL AND FINANCIAL DEVELOPMENT SYSTEMICALLY REDUCES THE RISK OF LATIN AMERICAN FIRMS. INSTITUTIONAL DEVELOPMENT CAN MITIGATE THE EFFECTS OF EARNINGS MANAGEMENT ON CORPORATE RISK.

THE FINTECH INDUSTRY INCLUDES CROWDFUNDING COMPANIES, WHICH CONSIST OF COLLABORATIVE FINANCING PLATFORMS. THE POTENTIAL USE OF CROWDFUNDING AMONG CHILEAN UNDERGRADUATE STUDENTS IS EMPIRICALLY ANALYZED. AN ORDERED PROBIT MODEL IS USED TO TEST THE DETERMINANTS OF THE PROBABILITY THAT A STUDENT WILL USE A CROWDFUNDING PLATFORM IN THE FUTURE. ALSO, A QUALITATIVE ANALYSIS CONTAINING ARGUMENTS BY WHICH STUDENTS WOULD OR WOULD NOT USE CROWDFUNDING IN THE FUTURE IS PRESENTED. THE RESULTS INDICATE THAT TRUST IN FINANCIAL INSTITUTIONS AND PRIOR CROWDFUNDING KNOWLEDGE HAVE A POSITIVE AND SIGNIFICANT EFFECT ON THE PROBABILITY OF USING THESE PLATFORMS. THIS PAPER CONSTITUTES ONE OF THE FIRST TO EXPLORE THE GROWING CROWDFUNDING MARKET IN CHILE FROM THE DEMAND PERSPECTIVE.

EN EL ESTUDIO SE ANALIZÓ EL COMPORTAMIENTO DE LOS RETORNOS ACCIONARIOS DE 30 FIRMAS DEL MERCADO BURSÁTIL DE CHILE, CLASIFICADAS POR SECTOR INDUSTRIAL, QUE REALIZARON 61 ANUNCIOS DE FUSIONES Y ADQUISICIONES (F&A) ENTRE LOS AÑOS 2010 Y 2014, DE LOS CUALES 13 CORRESPONDIERON AL SECTOR SECUNDARIO Y 48 AL TERCIARIO. LOS RESULTADOS INDICARON QUE EL SECTOR TERCIARIO EVIDENCIÓ UN RETORNO ANORMAL PROMEDIO POSITIVO Y ESTADÍSTICAMENTE SIGNIFICATIVO EL DÍA PREVIO AL ANUNCIO DE F&A, QUE REVELÓ UNA POSIBLE FILTRACIÓN DE INFORMACIÓN PRIVADA Y PUDO SER LA CAUSA DE LA ACTIVIDAD REALIZADA POR INSIDERS EN EL MERCADO BURSÁTIL Y DEL USO DE INFORMACIÓN PRIVILEGIADA.