SEMINARIOS Y WORKSHOPS

Succession is vital for the continuity and growth of family business, yet it introduces risks due to uncertainty in leadership transition. This study examines the determinants that influence satisfaction with succession in family businesses. we employ micro, meso, and macro perspectives to investigate individual attributes, family dynamics, and business structures. The findings indicate a limited influence of demographic factors compared with significant determinants, such as formal succession planning and identification with family business, for mitigating disruption from leadership succession. Additionally, we incorporate the moderating effect of cultural context and reveal that the Long-Term Orientation of a country weakens the determinants of satisfaction with succession. Furthermore, the study includes a comprehensive model for understanding complexity in succession and provide insights for practitioners and scholars.

Despite the long-established role of information in the stock price formation, how news affects the financial market remains a debatable topic. Using an innovative approach and a large news database, this research addresses the effect of news in financial markets. We constructed a news index using Bayesian approach to transform over 4 million news articles into a quantifiable input to a VAR model. Results show that the news index has explanatory power over financial indexes, providing evidence that the methodology is capable of capturing information relevant to price movements. In contrast to previous studies that include only certain types of news or events, our index controls for the complexity, size and diversity of investors information set.

The purpose of this paper is to analyse the environmental, social, and governance (ESG) performance of sin stocks held by companies that operate in sectors with ethical implications (gaming, defence, adult entertainment, etc.). For this purpose, the model of choice was a panel based on the stocks of the global S&P 1200 index for the period between 2014 and 2018, for which the accounting data was available at the time of the study. The panel model accounted for different control variables and non-sin ESG performance. Having analysed its results, we have found that the ESG performance of sin stocks is positively correlated to future ESG performance, which was a surprise given that most of the analysed companies operate in sectors that are deemed as socially and ethically controversial. One hypothesized explanation for this is the phenomenon of “social cleaning”, when a company engages in ESG activities with the sole purpose of reducing reputational risk while trying to attract a wider base of socially aware investors. Therefore, we conclude that in order to avoid the risk of “social cleaning” ESG rating companies should give more weight to environmental and social factors rather than governance ones, especially in the case of sin stocks.

Recent legal innovations like the EU’s Corporate Sustainability Reporting Directive (CSRD) increasingly require business leaders to manage environmental sustainability across their value chains. While the extant literature discusses environmental upgrading strategies in global value chains (GVCs), establishing causal links between specific strategies and outcomes remains challenging. Our study addresses this gap through a novel controlled laboratory experiment simulating a sequential game between suppliers and a lead firm. The results show that environmental upgrading is more likely when suppliers’ decisions yield tangible environmental benefits. Surprisingly, the possibility of financial premiums from the lead firm to suppliers proved less effective in encouraging environmental upgrading. We conclude that GVC sustainability strategies should emphasize the link between upgrading choices and concrete environmental outcomes rather than focusing solely on financial incentives and power dynamics.

La Facultad de Economía lo invita al Seminario de Investigación

Environmental Upgrading in Global Value Chains: An Experiment

Seminario Presencial

Agosto 27, 9:00am.

Presentador: Giuseppe Danese   (University of Padua)

Abstract:

Recent legal innovations like the EU’s Corporate Sustainability Reporting Directive (CSRD) increasingly require business leaders to manage environmental sustainability across their value chains. While the extant literature discusses environmental upgrading strategies in global value chains (GVCs), establishing causal links between specific strategies and outcomes remains challenging. Our study addresses this gap through a novel controlled laboratory experiment simulating a sequential game between suppliers and a lead firm. The results show that environmental upgrading is more likely when suppliers’ decisions yield tangible environmental benefits. Surprisingly, the possibility of financial premiums from the lead firm to suppliers proved less effective in encouraging environmental upgrading. We conclude that GVC sustainability strategies should emphasize the link between upgrading choices and concrete environmental outcomes rather than focusing solely on financial incentives and power dynamics.  

La Facultad de Economía lo invita al Seminario de Investigación

Diseño Óptimo de Bonos de Catastróficos y sus Aplicaciones al Riesgo del Cambio Climático

Seminario Presencial

Agosto 22, 11:00am.

Presentador: Andrés Medina   (University of Illinois Urbana-Champaign)

Abstract:

En esta charla, proporcionaré una introducción breve a los Bonos Catastróficos (CAT-Bonds) así como una visión general del mercado para este tipo de valores. También hablaremos del concepto de bursatilización de coberturas de seguros y reaseguros, y los beneficios que estos contratos ofrecen a los inversionistas, instituciones de gobierno y la sociedad en general. Discutiremos las condiciones necesarias y suficientes para establecer teoremas sobre la existencia y unicidad de soluciones tanto en la estructura de Indemnización mediante un Índice como en la estructura de Indemnización asociada a las pérdidas. Además, presentaremos casos que tratan con distribuciones de pérdidas catastróficas y funciones de utilidad particulares.  

La Facultad de Economía lo invita al Seminario de Investigación

"Standing in Prisoners’ Shoes: An Experiment on How Prison Experience Shapes Public Attitudes Towards Criminal Justice Policy"

Seminario Presencial

Martes 18 de Junio, 11:00am.

Presentador: Aljosha Henkel   (ETH Zurich)

Abstract:

Over the last decades, many parts of the world have witnessed a notable shift towards more punitive criminal justice policies. While public opinion is considered a key force in shaping criminal justice policies, most individuals possess very limited knowledge of the everyday realities of life behind bars. This study explores the impact of prison experience on public attitudes towards punitive justice policies. We take advantage of a unique randomized controlled trial offering regular citizens the opportunity to undergo up to two days of incarceration in a newly built prison, replicating the real-life journey of inmates. Our results reveal that subjects who received an opportunity to gain firsthand prison experience showed a significant change in punitive attitudes, becoming less supportive of harsh criminal justice policies and donating more money to organizations advocating for moderate justice policies. While participants generally overestimated prisoner wellbeing, this misperception was not significantly altered by the experiment. Our results underscore the crucial role of personal experience in shaping support for criminal justice reform.  

La Facultad de Economía lo invita al Seminario de Investigación

"Input allocation and investment in a jump-diffusion multi-factor productivity model"

Seminario Presencial

Jueves 6 de Junio, 11:00am.

Presentador: Camilo Castillo  (Universidad del Rosario)

Abstract:

We consider a continuous-time dynamic budgeting problem for a representative firm that allocates capital in multiple production inputs and invests in the financial market. Gains to the firm's productivity are subject to exogenous shocks modeled by a jump-diffusion process that captures both permanent capital fluctuations as well as transitory shocks. The firm is assumed to be self-financed as it reinvests internal gains in the production process and the financial market. Using dynamic programming, we find an explicit characterization of optimal input and risky asset holdings that maximize infinite-horizon expected utility from consumption, for both CARA and CRRA preferences. The optimality criteria resemble the classical long-run profit maximization problem with risk-adjusted costs that lead to a non-zero maximum value in the constant returns-to-scale case. Finally, we obtain one- and two-fund separation results for CARA and CRRA utilities, respectively. We illustrate our findings with several numerical examples.