Research in Finance and financial economics

Research in Finance and financial economics

1.    Description

We study the behavior of agents in three financial decision making contexts: financial markets, firms and investment. The faculty carries out its various research efforts by empirical testing of a range of hypotheses about emerging markets, with particular emphasis in Latin American markets, and by proposing alternative hypotheses to solve current financial issues in the region.

2.    Academic research areas

  • Corporate finance
  • Corporate governance
  • Financial contracts and regulation
  • Trading and firm valuation
  • Risk management and private equity
  • Microfinance

3.    Faculty members in finance

3.1.Current

  • Francisco Azuero (PhD – Universidad de París I, Panteón, Sorbona, Francia)
  • Rafael Bautista (PhD – Universidad de Tulane, Estados Unidos)
  • Emilio Cardona (PhD – Universidad de Tulane, Estados Unidos)
  • Maximiliano González (PhD – Universidad de Tulane, Estados Unidos)
  • Rosa González (PhD – Universidad de Tulane, Estados Unidos)
  • Juliana Malagón (PhD – Universidad Carlos III, España)
  • Norma Ortiz (PhD – Universidad de Deusto, España)
  • Carlos Pombo (PhD – Universidad de Illinois – Urbana-Champaign, Estados Unidos)
  • Eric Rodríguez (PhD – Universidad de Tulane, Estados Unidos)
  • Santiago Rodríguez (PhD – Universidad de Tulane, Estados Unidos)
  • Javier Serrano (Ing. Eléctrica, UIS, Colombia).
  • Rodrigo Taborda (PhD – Universidad Nacional de Australia, Australia).
  • Enrique Ter Horst

4.    Publications

Papers and books published in the last five years. Previous academic output available here: http://scienti.colciencias.gov.co:8080/gruplac/jsp/visualiza/visualizagr.jsp?nro=00000000008318

4.1.Academic papers ISI-Scopus

2016

  • Cardona E. (2016) Idiosyncratic volatility and stock returns: Evidence from the MILA. Research in International Business and Finance. 37 (-), pp. 422-434.
  • DeLaHoz, María Camila and Carlos Pombo. (2016) Institutional Investors and Firm Valuation: Evidence from Latin America. Emerging markets review. 26 (-), pp. 197-221.
  • Mora A. (2016) Multivariate approximations to portfolio return distribution. Computational and Mathematical Organization Theory.
  • Mora A. (2016) The Return Performance of Cubic Market Model: An Application to Emerging Markets. Emerging Markets Finance and Trade.
  • Mora A. (2016) The productivity of top researchers: a semi-nonparametric approach. Scientometrics. 109 (2), pp. 891-915.

2015

  • Malagon J, Moreno D, Rodríguez R. (2015) The idiosyncratic volatility anomaly: Corporate investment or investor mispricing? Journal of Banking and Finance (ISSN 0378-4266) 60 (-), pp. 224-238.
  • Malagon J, Moreno D, Rodríguez R. (2015) Time horizon trading and the idiosyncratic risk puzzle. Quantitative Finance 15 (2), pp. 327-343.2014
  • Mora A. (2015) Opciones reales aplicadas en redes integradas de servicios de salud empleando diferentes métodos de estimación de la volatilidad. Estudios Gerenciales.31, pp. 287-298.
  • Taborda R. (2015) Innovation and productivity in the Colombian service and manufacturing industries. Emerging Markets Finance and Trade, pp. 1-23.
  • Taborda R. (2015) Procedural transparency in Latin American central banks under inflation targeting schemes. A text analysis of the minutes of the Boards of Directors. Ensayos sobre Política Económica. V 33. No. 76.
  • Pombo C. (2015) Institutional Investors Heterogeneity and Firm Valuation: Evidence from Latin America. Emerging Markets Review.
  • González, M., Guzman, A., Pombo C. and Trujillo, M. (2015) The Role of Family Involvement on CEO Turnover: Evidence from Colombian Family Firms. Corporate Governance: An International Review. 23 (3), pp. 266-284.

2014

  • Malone, S (2014) Exchange Rate Fundamentals, Forecasting, And Speculation: Bayesian Models In Black Markets. Journal of Applied Econometrics. Vol. 29(1).
  • González, M., Guzman, A., Pombo C. and Trujillo, M. (2014) Family Involvement and Dividend Policy in Closely Held Firms. Family Business Review. 27 (-), pp. 365-385.

2013

  • Gonzalez M, Guzman A, Pombo, C., Trujillo M. (2013) Family firms and debt: Risk aversion versus risk of losing control. Journal of Business Research. 66 (11), pp. 2308-2320.
  • Taborda, R. (2013) Bias in economic news: the reporting of the nominal exchange rate behavior in Colombia. Economia (journal of the Latin American and Caribbean economic association.) Vol. 14(1).
  • Gonzalez, M., Guzman, A. and Trujillo, M. (2013). Internet-based corporate disclosure and market value: Evidence from Latin America. Emerging Markets Review, Vol. 17(C), Pages 150-168.
  • Malone, S. (2013) Forecasting leadership transitions around the world. International Journal of Forecasting, Vol. 29(4). Pages 575-591.

4.2.Books

  • Taborda, R; Pérez, J. Ejercicios de econometría. Editorial Universidad del Rosario. Bogotá, 2016.
  • González, M., Guzmán, A. and Trujillo, M. (2014) Decisiones Gerenciales Estratégicas: Una Aplicación a la Teoría de Juegos. Ediciones CESA. Bogotá, 2014.
  • Bautista, R., Incertidumbre y riesgos en decisiones financieras. Ediciones ECOE. Bogotá, 2013.

5.    Academic seminars

2016

  • González, M. “Determinants of the spreads between corporate and sovereign debt yields in emerging Latin American and Asia.” (with E. Pablo, J. Rosso y U. Garay). BALAS Conference. Guayaquil, Ecuador, 2016.
  • González, M. “Is board turnover driven by performance? Evidence from closely held family firms” (with A. Guzman, E. Pablo y M. Trujillo). World Finance Conference. New York, 2016.
  • Taborda, R. ``Stock liquidity and second blockholders as drivers of corporate value: evidence from Latin America''. World Finance Conference. New York, 2016.

2015

  • González, M. “Corporate governance mechanisms in family firms: Evidence from director turnovers.” Balas Conference, (with A. Guzmán,E. Pablo and  M. Trujillo). Puerto Rico, USA, 2015.
  • González, M. “Corporate governance mechanisms in family firms: Evidence from director turnovers.” Mid-West Finance Association Conference (with A. Guzmán, E. Pablo and M. Trujillo). Chicago, 2015
  • González, M. “The Effect of Ownership Concentration and Composition on Dividends Evidence from Latin America” (with E. Pablo, J. Rosso y U. Garay). Mid-West Finance Association Conference. Chicago, 2015

2014

  • González, M. “Corporate Governance Mechanisms in Family Firms: Evidence from Director Turnovers” Paris Financial Management Conference (with M. Trujillo y A. Guzmán), Paris, France, 2014.
  • González, M. “Family Involvement and Dividend Policy in Closely Held Firms” World Finance Conference (with M. Trujillo, A. Guzmán y C. Pombo), Venice, Italy, 2014.
  • Taborda, R. “Procedural transparency in Latin America's central banks. A text analysis of the boards' minutes”. XI Seminario de la Edición Especial de la Revista ESPE Cambios en la Política Monetaria y en la Banca Central en las últimas dos décadas, Bogotá, Colombia. October 23-24, 2014.

2013

  • González, M. “Family Involvement and Dividend Policy in Listed and Non-Listed Firms.” Mid-West Finance Association Conference (with A. Guzmán, C. Pombo y M. Trujillo). Chicago – USA, 2013.
  • González, M. “Internet-Based Corporate Disclosure and Market Value: Evidence from Latin America.” Mid-West Finance Association Conference (with U. Garay, A. Guzmán and M. Trujillo). Chicago, 2013.
  • González, M. “Market Segmentation: Venezuelan ADRs.” Balas 2013 Conference (with U. Garay), Lima, Perú, 2013
  • Taborda, R. “Automatic generation of a personalized answer to a problem set”. Stata Conference, New Orleans, USA, July 18-19, 2013.

6.    Teaching

6.1.Undergraduate

  • Investment decisions
  • Finance and strategy
  • Personal finance
  • Introduction to quantitative finance
  • Capital markets
  • derivatives
  • real options
  • Financial planning

6.2.Graduate

6.2.1. Master in finance

  • Investment analysis
  • Derivatives
  • Econometrics
  • Corporate Finance
  • Capital markets
  • Risk management
  • Taxes
  • Legal issues
  • Microeconomics
  • Portfolio management
  • Financial strategy
  • Accounting and financial analysis
  • Economic policy
  • Mathematics for finance
  • Asset valuation
  • Project finance
  • International finance
  • Financial planning
  • Project evaluation

6.2.2. MBA

  • Financial accounting and information
  • Accounting and Financial planning
  • Managerial economics
  • Financial investments
  • Corporate finance
  • Financial management
  • Capital markets
  • Financial planning
  • Private sector government relationship

6.2.3. Maestría en investigación en administración (MIA)

  • Intermediate econometrics
  • Corporate finance
  • Computational methods
  • Quantitative methods
  • Research seminar
  • Investment theory
  • Game theory

6.2.4. Diploma in finance

  • Management working capital
  • Legal issues in finance
  • Financial performance
  • Project management
  • Corporate finance
  • Capital markets
  • Financial strategy
  • Finance planning
  • taxation
  • cost information systems

7.    Doctoral students

7.1.Current

  • Giovani Hernández

7.2.Previous

  • Alexander Guzmán
  • Jairo Villamil
  • Jesús xxx
  • John Rosso
  • María Trujillo
  • Sergio Cabrales
  • Yeny Rodriguez

8.    Blogs