Cet article presente les points de vue de cadres superieurs de la Banque de Montreal, de Citibank... more Cet article presente les points de vue de cadres superieurs de la Banque de Montreal, de Citibank (Mexique) et de JP Morgan-Chase (Canada) au sujet du caractere desirable de l'union monetaire pour les pays membres de l'ALENA. Par contraste avec la plupart des articles publies sur les effets de l'integration monetaire, les opinions des experts representaient des points de vue personnels et des positions tres sinceres. Les exposes des experts et les discussions ulterieures ont prouve que l'integration monetaire n'est que l'un des nombreux aspects qui doivent etre abordes dans un secteur economique de plus en plus integre, ou des ecarts significatifs abondent et ou d'importants changements structurels sont necessaires. A la fin de l'article, on presente egalement quelques suggestions pour une recherche plus approfondie.
The enforcement of new regulations has traditionally been the governments’ strategy to respond to... more The enforcement of new regulations has traditionally been the governments’ strategy to respond to episodes of financial stability. That was the case in, for example, the United States after the market crash that detonated the 1930s “Great Depression”, with the Glass-Steagall Act, which separated commercial banks from investment banks to eliminate the risk that a stock market collapse could generalize and affect the banking industry.Many years later, the scandals of the Savings and Loans institutions, during the late 1980s, brought about more restrictive regulations on that sector; or the Enron, Xerox, Tyco and others’ fraudulent scandals at the beginning of the 21st century that were at the origin of the Oxley-Sarbanes legislation. Recently, the “Subprime-Mortgages Financial Crisis” of 2007-2009, once again, provoked an encompassing financial sector regulatory revamp in major industrialized countries, home of the largest multinational banks, which were the intermediaries most affected by the crisis, provoking ripple effects across many other countries, and raising the odds that, for the first time, the financial industry’s regulatory framework will finally achieve a supra-national status. It would be a logical corollary to the enormous economic costs and the dramatic loss of confidence that resulted from the global financial crisis. An increasingly globalized financial industry desperately needs a full revamping of its regulatory framework.
En este trabajo se analizan los factores impulsores y los factores de atraccion que influyeron en... more En este trabajo se analizan los factores impulsores y los factores de atraccion que influyeron en la estrategia de internacionalizacion de los bancos espanoles hacia America Latina. Enfrentada con la competencia de otros bancos europeos en el contexto de la Union Europea como consecuencia de la integracion de un Mercado Financiero Unico a partir de 1993, pero al mismo tiempo atraida por el enorme potencial economico de la region Latinoamericana y la posibilidad de aprovechar las ventajas estrategicas de compartir historia, cultura e idioma con la mayoria de los paises de la region, la banca espanola llevo a cabo una exitosa estrategia de internacionalizacion hacia el subcontinente
Global Journal of Business, Economics and Management: Current Issues, 2016
This paper analyzes the returns and variance behavior of the largest specialized private pension ... more This paper analyzes the returns and variance behavior of the largest specialized private pension investment funds index in Mexico, the SIEFORE Básica 1 (or, SB1). The analysis was carried out with time series techniques to model the returns and volatility of the SB1, using publicly available historical data for SB1. Like many standard financial time series, the SB1 returns show non-normality, volatility clusters and excess kurtosis. The econometric characteristics of the series were initially modeled using three GARCH family models: GARCH (1,1), TGARCH and IGARCH. However, due to the presence of highly persistent volatility, the series modeling was extended using Fractionally Integrated GARCH (FIGARCH) methods. To that end, an extended specification: an ARFIMA (p,d,q) and a FIGARCH model were incorporated. The evidence obtained suggests the presence of long memory effects both in the returns and the volatility of the SB1. Our analysis’ results have important implications for the ris...
We estimate the long-run relationships among NAFTA capital market returns and then calculate the ... more We estimate the long-run relationships among NAFTA capital market returns and then calculate the weights of a ?time-varying minimum variance portfolio? that includes the Canadian, Mexican, and USA capital markets between March 2007 and March 2009, a period of intense turbulence in international markets. Our results suggest that the behavior of NAFTA market investors is not consistent with that of a theoretical ?risk-averse? agent during periods of high uncertainty and may be either considered as irrational or attributed to a possible ?home country bias?. This finding represents valuable information for portfolio managers and contributes to a better understanding of the nature of the markets in which they invest. It also has practical implications in the design of international portfolio investment policies.
We estimate the long-run relationships among NAFTA capital mar- ket returns and then calculate t... more We estimate the long-run relationships among NAFTA capital mar- ket returns and then calculate the weights of a “time-varying minimum variance portfolio” that includes the Canadian, Mexican, and USA capital markets be- tween March 2007 and March 2009, a period of intense turbulence in interna- tional markets. Our results suggest that the behavior of NAFTA market inves- tors is not consistent with that of a theoretical “risk-averse” agent during pe- riods of high uncertainty and may be either considered as irrational or attributed to a possible “home country bias”. This finding represents valuable information for portfolio managers and contributes to a better understanding of the nature of the markets in which they invest. It also has practical implications in the design of international portfolio investment policies.
During the last years of the decade of the 1980s, the Mexican government reduced its participatio... more During the last years of the decade of the 1980s, the Mexican government reduced its participation as an owner of productive facilities. After privatizing the national railway system, airlines, mining companies, etc., in 1990 it was time to fully privatize the banking industry. Banks had been ex- propriated eight years before, in September, 1982. However, between 1987 and 1990, fifteen state-owned banks had issued small amounts of stock to the market. So, on May 2nd of 1990, when President Carlos Salinas publicly announced that all government owned banks would soon be fully privatized, several commercial banks were already partially publicly traded. In retrospective, the full-privatization announcement represents a privileged opportunity to test the efficiency of the Mexican stock market at that time. Using Event Study Methodology, this work analyzes how signif- icant was the response of the publicly traded banks’ stock price to the full privatization an- nouncement, and quantifies its wealth-creation effects.
The enforcement of new regulations has traditionally been the governments’ strategy to respond t... more The enforcement of new regulations has traditionally been the governments’ strategy to respond to episodes of financial stability. That was the case in, for example, the United States after the market crash that detonated the 1930s “Great Depression”2, with the Glass-Steagall Act, which separated commercial banks from investment banks to eliminate the risk that a stock market collapse could generalize and affect the banking industry. Many years later, the scandals of the Savings and Loans institutions, during the late 1980s, brought about more restrictive regulations on that sector; or the Enron, Xerox, Tyco and others’ fraudulent scandals at the beginning of the 21st century that were at the origin of the Oxley-Sarbanes legislation. Recently, the “Subprime- Mortgages Financial Crisis” of 2007-2009, once again, provoked an encompassing financial sector regulatory revamp in major industrialized countries, home of the largest multinational banks, which were the intermediaries most affected by the crisis, provoking ripple effects across many other countries, and raising the odds that, for the first time, the financial industry’s regulatory framework will finally achieve a supra- national status3. It would be a logical corollary to the enormous economic costs and the dramatic loss of confidence that resulted from the global financial crisis. An increasingly globalized financial industry desperately needs a full revamping of its regulatory framework.
Este artículo presenta un análisis estadístico de las características de los emprendedores ap... more Este artículo presenta un análisis estadístico de las características de los emprendedores apoyados por Fondos de Capital Privado/Capital Emprendedor (FCP’s) en México, y para ello utiliza la información obtenida a través de una encuesta nacional respondida por los últimos. La contribución de este trabajo consiste en utilizar la técnica de Análisis de Conglo- merados sobre los constructos teóricos identificados en la literatura como elementos del Perfil del Emprendedor y medidos por la encuesta con escalas tipo Likert, para destacar la importan- cia que los distintos FCP’s asignan a cada constructo durante la evaluación de los candidatos a recibir financiamiento. Aunque estudios similares han descrito el Perfil del Emprendedor desde perspectivas alternativas, la originalidad del presente artículo consiste en clasificar los FCP’s con base en el perfil de los emprendedores a quienes apoyan con sus inversiones. This paper presents a statistical analysis of the characteristics of the entrepreneur su- pported by the Private Equity/Venture Capital Funds in Mexico, and it uses the data gathe- red by a national survey answered by such funds. The contribution of this work consists in the use of Conglomerate Analysis on the theoretical constructs identified by the literature as elements of the Entrepreneur Profile and measured via the survey with Likert type scales to highlight the importance that the different funds assign to each construct in the evalua- tion of candidates to receive their funding. While similar studies have described the En- trepreneur Profile from alternative perspectives, the originality of the present one consists in classifying the funds based on the Profile of the Entrepreneurs they support with their investments.
Cet article presente les points de vue de cadres superieurs de la Banque de Montreal, de Citibank... more Cet article presente les points de vue de cadres superieurs de la Banque de Montreal, de Citibank (Mexique) et de JP Morgan-Chase (Canada) au sujet du caractere desirable de l'union monetaire pour les pays membres de l'ALENA. Par contraste avec la plupart des articles publies sur les effets de l'integration monetaire, les opinions des experts representaient des points de vue personnels et des positions tres sinceres. Les exposes des experts et les discussions ulterieures ont prouve que l'integration monetaire n'est que l'un des nombreux aspects qui doivent etre abordes dans un secteur economique de plus en plus integre, ou des ecarts significatifs abondent et ou d'importants changements structurels sont necessaires. A la fin de l'article, on presente egalement quelques suggestions pour une recherche plus approfondie.
The enforcement of new regulations has traditionally been the governments’ strategy to respond to... more The enforcement of new regulations has traditionally been the governments’ strategy to respond to episodes of financial stability. That was the case in, for example, the United States after the market crash that detonated the 1930s “Great Depression”, with the Glass-Steagall Act, which separated commercial banks from investment banks to eliminate the risk that a stock market collapse could generalize and affect the banking industry.Many years later, the scandals of the Savings and Loans institutions, during the late 1980s, brought about more restrictive regulations on that sector; or the Enron, Xerox, Tyco and others’ fraudulent scandals at the beginning of the 21st century that were at the origin of the Oxley-Sarbanes legislation. Recently, the “Subprime-Mortgages Financial Crisis” of 2007-2009, once again, provoked an encompassing financial sector regulatory revamp in major industrialized countries, home of the largest multinational banks, which were the intermediaries most affected by the crisis, provoking ripple effects across many other countries, and raising the odds that, for the first time, the financial industry’s regulatory framework will finally achieve a supra-national status. It would be a logical corollary to the enormous economic costs and the dramatic loss of confidence that resulted from the global financial crisis. An increasingly globalized financial industry desperately needs a full revamping of its regulatory framework.
En este trabajo se analizan los factores impulsores y los factores de atraccion que influyeron en... more En este trabajo se analizan los factores impulsores y los factores de atraccion que influyeron en la estrategia de internacionalizacion de los bancos espanoles hacia America Latina. Enfrentada con la competencia de otros bancos europeos en el contexto de la Union Europea como consecuencia de la integracion de un Mercado Financiero Unico a partir de 1993, pero al mismo tiempo atraida por el enorme potencial economico de la region Latinoamericana y la posibilidad de aprovechar las ventajas estrategicas de compartir historia, cultura e idioma con la mayoria de los paises de la region, la banca espanola llevo a cabo una exitosa estrategia de internacionalizacion hacia el subcontinente
Global Journal of Business, Economics and Management: Current Issues, 2016
This paper analyzes the returns and variance behavior of the largest specialized private pension ... more This paper analyzes the returns and variance behavior of the largest specialized private pension investment funds index in Mexico, the SIEFORE Básica 1 (or, SB1). The analysis was carried out with time series techniques to model the returns and volatility of the SB1, using publicly available historical data for SB1. Like many standard financial time series, the SB1 returns show non-normality, volatility clusters and excess kurtosis. The econometric characteristics of the series were initially modeled using three GARCH family models: GARCH (1,1), TGARCH and IGARCH. However, due to the presence of highly persistent volatility, the series modeling was extended using Fractionally Integrated GARCH (FIGARCH) methods. To that end, an extended specification: an ARFIMA (p,d,q) and a FIGARCH model were incorporated. The evidence obtained suggests the presence of long memory effects both in the returns and the volatility of the SB1. Our analysis’ results have important implications for the ris...
We estimate the long-run relationships among NAFTA capital market returns and then calculate the ... more We estimate the long-run relationships among NAFTA capital market returns and then calculate the weights of a ?time-varying minimum variance portfolio? that includes the Canadian, Mexican, and USA capital markets between March 2007 and March 2009, a period of intense turbulence in international markets. Our results suggest that the behavior of NAFTA market investors is not consistent with that of a theoretical ?risk-averse? agent during periods of high uncertainty and may be either considered as irrational or attributed to a possible ?home country bias?. This finding represents valuable information for portfolio managers and contributes to a better understanding of the nature of the markets in which they invest. It also has practical implications in the design of international portfolio investment policies.
We estimate the long-run relationships among NAFTA capital mar- ket returns and then calculate t... more We estimate the long-run relationships among NAFTA capital mar- ket returns and then calculate the weights of a “time-varying minimum variance portfolio” that includes the Canadian, Mexican, and USA capital markets be- tween March 2007 and March 2009, a period of intense turbulence in interna- tional markets. Our results suggest that the behavior of NAFTA market inves- tors is not consistent with that of a theoretical “risk-averse” agent during pe- riods of high uncertainty and may be either considered as irrational or attributed to a possible “home country bias”. This finding represents valuable information for portfolio managers and contributes to a better understanding of the nature of the markets in which they invest. It also has practical implications in the design of international portfolio investment policies.
During the last years of the decade of the 1980s, the Mexican government reduced its participatio... more During the last years of the decade of the 1980s, the Mexican government reduced its participation as an owner of productive facilities. After privatizing the national railway system, airlines, mining companies, etc., in 1990 it was time to fully privatize the banking industry. Banks had been ex- propriated eight years before, in September, 1982. However, between 1987 and 1990, fifteen state-owned banks had issued small amounts of stock to the market. So, on May 2nd of 1990, when President Carlos Salinas publicly announced that all government owned banks would soon be fully privatized, several commercial banks were already partially publicly traded. In retrospective, the full-privatization announcement represents a privileged opportunity to test the efficiency of the Mexican stock market at that time. Using Event Study Methodology, this work analyzes how signif- icant was the response of the publicly traded banks’ stock price to the full privatization an- nouncement, and quantifies its wealth-creation effects.
The enforcement of new regulations has traditionally been the governments’ strategy to respond t... more The enforcement of new regulations has traditionally been the governments’ strategy to respond to episodes of financial stability. That was the case in, for example, the United States after the market crash that detonated the 1930s “Great Depression”2, with the Glass-Steagall Act, which separated commercial banks from investment banks to eliminate the risk that a stock market collapse could generalize and affect the banking industry. Many years later, the scandals of the Savings and Loans institutions, during the late 1980s, brought about more restrictive regulations on that sector; or the Enron, Xerox, Tyco and others’ fraudulent scandals at the beginning of the 21st century that were at the origin of the Oxley-Sarbanes legislation. Recently, the “Subprime- Mortgages Financial Crisis” of 2007-2009, once again, provoked an encompassing financial sector regulatory revamp in major industrialized countries, home of the largest multinational banks, which were the intermediaries most affected by the crisis, provoking ripple effects across many other countries, and raising the odds that, for the first time, the financial industry’s regulatory framework will finally achieve a supra- national status3. It would be a logical corollary to the enormous economic costs and the dramatic loss of confidence that resulted from the global financial crisis. An increasingly globalized financial industry desperately needs a full revamping of its regulatory framework.
Este artículo presenta un análisis estadístico de las características de los emprendedores ap... more Este artículo presenta un análisis estadístico de las características de los emprendedores apoyados por Fondos de Capital Privado/Capital Emprendedor (FCP’s) en México, y para ello utiliza la información obtenida a través de una encuesta nacional respondida por los últimos. La contribución de este trabajo consiste en utilizar la técnica de Análisis de Conglo- merados sobre los constructos teóricos identificados en la literatura como elementos del Perfil del Emprendedor y medidos por la encuesta con escalas tipo Likert, para destacar la importan- cia que los distintos FCP’s asignan a cada constructo durante la evaluación de los candidatos a recibir financiamiento. Aunque estudios similares han descrito el Perfil del Emprendedor desde perspectivas alternativas, la originalidad del presente artículo consiste en clasificar los FCP’s con base en el perfil de los emprendedores a quienes apoyan con sus inversiones. This paper presents a statistical analysis of the characteristics of the entrepreneur su- pported by the Private Equity/Venture Capital Funds in Mexico, and it uses the data gathe- red by a national survey answered by such funds. The contribution of this work consists in the use of Conglomerate Analysis on the theoretical constructs identified by the literature as elements of the Entrepreneur Profile and measured via the survey with Likert type scales to highlight the importance that the different funds assign to each construct in the evalua- tion of candidates to receive their funding. While similar studies have described the En- trepreneur Profile from alternative perspectives, the originality of the present one consists in classifying the funds based on the Profile of the Entrepreneurs they support with their investments.
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Many years later, the scandals of the Savings and Loans institutions, during the late 1980s, brought about more restrictive regulations on that sector; or the Enron, Xerox, Tyco and others’ fraudulent scandals at the beginning of the 21st century that were at the origin of the Oxley-Sarbanes legislation. Recently, the “Subprime- Mortgages Financial Crisis” of 2007-2009, once again, provoked an encompassing financial sector regulatory revamp in major industrialized countries, home of the largest multinational banks, which were the intermediaries most affected by the crisis, provoking ripple effects across many other countries, and raising the odds that, for the first time, the financial industry’s regulatory framework will finally achieve a supra- national status3. It would be a logical corollary to the enormous economic costs and the dramatic loss of confidence that resulted from the global financial crisis. An increasingly globalized financial industry desperately needs a full revamping of its regulatory framework.
This paper presents a statistical analysis of the characteristics of the entrepreneur su- pported by the Private Equity/Venture Capital Funds in Mexico, and it uses the data gathe- red by a national survey answered by such funds. The contribution of this work consists in the use of Conglomerate Analysis on the theoretical constructs identified by the literature as elements of the Entrepreneur Profile and measured via the survey with Likert type scales to highlight the importance that the different funds assign to each construct in the evalua- tion of candidates to receive their funding. While similar studies have described the En- trepreneur Profile from alternative perspectives, the originality of the present one consists in classifying the funds based on the Profile of the Entrepreneurs they support with their investments.
Many years later, the scandals of the Savings and Loans institutions, during the late 1980s, brought about more restrictive regulations on that sector; or the Enron, Xerox, Tyco and others’ fraudulent scandals at the beginning of the 21st century that were at the origin of the Oxley-Sarbanes legislation. Recently, the “Subprime- Mortgages Financial Crisis” of 2007-2009, once again, provoked an encompassing financial sector regulatory revamp in major industrialized countries, home of the largest multinational banks, which were the intermediaries most affected by the crisis, provoking ripple effects across many other countries, and raising the odds that, for the first time, the financial industry’s regulatory framework will finally achieve a supra- national status3. It would be a logical corollary to the enormous economic costs and the dramatic loss of confidence that resulted from the global financial crisis. An increasingly globalized financial industry desperately needs a full revamping of its regulatory framework.
This paper presents a statistical analysis of the characteristics of the entrepreneur su- pported by the Private Equity/Venture Capital Funds in Mexico, and it uses the data gathe- red by a national survey answered by such funds. The contribution of this work consists in the use of Conglomerate Analysis on the theoretical constructs identified by the literature as elements of the Entrepreneur Profile and measured via the survey with Likert type scales to highlight the importance that the different funds assign to each construct in the evalua- tion of candidates to receive their funding. While similar studies have described the En- trepreneur Profile from alternative perspectives, the originality of the present one consists in classifying the funds based on the Profile of the Entrepreneurs they support with their investments.