Agenda Académica
Seminario académico de Finanzas y Contabilidad

Fecha: 23 de marzo, 13:00 horas, sala P 302, Facultad de Economía y Negocios


Título: “Does Board diversity affect institutional investor preferences? Evidence from Latin America”

Expone: Carlos Pombo, profesor Asistente de Finanzas, Universidad de los Andes, Colombia.

Abstract
This paper enquires whether institutional investors have specific preferences on the composition of the board of directors in Latin American firms they hold shares in. The result show that preferences vary significantly in terms of the type of institutional investor. The econometric results suggest grey institutional investors (pension funds and insurance companies) prefer experience and education, while dislike CEO entrenchment. Independent institutional investors value more directors’ professional experience i.e., former CEOs and founders of any firm. Grey investors are more concern on firm corporate governance mechanisms consistent with the agency view, while independent investors are focused in business opportunities in accordance with the resource-based-view of board of directors.

 

 
Seminario académico de Finanzas y Contabilidad

Fecha: 29 de marzo de 2018, 13:00 horas, sala P307, Facultad de Economía y Negocios


Título: “Capital Controls and Firm Performance: The E ffects of the Chilean Encaje”

Expone: Eugenia Andreasen, profesora Asociada del departamento de Economía de la Universidad de Santiago de Chile.

Abstract
This paper studies the effects of the capital controls imposed by Chile between 1991 and 1998, i.e. the Chilean encaje, on firms' production, investment and exporting decisions. We use a general equilibrium model with heterogeneous firms and financial constraints to illustrate the mechanism by which capital controls on inflows affect firm-level dynamics and international trade. We find that capital controls on inflows depress the local economy due to the credit restriction, reducing aggregate production, investment and domestic sales. This reduced level of domestic activity increases the firm's incentives to export, increasing both the level of exports and the share of exporters. Most of these effects are exacerbated for firms in more capital-intensive sectors. Using data from the Chilean Encuesta Nacional Industrial Anual (ENIA) we empirically corroborate the conclusions and insights of the theoretical model.

 
Conferencia IFRS e impuestos: Tratamientos y diferencias en la venta de activos de propiedad de la empresa.

Fecha: 22 de marzo, 18:30 horas, sala P 308, Facultad de Economía y Negocios


Expositor: Cristián Maldonado, miembro del Instituto Chileno de Derecho Tributario y del Colegio de Contadores A.G., y perito contable/financiero/tributario de la corte de Apelaciones Concepción/Santiago.

Magíster en Finanzas, Universidad del Desarrollo

Magíster en Dirección y Gestión Tributaria, Universidad Adolfo Ibáñez

 
Seminario académico de Finanzas y Contabilidad

Fecha: 15 de marzo, 13:00 horas, sala P 301, Facultad de Economía y Negocios.


Título: “Managers’ cultural background and disclosure attributes”

Expone: Patricia Naranjo, profesora Asistente de Contabilidad en Jones Graduate School of Business at Rice University.

Abstract
We examine how a manager’s ethnic cultural background affects their communication with investors. Using a sample of earnings conference call transcripts with 24,901 executives from 42 countries, we find that managers from ethnic groups that have a more individualistic culture use a more optimistic tone and exhibit greater self-reference in their disclosure narratives. Managers’ ethnic culture has a lasting effect on their narratives, an effect that persists even for executives whose work experience later exposes them to different ethnic cultures. The effect of ethnic heritage is observed in dialogues that reflect real time interactions (i.e., Q&As) and less pronounced in the scripted, less spontaneous portion of the calls (i.e., management discussion). The capital market responds positively to an optimistic tone, but only analysts who share managers’ ethnic background adjust their earnings forecasts for the cultural component of managerial tone. The findings suggest that managers’ ethnic backgrounds have a significant effect on how they communicate with the capital market and how the market responds to the disclosure event.

 
Third Conference on Business Analytics in Finance and Industry (BAFI 2018)

Fecha: 17 al 19 de enero, 09:00 a 18:30 horas, dependencias de la Facultad de Economía y Negocios.


Third Conference on Business Analytics in Finance and Industry (BAFI 2018)

Keynotes speakers:

-Gianluca Bontempi, profesor Departamento de Informática, Université Libre de Bruxelles (ULB).

-Usama Fayyad, CEO Open Insights

-Peter Flach, profesor de inteligencia artificial, Laboratorio de Sistemas Inteligentes, Departamento de Ciencias de la Computación, Universidad de Bristol, UK.

-Francisco Herrera, Jefe del Grupo de Investigación SCI2S, Soft Computing y Sistemas Inteligentes de Información, Universidad de Granada, España.

-Enrique Herrera-Viedma, profesor de ciencias de la computación e inteligencia artificial, Universidad de Granada y vicerrector de Investigación y Transferencia Tecnológica.

-Witold Pedrycz, profesor, catedrático de Investigación de Canadá Miembro de IEEE, ingeniero profesional Departamento de Electricidad y Computación, Universidad de Alberta, Canadá.

-Dominik Ślęzak, Instituto de Informática, Universidad de Varsovia, Polonia

-Richard Weber, profesor de la Universidad de Chile, Chile

-Pablo Zegers, fundador y asesor de investigación, Sortbox, Chile, Founder and Research Advisor, Antastasia, Chile., Research Advisor, Webdox, Chile.

 
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