No abstract

We study how changes in the structure of a brokers' transaction network affect the probability with which the returns and volume of the traded financial assets change significantly. We analyze how the dynamics of the brokers' transaction network are associated with the returns and volume observed in the Chilean stock market. To do this, we construct and validate an index that synthesizes the daily changes of the brokers' transaction network structure of equity market transactions. We find that the changes of this structure are significantly correlated with variables that describe the local and international economic-financial environments. In addition, changes in the brokers' transaction network structure are associated with a greater probability of positive shocks of more than two standard deviations in the stock exchange index return and total traded stock volume. These results suggest that the structure of the brokers' trading relations plays a role in determining the returns and volume of transactions in the Chilean stock market.

work is licensed under a Creative Commons IGO 3.0 AttributionNonCommercial-NoDerivatives (CC-IGO BY-NC-ND 3.0 IGO) license (http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ legalcode) and may be reproduced with attribution to the IDB and for any non-commercial purpose, as provided below. No derivative work is allowed.Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB's name for any purpose other than for attribution, and the use of IDB's logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license.Following a peer review process, and with previous written consent by the Inter-American Development Bank (IDB), a revised version of this work may also be reproduced in any academic journal, including those indexed by the American Economic Association's EconLit, provided that the IDB is credited and that the author(s) receive no income from the publication. Therefore, the restriction to receive income from such publication shall only extend to the publication's author(s). With regard to such restriction, in case of any inconsistency between the Creative Commons IGO 3.0 Attribution-NonCommercial-NoDerivatives license and these statements, the latter shall prevail.Note that link provided above includes additional terms and conditions of the license. Using data from the World Bank's Enterprise Survey, this paper explores the determinants of firms' training decisions in Latin America and the Caribbean. The share of production for the export market and the size of the firm are key factors; training programs are not prevalent in all sectors. In addition, the share of workers receiving training depends on the age of the firm, and only for non-productive workers are differences observed across sectors. More detailed data from a Longitudinal Enterprise Survey in Chile are used to corroborate these findings. It is found that the percentage of workers receiving training is low and that the extensive and intensive margins of training are affected by different sets of firm characteristics. Finally, the results of a qualitative study in Chile suggest that training is mostly introduced to comply with certifications and standards imposed by domestic and foreign authorities. Training in larger firms may also be oriented to improve the work environment. JEL classifications: J24, M53

We study the effect of adolescent motherhood on education and labor outcomes among [20][21][22][23][24]

No abstract

Using a unique data set with all the daily transactions from the Santiago Stock Exchange, we develop a novel methodology that combines a network decomposition with a spatial econometrics technique to study how brokers’ characteristics and trading decisions may affect the stock market return. We present suggestive evidence of a mechanism by which structural changes of the transaction network between brokers affect the aggregate returns of the stock market. We find that brokers tend to trade with counterparties with dissimilar intraday selling volume when market return significantly increases. Moreover, brokers with a research department tend to sell to brokers without a research department when the market experiences a considerable increase of its return. From the financial perspective, these results highlight new ways in which intermediaries may affect market equilibrium and the efficiency of the market.

La inmigración es un fenómeno en aumento en Chile en los últimos años. En particular, más de la mitad de los inmigrantes que llega al país lo hace con sus hijos, quienes ingresan al sistema educativo. En este estudio buscamos entender qué tipo de establecimientos eligen las familias chilenas e inmigrantes y en caso de encontrar diferencias estudiar en qué radican. Utilizamos bases de datos del Ministerio de Educación para estimar un modelo probit de school choice ampliamente utilizado en la literatura de elección escolar. Estimamos el modelo por separado para inmigrantes y chilenos para comparar las posibles diferencias en las variables que afectan la decisión de establecimiento. Encontramos que, si bien inmigrantes y chilenos son similares y sus decisiones también lo son, valoran ciertas características de diversa manera y que la mayor diferencia en elección se debe a su composición sociodemográfica.

No abstract