Synthetic portfolio for event studies: Estimating the effects of volatility call auctions

We propose a method denoted as synthetic portfolio for event studies in market microstructure that is particularly interesting to use with high frequency data and thinly traded markets. The method is based on Synthetic Control Method and provides a robust data driven method to build a counterfactual for evaluating the effects of the volatility call auctions. We find that SMC could be used if the loss function is defined as the difference between the returns of the asset and the returns of a synthetic portfolio. We apply SCM to test the performance of the volatility call auction as a circuit breaker in the context of an event study. We find that for Colombian Stock Market securities, the asynchronicity of intraday data reduces the analysis to a selected group of stocks, however it is possible to build a tracking portfolio. The realized volatility increases after the auction, indicating that the mechanism is not enhancing the price discovery process.

Analysis of the employee’s labor agreement suspension in Colombia and some legislation references

Considering that the employment contract suspension responds to labor stability,one of the most important principles of labor law is important to study it because itsprincipal purpose is to maintain the link between de employer and the employeedespite the presence of adversity or other situations that would break up the relationshipin other fields. However, at the occurrence of any of the grounds of suspensionmay be presented some questions or voids that it will try to be answer in this paper.Consequently we shall refer first to the definition, purpose and characteristics of thesuspension. Subsequently, will be analyzed in detail every single ground of contractsuspension in Colombia. Then, will be studied the effects of the suspension andwe will refer to the resumption of work, and conclude with the comparative analysisof the figure in some Hispanic countries (Mexico, Paraguay and Spain).

Objective quality of life, optimism, and social-juridical variables, as predictive ones of the subjective quality of life in disarmed Colombian persons

The goal of this research was to identify predic- tive psychosocial factors of the subjective quality of life in a group of 60 people, with ages between 19 and 57, from both sexes, included in the program of demobilization and social inclusion of the Pro- grama de la Alta Consejería para la Reintegración Social y Económica de Personas y Grupos Alzados en Armas en Colombia. this research was a predic- tive correlational descriptive study. the Question- naire of optimism/Pessimism was used to assess the optimist or pessimist trend, and, for assess the quality of life, these strategies were combined: a home visit to value the objective quality of life, the Analogous scale of subjective Quality of Life to value satisfaction and well-being, and a general format to collect socio-demographic and juridical information. Results show that some variables as perceived health, optimism, educational level, re- ligious believes, objective quality of life, type of demobilization and years spent in the armed group operating outside the law, are associated to better levels of perceived quality of life. The findings and limitations of the study are discussed.