Methodology for measuring the impact of mobile technology change from 2nd to 3th generation percerved by users of smes in Barranquilla

This article presents the results of a research project undertaken to obtain a Masters inBusiness Administration from the Business School at the Universidad del Norte, whosepurpose was to identify and test a methodology to measure the impact exerted by thechange from 2nd to 3rd generation mobile tech, based on the perception of users belongingto Barranquilla SME, motivated by the influence of technological changes in behavior andthe knowledge creation among society members, and the importance it has taken to thesurvival of organizations the adoption of applications for process automation, web-basedapplications, voice, data and video that allow the development of competitive advantages,based on information and creativity for new and better products or services.

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.