Determinantes de la estructura de capital en Colombia una aproximación de regresión por cuartiles

Con el objetivo de conocer la influencia de los diferentes niveles de apalancamiento en el crecimiento de las empresas colombianas, surge la necesidad de responder la siguiente pregunta: ¿qué determina la elección de estructura de capital de las firmas? La regresión por cuantiles permite examinar toda la distribución de las firmas y no solo una medida de la tendencia central de la distribución de la estructura de capital. De esta manera se puede evaluar la importancia relativa de las diferentes variables explicativas en diferentes puntos de la distribución del apalancamiento de las firmas. Razón por la cual se utilizará esta aproximación; sin embargo también se utilizará el método de regresión para datos de panel (también llamado datos longitudinales) con efectos aleatorios, para comparar resultados, esto teniendo en cuenta que los datos no sólo varían entre observaciones sino también en el tiempo. De esta manera, aplicar el método de regresión por cuantiles, permite darle una mirada más profunda a la elección del nivel de apalancamiento, pues permite discriminar el efecto de las variables entre firmas altamente apalancadas y bajamente apalancadas.

Labor's shares - aggregate and industry: accounting for both in a model of unbalanced growth with induced innovation

The relative stability of aggregate labor's share constitutes one of the great macroeconomic ratios. However, relative stability at the aggregate level masks the unbalanced nature of industry labor's shares – the Kuznets stylized facts underlie those of Kaldor. We present a two-sector – one labor-only and the other using both capital and labor – model of unbalanced economic development with induced innovation that can rationalize these phenomena as well as several other empirical regularities of actual economies. Specifically, the model features (i) one sector ("goods" production) becoming increasingly capital-intensive over time; (ii) an increasing relative price and share in total output of the labor-only sector ("services"); and (iii) diverging sectoral labor's shares despite (iii) an aggregate labor's share that converges from above to a value between 0 and unity. Furthermore, the model (iv) supports either a neoclassical steadystate or long-run endogenous growth, giving it the potential to account for a wide range of real world development experiences.

Dinámica de la producción industrial e importación de bienes de capital y materias primas: relaciones de largo plazo y ajuste dinámico

El presente documento se propone estimar y analizar la existencia de una relación de equilibrio de largo plazo entre la producción industrial y la importación de bienes de capital y materias primas para el período enero de 1993 - abril de 2005, que resulta útil para monitorear la dinámica industrial en el corto plazo y las complementariedades que pueden existir entre los factores productivos del mercado interno con el externo. Para tal efecto, se desarrolla un análisis econométrico de la metodología de cointegración con componentes estacionales aplicado a las variables índice de producción real (IPR), importación de bienes de capital e importación de materias primas de la industria colombiana. A partir de un modelo de cointegración estacional se evidencia empíricamente la existencia de una relación de equilibrio de largo plazo entre estas variables durante el período analizado. Adicionalmente, se utiliza el modelo estimado para realizar ejercicios de impulso-respuesta para analizar la trayectoria futura de las variables de interés cuando son afectadas por choques exógenos en el tiempo.

Sectoral investment composition, capital services measurement and growth in Colombia

This is mainly a discussant paper on measurement criteria upon sector’s investment and capitalservices and the way these composition and measurement issues come to have an impact ongrowth figures for some major sectors of the Colombian economy. The main focus is on distinctionmatters regarding the measurement of capital stock and capital services in the productionprocess. The availability of appropriate data, widely discussed throughout the document, impliesthat major affirmations are more hypothetic than indicative or descriptive in style. Moststatements are established as a motivation device for studies on sector’s activities with a focus onconsistency with aggregate figures.

Modelos de presupuestación de capital en finanzas corporativas y utilidad de los mismos

La siguiente investigación describe una aproximación teórica al tema de los modelos de presupuestación de capital, el objetivo fundamental se basa en comprender su enfoque e importancia al momento de tomar decisiones de inversión por parte de los directores de una empresa, así como de prever los efectos de esta en un futuro. Al respecto, y sobre la base de que los modelos de presupuestación de capital son herramientas para analizar posibles erogaciones de capital por parte de una empresa, es necesario para efectos del presente proyecto de investigación, definir sus diferentes modelos desde lo teórico y metodológico, explicando los diferentes conceptos relacionados con el tema. Así mismo, se explican algunos de los indicadores financieros utilizados en las compañías para medir y estimar la “salud financiera” de la empresa, además de puntualizar su impacto en la perdurabilidad de las entidades, lo cual permite dar una visión más general sobre la importancia que trasciende de los indicadores financieros, generando un impacto positivo en la evolución o crecimiento de la organización. En complemento, la investigación aborda la presupuestación de capital de manera particular aplicado en la gestión empresarial, sean estas privadas o públicas (estatal y gubernamental). En este sentido, se abordan conceptos elaborados por diferentes académicos en los que se exponen algunas aproximaciones respecto al posible mejoramiento de la presupuestación para los sectores a los que pertenecen determinadas entidades. Finalmente, se presenta de manera explícita las conclusiones que surgieron a lo largo de la construcción del documento de investigación, con el fin de dar cumplimiento concreto al objetivo general del trabajo, el cual constituye una respuesta a la pregunta de investigación que se enunciará en el desarrollo del documento.

Trabalho produtivo e acumulação de capital: uma perspectiva sociopolítica

Esta investigação visa analisar a relação entre trabalho produtivo e acumulação de capital desde a época do mercantilismo. Parte da hipótese de que não é a forma material ou imaterial do produto do trabalho que determina se este é ou não produtivo, mas a função que ele desempenha no processo global de acumulação de capital. Concebemos o capital como uma relação de produção em que trabalhadores assalariados produzem uma mais-valia para os proprietários dos meios de produção que não se limitam a consumi-la improdutivamente, mas a reinvesti-la periodicamente no processo produtivo. Pretendemos demonstrar que com o desenvolvimento do capitalismo a esfera do trabalho produtivo se alarga para além do processo de produção material porque a ciência se transforma numa força produtiva e, por conseguinte, num instrumento de valorização do capital. Além do mais, a revolução cibernética converte uma parte crescente do trabalho intelectual em trabalho produtivo. No entanto, como a desigualdade na repartição de rendimentos não parou de aumentar desde os anos oitenta do século passado, estas transformações tecnológicas não contribuíram para a melhoria das condições de existência de todos mas apenas para o incremento do sobretrabalho que sustenta a acumulação de capital.

Remaking place and securitising space: Urban regeneration and the strategies, tactics and practices of policing in the UK

Urban regeneration programmes in the UK over the past 20 years have increasingly focused on attracting investors, middle-class shoppers and visitors by transforming places and creating new consumption spaces. Ensuring that places are safe and are seen to be safe has taken on greater salience as these flows of income are easily disrupted by changing perceptions of fear and the threat of crime. At the same time, new technologies and policing strategies and tactics have been adopted in a number of regeneration areas which seek to establish control over these new urban spaces. Policing space is increasingly about controlling human actions through design, surveillance technologies and codes of conduct and enforcement. Regeneration agencies and the police now work in partnerships to develop their strategies. At its most extreme, this can lead to the creation of zero-tolerance, or what Smith terms 'revanchist', measures aimed at particular social groups in an effort to sanitise space in the interests of capital accumulation. This paper, drawing on an examination of regeneration practices and processes in one of the UK's fastest-growing urban areas, Reading in Berkshire, assesses policing strategies and tactics in the wake of a major regeneration programme. It documents and discusses the discourses of regeneration that have developed in the town and the ways in which new urban spaces have been secured. It argues that, whilst security concerns have become embedded in institutional discourses and practices, the implementation of security measures has been mediated, in part, by the local socio-political relations in and through which they have been developed.

Seeds of growth? Agricultural productivity and the transitional dynamics of the Ramsey model

A two-sector Ramsey-type model of growth is developed to investigate the relationship between agricultural productivity and economy-wide growth. The framework takes into account the peculiarities of agriculture both in production ( reliance on a fixed natural resource base) and in consumption (life-sustaining role and low income elasticity of food demand). The transitional dynamics of the model establish that when preferences respect Engel's law, the level and growth rate of agricultural productivity influence the speed of capital accumulation. A calibration exercise shows that a small difference in agricultural productivity has drastic implications for the rate and pattern of growth of the economy. Hence, low agricultural productivity can form a bottleneck limiting growth, because high food prices result in a low saving rate.

The transition of the Polish real estate market within a Central and Eastern European context

The real estate market in Poland is a relatively immature market, but one that has been experiencing substantial transformation. The development of the market has been encouraged by a number of factors, including changes arising as a result of new legislation and the migration of capital between capital markets. The progress of the real estate sector towards a western style competitive market has taken place within the gradual transformation of the Polish economy into a free market economy. As investment grade property is in relatively short supply in Poland, investors consider opportunities within the wider CEE block. An analysis of the risk-return characteristics of the three largest CEE real estate markets namely, Poland, Hungary and Czech Republic, shows that the returns in these markets have been negatively correlated with the UK. As these economies and markets evolve, and being part of the wider EU trading block, their economic performance will slowly converge and become more synchronized with their western counterparts. However, the catch-up of the CEE markets to western European performance cycles will be protracted and consequently there are likely to be significant ongoing portfolio risk reduction opportunities

Diaspora return of transnational migrants to Trinidad and Tobago: the additional contributions of social remittances

Current enthusiasm among development stakeholders for the enticement and recruitment ‘back home’ of skilled Diaspora migrants has predominantly revolved around how human capital gains and transfers of capital, knowledge, technical skills and workplace entrepreneurialism and innovation can be facilitated. In this article, we widen the conceptual basis of this dimension of the migration–development nexus, by bringing the additional contributions of the social remittances that return migrants offer, and practice, into the mix. As evidence, the article examines how and why a sample of ‘middling’1 Trinidadian transnational professionals engage in social development activities and why experiences vary widely on their return. Their views are appraised through the verbal optic of their narratives, which they shared with us during in-depth interviews. Several among these Diaspora returnees appear to be agents for the diffusion and infusion of social capital and non-monetary, social remittances in the homeland to which they have returned in mid-life and mid-career. Others are disappointed, or frustrated, and have their hopes dashed, leading to thoughts of re-migration, or re-return. Despite such difficulties, we find that family belonging and national pride strengthens many of these return migrants’ development potential through their deeply felt commitments to local ‘capacity-building’.

The dynamics of asset prices and transaction activity in illiquid markets: the case of private commercial real estate

This paper investigates the relationship between capital flows, turnover and returns for the UK private real estate market. We examine a number of possible implication of capital flows and turnover on capital returns testing for evidence of a price pressure effect, ‘return chasing’ behaviour and information revelation. The main tool of analysis is a panel vector autoregressive (VAR) regression model in which institutional capital flows, turnover and returns are specified as endogenous variables in a two equation system in which we also control for macro-economic variables. Data on flows, turnover and returns are obtained for the 10 market segments covering the main UK commercial real estate sectors. Our results do not support the widely-held belief among practitioners that capital flows have a ‘price pressure’ effect. Although there is some evidence of return chasing behaviour, the short timescales involved suggest this finding may be due to delayed recording of flows relative to returns given the difficulties of market entry. We find a significant positive relationship between lagged turnover and contemporaneous capital returns, suggesting that asset turnover provides pricing information.

Rental depreciation and capital expenditure in the UK commercial real estate market, 1993–2009

This paper identifies the long-term rental depreciation rates for UK commercial properties and rates of capital expenditure incurred to offset depreciation over the same period. It starts by reviewing the economic depreciation literature and the rationale for adopting a longitudinal method of measurement, before discussing the data used and results. Data from 1993 to 2009 were sourced from Investment Property Databank and CB Richard Ellis real estate consultants. This is used to compare the change in values of new buildings in different locations with the change in values of individual properties in those locations. The analysis is conducted using observations on 742 assets drawn from all major segments of the commercial real estate market. Overall rental depreciation and capital expenditure rates are similar to those in other recent UK studies. Depreciation rates are 0.8% pa for offices, 0.5% pa for industrial properties and 0.3% pa for standard retail properties. These results hide interesting variations at a segment level, notably in retail where location often dominates value rather than the building. The majority of properties had little (if any) money spent on them over the last 16 years, but those subject to higher rates of expenditure were found to have lower depreciation rates.

Conspicuous redemption? Reflections on the promises and perils of the 'celebritization' of climate change

With rising public awareness of climate change, celebrities have become an increasingly important community of non nation-state ‘actors’ influencing discourse and action, thereby comprising an emergent climate science–policy–celebrity complex. Some feel that these amplified and prominent voices contribute to greater public understanding of climate change science, as well as potentially catalyze climate policy cooperation. However, critics posit that increased involvement from the entertainment industry has not served to influence substantive long-term advancements in these arenas; rather, it has instead reduced the politics of climate change to the domain of fashion and fad, devoid of political and public saliency. Through tracking media coverage in Australia, Canada, the United States, and United Kingdom, we map out the terrain of a ‘Politicized Celebrity System’ in attempts to cut through dualistic characterizations of celebrity involvement in politics. We develop a classification system of the various types of climate change celebrity activities, and situate movements in contemporary consumer- and spectacle-driven carbon-based society. Through these analyses, we place dynamic and contested interactions in a spatially and temporally-sensitive ‘Cultural Circuits of Climate Change Celebrities’ model. In so doing, first we explore how these newly ‘authorized’ speakers and ‘experts’ might open up spaces in the public sphere and the science/policy nexus through ‘celebritization’ effects. Second, we examine how the celebrity as the ‘heroic individual’ seeking ‘conspicuous redemption’ may focus climate change actions through individualist frames. Overall, this paper explores potential promises, pitfalls and contradictions of this increasingly entrenched set of ‘agents’ in the cultural politics of climate change. Thus, as a form of climate change action, we consider whether it is more effective to ‘plant’ celebrities instead of trees.

The "value" of property rights in social security law

This article provides a critical examination of the way that property rules are applied judicially in the context of social security law concerned with the assessment of capital, and especially in connection with the determination of ownership and the valuation of assets, which can have a critical bearing on entitlement to various means-tested benefits.

The dynamics and measurement of commercial property depreciation in the UK

Beginning with an extensive literature review, this new research summary report analyses the process of rental depreciation, its effect on the performance of rents, and the impacts of capital expenditure on depreciation. It is based on an analysis of more than 700 commercial and industrial properties and newer property types and it is the most comprehensive national study of rental depreciation since the 1986 CALUS report. The report will be of interest to valuers, fund managers, institutional investors and their advisors and researchers.