Climate Change and Transregional Convergence: Carbon Markets in North Amer ica

National policies in North America have not been drafted properly to address the problem of climate change, following the impasse of international negotiations. Facing this scenario, new alternatives emerge with the leadership and participation of new actors. Local governments in North America, especially of British Columbia, Ontario and Quebec, have been developing strategies to face climate change and emissions reduction in parallel to the national efforts and the global governance strategies. These local governments have developed a transregional approach that has resulted in the creation of regional institutions such as the Western Climate Initiative, the Regional Greenhouse GasInitiative and the Midwestern GreenhouseGas Reduction Accord.Their main goal is to establish regional carbon markets to mitigate and adapt to climate change impacts in a cost-effective way. In spite of these efforts, these initiatives have faced the overlapping problem among them and with national and globalstrategies. The goal of this research is to explore how these carbon markets have developed convergence policies. Convergence among these markets is expressed in their offset system and in secondary markets.

Metodologías de valoración de empresas

La valoración de una empresa como sistema dinámico es bastante compleja, los diferentes modelos o métodos de valoración son una aproximación teórica y por consiguiente simplificadora de la realidad. Dichos modelos, se aproximan mediante supuestos o premisas estadísticas que nos permiten hacer dicha simplificación, ejemplos de estos, son el comportamiento del inversionista o la eficiencia del mercado. Bajo el marco de un mercado emergente, este proceso presenta de indistinta forma retos paracualquier método de valoración, dado a que el mercado no obedece a los paradigmas tradicionales. Lo anterior hace referencia a que la valoración es aún más compleja, dado que los inversionistas se enfrentan a mayores riesgos y obstáculos. Así mismo, a medida que las economías se globalizan y el capital es más móvil, la valoración tomaráaún más importancia en el contexto citado. Este trabajo de gradopretende recopilar y analizar los diferentes métodos de valoración, además de identificar y aplicar aquellos que se reconocen como “buenas prácticas”. Este proceso se llevó a cabo para una de las empresas más importantes de Colombia, donde fundamentalmente se consideró el contexto de mercado emergente y específicamente el sector petrolero, como criterios para la aplicación del tradicional DCF y el práctico R&V.

Valoración del costo de los recursos propios de las empresas. caso particular: empresas de servicios a la persona en Francia

El WACC o Coste Medio Ponderado de Capital es la tasa a la que se deben descontar los flujos para evaluar un proyecto o empresa. Para calcular esta tasa es necesario determinar el costo de la deuda y el costo de los recursos propios de la compañía; el costo de la deuda es la tasa actual del mercado que la empresa está pagando por su deuda, sin embargo el costo de los recursos propios podría ser difícil y más complejo de estimar ya que no existe un costo explícito. En este trabajo se presenta un panorama de las teorías propuestas a lo largo de la historia para calcular el costo de los recursos propios. Como caso particular, se estimará el costo de los recursos propios sin apalancamiento financiero de seis empresas francesas que no cotizan en bolsa y pertenecientes al sector de Servicios a la Persona (SAP). Para lograr lo anterior, se utilizará el Proceso de Análisis Jerárquico (AHP) y el Modelo de Valoración del Precio de los Activos Financieros (CAPM) con base en lo presentado por Martha Pachón (2013) en “Modelo alternativo para calcular el costo de los recursos propios”.

Option pricing in market models driven by telegraph processes with jumps

Esta tesis está dividida en dos partes: en la primera parte se presentan y estudian los procesos telegráficos, los procesos de Poisson con compensador telegráfico y los procesos telegráficos con saltos. El estudio presentado en esta primera parte incluye el cálculo de las distribuciones de cada proceso, las medias y varianzas, así como las funciones generadoras de momentos entre otras propiedades. Utilizando estas propiedades en la segunda parte se estudian los modelos de valoración de opciones basados en procesos telegráficos con saltos. En esta parte se da una descripción de cómo calcular las medidas neutrales al riesgo, se encuentra la condición de no arbitraje en este tipo de modelos y por último se calcula el precio de las opciones Europeas de compra y venta.

Lógica en la toma de decisiones de inversión en el sector de extracción de petróleo y gas natural

Este documento se centra en la presentación de información y análisis de la misma a la hora de establecer la manera en que empresas del sector de extracción de gas natural y generación de energía a base de dicho recurso, toman decisiones en cuanto a inversión, centrándose en la lógica que usan a la hora de emprender este proceso. Esto debido a la constante necesidad de establecer procesos que permitan tomar decisiones más acertadas, incluyendo todas las herramientas posibles para tal fin. La lógica es una de estas herramientas, pues permite encadenar factores con el fin de obtener resultados positivos. Por tal razón, se hace importante conocer el uso de esta herramienta, teniendo en cuentas de qué manera y en que contextos es usada. Con el fin de tener una mayor orientación, este estudio estará centrado en un sector específico, el cual es el de la extracción de petróleo y gas natural. Lo anterior entendiendo la necesidad existente de fundamentación teórica que permita establecer de manera clara la forma apropiada de tomar decisiones en un sector tan diverso y complejo como lo es el mencionado. El contexto empresarial actual exige una visión global, no basada en la lógica lineal causal que hoy se tiene como referencia. El sector de extracción de petróleo y gas natural es un ejemplo particular en cuanto a la manera en cuanto se toman decisiones en inversión, puesto que en su mayoría son empresas de capital intensivo, las cuales mantienen un flujo elevado de recursos monetarios.

Procedimiento estratégico de gestión de inversiones para personas naturales en el mercado bursátil colombiano

El mundo de las finanzas se encuentra dividido por gestión financiera, economía financiera, inversiones, finanzas personales y finanzas públicas. Aunque los temas que se estudiaran con mayor profundidad serán; gestión financiera, economías financieras e inversiones (Brigham, 2009). Partiendo de lo anterior, a lo largo de este documento se hará una relación entre la gestión de inversiones y la estrategia empresarial teniendo en cuenta que el objetivo final es desarrollar una metodología útil que desde la estrategia sirva como guía para la conformación de portafolios en activos que cotizan en la Bolsa de Valores de Colombia teniendo en cuenta los tres perfiles de riesgo (Amante, Moderado, Adverso al riesgo) y que además en el proceso de toma de decisiones de inversión funcione como herramienta para mejorar las posibilidades en la toma de decisiones de inversión para personas naturales en su rol como inversionistas.

Bilateral trade between New Zealand & the pacific alliance: perspectives and possibilities for further trade engagement

Due to the rapid and effective success of countries in the Pacific Rim for the last two decades, current world trade attention has been focussed on what appears to be the common vision of the ‘Pacific Century’. Reducing attention from the Atlantic and focusing it on the Pacific represents a new challenge for countries touching this ocean. The main Latin American economies bordering the pacific have taken upon this challenge with the creation of the Pacific Alliance in 2011. In this way, Chile, Colombia, Mexico and Peru intend to penetrate and increase trade with the region by forming a coalition. The Pacific Alliance has attracted international attention, interest and support from nations around the world, counting 32 countries as observers; 7 are actually located in the region and six of them rank amongst the Top 15 world economies. As is expected, the possibility of closer trade engagement with big players such as China, India, Japan, South Korea or Australia absorb the main attention of media, governments and academics alike, leaving behind other feasible and possible opportunities unattended. That is precisely the case of New Zealand and its favourable commerce opportunities with the Pacific Alliance. The following document will study the major trends and variations in trade between New Zealand, the Pacific Alliance and its members between 2010 and 2014. Proving that mutual trade is most likely to keep on growing.

On the exhaustiveness of truncation and dropping strategies in many-to-many matching markets

We consider two–sided many–to–many matching markets in which each worker may work for multiple firms and each firm may hire multiple workers. We study individual and group manipulations in centralized markets that employ (pairwise) stable mechanisms and that require participants to submit rank order lists of agents on the other side of the market. We are interested in simple preference manipulations that have been reported and studied in empirical and theoretical work: truncation strategies, which are the lists obtained by removing a tail of least preferred partners from a preference list, and the more general dropping strategies, which are the lists obtained by only removing partners from a preference list (i.e., no reshuffling). We study when truncation / dropping strategies are exhaustive for a group of agents on the same side of the market, i.e., when each match resulting from preference manipulations can be replicated or improved upon by some truncation / dropping strategies. We prove that for each stable mechanism, truncation strategies are exhaustive for each agent with quota 1 (Theorem 1). We show that this result cannot be extended neither to group manipulations (even when all quotas equal 1 – Example 1), nor to individual manipulations when the agent’s quota is larger than 1 (even when all other agents’ quotas equal 1 – Example 2). Finally, we prove that for each stable mechanism, dropping strategies are exhaustive for each group of agents on the same side of the market (Theorem 2), i.e., independently of the quotas.

Testing the law of one price in food markets: evidence for Colombia using disaggregated data

This paper applies stationarity tests to examine evidence of market integration for a relatively large sample of food products in Colombia. We Önd little support for market integration when using the univariate KPSS tests for stationarity. However, within a panel context and after allowing for cross sectional dependence, the Hadri tests provide much more evidence supporting the view that food markets are integrated or, in other words, that the law of one price holds for most products.

Competition in two-sided markets with common network externalities

We study competition in two sided markets with common network externality rather than with the standard inter-group e¤ects. This type of externality occurs when both groups bene t, possibly with di¤erent intensities, from an increase in the size of one group and from a decrease in the size of the other. We explain why common externality is relevant for the health and education sectors. We focus on the symmetric equilibrium and show that when the externality itself satis es an homogeneity condition then platforms pro ts and price structure have some speci c properties. Our results reveal how the rents coming from network externalities are shifted by platforms from one side to other, according to the homogeneity degree. In the speci c but realistic case where the common network externality is homogeneous of degree zero, platform s pro t do not depend on the intensity of the (common) network externality. This is in sharp contrast to conventional results stating that the presence of network externalities in a two-sided market structure increases the intensity of competition when the externality is positive (and decreases it when the externality is negative). Prices are a¤ected but in such a way that platforms only transfer rents from consumers to providers.

Doctors´ remuneration schemes and hospital competition in two-sided markets with common network externalities

This paper uses a two-sided market model of hospital competition to study the implications of di§erent remunerations schemes on the physiciansí side. The two-sided market approach is characterized by the concept of common network externality (CNE) introduced by Bardey et al. (2010). This type of externality occurs when occurs when both sides value, possibly with di§erent intensities, the same network externality. We explicitly introduce e§ort exerted by doctors. By increasing the number of medical acts (which involves a costly e§ort) the doctor can increase the quality of service o§ered to patients (over and above the level implied by the CNE). We Örst consider pure salary, capitation or fee-for-service schemes. Then, we study schemes that mix fee-for-service with either salary or capitation payments. We show that salary schemes (either pure or in combination with fee-for-service) are more patient friendly than (pure or mixed) capitations schemes. This comparison is exactly reversed on the providersíside. Quite surprisingly, patients always loose when a fee-for-service scheme is introduced (pure of mixed). This is true even though the fee-for-service is the only way to induce the providers to exert e§ort and it holds whatever the patientsívaluation of this e§ort. In other words, the increase in quality brought about by the fee-for-service is more than compensated by the increase in fees faced by patients.

Dynamic conditional correlation in Latin-American asset markets

In this paper we reviewed the models of volatility for a group of five Latin American countries, mainly motivated by the recent periods of financial turbulence. Our results based on high frequency data suggest that Dynamic multivariate models are more powerful to study the volatilities of asset returns than Constant Conditional Correlation models. For the group of countries included, we identified that domestic volatilities of asset markets have been increasing; but the co-volatility of the region is still moderate.

Dynamic programming for stochastic target problems, Viscosity solutions and hedging in markets with Portfolio constraints and large investors

The purpose of this expository arti le is to present a self- ontained overview of some results on the hara terization of the optimal value fun tion of a sto hasti target problem as (dis ontinuous) vis osity solution of a ertain dynami programming PDE and its appli ation to the problem of hedging ontingent laims in the presen e of portfolio onstraints and large investors

A simple test of momentum in foreign exchange markets

This study proposes a new method for testing for the presence of momentum in nominal exchange rates, using a probabilistic approach. We illustrate our methodology estimating a binary response model using information on local currency / US dollar exchange rates of eight emerging economies. After controlling for important variables a§ecting the behavior of exchange rates in the short-run, we show evidence of exchange rate inertia; in other words, we Önd that exchange rate momentum is a common feature in this group of emerging economies, and thus foreign exchange traders participating in these markets are able to make excess returns by following technical analysis strategies. We Önd that the presence of momentum is asymmetric, being stronger in moments of currency depreciation than of appreciation. This behavior may be associated with central bank intervention

Investment in transport capacity and regulation of regional monopolies in natural gas commodity markets

This paper develops a model of the regulator-regulated firm relationship in a regional natural gas commodity market which can be linked to a competitive market by a pipeline. We characterize normative policies under which the regulator, in addition to setting the level of the capacity of the pipeline, regulates the price of gas, under asymmetric information on the firm’s technology, and may (or may not) operate (two-way) transfers between consumers and the firm. We then focus on capacity and investigate how its level responds to the regulator’s taking account of the firm’s incentive compatibility constraints. The analysis yields some insights on the role that transport capacity investments may play as an instrument to improve the efficiency of geographically isolated markets.